Brussels sounds alarm over five areas of the Greek economy

The European Commission has placed Greece in the same group of countries as Sweden, Germany and the Netherlands, but that is not good news. It is the group of nine eurozone countries in which the Commission's "Alert Mechanism" identified macroeconomic imbalances. In-depth assessments will follow on whether these imbalances have worsened or are being corrected.

The findings are included in the second part of the European Semester (the first one was presented on November 26), which the Commission presented on Wednesday. Brussels' warning specifically concerns five areas for Greece (the data refer to 2023): the current account deficit, which was 6.3% of GDP; the net international investment position (-139.3% of GDP); house prices, which increased by 13.8% and are estimated to be overvalued by 20%; the general government debt (63.9% of GDP); and unemployment (at 11.1%).