One has only to recall the scenes of anti-austerity rioting in Athens at the beginning of the decade to realise just how remarkable it is that Greece has clawed its way back from the precipice. The tidal wave of the financial crisis triggered by the collapse of the US sub-prime mortgage market in 2007 circled the globe. In Europe, several economies struggled but it was Greece, saddled with a legacy of profligate spending funded by high interest loans, that came closest to sinking. When Greece and a number of other countries began to lose access to the international loans market, the lifeblood of most modern economies, the entire European project teetered. The EU acted swiftly, committing $800 billion to bailout mechanisms that have subsequently lent money to eight member states.
Greece has now concluded its third European assistance package, which began in 2015. In total, the country has received nearly $233 billion from Europe, an unprecedented sum in modern times. Today its largest creditor is Europe, to which it owes more than $218 billion at a benignly low average rate of less than one per cent, with some repayments not due until 2060. In 2015, when Greeks voted the youthful Alexis Tsipras and his left-wing Syriza coalition into power, Greece seemed poised for collapse. When a national referendum rejected Europe's bailout terms, it seemed certain. But all credit must go to the government and, of course, the Greek people, who have swallowed the bitter pill of austerity. After eight painful years, the European Stability Mechanism can confidently declare that Greece is once again standing on its own feet. The economy is growing and unemployment, although still high at 19.5 per cent, has fallen steadily from a peak of 27.5 per cent in 2013 and there is even a budget and trade surplus.
Greece is not out of the woods – it must continue to modernise its economy, exercise prudence and regain the trust of investors – but it is on the right path. As for the EU, the Greek revival demonstrates the power of the European project, which is big enough to resist global market forces and must surely give pause to any nation considering leaving its protective embrace.
How to donate
Text the following numbers:
2289 - Dh10
6025 - Dh 20
2252 - Dh 50
2208 - Dh 100
6020 - Dh 200
*numbers work for both Etisalat and du
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Teenage Mutant Ninja Turtles: Shredder's Revenge
Developer: Tribute Games
Publisher: Dotemu
Consoles: Nintendo Switch, PlayStation 4&5, PC and Xbox One
Rating: 4/5
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
MATCH INFO
Inter Milan 2 (Vecino 65', Barella 83')
Verona 1 (Verre 19' pen)
FULL RESULTS
Middleweight
Eslam Syaha (EGY) bt Robin Roos (SWE)
Welterweight
Alex da Silva (BRA) bt Bagyash Zharmamatov (KGZ)
Murodov Samandar (TJK) bt Lucas Sampaio (BRA)
Shakhban Alkhasov (RUS) bt Salamat Orozakunov (KGZ)
Khotamjon Boynazarov (UZB) bt Mikail Bayram (FRA)
Bantamweight
Jieleyisi Baergeng (CHN) bt Xavier Alaoui (CAN)
Flyweight
Rashid Vagabov (RUS) bt Lun Qui (CHN)
Yamato Fujita (JPN) bt Furkatbek Yokubov (UZB)
Aaron Aby (WLS) bt Joevincent So (PHI)
Catchweight 176lb
Mark Hulm (RSA) bt Erkin Darmenov (KAZ)
Catchweight 160lb
Rustam Serbiev (BEL) bt Anar Huseyinov (AZE)
Catchweight 150lb
Islam Reda (EGY) bt Ernie Braca (PHI)
Flyweight (women)
Baktygul Kurmanbekova (KGZ) bt Maria Eugenia Zbrun (ARG)
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The biog
Name: Atheja Ali Busaibah
Date of birth: 15 November, 1951
Favourite books: Ihsan Abdel Quddous books, such as “The Sun will Never Set”
Hobbies: Reading and writing poetry
COMPANY PROFILE
Company name: Clinicy
Started: 2017
Founders: Prince Mohammed Bin Abdulrahman, Abdullah bin Sulaiman Alobaid and Saud bin Sulaiman Alobaid
Based: Riyadh
Number of staff: 25
Sector: HealthTech
Total funding raised: More than $10 million
Investors: Middle East Venture Partners, Gate Capital, Kafou Group and Fadeed Investment
UAE SQUAD
Ali Khaseif, Mohammed Al Shamsi, Fahad Al Dhanhani, Khalid Essa, Bandar Al Ahbabi, Salem Rashid, Shaheen Abdulrahman, Khalifa Al Hammadi, Mohammed Al Attas, Walid Abbas, Hassan Al Mahrami, Mahmoud Khamis, Alhassan Saleh, Ali Salmeen, Yahia Nader, Abdullah Ramadan, Majed Hassan, Abdullah Al Naqbi, Fabio De Lima, Khalil Al Hammadi, Khalfan Mubarak, Tahnoun Al Zaabi, Muhammed Jumah, Yahya Al Ghassani, Caio Canedo, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
Captain Marvel
Director: Anna Boden, Ryan Fleck
Starring: Brie Larson, Samuel L Jackson, Jude Law, Ben Mendelsohn
4/5 stars
UAE Premiership
Results
Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes
Fixture
Friday, March 29, Abu Dhabi Harlequins v Jebel Ali Dragons, The Sevens, Dubai