The Latest Greek Deal: an Excel Sheet Fantasy

Published on Social Europe, by Daniel Munevar, May 27, 2016.

new agreement has been reached between Greece and its creditors regarding its bailout program. Jeroen Dijsselbloem, president of the Eurogroup, has described it as “ambitious” and a “major breakthrough”. However, a look at the details shows that it’s anything but.  

This agreement follows the Eurogroup’s time-honored tradition of kicking the can down the road as political considerations have once again trumped economic logic. Greece has to continue its commitment to unrealistic fiscal targets while debt relief is expected to take place somewhere and somehow down the line and, all the while, the future of the country continues to be decided by political calculations within the Eurogroup. Like its predecessors, this new version of the Brussels fudge will buy some time but ultimately fail in its stated goal of ensuring growth and stability for Greece … //

… It’s troubling that six years into the crisis, the best the Eurogroup can do is to delay once more a definitive solution to the Greek debt problem. This is yet more evidence that the current institutional structure of the EU is unable to deal with the scale of economic problems caused by an incomplete monetary union: an ill omen for the future of Greece and, indeed, the EU.

(full text).

(Daniel Munevar is a former advisor to Yanis Varoufakis. In the past he worked as fiscal advisor to the Ministry of Finance of Colombia and special advisor on Foreign Direct Investment for the Ministry of Foreign Affairs of Ecuador. He has a Masters in Public Affairs from the LBJ School at the University of Texas at Austin).


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