Good news from Greece. According to data released on Monday, the Greek economy has expanded by a modest 0.2% in a period of time from April to June. Despite the modest growth, Greeks were not impressed by the numbers.
The country, which a year ago was it was almost kicked out of the union for nearly defaulting on its debt. Eventually the economy was bailed out once again, in a painful deal that forces the Greeks to deal with higher taxes and pension cuts.
Antonis Papadakis, 60, a clothing wholesaler, said in an interview, “The GDP turnaround in the second quarter doesn’t mean a thing for us in retail trade, there is no liquidity in the market.” He has a point. Weak demand and minimized investment opportunities remains and an obstacle preventing a proper, stronger rebound in the economy.
Still, the little improvement is the first quarter over quarter economics expansion in a year.