The latest report by the Hellenic Fiscal Council points to a “investment gap” of 100 billion euros over the next few years that Greece must cover in order to re-approach the European average, and in essence, to commence a real economic recovery after eight years of crisis.
The report comes amid celebratory statements by the poll-trailing Tsipras coalition government over the previous day’s Euro Working Group recommendation to approve a suspension of pending pension cuts in the country. The latest round of social security spending, which would have harmonized monthly rates paid to beneficiaries that had retired before the Tsipras government’s pension reform in 2016 and ones thereafter. The cuts were set for implementation on Jan. 1, 2019.
According to the HFC, public investments over the Jan-Sep 2018 reached a paltry 1.672 billion euros, less by 105 million euros (5-5.9 percent) than the corresponding period of 2017.
