Friday August 1, 2014 Search
Weather | Athens
31o C
24o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Need to adjust Greece's 'lethal' fiscal mix, Steinbrueck says

Debt-hit Greece needs more time as well as adjustments to its “lethal” fiscal policy mix, argues German chancellor candidate Peer Steinbrueck, who says that his Social Democratic Party (SPD) has not yet decided how it will vote on the issue of granting emergency eurozone aid to Cyprus in parliament.

“Greece must carry out reforms and face the challenge of a change in its political culture,” Steinbrueck told Kathimerini on Sunday.

“But the fiscal consolidation mix cannot be allowed to be lethal. My idea is that in Greece’s case the dose was too high,” he said.

Greece, the SPD chief says, needs growth-inducing measures to attract foreign investment and reduce unemployment – or the country will suffer a prolonged recession and severe social turmoil. “Nobody in Europe wants to see this,” he said.

In the interview, Steinbrueck says he is against allowing the European Stability Mechanism to directly recapitalize banks. His rival Angela Merkel supports the idea as long as the EU banking union has been created.

“Banks must be recapitalized through their own means. This means troubled banks must first be capitalized by their creditors and shareholders, not the taxpayers,” he said.

Steinbrueck is less clear about his party’s stance toward Cyprus’s request for aid. Heavily exposed to Greece’s debt crisis, Nicosia has said it may run out of money in April unless it gets some 17 billion euros. EU officials say Cyprus must shrink its banking sector, privatize state firms and pass economic reforms as conditions for help. German MPs, who must approve the aid package, have raised concerns over alleged money laundering, which Nicosia strongly denies.

“Whoever comes to power after Cyprus’s presidential election will have to do more than just say, ‘I also think this is wrong.’ They will have to prove they plan to take measures,” Steinbrueck said.

ekathimerini.com , Saturday February 9, 2013 (17:56)  
Jean-Claude Juncker to make first official visit to Athens on Monday
Britons stranded at sea off Zakynthos towed to safety
Human rights watchdog criticizes decision to file Farmakonisi case
Greece evacuates embassy staff, foreign nationals from Libya
Greek bond yields dip as investors anticipate ratings upgrade
Greek bond yields slipped on Friday, slightly outperforming other lower-rated euro zone bonds as investors anticipated a credit ratings upgrade from Moody's later in the day. Moody's has an ...
Greek exporters worried about impact of Russia sanctions
The Panhellenic Exporters Federation (PSE) has warned the European Commission against the impact of European sanctions against Russia on Greece's exports. The European Union on Tuesday agree...
Inside Business
SOCCER
One win and one loss in Europa League
Greece had a hit and a miss in the first-leg games for the third qualifying round of the Europa League on Thursday, as Atromitos scored a 2-1 win at Sarajevo while Asteras Tripolis lost 1-0 ...
SOCCER
Goalless draw at Liege puts Greens in driving seat
Panathinaikos got the upper hand in the battle for entry to the Champions League playoffs after snatching a goalless draw at Standard Liege on Wednesday. If anything, the Greek cup holders m...
Inside Sports
COMMENTARY
In trying to conquer, Putin unites Europe
President Vladimir Putin is obliged to feign indifference to the sanctions that the European Union and the United States imposed on Russia this week. But, being the player that he is, he mus...
EDITORIAL
Our own worst enemies
A new study has come to exemplify the cliche notion that Greeks find it easier to excel abroad, where they fare much better than they do at home. According to research by epidemiologist John...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Jean-Claude Juncker to make first official visit to Athens on Monday
2. Britons stranded at sea off Zakynthos towed to safety
3. Greek bond yields dip as investors anticipate ratings upgrade
4. Human rights watchdog criticizes decision to file Farmakonisi case
5. Greek exporters worried about impact of Russia sanctions
6. Greece evacuates embassy staff, foreign nationals from Libya
more news
Today
This Week
1. Greece evacuates embassy staff, foreign nationals from Libya
2. Greek exporters worried about impact of Russia sanctions
3. Greek bond yields dip as investors anticipate ratings upgrade
4. Human rights watchdog criticizes decision to file Farmakonisi case
5. Britons stranded at sea off Zakynthos towed to safety
6. Jean-Claude Juncker to make first official visit to Athens on Monday
Today
This Week
1. Wine cup used by Pericles found in grave north of Athens
2. Quadriplegic woman on life support 'dies due to unpaid power bills'
3. Defense Minister Avramopoulos to represent Greece at European Commission
4. World’s largest solar boat on Greek mission
5. Greece names fifth privatization agency chief in four years
6. What lessons can we draw from antiquity?
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.