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Greek official on Troika “they are pressing us to adopt crazy policies”

Been there, seen that: the tough negotiations between Greece’s lenders’ representatives, the Troika, and the Greek government. Negotiations characterized by immense pressure from the side of the country’s lenders and anger from the side of the Greeks. And fears, that the economic collapse of the society could trigger unpredicted social unrest.

Talks between the two parties resumed on Monday, with Greeks having tabled a list of austerity measure proposals worth 1.3 billion euro. According to Greek media reporting on Tuesday, the Troika has rejected the majority of the borrowers’ proposals.

The measures proposed by the government for the austerity budget 2014 seem to have not convinced the Troika and the Greek side appeared unprepared to present convincing performance figures of the proposed.

The budgetary gap between Troika and Greeks has reached 1 billion euro with perspective to reach 1.3 billion euro.


 Have mercy! The Troika cometh

The Troika insists on cuts in public investment, shut down in defense industries, cuts in pensions of retired armed forces,  lay-offs in public sector, exemptions from home evictions only to ‘economically dead’ (people living below the poverty line), stricter property taxes and cuts, cuts and more cuts. So long until there nothing else to be cut anymore.

Speaking to UK daily Guardian, a Greek government official described the Troika demands as “crazy”.

“They are pressing us to adopt policies that are crazy,” confided a senior government official as the finance minister, Yannis Stournaras, relaunched “intensive negotiations” with creditors over a looming budget black hole. “If we are forced to implement so much as half a measure more there will be a revolution in this country. Are they blind?”

In Brussels, another spokesman said: “It’s bad. It’s as if we are back in 2010 again.”

“There is no way the economy can stabilise if they keep pushing us to cut more and more,” said Prof Gikas Hardouvelis, who was in charge of economic policy under the previous, technocratic government. “In my view, the economy is about to stabilise and it could easily be undone if they keep insisting on more measures,” he added. “To maximize the possibility of lenders getting their money back and to guarantee stability and subsequent growth I firmly believe we need another loan of about €12bn.”

Another senior government aide highlighting mounting fears of political instability said: “What the troika [of lenders] don’t seem to believe, or understand, is that the government will fall if pushed too far,” said one. “At this point, after achieving so much, we deserve a bit more respect.” (full article Guardian)

As if we are not totally broke as society by autumn 2014, we will keep negotiating with the Troika…

PS KTG would really appreciate if some Troikan send us an email and tells us exactly what it wants from our lives and how the blue-collar technocrats plan to solve the humanitarian problems of a revolting society. Please, do not apply a wrong calculator again.


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  1. Lotsa whining and faking. Pay your debts, or default, either one, but enough of this shameless pretending that the sky is about to fall. Who cares, anyway, if Greek society has its uncomfortable moments? We all do, when we live beyond our means. Sick it up, be adults, for Heaven’s sake, and stop with all the theatrical “Oh my goodness it’s going to be terrible” phony threats. If I were a Troika inspector I’d tell you to pay up or eff off, the sooner the better. Go ahead, default if that’s what you’re going to do, but have some self-respect, for Heaven’s sake! You look like babies, with all this!

    • look, I personally have no debts, except to the internet co. providing this service where you can post your opinion free of charge.
      BTW: what? you’re NOT a Troika inspector? how comes?

  2. Bart

    Remember that Papandreou wanted to give the Greeks a referendum ? This would have effectively been a choice over whether they wanted the default option. For that he was ousted by EU pressure. To my mind this was a perversion of democracy, and the Greek people were not given a choice as to whether they wished to become debt slaves.

    Given the state of all Western governments’ finances, some variation of this will be coming to your country soon.