CNBC: “The brain drain" is the real tragedy for Greece

The real tragedy in Greece, which is being ignored by most economists, is the unprecedented “brain drain” which is taking place in the country, according to a report by the American news channel CNBC.

Lois Labrianidis, an economic geographer who researches migration at the University of Macedonia in Thessaloniki, told CNBC that off the estimated 160,000 to 180,000 university graduates who have emigrated in the past few years about half have doctorate degree, while 46% of Greeks claims to plan moving abroad.

Labrianidis  claims that “the brain drain has huge implications for Greece”, which, according to him, is allowing young scientists to emigrate because “the economy keeps sinking and there is no one left to create high-value-added products or services”, thus creating a vicious cycle.

The managing director of Endeavor Greece Haris Makryniotis stated that the uncertainty in Greece has gotten worse since the recent elections, which further pushes people from all walks of life to emigrate. The recent loan agreement extension has also increased uncertainty, as everyone waits to see what is going to happen in four months.