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SA warned to avoid Greece’s economic crisis

Greece was granted yet another bailout loan from eurozone leaders following growing strains on its economy.

FILE: Elizabeth Sidiropoulos of the South African Institute of International Affairs has advised South Africa to look out for similar patterns. Picture: AFP.

PRETORIA - African countries have been advised to study the downward trajectory of Greece's ailing economy in order to avoid a similar crisis on the continent.

The Human Sciences Research Council (HSRC) has held a seminar in Pretoria to discuss the effect of the Greek economic crisis on African countries.

Experts have drawn parallels between the European country and south.

Representatives from the European Union have told delegates at the HSRC headquarters that Greece found itself trapped by a series of bad decisions.

The use of an unsuitable economic model, vast increases in wages and expansions in banking credit have been identified as some of the factors that contributed to the Greece's economic downfall.

Elizabeth Sidiropoulos of the South African Institute of International Affairs has advised South Africa to look out for similar patterns.

"It is about how you manage your social welfare costs and your overall public sector costs. It's how you encourage entrepreneurship without stifling it too much through red tape."

Earlier this year Greece was granted yet another bailout loan from eurozone leaders following growing strains on its economy.