Greek recovery a slow and painful process

 

Eurozone ministers have signed off the next 8.3bn euro (£6.8bn; $11.4bn) instalment of Greece's bailout.

A first tranche of 6.3bn euros will be paid at the end of April, with two more payments of 1bn euros being made in June and July

The latest bailout announcement comes amid renewed optimism about Greece's economic recovery.

Greece has wiped out its deficit, except for interest on its debt, and is forecast to exit six years of recession this year.

The Greek government hopes the progress will spur the Eurozone to consider debt relief in the coming months, by lowering the interest rate on its loans or extending the repayment period.

Whilst the recovery continues there has been a very high social cost. Greeks have lost about one third of their disposable income over the past 4 years. Unemployment is currently standing at 27% with many people in Greece seeing a decline in their living standards due to the effects of spending cuts and austerity measures implemented under the bailout terms. In the past few weeks a further 11,000 public sector workers were sacked. 

There is serious pain accompanying the economic gain.