Internal devaluation

The increase in the minimum wage is a positive development. The value of labor was one of those areas that took the brunt of the internal devaluation during Greece's economic crisis. 

But cultivating an economic environment that will create high-paying jobs requires much more complex and painstaking efforts.

The distribution of family budgets has been forced to revert to how it was some 30 years ago, due to inflation on the one hand and the internal devaluation of the previous decade on the other, excessively raising the percentage of food and housing expenses in total household spending.

One of the key figures of the 2009-2018 Greek debt crisis, Germany's former finance minister Wolfgang Schaeuble, died on Tuesday. It is a development that appears almost symbolic in this country, as the deep wounds inflicted on its economy during that period, leading to a loss of a quarter of its output, have gradually started to heal.

The positive signals from financial markets after New Democracy's major victory in the 26 May European Parliament election presage the stance of investors toward the Greek economy after the upcoming general election.

The SYRIZA government clearly did not have the will, knowledge, and experience to manage the great challenges with which it was confronted.

One day it's Skouries, the next it's Elliniko. Not bad, for a government that at least recognizes the importance of attracting investors and actively tries to convince them to come to Greece, to commit funds, to utilize human resources, so that they can profit from their investment while also providing jobs to Greeks and boosting the economy.

Internal devaluation in Greece mainly concerns salaries and not the prices of commodities, the International Monetary Fund said in a recent report, suggesting that living in this country has become much more expensive due to the decline of incomes and increases in taxes.

By Maria Petrakis

Londoner Eleni Kyriacou is building her fashion brand on the ruins of Greece's textile industry.