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2020/08/19
Market Insight by Nicolas Roth - lessons in crisis management by greece

It was not widely noticed how Greece managed extremely well the early phase of the Covid-19 crisis. The odds were against the country as it came out of a decade-long debt crisis. Nevertheless, the government of Prime Minister Kyriakos Mitsotakis acted very swiftly on early signs of the virus spreading. The country imposed early lockdowns, closed schools, and requested non-essential businesses to halt operations as early as February, days before the first reported death from Covid-19. Statistics are praising the government’s action: at the end of July, Greece had recorded just over 4,700 cases and 210 deaths. However, the biggest challenges are yet to come. Managing the aftermath of the disappointing summer season and diversifying from tourism, continuing to implement the ambitious reforms and attracting private capital will be among the numerous items at the top of the government’s agenda. Will Greece be able to continue on its path towards ambitious reforms and development projects amidst an extremely uncertain environment?

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