It is enough. On 20 August this year, European Union should end most unfortunate era in its hopefully still young history. On this day, third aid programme for Greece is underway, and for eight years country has been under financial management of monetary union. The euro finance ministers have just discussed how exit from programme can be achieved in Bulgarian Sofia. But some of m don’t trust thing. In particular, Berlin Finance ministry does not want to give up control of finances in Ans so quickly.
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The Social Democrat and new German finance minister, Olaf Scholz, is leaving before his European colleagues. “There can be a much more optimistic view of Greece today than it was a few years ago,” Scholz said in Sofia. His apparatus, however, sends or signals, as has been said from circles of Ministry of Finance for several days. Dispute is still a relief for Greece in repaying debt. This has been promised to country for years, but promise was only redeemed in a small format.
The current government in Ans, unlike all its predecessors, has adhered to requirements of financiers and implemented austerity programme. Greece has not taken up any new debts for a long time and state is generating more money than it spends. The primary surplus lasted more than four percent. But economy is growing too slowly, and unemployment is also slowly declining. This will not give state sufficient revenue in long run to be able to manage a healthy budget. The successes so far have been achieved only by strict savings and high taxes, which in turn leaves companies and private consumers with too little room for play. Greece is second poorest country in EU after Bulgaria. This was reported a few days ago by Brussels statistical authority Eurostat. 21 percent of population lacks basic things like food and heating fuel. This must not be allowed to continue, provided that we are still pursuing a common welfare idea in EU.
A little more confidence, please!
Prime Minister Alexis Tsipras has repeatedly clarified how he imagines time after summer. Furr control of external budget is undesirable, but its government wants to abide by agreed objectives. In order to achieve se budgetary targets, however, his country needs a new debt agreement. It has promised him EU economic commissioner Pierre Moscovici to Euro Summit on 21 June. “We need to find a mechanism to facilitate debt burden,” said Moscovici. Creditors would have to show solidarity in order to safeguard recovery of Greece. Germany should accept this appeal if it wants to prevent furr erosion of European idea.
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The way this mechanism might look has been discussed for years. The former Greek finance minister Yanis Varoufakis, for example, proposed linking repayment of loans to economic growth. In good times, Greece would repay more, in bad less, and over a period of several decades. In Berlin Ministry of Finance, however, one fights against such an automatism, because it appears too risky. Instead, regular checks should be carried out as before, when inspectors of funders check books in Ans before y are granted relief. Independence looks different.
In coming weeks until end of June, it will decide wher era of Greek crisis will continue to an end or endlessly. It is certainly not clear to creditors that in next thirty to forty years when Greece has to repay its debts, re is a political change in Ans and a new government is no longer in line with budgetary targets set Might feel obligated.
On or hand, in past eight years, everyone in this country has experienced consequences of not keeping public finances under control. The whole country has learned from this crisis. It is now time to restore confidence and responsibility to Greeks instead of just coercion, so that country can once again regain its full sovereignty within EU.
