In the April-June quarter, real GDP recorded a growth rate of minus 8.2 percent on a quarteron-quarter basis (minus 28.8 percent on an annualized basis), reflecting sharp declines, mainly in exports (including inbound tourism consumption, which is classified as services exports) and private consumption. This was the largest negative growth since 1980, from when comparable data are available.
Furthermore, it has not been sufficiently explained that the Memorandum has actually mitigated the symptoms of the crisis, which would have been far more acute without it. The backing of reforms in several cases has proved timid, while in the public debate the symptoms of the crisis are blown out of proportion, without any mention of the reasons that make the changes imperative.