Country without a future(?)

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One trillion euros in losses for the Greek state since 2009, with an extremely weak primary sector and tourism, the costs of which will soon be greater than the profits it brings in. The question remains: where is the country heading with such an economic situation and a constantly decreasing population?

Greece's public debt has risen to unprecedented levels despite decades of austerity, memoranda and the 2012 write-down. Today it stands at 407 billion euros, and Greece's GDP has fallen by more than 1 trillion euros since 2009.

Before the country entered into the memorandum, the debt amounted to 310 billion euros, and the government had cash reserves of 7.159 billion euros. But after thirteen years of austerity and bond cuts, debt has reached new heights, destroying any prospects for economic growth.

The crisis is not limited to the budget, as the raw materials sector is in complete decline. Farmers are facing ever-increasing production costs, lack of investment and declining demand on domestic and international markets, turning the once strong sector of the Greek economy into a weak link. The state’s inability to provide meaningful support to producers has led to the country’s self-sufficiency in basic goods being called into question.

At the same time, tourism, which is considered “heavy industry» Greece, cannot fill the huge gap left by the downturn in other sectors of the economy, especially as the cost of producing the tourism product rises. After all, how can a country rely on a sector that is so dependent on external conditions in the long term while other sectors of the economy are collapsing?

The current situation, with debt as a percentage of GDP at 168%, makes Greece a champion in debt accumulation, leaving the country in a permanent financial tailspin with no clear prospects for the future.

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