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Berlin restaurant serves up Greek Crisis Menu

A Greek restaurant-owner in Berlin is bringing his homeland's current political crisis to life for customers – by creating a menu based on Greece's financial struggles.

Berlin restaurant serves up Greek Crisis Menu
Chrissidi came up with the idea two weeks ago. Photo: DPA

A Varoufakis platter, anyone? Or perhaps you'd prefer the Grexit plate?

And for dessert, how about the Sweet Angie?

Sitting down to read the menu in Berlin's Restaurant Z, you'd be forgiven for thinking your imagination's got the better of you. Or that you've simply spent too long in front of the TV listening to reports of Greece's financial crisis.

But the Grexit discussion is something restaurant-owner Georgios Chrissisi wants to bring to the table – which is why he's launched a limited edition menu based on the Greek crisis.

Chrissidi was born in Greece, but has spent the last 24 years in Germany. His restaurant in the city's Kreuzebrg district serves up an array of Mediterranean cuisine, also catering for parties and private events.

He told The Local that he came up with the idea for the menu around two weeks ago – and then set about creating seven entirely new dishes for the collection.

Soon after, the Greek Crisis Menu was born.

“At first I had my doubts, thinking people might react negatively,” he said.

“But that's not been the case at all. People laugh when they see the menu items. They find it funny, and they're quite easygoing about it.”

With starters from 'Tsipras' Favourite' and 'IMF calamari' to mains including the 'Schäublexit Platter' and 'Troikaminator III,' Chrissidi has certainly been creative with his choice of names.

A particular favourite is the 'Schäublexit platter,' modeled on German Finance Minister Wolfgang Schäuble.

The dish is lamb-based, Chrissidi explained – and his reasoning suggests the restaurateur hasn't been overly impressed by Schäuble's negotiating tactics.

“I was thinking of the summer times in Greece, when you try and drive to the beach but you can't, because all these sheep stand in the road and block your way,” he laughed.

Greece might face ongoing financial worries, but at Restaurant Z, everything will be wrapped up in a few weeks' time. The menu will be available until mid-August, Chrissidi said.

The menu has been a talking-point among diners, he added – and has led to discussions about the Greek crisis.

As far as Chrissidi is concerned, a Greek exit from the Euro would do the country no good at all.

“It's not the Euro that's caused all of these problems,” he told The Local.

“Greece would have had all the same problems if they's stayed with the Drachma.”

To fully recover, Greece needs to reorganise itself and sort out the relationships between people and politics, he believes.

And what is Chrissidi's favourite dish from the limited edition collection?

He'd opt for the Varoufakis platter or the Schäublexit, he said.

Reporting by Hannah Butler

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PROPERTY

Why buying property in Austria remains unaffordable for most

Buying a home in Austria is a dream for many international residents, but it remains out of reach for the average earner.

Why buying property in Austria remains unaffordable for most

Many people living in Austria dream of one day owning a home, but despite recent drops in property prices and interest rates, this dream is still out of reach for many average earners. 

In Austria, it is recommended to not spend more than 40 percent of a monthly income on debt repayment.

But new analysis by tariff comparison portal durchblicker.at reveals that even a double-income household would need to spend around 60 percent of their income to afford a 90m² new-build apartment in Vienna.

While the government has created initiatives to improve the affordability, with attractive housing packages, fee reductions and eliminations of certain fees, such as the “Grundbucheintragsgebühr” (land register entry fee) and “Pfandrechtseintragungsgebühr” (mortgage registration fee) for properties up to a certain value, their impact has been limited.

Furthermore, the governments initiatives often overlook the specific needs of lower-income households and may benefit those who are already financially stable, leaving the average earner still struggling to afford a home, according to Der Standard.

READ ALSO: ‘Haushaltsversicherung’ – How does Austria’s home insurance work?

High prices, rates and strict lending criteria

One of the biggest barriers to owning a home in Austria is simply the sky-high property prices. Over the years, property prices have increased, making it more difficult for people with an average income to afford a place of their own. Even with recent minor dips in prices, they still remain high.

Another factor making owning a home challenging is the increase in interest rates in recent years. As a result, both existing variable-rate loans and newly obtained fixed-rate loans have become more expensive. Analysts expect the European Central Bank to cut interest rates by around 0.5 percent in the near future, but according to durchblicker’s calculations, this would initially only create a little relief for loan takers, where instead of around 60 percent, 55 percent of monthly household net income would be needed for debt repayment.

Another issue preventing many from realising their dream to buy a home is the difficulty in obtaining a mortgage. Since July 2022, stricter rules have applied in Austria for the granting of property loans. Loan applicants must have a deposit worth at least 20 percent of the value of their property to be granted a loan, according to the financial online platform Finanz.at. This means that even applicants with higher incomes may struggle to get their dream financed. 

Furthermore, many loan takers with variable-rate loans, especially those recently obtained, are facing significant challenges. The variable interest rates have increased significantly since the initiation of these loans, resulting in higher monthly repayments, reported Der Standard.

Few people can afford their own home in Austria, especially in Vienna. Photo by Christian Lendl on Unsplash

Experts suggests fixed rate loans and cooperative housing models

Andreas Ederer, Head of Banking at durchblicker.at, recommends loan takers with variable-rate loans to change to fixed-rate loans. He suggests that fixed-rate loans have become more attractive as they are currently cheaper than variable-rate loans, reported Kurier

Unlike fixed-rate loans, which have a steady interest rate throughout the loan term, variable-rate loans can change over time in response to shifts in market conditions or the economy.

Experts also suggest alternative models for increasing affordability. One idea is to create more opportunities for cooperative ownership with mandatory purchase options. This could offer a more affordable option where costs such as maintenance and taxes are shared. According to Der Standard, cooperatives also often have access to loans with better terms.

READ NEXT: How can I move into affordable cooperative housing in Vienna?

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