What are the political and economic conditions in Greece and Turkey today?

Following the 2007 world financial crisis, the Eurozone debt crisis and the longterm problems of the Greek economy, Greece faced significant problems, like the high rate of unemployment (25% in December 2012), tax invasion and corruption of the political parties.

The recent interest rate cut in Turkey and the latest kiss of life to the Greek economy have been the source of intense debate within both those countries and beyond.

For months the Turkish central bank had been resisting an interest rate cut. However, they made the move last week despite the Turkish president’s opposition and renewed criticism of central bank policymakers.

The Turkish lira is at record low levels against the dollar and some economists are now skeptical about the extent of the Turkish Central Bank’s independence.

The extension of Greece’s bailout is considered by some as the kiss of life that saved the country’s economy. However, the Bank of Greece governor highlighted the risk of pressure on the country’s liquidity.

The last minute agreement on the four month extension is an important step for Tsipras’s government, which has promised to carry out further reforms.

The governor of the Bank of Greece had asked the government to make the necessary reforms and to reach a final agreement with creditors in order to stabilise liquidity in banks.

Bank of Greece Governor Yannis Stournaras said: “The banks, after the recent increase in capital, have a sufficient capital base, but the pressures that liquidity is facing, particularly in the last months, remain strong. The main element that will ease the completion of the agreement is progress in the implementation of reforms that are overdue”.

But many Greeks fear new austerity plans arising from the leftist government’s promise to creditors to implement effective reforms.

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