Ukraine war looms over Greek economy: Report

Greece
Fri, 17 Jun 2022 8:38 GMT
Dependence on tourism, Russian energy, Greece faces severe risk amid Russia-Ukraine war, says European Stability Mechanism The ongoing war in Ukraine may bring trouble for Greece's economic prospects, news outlets in the country reported on Thursday, citi...
Ukraine war looms over Greek economy: Report

Dependence on tourism, Russian energy, Greece faces severe risk amid Russia-Ukraine war, says European Stability Mechanism

The ongoing war in Ukraine may bring trouble for Greece's economic prospects, news outlets in the country reported on Thursday, citing a report by the EU's bailout fund.

Despite strong internal demand that helped Greece recover from the pandemic, along with assistance from the EU Recovery Fund, dependency on Russian energy and tourism income could pose a severe threat to the country's economy, according to the Efsysn.gr news website, pointing to the European Stability Mechanism's (ESM) annual report for 2021.

While noting that the country has a comfortable liquidity position and low financing needs, the ESM warned that Greece remains vulnerable amid the effects of the war, owing to macroeconomic imbalances, including very high public debt, low investments, low productivity, and a high rate of non-performing bank loans.

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