New York Times: “Without debt relief, the Greek crisis will not end”

“The time has come to end the Greek tragedy of debt”, is the title of today’s main article of the newspaper New York Times, and stresses that “now is the…
time to get out of the vicious cycle and face reality: without debt relief, the Greek economic is not going to recover ever, with implications for the European Union that does not have the luxury to deal with”.
In the editorial the editorial team of the journal refers to the effects which have resulted in unemployment, the austerity measures being forced by its international creditors to get the last July the Greek government in order to take the financial rescue package, noting that the Greek parliament has voted in new measures amounting to 5,4 billion euro, last Sunday, at the same time that the Greek citizens were on the streets protesting for the extra cuts.
However, the ministers of Finance of the Union have failed to agree on whether Greece had made good progress, postponing the decision until the next meeting on 24 May.
Also they are trying to block the request put forward by the International Monetary Fund for relief of the Greek debt, when the bailout programme is completed in 2018. The IMF in any other case threatens to withdraw support for the program.
But the problem remains the Germany, the main creditor of Greece: With the federal elections to take place next year, many German citizens feel that we should not waste the hard work and rigour that they themselves have experienced it for a even rescue the Greeks from the pain of “financial sins”.
Last year, Germany had threatened to expel Greece from the European Union and the euro if you do not accept the new austerity measures. Taking into account the position of Greece , in the first line of the refugee crisis in Europe, Germany can not afford no longer afford this attitude, and continues to threaten Greece. The last thing Europe needs is a “failed state” ,on its borders with Turkey, warned the Greek Finance minister, Euclid Τσακαλώτος last Saturday.
“When Europe’s Finance ministers meet again, it would be good for Greece, for the European Union and Germany – to adopt the dose of July, and to agree to a substantial easing of the Greek debt. Greece has already done much to meet the requirements of the lenders for austerity, but without debt relief, the crisis is over”, is highlighted.

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