European Commission – PRESS RELEASES – Press release – European Commission welcomes Eurogroup agreement on a three-year ESM stability support programme for Greece

This is a historic announcement. It’s worth a read. Check it out!

via European Commission – PRESS RELEASES – Press release – European Commission welcomes Eurogroup agreement on a three-year ESM stability support programme for Greece.

I wish Greece the best of luck. The path ahead will be very painful but perhaps not as painful as a Grexit. So on balance, for me, it’s the right decision.

Thoughts?

2 responses

  1. Right decision? Inevitable I would say but as long as the Greek economy is not bolstered up by specific measures aimed at sustaining entrepreneutship and employment, I don’t think this third bailout will work out. We’ll probably see a 4th bailout and a 5th, this is a never-ending drama… And what happened to the IMF recommendation that the Greek debt be made “sustainable”? This is a classic case where debt has to be forgiven – not all of it of course, but a substantial part so that it no longer “weighs” down on the Greek economy. Germany was forgiven its debt back in 1953 and that was a major turning point for Germany, allowing it to recover from the war destruction and finally grow to become the economic behemoth we know today. Why can’t it do the same for Greece now ? It certainly has the economic power to do so!

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