“A new chapter in history has begun; the most difficult moments are behind us.” August 20th marked a historic day for the Greek people. On this day, Greece, having endured an eight-year debt crisis, finally exited its external bailout program successfully!
Greek Deputy Prime Minister and Minister of Economy and Development Yiannis Dragasakis stated on Monday: “Exiting the bailout program is a historic milestone for Greece.” He added that the new situation presents opportunities for both the country and the government. He emphasized, “We must seize this opportunity to heal the wounds caused by the debt crisis and fiscal austerity, and protect society from potential future crises.”
Greek Finance Minister Euclid Tsakalotos also expressed satisfaction with the outcome, calling it a “historic” moment for Greece! “I am very happy, and I think this means the end of the Greek crisis. Greece is opening a new chapter,” Tsakalotos remarked.
8 Years, 3 Bailouts, A Total Bailout Program of Approximately 289 Billion Euros
Affected by the 2008 financial crisis, Greece entered a sovereign debt crisis in 2010. Over eight years, the International Monetary Fund (IMF), the European Union, and the European Central Bank launched three debt bailout programs, providing the Greek government with a total of approximately 289 billion euros. In 2017, however, Greece finally shook off nine consecutive years of economic recession, achieving 1.4% economic growth. In July of that year, the Greek government successfully re-entered the bond market. As one of the pillar industries driving the Greek economy, the tourism sector grew by 17% year-on-year in 2017, while continuous export growth in agriculture, food, automotive, and shipping were also significant contributors to Greece's economic recovery. A UNCTAD report shows that foreign direct investment in Greece reached $4.046 billion in 2017, a 31% increase year-on-year, marking the highest level since 2008.
The Sun is About to Break Through the Clouds; A New Dawn for Greece
The Greek economy, which shrank by as much as 26% during the crisis, is now gradually growing, with the tourism industry booming and the unemployment rate slowly declining.
Greece recorded its fifth consecutive quarter of economic expansion from January to March, with year-on-year growth accelerating to 2.3%, demonstrating momentum in recovery fueled by net exports; the EU forecasts a 1.9% growth rate for this year. Following the bailouts, Greece has committed to achieving a primary budget surplus, excluding debt repayment costs, equivalent to 3.5% of GDP by 2022, and 2.2% by 2060.
In June, Greece reached an agreement with its Eurozone partners to alleviate its debt burden—extending the maturity of some loans and reducing interest rate burdens, which will act as a buffer for the country's return to the market. These debt relief measures, combined with a 24 billion euro cash buffer, will help improve medium-term debt sustainability and assist Greece in returning to the market.
While the outside world was predicting bankruptcy and waiting to see a farce, Greece was busy saving itself in its own way. Every effort yields its own reward; this resilient nation has finally stood tall, unstoppable!
Economic Recovery: The Second Half of the Real Estate Immigration Carnival
Greece's economic recovery is undoubtedly a new starting point for its “Golden Visa” immigration policy, which was launched largely due to the “economic crisis.” After all, this policy was born specifically to foster economic development. Currently, as the Greek economy has just recovered and still needs time to stabilize, it is unlikely that there will be major changes to the Golden Visa policy in the near future. However, as the economy continues to warm up, adjustments to Greece's immigration policy or an increase in the threshold may not be too far off.
Greek real estate investment immigration is one of the most cost-effective projects. By purchasing just 250,000 euros worth of Greek property, the whole family of three generations can obtain Greek permanent residency in one go and travel freely throughout 26 Schengen countries. Furthermore, the financial crisis led to a period of low oscillation in the Greek real estate market. Since the end of 2016, Greek property prices have been rebounding but have yet to reach their pre-crisis averages, making this a rare investment sweet spot.
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Priority Selection and Purchase, Permanent Property Rights, Potential for Appreciation
Purchase Property to Obtain Greek Permanent Residency and Enjoy Surprise Discounts!
Limited Quality Properties in High Demand; Some Units Already Sold Out! First Come, First Served!
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