Thursday Jul 24, 2014 Search
Weather | Athens
32o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Scrapping the EU recipe

By Nikos Xydakis

Rapid developments across the European Union are lending Greece’s parliamentary elections a fresh dimension, mainly as regards to the political message that Greek voters will send to their European peers.

A shift in the agenda is evident: recommendations for fiscal discipline and austerity are gradually being replaced by calls for measures designed to boost growth and contain recession.

Presidential elections in France are a first sign that something is changing: Regardless of who wins the second round of the vote, Paris appears reluctant to adopt the demands for fiscal orthodoxy coming from Berlin -- even less so should socialist candidate Francois Hollande beat Nicolas Sarkozy in the runoff vote.

A second sign is Spain’s ailing economy. Seriously damaged by sky-high unemployment and soaring borrowing rates, the Iberian nation on Friday saw its credit rating slashed. The downgrade by Standard & Poor’s threatens to expose another weak flank of the eurozone crisis.

The country is in a “crisis of enormous magnitude,” Spanish Foreign Minister Jose Manuel Garcia-Margallo said on Friday, as he called on the EU to help his country boost economic growth. “If we are doing badly, they are doing badly. This is like the Titanic. If we drown here, even first-class passengers will drown,” he warned.

A third sign was the collapse this week of the minority government in the Netherlands, a country at the core of the euro area, over crucial budget cuts.

On top of all this, European Parliament chief Martin Schulz, a social democrat, recently criticized the Franco-German axis of snubbing the EU instruments during their agreement on the fiscal pact. Schulz did not rule out a break-up of the 27 member bloc.

Italy’s veteran socialist Romano Prodi has suggested the formation of an axis comprising France, Italy and Spain. Meanwhile, Italy’s caretaker government is pressuring Germany to put more emphasis on growth, not just cost-cutting measures.

Everything is in state of flux. Greece is moving away from the one-dimensional debate for or against the bailout agreement. The so-called memorandum may soon die as a model.

What is needed is proposals for a productive reform and realistic, sustainable growth, as well as proposals for political regeneration. The question, of course, is: will Greece manage to make it in the emerging European landscape in one piece?

ekathimerini.com , Sunday April 29, 2012 (21:12)  
When evaluation is seen as useless
Playing the good guy
Front-line threats
Testing behavior
PPC to look into death of disabled customer
The Public Power Corporation (PPC) launched an administrative inquiry on Thursday into why electricity supplied to the home on Crete of a quadriplegic customer on life support was cut, resul...
Boutaris plans Islamic art museum for Thessaloniki
Thessaloniki Mayor Yannis Boutaris on Thursday announced plans to establish a museum of Islamic art in Greece’s northern port city. Boutaris, who was re-elected in May, told Kathimerini he h...
Inside News
Hardouvelis to push for milestones target
The multi-bill covering the prior actions required for the disbursement of the summer’s second sub-tranche is an immediate priority for the government, but it is not the only one. The Financ...
IMF insists on eurozone lightening Greece’s debt
The International Monetary Fund insists that Greece’s debt needs to be restructured and is waiting for the issue to be discussed this fall in the context of the Greek economy’s next assessme...
Inside Business
TRACK & FIELD
Athens, the Marathon capital of the world for good
Paco Borao, the man who restored Athens as the Marathon capital of the world with the establishment at the Olympic Sports Center of the headquarters of the International Association of Marat...
TRACK & FIELD
Pole vault record on same day as three doping cases
Greek track and field had a mixed weekend, as on the same day as Katerina Stefanidi matched the national record in pole vault as well as the leading result in Europe so far this season, thre...
Inside Sports
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Hardouvelis to push for milestones target
2. IMF insists on eurozone lightening Greece’s debt
3. Investors buy into possible rating upgrade
4. PPC to look into death of disabled customer
5. Boutaris plans Islamic art museum for Thessaloniki
6. PM, Venizelos meet as Administrative Reform Ministry eases stance on evaluation
more news
Today
This Week
1. Quadriplegic woman on life support 'dies due to unpaid power bills'
2. Democracy 'retreated' during crisis, says Papoulias
3. Efforts continue on Crete to find 'Sifis' the crocodile
4. Family of deceased woman on life support says application for 'special status' had been filed with PPC
5. Medical assistance for Acropolis visitors
6. Presidential election will not lead to snap elections, Samaras tells ND deputies
Today
This Week
1. The cost of excellence
2. Ex-Credit Suisse banker taps lesson for Greek rebound
3. Greece seen in third bailout as bonds not enough, economists say
4. Climber dies in Mount Olympus fall
5. Greek banks able to tap investors after stress tests, HFSF Says
6. Greek sovereign debt at 174.1 percent of GDP in first quarter
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.