Can Greece Get Benefit From the Global Changes Across the World?

• 02.04.2015, 02:48
•  Armenia

The last events across the world seem to be very beneficial for Greece: oil prices in the international market have fallen almost 50 % in the last months, Euro currency is getting lower compared with USD dollar. It is predicted that at the end of the year the rate of Euro will be almost equal to the dollar. All these issues can serve as an effective ground for Greece to get out from the economic crises, as Greece is an oil importing country. Although, at the moment the situation in the world economy can contribute to the development of Greek economy, the country still needs a big support from the EU institutions and the tolerance of the European people, because the country is strongly coalesced with the EU economic system (Eurozone) .

A professor, economist Efstratios Loizou from the Technological Educational Institute (TEI) of Western Macedonia commented the current issues: “Euro currency compared to USD is going down during the last months as it was predicted within 2015 - a rate of 1:1. But this is not an outcome of the Greek elections or economy, the causes are international. For the Greek economy there are benefits regarding the establishment of more competitive exports. As a touristic country low rate of currency can be more attractive for different target of tourists across the world, in other words tourist spending will raise within the country (16% of country’s GDP belongs to tourism sector). On the other hand the consequences of international developments can be very positive for the country regarding its imports as oil cost and industrial goods imported in USD can have low price in the local market”. According to the professor the outcome of these international developments can be very helpful for Greece to renew its financial problems, which later on will have its positive impact on the whole Europe. But the burden of the dept and other political barriers are hanging upon the country.

It is right time for Europe to support Greece and go ahead with the newly elected Greek government demand about forgiveness of the dept and cease activities of Troika within the country, in order to let the country accomplish its own path of reforms and get out from the deadlock situation.