Many events over the past year – Brexit, Donald Trump’s victory, rise of far-right parties in Europe and continued weakness in the banking sector – have added significant uncertainty to an already fragile global economy.
Given the likely demise of the TPP, the pressure on India to sign bilateral and regional free-trade deals to counter mega-regional trade pacts has eased.
As things stand, the prospects of an economic recovery in Greece appear bleak. Many forecasts have predicted that Greece will be unable to break the vicious cycle on the current path and that its debt-to-GDP ratio will rise over 200% by 2018.
The Greek government should be given a fair chance to put its house in order. This entails patience on the part of official creditors.
Irrespective of the outcome of Sunday’s referendum, one thing is certain: the Greek debt crisis saga is not going to end very soon