# Prof. Nicholas Economides on the state of Greece's economy

1 Faculty News July 31, 2014 ![OZY logo](/sites/default/files/styles/246w/public/assets/images/ozy192x144.jpg?itok=GNkYVaPM)>

Excerpt from [OZY](http://www.ozy.com/fast-forward/southern-europes-climb-out-of-depression/32959.article) -- "After four years when no bank would touch it, Greece was able to borrow abroad by issuing 5-year bonds at 4.75 percent interest, raising 3 billion euros. A booming tourism industry — occupancy rates are up by 25 percent — has helped the economy return to timid growth but doesn’t provide a long-term solution. Foreign investment? Just a dream. 'Greece has not yet convinced investors that it is at a stage of recovery,' says [Nicholas Economides](http://www.stern.nyu.edu/faculty/bio/nicholas-economides), professor of economics at NYU and UC Berkeley."

[Read more](http://www.ozy.com/fast-forward/southern-europes-climb-out-of-depression/32959.article)