The decision which the European Central Bank took, which leaves Greece outside of the quantitative easing program and in conjunction with the limitations on purchasing bonds and issuing treasury bills, is tightening the choke hold grip on the economy. By citing the argument that he needs a Eurogroup decision, Mr. Draghi once again refused to restore financing to the Greek banking system, aside from a minute increase of the ELA.
In a period when all of the Eurozone countries can take advantage of the gargantuan one-trillion-euro quantitative easing program, Greece is condemned to the water torture. Using the delays from the Greek side as an excuse, the country is being pressured, so rather than help resolve the existing problems, a new cycle of uncertainty in the economy emerges, further postponing the exit from the crisis.
It is obvious that this situation is not helping Greece or Europe and its continuation will only have dramatic effects. It is absurd for our European partners on the one hand to demand changers and reforms immediately and on the other to condemn our economy to a state of suffocation, so that they can be paid back what we owe them.
At Monday’s Eurogroup, where the Greek government has undertaken the obligation to present a firs package of specific and costed reforms, the deadlock must come to an end. Neither public finances, nor the real economy and society can endure living day to day in a state of uncertainty for the next few months.
TO VIMA
