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Steinbrueck: “Greece needs time, austerity no solution”

“Greece needs time to achieve its targets, austerity is not the solution,”Peer Steinbruck, German Chancellor candidate in upcoming German elections for the main opposition Social Democratic Party told Greeks during a visit to Athens.

during a meeting with leader of socialist PASOK and coalition government partner, Evangelos Venizelos,  Steinbrueck underlined that the ‘crisis had not only an economic aspect, but also a social one as the cohesion of the society must be kept also after the crisis.

“Greece needs time in order to achieve the needed stability so that people can take a breath, and regain confidence and hope. There must be confidence towards this country so that investments from the Greeks themselves but also form abroad would come. Because the consolidation of the budget alone, the austerity cannot bring results. In this way, there is no development.”

Steinbrueck expressed hope that Greece will manage to overcome the crisis. Later on the day he will meet with finance minister Yiannis Stournaras.

On Thursday, Steinbrueck will meet  President Karolos Papoulias, Prime Minister Antonis Samaras.

PS if Chancellor candidate of German main opposition party meets Greek prime ministers and presidents, equally the leader of Greek main opposition party should meet their counterparts in Berlin. Equal Protocol for all! lol

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  1. hells bells my supply of RAKI has been sadly depleted
    anybody flying from the ‘rock’ [crete] to dublin?? soooooon
    what will i do if i get irishman flu

  2. quite right mr. steinbrueck its a pity that there should not be more consideration given to the ordinary people of greece and their future
    they are as hardworking and honest as any race give the awful example they have been given by the rich and famous the political set
    the politicans must lead

  3. Free stuff for everyone is the solution.
    Now vote for me you idiot slaves.

  4. I think this NYT article highlight the major issues in Greece right now:

    1. Corruption – This really really really needs to be struck down upon hard and fiercely. Speed taxes, fakilaki, what the fakki… All of that has to go! However, since everyone has a skeleton in the closet, noone even dares to breath out against this. Maybe immunity for previous “black money” would be a solution. And anyone that does something bad hereafter will be punished to the maximum. Don’t know if it’s a good solution, but at least it would get things rolling.

    2. Administration – Greece is like the scariest horror movie ever made when it comes to administration. 10 Month to even get the company open is crazy. I looking at the other countries in the region, Greece is far behind Bulgaria, Serbia and Skopje. I’m not saying that those countries are good examples, because also those countries are 30 years behind with other countries in Western Europe.

    3. Transparency – Reduced corruption, administration and improved governance will lay the groundwork for having a transparent system. For example in Sweden all salaries and tax declarations are public information. This means that I can walk into any tax office and look at what the prime minister of Sweden earned last year, what he paid in taxes and what he deducted. A transparent society will ensure in many way obstruct corruption.

    Greeks may have invented the word Democracy, but currently it’s more like Democrazy with a large hint of Anarchy.

  5. There is no way Greece is not going to collapse…Anybody with basic math skills and common sense knows that Greece is a failed state. You can’t print money and hand it over to idlers much longer. The moment the counterfeit money stops….BOOM!…No food…No water…No energy…Violence like you have never seen before. Get out whilst you can. I’m serious. What did you think Democracy would produce? This is the end game of all Democracies…Everyone trying to live at the expense of everyone else. This won’t change…Collapse is near and Democracy will finally end.

  6. And will be replaced with what?

    Being Dr Doom is not really helping.

    Sure Greece might or might not collapse, but what are coming after those scenarios?

  7. What a blabla. All you have to read is the following (ex Newsletter Eurointelligence)

    Greek tax revenues fell behind target in January calling for emergency action

    Greece is faced with a serious shortfall in state revenues in January, 7% below target according to Kathimerini, which could potentially trigger the correction clauses from the bailout programme at the end of the quarter. The Greek government received € 4.05bn in revenues against a targeted €4.36bn. Compared with January 2012, revenues shrank by €775m, or 16%. Ministry officials attribute the decline to the drop in consumption, as revenues from value-added tax contracted by 15%. The overall picture would have been far worse had it not been property taxes and the remaining installments of income tax payment for 2012. There is also little progress with the reform of the tax collection process. The new general secretary for state revenues, Haris Theoharis, will meet with the directors of the 36 biggest tax offices over the coming days to study ways of collecting expired debts, which now amount to €56bn.

    EU cuts Greece cohesion funds threatening recovery

    Tonight the 27 EU leaders are expected to decide on the EU budget framework for the 2014-2021 period. According to a report prepared by the consultancy agency Roland Berger and leaked to newspapers the new EU budget reduces the funds by 30% for Greece, to €14bn rather than €20.4bn allocated between 2007-2014 and that this is detrimental to Greece’s recovery, . Les Echos writes the gap is the result of the fact that the new calculations did not take into account the slowdown of the Greek economy in 2010-2012. Roland Berger estimates that every euro invested in Greece through the EU’s cohesion or other development programmes will generate €1.45 to €2 in economic output, depending on whether Greece’s economy starts growing again as expected. So if Greece had those additional resources with total funds kept at €20.4bn, it would create an extra income of €33bn and 147000 of jobs. Matina Stevis on the WSJ blog finds the report is a clever attempt of Greece to turn around the table, though its credibility boils down to a debate about fiscal multipliers, always tricky.

    What does “automatic trigger of correction clauses” of the bailout program mean? More austerity? More taxes? Oh, my …

    Any idea?

  8. it’s politics blahblah, Gaby to restore confidence for the markets.

  9. A new feudalism ? We have many of the indicators in place. Leadership by an international elite that has escaped democratic obligations to the people. Policies that are guaranteed to destroy the middle class and the affluent working class.

  10. If he were not double-tongued, he would have the nerve to phrase it honestly, something like:
    “Greece needs more money because it needs more time and time means money”.
    Any idea why he doesn’t say that only months before an election?

  11. it’s obvious , not?