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Finance Minister Says Greece Has Done What Lenders Wanted

Greek Finance Minister Evangelos Venizelos

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February 16, 2012

Greek Finance Minister Envagelos Venizelos says his government has done what the country's international lenders wanted it to do to secure a second bailout worth 130 billion euros ($170 million).

He said the government had agreed on a further 325 million euros in cuts on top of austerity measures already agreed.

Venizelos also said the country's political leaders have put in writing their pledge to carrying out the austerity cuts even after elections due in April.

"On their part, they want to know that they are dealing with a country as a whole that is credible, not one or another party, one or another government, but one nation that will continue," Venizelos said. "And I think we made this very clear to them."

After a conference call of eurozone finance ministers, Eurogroup chairman Jean-Claude Juncker said he was confident finance ministers would be able to approve the bailout on February 20.

Reuters

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by: Eugenio from: Vienna

February 16, 2012 09:36

Greece is a typical example of what the EU-membership does to countries. First, as the country entered the EEC in 1981, free trade with other EEC member states - France and W. Germany in the first place - has destroyed the Greek industrial base during the 1980s, due to the fact that Greek industrial products were not competitive in comparison to French and German ones.
Second, the Greeks were lured into the membership in the single European currency with promises that this very membership would garantee that they would never have to default on their debt. As a consequence, they have amassed this enourmous amount of debt PLUS their tourist sector is uncompetitive (in comparison to neighrouring Turkey with a weak currency), because the Euro is too strong (and at this point going back to a weaker national currency would mean a default on sovereign debt) PLUS they do not have any industrial base left, thanks to their EU-membership. And as a result, the only options they have are (a) going bankrupt now and (b) letting Frau Merkel get them into a bit more recession and debt accumulation and going bankrupt then.
And this is the only this that sooner or later is going to happen to ALL the EU member states (except for Germany). Thank you, Europe! Thank you, all the promoters of the process of European integration!