Greece Looks to Turn a Corner After Years of Economic Pain

Greece Looks to Turn a Corner After Years of Economic Pain
If Greece struggles to find buyers, however, the debt sale could represent yet another blow for a country
that has only recently started to see signs of a turnaround after nearly veering out of the currency union just two summers ago.
It is just the first of several steps that Athens must take to test whether it can raise money in international markets to support its economy
and government operations when the latest bailout, worth €86 billion, expires in August 2018.
While the economy appears to be stabilizing, expanding 0.4 percent on an annualized basis in the first quarter, growth would have to surge by much more than
that to make up for a near 25 percent contraction since the crisis broke out.
The Greek economy is still reeling from years of severe budget tightening, pension cuts, tax increases
and other austerity actions required under the bailout programs.
During the trip, Mr. Papadimitriou added, "people were already asking me when Greece would
come back to the market." The country still faces deep economic fissures, however.