Yasou: Greece is pulling off an amazing recovery

Businessweek hosts a dithyrambic article on the Greek economy entitled “Yasou: Greece is pulling off an amazing recovery.” The story uses as its axis a chart with yields on 10-year Greek government bonds, and says the diagram itself describes a remarkable story.
 
“Just two years ago, Greece was on the ropes. The yield on the Greek government’s 10-year debt hit a punishing and unsustainable 30 percent. Today the yield is less than 7 percent—a sign that investors are increasingly confident of the nation’s ability to pay its debts.”
 
“Rarely has a country repaired its image with creditors so quickly,” the articles reads on and focuses on what has lead to this situation.
 
The author argues that the catalyst for Greece were the “inexpensive loans of the troika so that it never had to borrow at those exorbitant open-market rates.”
 
He adds that “the Greek government was surprisingly successful at cutting spending, which was essential to regaining investors’ confidence.”
 
Specific reference is made to the primary surplus, which as the articles says was achieved earlier than planned, while it also notes the country’s hopes to reach the markets before the European elections.
 

But it also talks about the stoicism with which the Greek people endure the economic crisis. “Greeks had to go from living beyond their means to abrupt and extreme belt-tightening. The so-called internal devaluation, necessary to regain competitiveness, has resulted in a huge decline in the standard of living and a 27 percent unemployment rate.”
 
Lastly, the article mentions the very successful increases of the share capital of Greek banks in the past few days, the planned projects as Kastelli airport and Patras-Pyrgos, the free access to the Internet in many places and the anticipated big increase in tourism this year.