Economy Euro

Greece: EU hits Athens with “fatal bullet”

4 October 2011
Presseurop
Eleftherotypia

Eleftherotypia, 4 October 2011

Greece is forced to make greater efforts: on 3 October, following the announcement that the decision to authorise a further €8 billion bail-out payment (initially scheduled for 13 October) will now be postponed, the members of Eurogroup told Athens that it will have to make budget cuts in 2013 and 2014, which are deeper than the ones recently announced for 2011 and 2012. This is "the fatal bullet" headlines Athens daily Eleftherotypia, which criticises the ever increasing burden imposed on Greece by its creditors: "A bullet calibrated to destroy wages, pensions, the welfare state, jobs and social entitlements."

In rival daily To Vima, columnist Antonis Karakousis, deplores the game played by "European Sorcerer’s apprentices," which has failed to produce a definite result: "no matter what anyone says, and notwithstanding any announcement or decision made by Europe or the troika, the solution to the Greek problem remains uncertain. That is the whole problem. Private sector participation in the new loan has yet to be validated by the banks, which have issued some positive signals. But will they accept to once again in vest in Greece? Neither Germany, nor the markets, has the solution, and the risk is that the Greek people will continue to be bled dry by an austerity whose effectiveness is debatable."