The 20-pages long Greece report published by the European Commission today refers to first and second bailout programme, its implementation or lack of it in the debt-ridden country. However, to tell you the truth I really doubt that this report was written by EC staff , bureaucratsand technocrats.
EUfo Waving to Greeks
I would rather tip for the work done by extraterrestial aliens. Because no human of this earth would manage to mix the causes with the reasons.
Greece made mixed progress towards achieving the ambitious objectives of the first adjustment programme and important fiscal targets were not met. Several factors hampered implementation: political instability, social unrest, issues related to administrative capacity and a recession that was much more severe than previously projected.
As if the political instability, social unrest and recession weren’t triggered exactly by these bailout programmes.
In the conclusion, the EU-FOs note that in the coming months when deficit-reducing measures to close the large gap for 2013–14 will be needed, greater efforts and targeted [austerity] measures [like further cutting labour costs] will be necessary.
The implementation of structural measures will have to overcome bureaucratic delays, the resistance of lobbies and vested interests and break longstanding policy taboos.
This requires determination on the government’s part, better political coordination, and the acceptance of all of Greek society.
Have a great fun waiting for the acceptance by the whole of the Greek society, then…