"Landep News"
The Greek economy is in need for help and the euro zone finance ministers have decided to be there and help the struggling country with “a few” billion euro.
Greek tragedy
On the second of July the finance ministers have announced that Greece will receive by July 15 a loan installment of 12 billion euro. The decision was made official through a conference call. Next week, it’s very likely that the International Monetary Fund will approve a second part of the loan. This loan adds up to the other 110 billion euro that Greece received from the European Union last year. This isn’t the last loan that will be offered to Greece, but the aid plan isn’t yet available because it hasn’t been established yet. The situation is due to the need of clarifying the situation with the other banks and private creditors that will be involved in the future loans. The degree of involvement related to the private sector “will be determined in the coming weeks”, as the ministers said.
The reaction of the Greek finance minister was focused on highlighting the importance of investing the money for the economic recovery of the country and for providing a safer environment for the Greek people. In fact, at the end of June, Greece’s parliament had to vote a number of two austerity measures that are highly unpopular among the country’s residents although the Greek leaders keep trying to make people understand the importance of these measures and realize the positive impact they will have on the economy on long term.
On the other hand, the finance ministers reminded once again that all this help is conditioned and that Greece needs to keep respecting the fiscal measures specified in the bailout program. The Greek citizens must realize that all the austerity measures are meant to keep Greece on schedule, because the authorities are still struggling with hitting the targets included in the program and that may have a negative effect on the next installments.
The negative effect I mentioned has already been felt, because this fifth installment was harder to get and required those two austerity measures that the parliament didn’t want to take, but had to, in order to convince the international creditors of their good faith. Life is complicated even under the sunny skies of Greece, isn’t it? What do you think are their chances of recovery?
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