• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup

2

The Pentagon said Iran War costs $29 billion, but the real cost is closer to $200 billion—and counting

3

Current price of oil as of June 23, 2026

1

After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup

2

The Pentagon said Iran War costs $29 billion, but the real cost is closer to $200 billion—and counting

3

Current price of oil as of June 23, 2026
LifestyleEconomy
Europe

Greece won’t be turning into Switzerland or Sweden any time soon as economy continues to suffer after years of recession

By
Anna Maria Jakubek
Anna Maria Jakubek
and
AFP
AFP
Down Arrow Button Icon
By
Anna Maria Jakubek
Anna Maria Jakubek
and
AFP
AFP
Down Arrow Button Icon
September 6, 2024, 1:00 AM ET
Side view of happy female barista using a coffee maker to heat milk in a jug while standing in a retro cafeteria.
Even those earning a little more than minimum wage are struggling to live and set aside money for emergencies. miniseries via Getty
Add Fortune on Google for similar content.

Greek barista Kyriakos Giannichronis has seen the headlines about his country’s newly booming economy after years of recession — but he does not feel the wealth.

Recommended Video

The Athens resident only has about 150 euros ($170) to spare at the end of the month, and that is despite getting a good deal on rent and making a little more than minimum wage.

Many Greeks face similar challenges — which is why Prime Minister Kyriakos Mitsotakis is widely expected to announce new benefits in a keynote speech this weekend.

“I am responsible enough for what I make, but… everything is going up and up. And the amount we get paid is around the same each year,” he said.

“Things look like they’re getting better, but it doesn’t seem like it,” the 27-year-old told AFP.

Living standards in Greece remain low despite the Mediterranean country’s substantial rebound which has the economy growing at two percent — a higher rate than in much of Europe.

The reason for the two sides of the coin is that Greece has significant ground to make up after a near-decade economic crisis and pandemic recession.

The economy “is growing and all the right measures are improving, but starting from a very low basis,” economist Nikos Vettas told AFP.

“Even if you have an increase now, this improvement is not enough to catch up,” said Vettas, who heads the Greek foundation for economic and industrial research IOBE think-tank.

To further complicate matters, housing and food prices had gone up because of inflation, which only now is on its way down.

“The cost of living actually neutralised part of the increase in the wages that we had, and as a result the real incomes of many households are suffering,” Vettas said.

Mitsotakis’ conservative government — which is dipping in the polls — has blamed the high cost of living on soaring energy prices that followed the war in Ukraine.

His New Democracy party is currently polling at around 22 percent, a far cry from the 40.56 percent it won in national elections last year.

Mitsotakis is expected to announce a new round of benefits in the prime minister’s annual economy speech in Thessaloniki this weekend.

‘Life is so expensive’

Last year, the country of just over 10 million people had the second lowest GDP per capita in purchasing power within the European Union.

Only Bulgaria fared worst, according to EU data agency Eurostat.

It also found that average annual income in Greece was half the European average in 2023.

And the Greek minimum wage is 830 euros, some 900 euros below that of France.

“So how are you supposed to live, if you have to rent a house with 500 euros?” asked Athens hairdresser Christina Massiou.

“Life is so expensive that you can’t set aside money for emergencies,” the 24-year-old added.

She and her friend Alexandra Siouti, who works at a PR agency, spoke from under a palm tree at a beach near Athens.

They had gone to relax and “escape from reality”, Massiou said.

“I have seen the older generations say that things are getting better. For them maybe,” Siouti, also 24, told AFP.

“But younger people don’t have many opportunities here to start their life and invest in their dreams.”

No Switzerland or Sweden

Last month, the economy ministry said household net disposable income had risen in recent years, putting Greece in 16th place in the European Union.

The data confirmed the “significant progress our country has achieved in the last five years”, the ministry said in a statement.

But the ministry acknowledged that it was not cause for celebration or a reason to “underestimate the real difficulties that many of our fellow citizens face”.

“It is obvious that Greece has not turned into Switzerland or Sweden,” it said.

Vettas, the economist, noted that some sectors have fared better than others.

“We have witnessed in the last three or four years a sharp increase in the salaries of professions where they have some speciality, some expertise,” he said.

“Either at the upper end or the lower end,” Vettas added, giving the examples of computer scientists and construction workers.

But for those employed in a sector like hospitality — a big industry in Greece — “it’s not easy to see how you’re going to improve their position”.

Giannichronis, the barista, said he was trying to remain zen about the economic situation, despite having to think about money all the time.

“I’m not furious because it wouldn’t do me any good. Things are the way they are. We can’t change much,” he said.

What he can control is how to budget his own expenses and help his friends better manage theirs, he added.

“But if I was angry about it too, then I would start to lose myself and go crazy on the streets shouting… and I don’t want that.”

About the Authors
By Anna Maria Jakubek
See full bioRight Arrow Button Icon
By AFP
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Lifestyle

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Lifestyle

Helix Plus Lead
Healthmattresses
The Best Early 4th of July Mattress Sales of 2026: Saatva, Helix, and More
By Christina SnyderJune 24, 2026
3 hours ago
mg
CommentaryHealth
The ‘tech neck’ time bomb: why 43 million young Americans could cripple U.S. health care within a generation
By Michael GerlingJune 24, 2026
10 hours ago
Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
SuccessCareer Advice
Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
By Orianna Rosa RoyleJune 24, 2026
14 hours ago
UPS workers process boxes in a sorting facility.
North AmericaUPS
UPS is shelling out nearly $50 million on temperature-controlled facilities to meet the booming demand for GLP-1 deliveries
By Sasha RogelbergJune 23, 2026
1 day ago
dr
HealthCancer
The U.S. cut cancer deaths by 34% since 1991—but not in 458 rural counties
By Arthur Cosby and The ConversationJune 23, 2026
1 day ago
Woman hides from the sun in front of Big Ben in London
EconomyEurope
‘London isn’t just calling—it’s cooking.’ Europe’s largest economies face over $600 billion in heat-driven losses by 2030
By Tristan BoveJune 23, 2026
1 day ago

Most Popular

After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
Success
After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
By Orianna Rosa RoyleJune 23, 2026
1 day ago
The Pentagon said Iran War costs $29 billion, but the real cost is closer to $200 billion—and counting
Economy
The Pentagon said Iran War costs $29 billion, but the real cost is closer to $200 billion—and counting
By Jacqueline MunisJune 24, 2026
14 hours ago
Current price of oil as of June 23, 2026
Personal Finance
Current price of oil as of June 23, 2026
By Joseph HostetlerJune 23, 2026
1 day ago
Current price of gold as of June 23, 2026
Personal Finance
Current price of gold as of June 23, 2026
By Danny BakstJune 23, 2026
1 day ago
Texas and Charlotte used to build huge McMansions—now they're copying the California design tricks they once mocked
Real Estate
Texas and Charlotte used to build huge McMansions—now they're copying the California design tricks they once mocked
By Sydney LakeJune 22, 2026
2 days ago
Markets tumble worldwide as Fed resets expectations: $400 billion wiped off SpaceX stock
Banking
Markets tumble worldwide as Fed resets expectations: $400 billion wiped off SpaceX stock
By Jim EdwardsJune 23, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.