Wall Street Journal: Greece, the former weak link of the Old Continent, a model for Europe and America

The Wall Street Journal: Greece Sets an Example for Europe and America, Former Weak Link of the Old Continent

In an article titled “The Great Comeback of Greece,” a comparison is drawn between the administrations of Mitsotakis and Tsipras. “What sets Mitsotakis apart from his predecessor is his focus on economic growth,” writes the Wall Street Journal. It suggests that Europe and America could learn from the former weak link of the Old Continent, particularly highlighting the course of the Greek economy since its return to the investment-grade status, a decade after the debt crisis. The article even mentions it as a “model of fiscal policy.”

The American outlet also highlights the climate of optimism stemming from the fact that the Greek economy is expected to “grow by approximately 2.5% this year, S&P expects public debt to decrease from 189% of GDP in 2020 to 146%, and investments are increasing. All of this happened despite the pandemic, the migration crisis, and several natural disasters.”

In the article titled “The Great Comeback of Greece,” a comparison is made between the administrations of Mitsotakis and Tsipras, while it analyzes the positive elements that led to the re-election of the former.

“Almost a decade ago, Greece seemed like it could never recover from its economic and political traumas. On Friday, the credit rating agency Standard & Poor’s granted investment-grade status to Greek bonds,” notes the article, highlighting the achievement of Prime Minister Kyriakos Mitsotakis.

According to the newspaper, what differentiates Kyriakos Mitsotakis from his predecessor is his focus on economic development. “Since taking office from Mr. Tsipras and returning the center-right New Democracy party to power in 2019, Mr. Mitsotakis has reduced the corporate tax rate from 29% to 22%, worked on streamlining state functions, and is now promoting privatizations,” the article states.

As for Alexis Tsipras, it notes: “He almost threw the eurozone into disarray, refusing to adhere to bailout conditions and going so far as to organize a failed referendum on the country’s euro membership. Later, he signed a rescue agreement with strict fiscal terms.”

The article also mentions that although the Greek economy still faces challenges, “Mr. Mitsotakis has understood that an economic growth agenda is the essential ingredient to secure support for reforms and fiscal balance.”

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