Troika Tells Greece: Sell Goods for 50 Bln Euros to Reduce Debt

Inquiring minds are upon Greece where the Californiaesque country is being forced into economic reality by a troika of European councils; the International Monetary Fund (IMF), the European Union (EU), and the European Central Bank (ECB):

Greece must sell property, shares and State-controlled companies to reduce its debt by 2015, for a total of 50 billion euros. This was announced by the representatives of the “Troika”,(IMF-EU-ECB) during a press conference after their meetings in the Greece capital.

In a joint statement, read during the conference, they announced their assessment of the progress made by Greece in the past months, saying that “the country’s stabilisation programme has made further steps towards its objectives. Despite the delays recorded in some sectors, the necessary reforms to reach the tax targets are being carried out”. Still, they underline in the statement, “important reforms must be planned and carried out to reach financial stability and economic recovery”.

The three officials announced that “green light” has been given to the allocation of the fourth tranche of 15 billion euros, part of the 110 billion euro loan that was granted to Greece. They underlined that the progress made with the reforms is too slow. “The programme is proceeding, but risks to ‘derail’ without a serious acceleration of the reforms”.

Reality is a very harsh teacher. Especially when it is imposed from three ‘outside’ agencies. The hard-feelings and grudges this strategy is engendering among both Greeks and other Europeans may be much worse than the European Union bureaucrats expect.

Does anybody really think this is a sign that the crisis has past in Europe? Quite to the contrary, to it appears that the ‘European-debt’ fever has yet to break.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: