Greece did not just go bankrupt because of its runaway budget deficit. Another important factor that contributed to the economic meltdown that has resulted in eight years of crisis, was the country’s massive trade deficit – in other words, the fact that Greece was importing goods worth much more than the value of the goods it exported.
It is extremely worrying that Greece’s trade deficit data is being shown to be deteriorating even further. The country’s production level is definitely not up to where it should be, while at the same time, Greek exports are still lagging significantly behind expected levels.
This is a problem that the country is bound to come up against on its long path to recovery. The administration must create the suitable climate and conditions for Greek businesses to prosper. Instead – and for the time being we hope – businesses and industries are suffocating as a result of the left-led government’s policies.