The general elections of May 6 in Greece are over and political controversy and turmoil seem to have settled on the everlasting problem of the Greek debt crisis.
With the Greek spreads rising, the political chart of Greece going through unprecedented changes in power advocates, and the people of the country strongly denouncing the austerity driven policies of the EU and IMF, the impact of the election outcome has caused mixed reactions across Europe.
With regard to the mainly anti-austerity orientated votes of the Greek people, European Commission President Jose Manuel Barroso stated today that there are “no alternatives” left for those EU countries who have received international credits but to follow through with the set austerity measures and simultaneously boost growth.
According to dpa cited by Europe Online, Barroso told reporters in Brussels that “the program countries, they have no alternative – except disorderly default, which I think is not an alternative – than to pursue courageous fiscal consolidation measures,” adding that growth and consolidation are both equally essential to exit the crisis.
In the meantime, president of CDU’s Federal Committee on Foreign and Security Policy in Germany, Rupercht Polenz, warned that the Troika will demand an interlocutor on behalf of Greece before the next bailout tranche will be disbursed.
In his interview to the German Television, Polenz noted that Greece is in the immediate need of an effective government. He also pointed out that political experience has shown so far that repeated elections in a short period of time inevitably lead to destabilized relations and could further enhance extreme positions. According to the German official, the austerity package must be seen as a help package, without which Greece would stand even less chances of escaping the economic meltdown.