Wednesday, July 29, 2015

Greek Economy Faces Total Collapse.........ANOTHER PESKY FACT!

Greek Economy Faces Total Collapse As Doctors Flee, Retail Sales Plunge 70%

As Greece prepares to weather still more austerity in exchange for a third EU bailout program, the economy has fallen into a veritable tailspin, as retail sales collapse, doctors flee, and credit is nowhere to be found.

Wholesalers can't pay for supplies. Importers' foreign counterparts won't trade.

Turnover in retail commerce is posting an annual drop that in some cases amounts to 70 percent even though the market is in a sales period.

The Athens Medical Association (ISA) warned about major shortages in medical staff over the next years, since an increasing number of Greek doctors, especially those working in highly specialized fields, and nurses are looking for jobs abroad and leaving the country. According to the association's figures, more than 7,500 doctors have migrated to other countries since 2010.

Doubts persist about whether a severely weakened Greek economy can support another program after a six-year slump that has cut output by a quarter and sent unemployment over 25 percent.

The only real question at this point is whether Greece can possibly navigate the next several months without descending into outright chaos, politically, economically, and socially.

YOU COULD ASK THE SAME QUESTION ABOUT CHINA.

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