Reuters - Video

Edition: U.S. | U.K. | IN | CN

Video

Can Greece really fund itself?

Wednesday, April 02, 2014 - 02:01

April 2 - Greece is now fully funded for the next 12 months and hopes to finance itself on the market from now on. Ciara Sutton asks if that's a realistic prospect when the country still has massive unemployment problems and huge debt?

▲ Hide Transcript

View Transcript

Clashes like this one were an almost daily occurence at the height of the debt crisis, and many had hoped Greece had moved on. The renewed anger shows some workers aren't as optimistic as their government following the latest bailout agreement. Greece is now fully funded for the next 12 months and its leaders hope the country can finance itself on the market from now on. It's an admirable aim but euro zone ministers say success depends on Athens delivering on all promised reforms. Euro group president Jeroen Dijsselbloem. (SOUNDBITE)(English) EUROGROUP PRESIDENT JEROEN DIJSSELBLOEM SAYING: "I think it is too early to say, I think it is of the utmost importance to now concentrate on fulfilling all the commitments that are still in the present program, quite allot of work still has to be done even though Greece has of course come a very long way and all the indicators are showing great progress." Greece was cut off from markets in 2010 as the true scale of its debt burden became apparent. But after four years of painful measures and two bailouts worth 240 billion euros, the Greek economy is expected to return to modest growth this year. Encouraged by falling bond yields, Greece is considering selling 1.5 - 2 billion euros of five-year bonds. If they succeed it will one of the fastest ever market comebacks by a defaulted sovereign. It will also be a game changer. But it all depends on Greece's economic performance in the coming months, says IG's Alastair McCaig. (SOUNDBITE)(English) IG MARKET COMMENTATOR, ALASTAIR MCCAIG SAYING: "They've still got a long way to go. They've got massive unemployment issues to tackle and you can't have youth unemployment at over 50 percent and realistically feel a recovery is going to be well embedded." Finance ministers meeting in Athens are only too aware of the problem. They've just been given the latest data on the impact of the economic crisis across Europe. It's put 6 million people out of work and driven many others into poverty. There are signs of recovery but last year unemployment rose 11 percent - with young people hit the hardest.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Can Greece really fund itself?

Wednesday, April 02, 2014 - 02:01