The early repayment of Greece’s loans to the IMF refers to a number of articles in the German press. Also the impact of sanctions in Russia on Cypriot tourism.
The German press characterizes the announcement of the Greek Ministry of Finance for the early repayment of the country’s debts to the IMF as the end of an era and the closing of a painful chapter for the Greek society and economy. “Greece received the green light from the European Stability Mechanism (ESM) and the European Financial Stability Facility (EFSF) in late March. Since 2010, these newly established EU institutions, together with the IMF, have saved the country national bankruptcy by providing financial assistance to billions “recalls the Spiegel Onlineone of the German media that closely followed the Greek financial crisis by publishing revealing reports, which often provoked strong reactions in Greece.
“A total of three successive programs between 2010 and 2018 led to the rescue of Greece from bankruptcy and the exit from the common currency, the euro. However, various Greek governments were forced to implement painful budget cuts and tax increases, leading to rising unemployment and “Piegel Online notes.
For its part the website tagesschau.de of the first program of the German public television notes, among other things: “The positive message should not obscure the fact that the fiscal situation of Greece is still in debt above the (European) average. At the beginning of the year, there was growing concern in the financial markets that the impending reversal of interest rates in Europe would have a significant impact on the countries of southern Europe. “It’s the highest public debt in the eurozone. At the end of 2021, the IMF estimated the level of debt at 366 billion euros.”
Cyprus loses and Turkey wins in tourism
The consequences of the war in Ukraine and the sanctions against Russia in the tourism of both Cyprus and Bulgaria, poles of attraction for Russian visitors, are reported by the television network. n-tv noting:
“In both Cyprus and Bulgaria, the tourism industry is worried about the 2022 summer season. Sanctions against Russia mean that Russians are likely to stay away from these areas. After falling demand during the pandemic, many “Tourist groups fear they will not be able to make ends meet for long. Turkey could benefit from this. Ankara opposes sanctions and keeps its airspace open to Russian planes.”
“Russians used to make up about 25% of holidaymakers arriving in Cyprus. ‘If we assume we will lose all these tourists, it will cost us up to 2% of GDP,’ warns Finance Minister Konstantinos Petridis.” -tv.
Dimitra Kyranoudi
SOURCE: Deutsche Welle
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
