The International Monetary Fund, the third pillar of the creditors' Troika, has not yet accepted that and continues to ask for the application of a new debt reduction, so that it becomes bearable, as well as the continuation of the austerity programs. Even though the authorities in Athens have accepted the measures adopted in the Eurogroup meeting, once they got home they also "discovered" their true meaning. The measures for relieving the burden of the public debt will be applicable until 2060 and are subject to achieving the creation of a budget surplus of approximately 3.5% of the GDP over a ten year period, which will begin after the completion of the current bail-out program, in 2018. Apparently no one knows why the new proposals of the European creditors are realistic. What will be extremely realistic and painful will be the new taxes provided in the draft budget for 2017. According to an article from French newspaper Le Monde, new taxes will be introduced for personal vehicles, landline phones, TVs, fuel, tobacco, coffee and beer. Unfortunately, those taxes are missing one item, because there haven't been dance taxes introduced, as is happening in Brussels, where the local authorities have "rediscovered" a tax that was approved in the "50s and they send people undercover in bars and restaurants to make sure it is paid. Of course, the "optimism" displayed by the European and the Greek authorities is completely out of place. "The agreement of the Eurogroup represents a chance for Greece to turn a corner", said Euclid Tsakalotos, finance minister in the government led by Alexis Tsipras, except his statement was made in spring this year, according to daily Kathimerini. Nobody expected miracles right away back then, but there are no signals that Greece is ready to turn a corner, just like nobody expects the new tax hikes and the newly introduced taxes to generate a virtuous circle of growth. As strange as it may seem, the notion of "virtuous circle of economic growth" actually exists in the discourse of the authorities in Athens. As always their optimism runs smack dab into the attitude of German finance minister Wolfgang Schäuble. On the day of the referendum in Italy, Schäuble said, in an interview he gave Bild am Sonntag, that "Athens needs to finally apply the necessary reforms, or else it has no room in the Eurozone". 
Access Investments-Building Awareness - European Union-ROMANIA
Tuesday, December 13, 2016
The International Monetary Fund, the third pillar of the creditors' Troika, has not yet accepted that and continues to ask for the application of a new debt reduction, so that it becomes bearable, as well as the continuation of the austerity programs. Even though the authorities in Athens have accepted the measures adopted in the Eurogroup meeting, once they got home they also "discovered" their true meaning. The measures for relieving the burden of the public debt will be applicable until 2060 and are subject to achieving the creation of a budget surplus of approximately 3.5% of the GDP over a ten year period, which will begin after the completion of the current bail-out program, in 2018. Apparently no one knows why the new proposals of the European creditors are realistic. What will be extremely realistic and painful will be the new taxes provided in the draft budget for 2017. According to an article from French newspaper Le Monde, new taxes will be introduced for personal vehicles, landline phones, TVs, fuel, tobacco, coffee and beer. Unfortunately, those taxes are missing one item, because there haven't been dance taxes introduced, as is happening in Brussels, where the local authorities have "rediscovered" a tax that was approved in the "50s and they send people undercover in bars and restaurants to make sure it is paid. Of course, the "optimism" displayed by the European and the Greek authorities is completely out of place. "The agreement of the Eurogroup represents a chance for Greece to turn a corner", said Euclid Tsakalotos, finance minister in the government led by Alexis Tsipras, except his statement was made in spring this year, according to daily Kathimerini. Nobody expected miracles right away back then, but there are no signals that Greece is ready to turn a corner, just like nobody expects the new tax hikes and the newly introduced taxes to generate a virtuous circle of growth. As strange as it may seem, the notion of "virtuous circle of economic growth" actually exists in the discourse of the authorities in Athens. As always their optimism runs smack dab into the attitude of German finance minister Wolfgang Schäuble. On the day of the referendum in Italy, Schäuble said, in an interview he gave Bild am Sonntag, that "Athens needs to finally apply the necessary reforms, or else it has no room in the Eurozone". 
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