Research (Investicniweb.cz)
Macroeconomics  |  September 04, 2012 22:11:03

Troika is back in Greece: What awaited her there, and what is most likely not see with your own eyes?



Zástupci so-called Troika (the European Central Bank, European Commission and International Monetary Fund) this week znovu začnou verify how it is that the Greek economy and the local government, which must find new savings in the state budget, to meet stringent additional financial assistance. Greece, are now but two worlds, and Troika probably see only one of them.

First World - Official

Troika officials will meet with their Greek counterparts, undergo a state accounting and check that fulfill requirements of the country, and which to Sun Likely to live in luxury hotels, tzatziki not to save, maybe not so much fall as well as popular anise ouzo goodness.

The Greek government last week found another roughly 12 billion euros, which is willing to cut paper, take its pensioners and the unemployed, and to offer the international creditors as their side business. On the other, it must be continued financial assistance, in the best case, some of that relief (less necessary savings, the shift in time somewhere in 2013).

It is a few days when the possibility of something like talking Greek Prime Minister Antonis Samaras with both Chancellor Angela Merkel and French President François Hollande. Result meetings: "Greece is an integral part of the eurozone, the slower implementation of reforms can not be said to be, the more you say after visiting the Troika in Greece, so sometime in October.The "opposition SYRIZA you can rub your hands and arouse the people against" European occupiers. "

Second World - Reality

Let's leave aside harsh macroeconomic data (high unemployment, debt, etc.) and see "on the street". Thus described the situation in Greece for the server Business Insider trader operating in Athens:

"Another political development should probably best estimate if you throw a coin. According to me, however, must at some point be patience Greeks, so that social discontent cup overflows. Additional savings, a decline in economic activity, tax increases and layoffs have ordinary people can not tolerate. Could result be a new and stronger wave of unrest, perhaps even attempt a revolution connected with the political and parliamentary instability. "

Waiting for something like this (and support it as they can) SYRIZA and other extremist parties in the country. Continues unnamed trader:"Unfortunately, I can not imagine any good end of it all. When will it break and people will go to the streets determined to everything, I can guess, but it may be a matter of months. Would be hard to find someone here who believe that the measures may be required by the Troika a positive socio-economic impact on Greece and its economy. missing is any mention of future growth, the recovery of the economy or something. "

No, Greece is not a "Potemkin village", but it is simply economically pretty bad. A Troika representatives are not those who go to sell their gold rings to pawn, which is now in the country a huge amount to have a meal. Topics such as the reduction of debts, remaining in the euro area, or a return to economic prosperity is not a question but a political one.And while most economically yet known plans and prospects look like a utopia, it may be politically even tragedy.

Finally, one table for lovers of numbers: rescue program for Greece after each quarter

Greek calendar and needs financial assistance

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