Die Welt on Greece: ‘Sudden strength of former bankrupt state of Europe’

Die Welt this week concentrates on what it paints as Greece’s recovery from the bailout era, in an article entitled “The sudden strength of the former bankrupt state of Europe”, which comes days after a general election in the east Mediterranean country.

The article, by reporter Tobias Kaiser, notes that “…13 years ago, the highly indebted ‘broke Greeks’ almost blew up the euro zone. The Greek economy is currently growing faster than almost any other in Europe, and … debt is falling. How did the country do it; and at what price?”

The article reminds that Greece narrowly escaped bankruptcy thanks to three memorandum bailouts, whereas today unemployment is falling, while government debt and bad loans held by banks are shrinking.

The dispatch also cites the prospect of international rating agencies soon restoring the country’s creditworthiness to investment grade, which would be a seal of approval from the markets for the progress achieved over the years.

However, economists warn.

At the same time, Die Welt warns that the Greek economy is still struggling with problems, ones that were partly responsible for the past crisis in the past.

Additionally, public debt remains high and “austerity programs have created new economic and social wounds that may take decades to heal.”

Finally, the German media outlet focuses on the “AirBnB phenomenon” that has gripped the popular tourism destination, which it says has generated a sharp rise in lease prices in major cities.