COMMENT

Cause for optimism

The news that Greece last year achieved a current account surplus for the first time since 1948 shows that not only is it making remarkable progress, but also that it is in a position to regain the trust of its international creditors and the international markets.

What the figures show, in short, is that more money came into the country last year than left.

This fine balance is mainly due to the economic slump, which in turn led to a significant reduction in the volume of imports, but also to other factors that are cause for optimism.

What the figures mean is that Greece is no longer grappling with the twin deficit in the budget and in its current accounts, which five years ago effectively led the country to almost declare bankruptcy and to seek a bailout from its peers.

Without doubt, this is good news that will be taken into account by decision makers.

Online