Greek finance minister says there are no problems in the economy (and he's not joking)

No, we're not kidding. Greek finance minister Stournaras has said that there are no problems with the economy, and that the Greek success story is continuing. However, some may disagree:

Fell by 5.6 per cent in the first quarter of 2013 and has been contracting since the third quarter of 2008.

At a record high of 27.4 per cent in the first quarter, and youth unemployment is particularly high:

CPI dropped by 0.4 per cent in the first quarter of 2013 as demand has collapsed.

The government has failed to attract a single bidder for state gas firm DEPA, which was expected to bring in €1bn. Greece has to find revenues of €1.8bn by the end of September, and €2.5bn by the end of the year.


The decline of the Athens Stock Exchange is dramatic, and shows little signs of recovery. Equity values have been destroyed.

... and Greece is now in the developing world

This week Greece was reclassified as an "emerging market" by financial market analyst MSCI, having failed to meet several developed market criteria.