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Greece Is Richer. So Why Do So Many Greeks Still Feel Poor?
Key takeaways
- The figures reveal a paradox at the heart of modern Greece: an economy that is once again generating wealth, but a society where a majority of people continue to struggle financially.
- Total household wealth has rebounded to around €1tn, helped by soaring property prices, a strong recovery in Greek stocks and lower government borrowing costs after the country regained investment-grade status.
- The scale of the destruction that followed the debt crisis was extraordinary.
Yet average household wealth is still nearly one-fifth below the level recorded in 2009, before Greece's sovereign debt crisis plunged the country into one of the deepest recessions experienced by an advanced economy in peacetime.
The figures reveal a paradox at the heart of modern Greece: an economy that is once again generating wealth, but a society where a majority of people continue to struggle financially.
Total household wealth has rebounded to around €1tn, helped by soaring property prices, a strong recovery in Greek stocks and lower government borrowing costs after the country regained investment-grade status. Even so, Greece remains far from the days before the crisis, when household wealth exceeded €1.5tn.
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