Wednesday October 1, 2014 Search
Weather | Athens
28o C
16o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Dashed expectations

By Costas Iordanidis

The deadlock at the euro area finance ministers’ meeting in Brussels in the early hours of Wednesday was a resounding defeat in terms of the expectations held by Greece’s conservative-led coalition government and of the majority of the Greek people, who rightly wish to see the debt-wracked country remain in the common currency zone.

Following lengthy negotiations with the troika of foreign lenders, the controversial parliamentary vote on a fresh package of stiff austerity measures and the further decline in the parliamentary power of the three coalition partners, it was expected that Greece would be better rewarded.

The Eurogroup proved that our partners in the European Union and the International Monetary Fund have their own, sometimes contradictory, interests to look after. Furthermore, it is easy to see that these interests have little to do with a vision for a more firmly unified Europe. Rather, they are all about financial technicalities.

Next Monday, eurozone ministers and the IMF will most likely reach an agreement that will guarantee Greek debt sustainability. But only a part of this will fall on the shoulders of our European peers, as the Greek people will once more have to shoulder the additional cost.

However, it was not just political expectations that went unfulfilled at the Eurogroup summit. Greece’s business elite also appears to have received a severe blow. The terms of the recapitalization of local lenders, which include the appointment of independent commissioners at Greece’s major banks, mean that the senior management of these institutions will no longer play the critical role it did over the last decades.

Developments in the banking sector look like they be fatal for those companies that have managed to survive by virtue of their “special relationship” with the country’s political and economic class.

It would be absurd if the status quo that emerged following the end of the military dictatorship in the mid-1970s were to escape unscathed from the present economic meltdown. The powers on the edges of Greece’s ideological spectrum are rolling up their sleeves and getting ready to play a more decisive role in developments – an eventuality that no one could have predicted, or wished for, only a few months ago.

Greece would probably have been better off had it not gone to elections in both May and June. But observations of this kind are, after all, inconsequential.

ekathimerini.com , Wednesday November 21, 2012 (22:24)  
Truth before the battle
Bending the rules
Next-day jitters
No sweet debt deals
Terror group link prompts police raids and arrests
Police found a Kalashnikov assault rifle, a handgun, a hand grenade and numerous bullets Wednesday while searching homes in Athens and Thessaloniki used by six people who were detained and a...
Samaras to seek confidence vote in bid to rally coalition
The government said on Wednesday that it will request a vote of confidence when Parliament reconvenes after the summer recess next week, seeking to douse speculation about early elections an...
Inside News
Attica Bank said to have rejected notable offers
Attica Bank has turned down buyout proposals from strong institutional portfolios and investors in recent months, setting the maintenance of the present share and administrative structure of...
PMI index slides anew in September
Greece’s Purchasing Managers Index (PMI) fell last month to its lowest point this year, hitting 48.4 points – below the zero-change point of 50 points – according to Markit, which compiles t...
Inside Business
SOCCER
All team sports suspended next weekend in memory of dead fan
The government announced on Monday the suspension of all team sports events in Greece scheduled for next weekend, October 4 and 5, in the memory of the Ethnikos Piraeus fan who died a few ho...
SOCCER
Karamanos punishes Michel for deeming him surplus
Atromitos forced Olympiakos’s first loss this season in all competitions on Saturday to allow PAOK to go alone on top of the Super League table on Sunday. Odds-on title favorite Olympiakos l...
Inside Sports
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Terror group link prompts police raids and arrests
2. Samaras to seek confidence vote in bid to rally coalition
3. Attica Bank said to have rejected notable offers
4. PMI index slides anew in September
5. Costa Navarino to host big events
6. Construction of F1 circuit at Patra to start by year-end
more news
Today
This Week
1. Air-raid sirens to go off all over Greece at 11 a.m. in drill
2. Mario Draghi to push ECB to buy Greek, Cypriot 'junk' loans: FT
3. Truth before the battle
4. Smallpox decimates sheep stocks in northern Greece
5. Thessaloniki transport gets more expensive
6. Bending the rules
Today
This Week
1. Greece may opt for unusual president to avoid snap polls, Venizelos says
2. Woman allegedly buried alive by accident in northern Greece
3. Salaries in Greece continue to slide, dipping 1.4 pct in Q2
4. Should you bet with Kissinger on where the world is heading?
5. Cypriots divided by 1974 war seek Shariah hub
6. The shocking thought of euro-dollar parity
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.