European Commission Vice President Valdis Dombrovskis told a news conference in Brussels that the issue of Greece’s debt is in no way connected with issues that concern the Schengen Agreement. He reiterated EU’s official position on the matter of Greece’s debt, which is that any reassessment of Greek debt may take place only after the completion of the first review of the new bailout program.
Dombrovskis said he expects the Greek authorities to determine the measures they plan to take in order to reach the appropriate fiscal targets for the next three years and to secure a primary surplus of 3.5% of GDP.
In other words, Greece is to continue with the IMF/EU-prescribed austerity for the next three years, ensuring in the process the further deterioration of economic activity and the addition of greater debt as a percentage of GDP.
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