GETTY Eurasia Group has predicted the country will face a severe financial upheaval
Analyst firm the Eurasia Group has predicted the country will face a severe financial upheaval in the coming year.Greece, which has been on the cusp of bankruptcy, is still struggling, and largely failing, to repay stinging loans from the IMF.Last year Greece looked likely to leave the EU before a series of bailouts to keep the country afloat. However, economic analysts the Eurasia Group are predict a gloomy future for the ing things will get worse before they get better for the Mediterranean country.
The next cash injection of €7.5 billion barely covers the €7.2 billion in debt payments due between now and the end of the year – leaving only a tiny fraction to actually prop-up the Greek economy.
GETTY Greece’s left-wing government is likely to become unstuck in trying to deliver labour reforms
The analyst firm predicts Greece will not make their primary budget surplus this year, of 3.5 per cent.In addition to its monetary woes, the turmoil is likely to throw the leadership into question, with a government reshuffle on the cards.
Syriza, Greece’s left-wing government elected last year, headed by Alexis Tsipras, is likely to become unstuck in trying to deliver labour reforms.
Eurasia said these include: “Changes to Greece’s collective layoff and bargaining regime, industrial action and the legal framework governing the functioning of trade unions.
GETTY Mr Stournaras and Mr Tsipras have previously come to head over Greece’s finances
“These will threaten Syriza’s privileged relationships with the unions.”Whatever deal comes out of the next meeting of the Eurogroup, the collective term for the finance ministers of the Eurozone, the firm added it is “unlikely to help the real economy.”
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