“The Wall Street Journal: Greece’s Remarkable Transformation – A Model for Europe and America”
In an article titled “The Great Comeback of Greece,” the Wall Street Journal compares the leadership of Mitsotakis and Tsipras. The publication highlights the key distinction that sets Mitsotakis apart from his predecessor, which is his unwavering focus on economic growth. It suggests that Europe and America can draw valuable lessons from the former ‘weak link’ of the Old Continent. The article particularly underscores the remarkable trajectory of the Greek economy since regaining its investment-grade status, a decade after the debt crisis, going so far as to label it a “model of fiscal policy.”
The American newspaper also accentuates the prevailing optimism stemming from Greece’s expected economic growth of approximately 2.5% this year. S&P projects a reduction in public debt from 189% of GDP in 2020 to 146%, and investments are on the rise. These achievements are particularly noteworthy considering the challenges posed by the pandemic, migration crisis, and various natural disasters.
Within the article titled “The Great Comeback of Greece,” there is an in-depth comparison between the administrations of Mitsotakis and Tsipras. The piece analyzes the factors contributing to Mitsotakis’ successful re-election.
“Almost a decade ago, Greece appeared mired in seemingly insurmountable economic and political turmoil. Yet, on Friday, the credit rating agency Standard & Poor’s granted Greek bonds investment-grade status,” the article observes, shining a spotlight on Prime Minister Kyriakos Mitsotakis’ accomplishment.
The newspaper underlines Mitsotakis’ distinctive approach, emphasizing his dedicated commitment to economic development. “Since assuming office in 2019 and leading the center-right New Democracy party back to power, Mr. Mitsotakis has significantly reduced the corporate tax rate, streamlined governmental functions, and is actively promoting privatizations,” the article affirms.
Conversely, Alexis Tsipras is portrayed in a less favorable light: “He nearly destabilized the eurozone by resisting bailout conditions and even organizing a failed referendum on the country’s euro membership. Later, he signed a rescue agreement with stringent fiscal terms.”
The article concludes by recognizing that while the Greek economy continues to face challenges, “Mr. Mitsotakis has recognized that an agenda focused on economic growth is the linchpin for garnering support for reforms and achieving fiscal stability.”