Last Tuesday, Eurostat announced that inflation in May was 5% compared to the 3.2% average in the eurozone, about 56% higher. Greece ranks in the top three in inflation among the 21 eurozone countries, having, among other things, the third highest price increase in energy (20.2%) and the second highest in food (7.9%).
The following day, the OECD announced that in April Greece had recorded the third worst performance in price hikes among its 38 member countries, with inflation of 5.4%, the highest after Turkey and Colombia.
In a normal country, the government would feel obliged to provide some explanation and say whether it was thinking of doing something
In a normal country, the government would feel obliged to provide some explanation: Why have inflationary pressures – which are experienced by all countries in the world – in Greece soared to heights that are internationally recognizable? And perhaps it would also say whether it was thinking of doing something to stop households from suffering from such international firsts. Especially in Greece’s case, where cartels dominate large domestic markets, which translates into profit inflation: According to official data, in the 2020-2025 five-year period the consumer price index increased by 20.9%, and of this, 12 percentage points were due to an unjustified increase in profits.
The government did not say a word. It broke its respectful silence only the next day, to celebrate because in the last European Semester the European Commission removed Greece from the list of countries with macroeconomic imbalances. What is this about?
The European Semester is the main mechanism for monitoring the economic policy of the European Union member-states since the debt crisis in 2011. It also includes a ranking of European countries according to macroeconomic imbalances, or, “trends or developments that influence or may negatively affect the smooth functioning of the economy of a member-state.” It is an early warning indicator. This year, Greece, the Netherlands and Sweden were removed from the list.
This means Brussels is not worried about Greece’s public debt, but about its reduced productivity, about the large deficit in the balance of payments (stuck in the 6%-of-GDP zone), about the delayed delivery of justice and, of course, the major demographic problem. These are Greece’s main challenges in the next decade.
You might say: Is it bad to celebrate a good development, even if it is excessive? It wouldn’t be, if there weren’t many nuanced indications that the unpleasant things are being silenced and the pleasant things are exaggerated, like (a) to make the reform apathy appear as stability, (b) to justify the cancellation of some reforms carried out in the previous year, and (c) to cultivate a climate to open the purse strings for targeted preelection benefits. The bill will be for the next generation.
Read the full article at ekathimerini.com →📄Source document: Eurostat→2 reports
KathimeriniIndependentCenter9 days agoThe article discusses the phenomenon of young people in Southern Europe struggling to leave their parents' homes, with Greece ranking highly in this trend. It references a report by the German newspaper Sueddeutsche Zeitung titled 'Hotel Mama' and cites recent data from Eurostat.
Bias read (Center): The article addresses a social issue without taking a clear political stance. The content focuses on statistical trends and does not exhibit biased language, sourcing, or framing that would indicate a particular ideological lean.
ekathimerini.comIndependentLeft12 days agoThe article discusses Greece's high inflation rates, noting that in May, Greece's inflation was 5%, significantly above the eurozone average of 3.2%. Greece ranks among the top three in inflation within the eurozone, with notable increases in energy and food prices. The article references data from Eurostat and the OECD, highlighting Greece's third-worst performance in price hikes among OECD members. It criticizes the Greek government for not addressing the issue publicly or taking action to mitigate the impact on households, particularly pointing out the role of market cartels in driving up物价
Bias read (Left): The article frames the situation as a failure of the government to address rising inflation and highlights systemic issues like market cartels contributing to price hikes. This implies criticism of the current administration's economic policies and suggests a need for intervention, aligning with a左倾
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