Greece, after plummeting into an economic black hole a few months ago, is slowly crawling back to more stable territory.

• Greece is in the process of implementing their austerity program, which includes civil service pay, reduced pensions and increased taxes.
• The initial success of this program allows Greece to receive the next installment of its bailout package – a $9 billion boost.
• Though the progress of Greece’s economy is overwhelmingly positive, there are still large economic glitches to overcome.
• In the first half of the year, tax collection was below target and local government spending was over budget.

Facts & Figures

• The Euro, which dropped to $1.19 in June has rebounded to $1.32.
• Greece is trying to dig itself out of a $400 billion budget deficit.

Best Quote

“You have a government here that is clearly determined to move ahead. This program is off to a very good start. I would say a very impressive start.” – Paul Thomsen, Head, I.M.F. Delegation.

Tags: bailout package, budget deficit, euro, Greece, pension, taxes