Union International: Greece’s new anti-austerity government is finding the going tough in its efforts to ease the country’s debt burden.
Union International: The new anti-austerity government in Greece is encountering stiff opposition from EU member nations as it tries to begin the tough task of easing the size and severity of its debt obligations.
Two weeks after winning a near majority in a Greek general election after campaigning on a promise to end the crippling debt servitude that has devastated the country’s economy, newly-elected Prime Minister Alexis Tsipras and his Finance Minister Yanis Varoufakis have met with officials in several EU nations in a bid to gain support for eventual renegotiation of Greece’s bailout program.
“The general reception has been cool but firm; most EU countries aren’t prepared to let Greece off the hook,” said Solomon Roth, chief economist at Union International. “For all the campaign rhetoric, neither the government nor Greece can afford to crash out of the EU but, on the other hand, the Syriza party cannot be seen as impotent or weak to the voters back home that elected it.”
France has appeared most conciliatory based on public statements made the French finance minister but the real test for Greece’s bid will be the meeting between Varoufakis and German Finance Minister, Wolfgang Schaeuble.
“Schaeuble has already let his feelings on the matter be knows; he’s insisting that Greece adhere to the terms of the 2010 bailout mounted by the ‘troika’, ECB, the European Commission and the IMF,” suggested Roth.
Union International says it is unlikely the Greek government will achieve its objectives with a conciliatory tone. The truth is that a Greek exit from the Eurozone wouldn’t be as disastrous for the EU as it would have been back in 2010,” Roth concluded.
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