Distressed Greeks Say ‘What Recovery?’ as Banks Seize Homes

By many measures Greece has turned a corner: Its stock benchmark has jumped 26 percent in 2019, set for its best first half in two decades, and trumping European shares’ 8.1 percent gain, Bloomberg News reported. Last year, the country recorded the strongest economic growth since 2007. Greece’s 10-year bonds yield 3.3 percent, a fraction of the 37 percent the country had to pay at the height of the financial crisis. For all that, many Greeks are still struggling to claw out from under mountains of debt after a decade during which the economy cratered, contracting by more than a quarter. The country’s unemployment rate of 18.5 percent is still among the highest in the European Union. Since the start of the financial crisis in 2010, more than 87,500 small and medium-sized businesses have folded, while personal disposable income has shrunk by 14.5 percent, national statistics show. Read more

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