Austerity for credibility

CNC (China), 09.09.2012

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The Greek government has endorsed another package of deep spending cuts, which will once again affect wages and pensions.

The unpopular move has sparked wide protests. But the prime minister says that although the cuts are painful, they're necessary to restoring the country's financial credibility. […]

More protests like this one are expected in the coming days as the so-called "troika" of EU conclude a review that will determine whether Greece gets the next tranche of aid. Without the money, the country might go into a messy default.

Janis Emmanouilidis, an expert with the European Policy Center, holds that Greece's austerity measures will work and bring more aid.

Soundbite Janis Emmanouilidis, European Policy Center:

"Troika report will be a balanced report; it will state that there are some deficits; that some things of the memorandum of understanding which has been agreed for the second program have not been put through. On the other hand, I think it will come to the conclusion that the new Greek coalition government which is in place since only two months seems to be ready to foster its efforts to put the program through and that in the end there will be a compromised being reached between Greece, its European partners and the International Monetary Fund and that that agreement will lead to additional money being provided to Greece in order to assist the country."

He also says that the new measures will allow more time for the government to implement other necessary measures.

For the entire article see here.


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