Greece Draws Line As Unity Government Leaders Refuse To Cede To Further Troika Austerity Demands
February 3, 2012
It appears that Greece will not even have to wait until the dreaded March 20 funding D-Day. As was earlier reported, Greek PM Lucas Papademos may resign if he is unable to persuade his coalition unity government to agree to further Troika demands for additional austerity. It now appears that there will be no agreement, and thus the primary demand from the Troika for further cash disbursement will not be met. The FT reports: “All three party leaders in Greece’s teetering national unity government have opposed new austerity measures demanded by international lenders, forcing eurozone finance ministers to postpone approval of a new €130bn bail-out and moving the country closer to a full-blown default. Representatives of the so-called “troika” – the European Commission, European Central Bank and International Monetary Fund – have demanded further cuts in government jobs and severe reductions in Greek salaries, including an immediate 25 per cent cut in the €750 minimum monthly wage, before agreeing the new rescue. But representatives of all three coalition partners, including centre-left Pasok of former prime minister George Papandreou and the centre-right New Democracy of likely successor Antonis Samaras, said they were unwilling to back the government layoffs.” Now we have been here before, and as a reminder the last time Greece threatened to pull out of Europe with the G-Pap referendum threat back in the fall, G-Pap was promptly replaced with the Trilateral Commission member and former ECB Vice President, Lucas Papademos. The problem is that for him to obtain power, he needed to form a coalition government. Well, that now appears to be in tatters, as not one party is willing to break to the Greeks that the minimum wage of €750 will be cut even further. The question is who will blink first this time, as it is quite likely that neither the Troika nor Greece want an out of control default. Unless, of course, this was Germany’s plan B to the imposition of a Greek commissar all along…
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Germany rejects European Central Bank write-down of Greek debt
Siobhan DowlingFebruary 3, 2012 13:36Economics Minister insists public sector involvement not on the table.
German Economy Minister and Vice Chancellor Philipp Roesler arrives to present the government outlook for growth in the German economy during a press conference on Jan. 18, 2012. (Odd Andersen/AFP/Getty Images)BERLIN, Germany — Germany is digging in its heels once again. This time it is refusing to countenance the ECB taking a haircut on Greek bonds as efforts continue to stave off default.
While talks in Athens drag on between the Greek government and private creditors over reducing its massive debt, German Economics Minister Philipp Roesler insists that the European Central Bank should not also take a hit.
“This is currently not an issue for us,” Roesler told The Wall Street Journal, when asked if the ECB should get involved in Greece’s debt restructuring.
“The current discussion is primarily about private sector involvement,” he insisted.
More from GlobalPost: France, Germany tell Greece to decide on euro zone
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