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EU 110 billion euros aid Greece rescued euro questioned

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December 11, 2010

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Home Page > Deportes > Rugby > EU 110 billion euros aid Greece rescued euro questioned

EU 110 billion euros aid Greece rescued euro questioned

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Posted: May 14, 2010 |Comments: 0

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Article Source: http://www.articlesbase.com/ – EU 110 billion euros aid Greece rescued euro questioned

Greece since the end of last year the debt crisis, rescue plan once dystocia. After a difficult game all past half year, the Greek rescue plan eventually give birth.

Â Â Â Â Tighten their belts for large loans

Â Â Â Â 300 billion euros of debt carrying the Greek on May 19 to a 8.5 billion euros was also in debt. For Greece, the national bankruptcy is no longer distant. 110 billion euros of loan aid to Greece can be a temporary relief. 16 euro zone finance ministers on the 2nd meeting, Luxembourg, Juncker said after the session, the euro zone countries in the coming three years, Greece will provide 80 billion euros loan assistance, and the remaining 30 billion euros aid from the IMF. EU interest rate of about 5%. Greece during the year receive up to 300 million euros, on the 19th of this month received the first batch of loans.

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Â Â Â Â Greek Prime Minister Papandreou warned the public good “enormous sacrifice” of preparation, “the sacrifice is to win breathing space for us to make major changes in the timing and the time. I frankly told the Greek people, the difficulties ahead.” Papan Papandreou is very clear what he was saying.

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Â Â Â Â 2, Greece launched its austerity program that cut in the next 3 years, the budget 30 billion euros for 2014 will be in deficit to GDP decreased from 13.6% to 2009 Euro 3 requirements % or less. Greek public debt to GDP ratio will continue to rise, projected to peak in 2013, to 149%.

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Â Â Â Â The new round of tightening will continue to freeze public sector wages growth to 2014. Greek government will raise value added tax rate, the increase in fuel, tobacco, liquor industry revenue, adjusting the retirement age, cut pensions and so on.

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Â Â Â Â Foreign applause domestic protest

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Â Â Â Â Greece’s measures brought mixed reactions at home and abroad. European Commission President Jose Manuel Barroso said that the Greek Government’s austerity measures “credible and reliable.” However, no matter for whom, deflation, that is, lower wages and prices will be very painful. Are bound to be a long recession, accompanied by high unemployment. As the income of the same debt reduction, public and private debt situation will worsen. The Greek people have to tighten their belts in terms of live, intense reaction is understandable. Greece has one million members of the National Labor Federation president said: “This is most unfair in the modern history of Greece and most harsh measures.”

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Â Â Â Â Many people have took to the streets. Thousands of Greek public on May 1 Constitution Square in the capital city of Athens before the Parliament building to protest against the implementation of more stringent policy of austerity. Demonstrators waved signs reading “against the stability and growth plans,” “back tightening,” “We will not pay the price for the crisis caused by others” and so forth. Assembly process of demonstrators clashed with police, two protesters were slightly injured, police arrested 20 protesters.

Greek trade unions organized the same day elsewhere demonstrations against the Government to take pay cuts, tax increases, reform the pension system and other fiscal policies to cut expenditure. Greek trade unions that will meet again on May 5 demonstrations.

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Â Â Â Â Lessons move on

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Â Â Â Â Some analysts pointed out that the Greek crisis exposed deep institutional flaws euro. Unified euro-zone monetary policy only,but no unified fiscal policy. Although the “stability and growth pact” provides for the euro-zone countries, a clear budget deficit and public debt ceiling, but the EU Commission in the implementation process, only proposals and warnings were hardly a deterrent. In addition, the lack of audit rights, the European Commission data for the euro-zone members can do little false. In addition, the evolution of the Greek debt crisis also showed the euro zone countries, the internal disunity and unresponsiveness, lack of a long-term effective mechanism for crisis management.

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Â Â Â Â Experts believe that the Greek aid program to create a precedent for the euro area member countries to accept aid, but also created a precedent for the euro zone debt crisis. Relief program for the first time shows the 16-nation euro zone is difficult to avoid “financial guilt,” while the recipient government will be placed under the supervision of the common, the parties closer financial ties, no doubt the direction of integration promoted important step forward. Of course, also invited the International Monetary Fund, some analysts believe that the “outsiders” the common rescue of Greece, which to some extent even the euro area can be seen as “incompetent,” the proof that this is to enhance the euro’s international status “will be a long-term trauma. ”