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The Greek Financial Crisis May Be Over, but Greece, and the Eurozone, Will Never Be the Same

Aug 20, 2018 | 18:46 GMT

A man walks past closed shops in the center of the Greek city of Thessaloniki on June 21, 2018.

A man walks past closed shops in the center of the Greek city of Thessaloniki on June 21. Aug. 20 marks the end of Greece's third consecutive rescue program since 2010 and, in a way, the formal end of the Greek crisis.

(SAKIS MITROLIDIS/AFP/Getty Images)

Highlights

After three consecutive bailout programs, the Greek economy is growing again. But structural problems, ranging from state bureaucracy to tax evasion, remain extant.
Greece's massive debt, which currently stands at above 180 percent of the country's gross domestic product (GDP), will be a national burden for decades.
Greece also faces the long-term consequences of mass emigration and a subsequent brain drain, which will make it harder for the country's economy to recover.

In recent years, any discussion about Greece has demanded acknowledgement of the deep financial, economic, political and social crisis that has afflicted the country since the late 2000s. And that makes Aug. 20 a bittersweet day, as it marks the end of Greece's third consecutive rescue program since 2010 and, in a way, the formal end of the Greek crisis. It took eight years, more than 300 billion euros in international loans and six prime ministers for Greece to reach this moment. Now the two biggest questions are: Was it worth it? And is Greece really out of the woods?...

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