The Guardian: ‘Greece Can’t Pay, Won’t Pay’



guardian-articleThe “cold war atmosphere” that prevails in the European front, particularly between the Greek government and its creditors is described in a bleak manner in Greek and foreign media. Greece was once again on the front page of various foreign newspapers, but the one that stood out was the British The Guardian, which featured the Greek flag along with Greek Prime Minister Alexis Tsipras’ picture.

“Greece can’t pay, won’t pay,” noted the front page title, while the Greek flag featured a series of numbers about the Greek economic crisis:

– 25%: Fall of gross domestic product
– 28%: Reduction in public sector employees
– 28.5%: Drop in food consumption
– 61%: Drop in average pension (833 euro)
– 45%: Number of pensioners living below the poverty line
– 26%: unemployment (50% at ages under 25)

The article notes that Greece is passing the burden to its creditors, adding that the current Eurogroup may be the last realistic attempt to find a solution before the country goes into default, in 12 days. However, according to the Guardian, there is little chance for a breakthrough.

Furthermore, the article also includes quotes by a European official who believes that the Greek issue developments will not take time. The ball is in Greece’s court, therefore everything will be over soon.

Meanwhile, European Parliament President Martin Schultz stated that there is no legal avenue for expelling a country from the Eurozone, therefore dropping out of the currency would mean that the country would also have to leave the European Union.

According to the Guardian, Schultz’s opinion is similar to the warnings made by the Bank of Greece, which noted in its report that Greece will face a painful journey if it exits the Eurozone and the European Union.


2 COMMENTS

  1. nope – also, it would just be fair to report how much certain figures grew in the years before the crisis. For starters, greek wages increased 40% on average in the last 8 years before the crisis – and you guessed right – those increases were in many and possibly most cases unjustified by Greek performance. That puts these numbers in this article into perspective. If I am living way above my means and I have to downgrade to a cheaper apartment, I cannot explain the misery with this adjustment alone – so much should be clear!

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