On Sunday, October 4th, Portugal had national elections. Seventeen parties entered the fight. Following the social crisis outcry, expectations and predictions reflected the general sentiment that the Socialists would be the next winners. How can we explain, then, that the voters rewarded the parties (PSD and CDS) that had made their lives so miserable with austerity measures?
At the Eurogroup meeting on Friday, 24 April, all eyes were on Greece. The embattled Eurozone country got hammered for backtracking on much needed fiscal reforms. Eurogroup officials stated that such measures are vital in helping the Greek government secure its debt repayments. Without the remaining €7.2 billion in the bailout package, Greece will run out of money in a matter of weeks. The stark warning came as Mr. Varoufakis, Greece’s Finance Minister, tried to calm fears over his country’s ability to raise
By Clément Fontan
On 16 March 2015, ECB chairman Mario Draghi delivered a speech at the Süddeutsche Zeitung Finance Day. Eurozone economic governance reforms were the topic of the day. The structural reforms proposed by Mr. Draghi are ideologically loaded and the creation of new institutions might worsen the democratic troubles in Europe rather than solve them. The ECB and other EU institutions have already been exploiting the financial crisis as an opportunity to implement structural reforms in a coercive manner for more than four years. The results have been worrying, to say the least.
The Eurogroup needed just half an hour to deal with the package of measures presented by Greece in Brussels, pressurizing the Athens government to negotiate the technical issues seriously and in detail with experts from the European Commission, the European Central Bank (ECB) and the International Monetary Fund; the so-called “men in black” of the former Troika. Meanwhile, the Greek authorities do not rule out fresh elections or a referendum on the euro if negotiations prove fruitless.