The German newspaper, Handelsblatt describes the Troika as the most unpopular institution in Europe. The newspaper underlines that the Troika will monitor Greece for another 50 years in an article entitled “50 years of Troika”.
The author of the article underlines that the Troika surveys the rescue packages to countries that have suffered from the economic recession. In addition, it provides financial support on the condition of the application of strict and radical reforms. In December, Ireland finally managed to complete the Troika’s program. However, in order to meet the terms of the program, Ireland used the option of prolongation of the loans’ repayment period for more than 20 years and at the same time it stopped paying loan interests for 10 years.
The newspaper mentions that in Portugal a similar deal was struck, while in Greece the average maturity was even extended beyond 30 years and there is a discussion about whether to increase it to 50 years.
The newspaper continues by saying that, if Greece and Portugal want to ensure that their debts will be viable, they must boost their economies. Meanwhile, the two countries must inspire their people, especially the youngsters, so that they will not believe that they are doomed to repay loans and interest for the next 30 years, “Young people in particular will need to see that the next 30 years are not just about servicing debt to European and international partners. They will need to see real opportunities,” highlights the author of the article.