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| The Greek Vote and the Future of Europe |
| (2011-06-30) |
| Last updated: 2011-07-01 13:30 EET |
The Parliament in Athens endorsed the austerity plan designed to bring stability to the Greek state. This allays Europe's fears with respect to the financial and economic future of both Greece and the European Union.
The crisis in Greece has fuelled the fears of Europeans who eagerly waited for the vote of the Parliament in Athens on the new austerity programme, which is criticised by the public, but is designed to rescue the country from bankruptcy. The European Union hailed the Greek Parliament's vote in favour of the austerity package, which includes fiscal consolidation measures, massive privatisation and a cut on public spending.
The plan is a prerequisite for the release of a new instalment of the international emergency aid package, and for the launch of a second assistance programme. The President of the European Parliament, Herman von Rompuy, and the head of the European Commission, Jose Manuel Barroso, welcomed the positive vote, which they view as an instance of national responsibility.
In turn, German chancellor Angela Merkel said that was an important measure, both for the future of Greece, and for the stability of the single currency. Although last year Greece received 110 billion Euros in financial aid from the IMF and the EU, in exchange for tough austerity measures, the country failed to recover and remains in a critical situation. Will the new measures succeed in bringing financial stability to Greece?
Romanian economic analyst Constantin Rudnitchi: “They might, but there is no telling whether the programme will run smoothly for Greece. Why? Because some hindrances remain. We are yet to see how these austerity measures are applied, whether they will have the expected efficiency. At present, pressure is considerable in the streets, and we'll see the response of trade unions, of the Greek public, on the one hand. On the other hand, we are by no means certain that the funding given to Greece at this point is sufficient, and, to be honest, we don't know exactly how much money Greece will need to overcome the crisis, or at least to sail to safer, clearer waters.”
A first consequence of the endorsement of the austerity plan by the Parliament in Athens is that share prices in the main European stock markets saw a two-week high at closing time on Wednesday. As for the impact of the Greek crisis on Romania, the adviser to the National Bank governor, Adrian Vasilescu, made it clear that the problems in Greece have no bearing on Bucharest. He said all banks running on Greek capital in Romania are solid, and they will not give up the money they lent to Romanians under 20 or 30-year loan contracts.
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