Huge recession eliminates jobs and destroys the country

The Greek economy is moving into its own "parallel universe" beyond what is happening elsewhere in Europe or what the government and the Troika had predicted for our country.

Relevant data shows shrinkage of the economy and job losses beyond any prediction, despite the electoral relaxation that resulted in the shifting of hikes and taxes for the second half of the year, but they now threaten to plunge the country into an even greater depression.

The recession in the second quarter reached 6.2% from 6.5% in the first quarter. It could be proven twice this size at the end of the year, from about 4.2% - 4.5% six months ago, as estimated for this year by the ministry of Finance and the Troika.

This will depend on how the tourist season will close this year and the overall conditions in Europe, which is just now feeling real concern and fear about what will happen after September, with a focus on the developments in Spain and Italy.

If this year's summer season does not prevent a 5% -6% recession in the third quarter, then at the nine-month mark it will reach 6.5% with an upward trend for the fourth quarter. Even if Europe is not set on fire, dragging the global and Greek economy into a new vortex, the State will try to collect an extra 9 billion euros in direct taxes and hikes (not counting increases in indirect taxes), an amount that the Greek economy will be denied.

Meanwhile, the official unemployment rate reaches 1.2 million and has exceeded the estimates of the memorandum. The aim to reduce inflation has also remained just a thought as the world groans from price increases in basic food products that are rising instead of falling (from 1% -5% for most supermarket products).

And in all this, most reforms are not implemented, depriving the Greek economy of investments and strength, and giving the Troika a reason to criticize our country by saying that the huge recession is mainly due to the large delay in their implementation.