Tagged IMF

Five observations on Greece

example                                                                  By Alexis Boutefeu-Moraitis and Jack Copley

Misery is palpable in Athens: the increase in ‘closed’ signs outside small shops, the long queues at soup kitchens and the growing numbers of homeless and drug addicts in the streets. Currently, there is no visible change on the ground. However, optimism has replaced hopelessness in everyday discussions. In the context of brutal austerity, the victory of Syriza in January’s electoral battle came as a slap in the face to European elites.

Greece continues to be financed with the help of the European Union. Eurozone Ministers of Economy and Finance have approved the new package of economic measures presented to Brussels by Athens. This then paves the way to extend Greece’s bail-out. The spokesman for the European Commission, Margaritis Schinas, said that the proposals are “sufficiently complete” and are a “good start”. The same expression was used by Mario Draghi in a statement, however the ECB president added several ‘buts’. According to Draghi, what counts is the current memorandum.

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