Greek situation vs. Euro zones

Situation is quite dire in Greece, much worse than many would imagine.

• After four years of continued austerity, Greek debt is still above 175% of the GDP.

• Prices have dropped sharply over the period, latest estimate shows property prices are down by at least 30%.

• Latest PPI showed drop by nearly 10%

• Today's GDP showed further contraction by 0.7% in fourth quarter.

Belt tightening is an overall phenomenon in Euro zone, so the real question is that how Greece is faring against the rest of Euro zone.

• Average income of people in Greece is about € 8000 nearly half of Euro zones average.

• 37% of total people are at the brink of poverty, compared to just above 20% in Euro zone.

• Unit labor cost has fallen more than 10 percent in Greece since 2010, compared to 5% rise in Euro zone

• Long term unemployed account for nearly 80% of the total unemployed compared to a below 60% in Euro zone

• Youth unemployment under 24 years is 60% compared to a below 20% in Euro zone.

• 15% of the people cannot afford medical care compared to Euro zones' below 5%.

All estimates are from Eurostat; no matter what measure is taken shows Greece is in real bad position and recent trend says that people are becoming impatient and fed up after years of austerity.

 People's anger could really push towards a Grexit; if the new Syriza party sticks to anti austerity. No doubt that similar policies have succeeded in Ireland may be seeing success in Spain and Portugal but so far has not worked for Greece.