Author Topic: End of the troika?  (Read 8387 times)

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Online Maik

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End of the troika?
« on: Friday, 31 January, 2014 @ 04:17:23 »
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Members of a European Parliament committee investigating the role of the troika and the impact of its policies in Greece on Thursday heralded the end of an “interim” institution, to be replaced by a “more democratically accountable and transparent” inspection process, and underlined the need for debt relief if Greece is to emerge from a spiral of austerity.

Wrapping up a two-day fact-finding visit to Athens, where they met with government and opposition officials, the seven MEPs said the troika had been “necessary and right” for Greece at the outset but that “irresponsible decisions” were taken in the process with painful social repercussions.

French Socialist MEP Liem Hoang Ngoc was more categorical, declaring that there was “no legal basis for the actions of the troika.” “The time of the troika is over,” he said. Hoang Ngoc added that the ratio of Greece’s debt to its gross domestic product has grown, meaning a debt restructuring was all but inevitable. “Without a debt restructuring, Greece won’t have the room to maneuver for less austerity,” he said.
http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_30/01/2014_536954