The desponded country

"Καλές γιορτές", "Happy holidays" wished me my neighbour Panagiota, when I met her today at the train station. But really happily Panagiota did not work. The greeting sounded rather ironic, how „... nice mess!“ Two months ago Panagiota has lost her job in an Athens fashion boutique, the store had to surrender – one of about 70,000 bankruptcies in the Greek retail trade since January, 2011. Almost half of all stores stands on the Stadiou street, earlier one of the most animated shopping miles of Athens, empty.

Panagiota is 48 and she has only few chances to find a new job. Now the 4-headed family lives on the salary of the father. He is an official in the Greek foreign ministry and earns 1.159 euros net in the month. „We pull through only because our parents put on one side somewhat of her pension for us“, says Panagiota. However, also the old people have less and less: Now in the train of the latest savings decisions her pension is curtailed once more about ten percent. It is already the fourth shortening since beginning of the crisis.

What lies behind them, know the Greeks: In 2012 the blackest year was economically since end of the war. The unemployment reached a new record. From the eleven million Greeks only 3.7 millions have a job. Now the country goes to the sixth year of the recession – and the people ask themselves: What brings in 2013?

The mood is pressed. Nearly seven of ten Greeks, according to a topical euro barometre survey, are discontented with her life, eight of ten see her country „on the wrong way“. Only six of Hundred think that the situation makes amends during the coming twelve months.

But there is moments, there one scoops hope again. If possibly, like now, the rating agency raises standard & Poor's (S&P) of Greece credit standing of "SD" (Selective Default) about immediately six steps on "B-". Creditworthiness of Greece was valued so high at last in June, 2011. Also with the rating raised now Greek's Bond highly speculative arrangements remain. Even other six steps distinguish the country with S&P from the "investment degree", the league of the sure or on an average good arrangements. But, at least, the investors catch some hope again. To read is in it that the yield of the Greek 10-annual loan fell now on the deepest state since March, 2011. After she had still lain in summer at 30 percent, it amounts topically to 10.3 percent.

handelsblatt.com