What's happened
Greece is grappling with a cost of living crisis, prompting nationwide strikes and government plans to repay bailout loans. Prime Minister Mitsotakis emphasizes fiscal discipline while unions criticize the government's inaction on rising living costs. The economic recovery remains fragile as many citizens struggle with housing and debt issues.
Why it matters
What the papers say
Yanis Varoufakis in The Guardian highlights the struggles of individuals like Rena, who cannot afford to participate in strikes due to financial constraints. He notes that over one million homes have fallen into the hands of vulture funds, leading to significant wealth extraction from the working class. In contrast, Prime Minister Mitsotakis, as reported by Bloomberg, emphasizes the government's commitment to fiscal discipline and plans to repay bailout loans, stating, 'It’s an indication of the confidence that we have in our public finances.' However, the Independent reports that unions are frustrated with the government's lack of meaningful measures to address the cost of living crisis, with GSEE chairman Yiannis Panagopoulos stating, 'The cost of living is sky-high and our salaries rock-bottom.' This contrast illustrates the tension between government fiscal strategies and the realities faced by ordinary citizens.
How we got here
Greece has emerged from a decade-long financial crisis but continues to face economic challenges, including high living costs and housing financialization. Recent strikes reflect growing discontent among workers as the government seeks to repay bailout loans amid rising inflation.
More on these topics
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Greece, officially the Hellenic Republic, known also as Hellas, is a country located in Southeast Europe. Its population is approximately 10.7 million as of 2018; Athens, the nation's capital, is its largest city, followed by Thessaloniki.
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Kyriakos Mitsotakis is a Greek politician that is serving as Prime Minister of Greece since 8 July 2019. A member of New Democracy, he has been its president since 2016.