Like toothpaste in a tube, the evil genie of debt, once released, never goes back into its bottle. Sixteen years later, at 162% in 2023, Greece has still not tamed it. The cradle of the Olympics is the silver medalist, just behind Bulgaria, for the lowest GDP per capita in the European Union, still 28% below its 2008 low.
The country has established since 1er July the possibility of a six-day working week, one of the proposals of the “troika” (ECB, Commission and IMF) at the height of the crisis in 2012. But, underline Jesus Castillo and Léo Lesage, at Natixis, the measure only concerns a limited number of companies. The Greeks seem lost in a strange labyrinth where they hold both the record for the number of hours worked in the Union and its second lowest hourly productivity.
Greece’s GDP per capita remains 28% below 2008 levelEurostat, Natixis
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