It looks as if slowly thε international community starts to realize that the grip of Troika’s imposed austerity leads to nowhere. Or better say: strict and merciless austerity leads right to the sharp teeth of a monster eating our flesh, to paraphrase the article “The euro’s hellhound -It is time to reform the troika that handles euro zone bail-outs” published in Econonomist.
The euro’s hellhound – It is time to reform the troika that handles euro zone bail-outs
“IN GREEK mythology, Cerberus is the three-headed dog guarding the gates to Hades. In modern Greek politics, the troika is the three-headed monster that traps the country in an economic underworld. At the finance ministry in Athens, even the cleaning ladies shout “murderers” at visiting members of the troika. In Lisbon protest banners declare “Fuck the troika”. There is now a popular Portuguese neologism, entroikado, roughly meaning “economically screwed”.
As guardian of the creditors, the troika was never going to be loved. The trio of the International Monetary Fund, the European Commission and the European Central Bank was improvised at the time of the first Greek bail-out in May 2010. It has since been at the heart of other rescues, of Ireland, Portugal and, most recently, Cyprus. Increasingly, its role is being questioned. Is the monster ripping too much living flesh from the countries it is supposed to be saving? And who controls the beast anyway.”
Μaking an explicit reference to the Greek bailout program and the debt deadlock, The Economist notes:
“The three heads of the troika have worked more or less amicably, but reform is overdue. To some extent the troika is already fading away. Ireland and Spain (which received a partial rescue for its banks) have ended their bail-out programmes and returned to the markets. Portugal might do the same this spring, perhaps helped by a precautionary line of credit. That leaves the original problem, Greece, and to a lesser extent Cyprus.”
The Troika definitely needs to reform itself is the main tenor of Economist.