greek property market hoping bailout deal is enacted swiftly
News Posted On: 26 March 2010
Apparently a Greek bailout has been agreed by the EU's two biggest economies France and Germany. The deal, which will involve the International Monetary Fund, is to give Greece 22 billion Euros in financial assistance.
For the sake of the Greek property market let's hope the deal sticks. The Greek debt problem has been one of the great injusticies of the credit crunch for me. Greek property prices had hardly fallen into the third quarter of last year, and then people started talking about Greece's ballooning deficit.
Spain and the UK have got budget deficit's on a par with that of Greece, but only Greece is becoming the center of the negative world.
Okay, to be fair, Greece has struggle to bring its deficit down for years before the crisis, while the others' are as a result of the crisis, but I still can't help feeling a little bit sorry for Greece.
The debt debacle is costing the Greek property market dear. There is far too much uncertainty as to the effect of austerity measures, and people are unwilling to risk buying property in the country while it is still all up in the air. As a result Greek property prices are falling faster now than they did in 2008 or 2009.
Portugal is another victim of circumstance. Its budget deficit is slightly smaller than the big three mentioned above, but that didn't stop Fitch from downgrading its investment rating from AA to AAminus.
Let's hope the IMF and EU big wigs can get this Greek bailout together on the quick and get the Greek property market back on track again.
View Greek property for sale.
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