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Greece Hopes to Kick Start Growth With Offshore Oil

The Greek soccer team surprised a lot of critics by reaching the Round of 16 stage in the 2014 FIFA World Cup, and the squad only narrowly missed a trip to the quarterfinals after losing in a shootout with Costa Rica.  Despite a weak team that performed very poorly in its first two games, the Greek squad demonstrated grit and determination, and a foundation on which the team can build.

The analogy is far from perfect, but the Greek economy has surprised critics and shown some green shoots as well. Although suffering a major employment crisis, the country has avoided a catastrophic default and currency crisis, which was a very real possibility not too long ago. Yields on Greek 10-year bonds have hit a multi-year low in 2014, dropping below 6% in June 2014, down from the ruinous levels of near 40% in March 2012. This year may mark the first year of growth for the Greek economy since 2007.

A feeling of optimism has finally hit Athens, and Greek Prime Minister Antonis Samaris, in a moment of bravado, even compared his country favorably to another country facing an economic crisis. “Things are now improving,” Samaras said to the European Parliament on July 2, 2014. “In a few years, I believe this is going to be a bad memory. If you want the opposite example of Argentina, a very rich country that went bankrupt back in 2002, 12 years later, today, they are still in a crisis, on the verge of a collapse again, much more suffering and no hope -- this…

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