Greek Finance Minister Blames Eurozone


Within the context of research by the European Parliament (EP), focusing on the role of the Troika in the Greek crisis, Greek Finance minister Yiannis Stournaras described mistakes and missed opportunities by the EP, which played a decisive role in the course of the crisis. Despite this, he also highlighted the important part played by Greece’s European partners, which helped to stabilize the situation and will ultimately lead to a recovery of the economy.

Mr. Stournaras criticized the Eurozone for not correctly diagnosing the core problems of the Greek economy in good time. While commenting on the first Memorandum, he highlighted that it included overly ambitious goals for the reduction of deficit and debt, while at the same time underestimated fiscal multipliers and the depth of the recession. Furthermore, the Memorandum had a strict time-table for delivery of crucial reforms based mostly on taxation increases rather than on expenditure reduction. Moreover, the fact that Eurozone officials repeatedly referred to Grexit as if it were unavoidable, made the situation far worse.

He also conceded that Greece made many mistakes, including delays in reforming the tax administration system and combating evasion, along with unnecessary bureaucracy in the public sector, both of which could not be confronted effectively. He also highlighted that since the implementation of the measures set out in the first Memorandum, Greece has lost about 25 percent of GDP, while households have lost more than 35 percent of their disposable income.

Despite this, Stournaras described cooperation with the Troika as “generally fruitful,” even though there have been disagreements and differing assessments on the best way forward for the reform program.



  1. Stournaras should be sacked from his post…Blaming the EU doesn’t achieve anything while the government still can’t tackle corruption and attract foreign investors in the country…The country needs political stability 1st in order to have a future…

  2. Stournaras,Venizelos and Samaras are all disgusting populists and parasites,Greece received the unprecedented 250 billion!!! from the Eurozone for the period of 2010-2013. This is the biggest ever amount in the history of the modern World granted to a country with a population of only 11 million. How much more they want?Maybe we all should work just for Greece?

  3. Indeed it does need political stability… something extreme anti-government ranters don’t seem to want. Rather than work with our moderate coalition government they irrationally effectively help communists and fascists by undermining it.

  4. Of course Stournaras blames the Eurozone. Did you expect him to take responsibility as Finance Minister and be able to diagnose the country’s fiscal malaise?

  5. Sure you’d like to forget WW2 or perhaps after WW2 when your granddaddy was expelled to Paeonia with all the rest of the Slavs

  6. Yes really. Germany not only defaulted on a massive debt for world war one but also a second massive default for the second world war. (including billions it never paid to Greece for murdering hundreds of thousands of Greeks). Had Germans been force pay all their debts there would be no Germany today. Germany is, by far, the biggest defaulter of debt in modern history.

  7. Stournaras admitted there have been mistakes by Greeks too. The main problem at the moment isn’t our government. It’s the fact a fair chunk of our population don’t agree with cuts (i.e. shameless parasites that “generously” agree they are owned money by someone else while they lecture on corruption) Work to earn a living? Who needs to do that when the government is there to hand out checks.

  8. All these were known when he accepted the responsibility as Finance Minister. Nothing has changed since although there was a window of opportunity at the coalition’s outset to make real substantive reforms but that was largely lost to indifference and playing nice with the opposition parties and unions.

  9. Tedis not a nazi. He’s just upset his ass is still sore from the hard fucking the Greeks gave him in Mykonos

  10. Stournaras is a vlaka. Why the hell you blaming rest of Europe for your politicians being liars, corrupt and incompetent. YOU bastards knew what was going on and you pretended all is well. As a Greek Australian the Communist, PASOK especially the architect of the present situation is the legacy of Andreas Papandrau and his thieving son George. ND are just as guilty. There is not ONE honest politician in Greece. Hope you all rot in hell – sincerely.

  11. Since the first EU-ECB-IMF “bailout” (In reality all EU-ECB-IMF loans to Greece must be repaid with interest) – Greece has lost about 25 percent of GDP, while households have lost more than 35 percent of their disposable income.

    The Venizelos-Samaras Junta will be swept into oblivion. The first crushing blows to this sinful Junta will be dealt at the EU parliamentary elections and Greek municipal elections both scheduled for May 2014.

    Latest polls predict that SYRIZA will come 1st, Golden Dawn will come 2nd, & New Democracy will come 3rd at the upcoming EU parliamentary elections.