http://www.bloomberg.com/news/articles/2015-09-15/five-charts-show-tough-job-facing-next-greek-prime-minister
Whoever wins the elections in Greece on Sunday faces an unenviable task. Far from the spoils of victory, the country’s next prime minister -- likely to be either Syriza’s Alexis Tsipras or New Democracy’s Evangelos Meimarakis -- will be rewarded with a damaged economy, near-record unemployment and crippled banks.
The first review of Greece’s third aid program, signed by Tsipras last month just before he called the ballot, begins in October. The new premier will have to oversee the recapitalization of banks and keep the budget and state-asset sales program on track. He’ll have to do this against the backdrop of an economy that will probably be feeling the squeeze from the imposition of capital controls at the end of June.
While Greece’s economy showed surprising resilience in the second quarter, growing 0.9 percent, manufacturing and economic sentiment surveys suggest it could crash in the second half of the year.
“Most of the monthly indicators are pointing to a pretty sharp contraction in the third quarter,” said Nick Kounis, head of macroeconomic research at ABN Amro Bank NV in Amsterdam. “Historically, we also know from capital controls that they tend to have quite negative and long-lasting effects on activity.”
MORE
= new reply since forum marked as read