Today, Greece’s economy is 25% smaller versus pre-crisis levels and it still has a debt load that amounts to 180% of GDP. High unemployment and suffocating tax rates remain problematic, but the best equity performance in twenty years for the Athex Composite Index offers a ray of hope.
“The journey of a thousand miles begins with a single step,” goes the proverb attrbuted to Lao Tzu. And it appears that Greece’s participation in the international bond market and its surging stock market are early steps toward its long-term recovery.
Ron DeLegge is founder and chief portfolio strategist at ETFguide.