The European Commission thinks that Greece’s comeback, like its collapse, will be nasty, brutish, and long. The European Commission projects that Greece’s economy will still be 20 percent below its pre-crisis peak by the end of 2016. At that pace, it could take till 2022 or so for Greece to get all the way back to where it was in 2007.
In other words, Greece is only halfway through its Greatest Ever Depression.While the USA quickly boomed out of its depression after a massive stimulus package, the EC projections (one might even argue they are optimistic) are for Greece slowly inch its way out under the most favourable circumstances.
The government calls that its “successs story”.
The utter and abysmal failure of austerity politics writ large and with devastating effect for generations to come.
You wonder what the European policy elites would classify as failure.
See The Economist blog for full report here and a washington Post blog http://www.washingtonpost.com/blogs/wonkblog/wp/2014/11/14/greeces-recession-is-over-but-unemployment-is-still-25-9-percent/