The not -so -distant 2011, Greece had immersed the most serious recession that has ever experienced an developed economy in times of peace, a Financial Times reports.

Many personal dramas unfolded during the years of the enormous economic and social distress caused by the destructive crisis of the country’s public debt.

This month it is ten years from the turning point of this drama, which shocked the global financial markets for years and threatened to dismantle the European Union building.

The years of the memorandums

In July 2015, the Greek people rejected the country’s international rescue program, at the urging of the far -right government and a referendum, the FT notes.

The European Commissioner for Economic Policy from 2014 to 2019, Pierre Moscovici, describes the dramatic situation of 2015 with one phrase: “If Greece had come out of the euro, it would mean the end of the coin.”

However, in just a few days, Alexis Tsipras retreated.

Tsipras, “Kolotuba”, delayed the economic recovery and destroyed Greece’s international credibility, the FTs point out, however, acknowledging that it marked the beginning of a new era for Greece, laying the groundwork for recovery.

Since then, the country has managed to get out of the rescue program, maintain fiscal discipline and overcome much larger economies.

Greece lost 25% of its GDP at the time, according to current Prime Minister Kyriakos Mitsotakis.

Greece’s course to recovery would not be possible if no difficult reforms had gone through.

However, they are not all rosy, as ten years later, Greece’s GDP per capita corresponds to only 70% of the EU average.

“The reforms are evident, but the country has not yet been transformed,” says Thomas Wiser, president of the Eurogroup Working Group until February 2018.

“The numbers in the numbers was the beginning of the crisis in Greece between 2009 and 2010,” says Marko Bouti, a former official of the European Commission’s Directorate -General for Economic Affairs.

In order to bring its finances in order, Greece had to apply three rigorous rescue packages within 8 years.

According to the FT, the first rescue program, which began in 2010, was more than the need for urgency.

During that time (2008-2013), the economy collapsed and unemployment fell to 28%.

In 2015, Tsipras promised to abolish Greece’s agreement with creditors and his position found great appeal after several years of austerity.

The SYRIZA government has been in opposition to creditors and it took several months of disagreement to reach an agreement.

The replacement of then Finance Minister Yiannis Varoufakis (resigned after Tsipras’ turn to the referendum), Euclid Tsakalotos, argues that the third rescue program eventually agreed by the Tsipras government was better than the previous ones.

However, officials from Greece and abroad disagree with it, claiming that the Tsipras government has received minor concessions at enormous costs.

In the next four years, the Tsipras government faithfully implemented the terms of the third rescue program and the economy stabilized. With borrowing costs falling, in 2017 Greece returned to markets.

Greece has changed but still has a way

In 2019, with the return of ND to power, the development accelerated. Today, Greece has a primary surplus of 4.8%, with public debt declining rapidly thanks to premature repayments.

“We have transformed the economy, compared to what we inherited in 2019, but they still have a lot to do,” said Prime Minister Kyriakos Mitsotakis.

The Financial Times highlights the successful removal of bureaucratic processes, digitizing and restricting tax evasion.

In addition, Greece’s GDP has exceeded the largest eurozone economies.

Although investments have increased to 15% as a percentage of GDP, they are still well below the 20% EU average.

According to Spyros Theodoropoulos, BSE president, Greece has a net investment deficit over 100 billion euros.

In the field of education, judicial system and public administration, the steps that have been taken are small.

“The government had to solve the country’s timeless problems for decades,” said Finance Minister Kyriakos Pierrakakis.

For former Deputy Minister of Finance from 2015-2019, George Chouliarakis, the return to prosperity before the crisis remains a distant goal.

“We have to exceed 1% of the rest of the EU for another 15 years to get to where we were in 2007,” he says.

A different Europe

The crisis in Greece also transformed the EU. With the crisis spreading to Ireland, Portugal, Spain and Cyprus, the European Union has finally agreed to create its own rescue fund, which became the European Stability Mechanism.

“Because of Greece, Europe has changed,” Yiannis Stournaras said. “Greece was the midwife of history,” he adds.