Unsurprisingly, having reviewed the video of the President of the Eurogroup’s speech on the Greek situation, Yanis Varoufakis compares it to North Korean propaganda.
Portuguse MP, João Galamba, criticises the speech by Mário Centeno, who also is Portugal’s Minister of Finance, calling it "regrettable."
The video recording of Mario Centeno congratulating the Greeks for the end of the financial assistance programme, according to Varoufakis, shows the European Commission adding insult to the unbearable misery of Greece.
In the cheery message, Centeno patronises the Greek population: "on a special day for Greece," after "a long and winding road" from which "we all learn our lessons," and the crisis "is history now."
Centeno’s view on Greece’s economy differs from the reality of the population as he patiently explains that "new jobs are being created, there is a trade and fiscal surplus, the economy has been reformed and modernised."
The Portuguese minister acknowledges that "these benefits are not yet felt by the entire population", but that "they gradually will be."
João Galamba says that video is "regrettable," since its content "erases the disaster that was the Greek adjustment programme and the dire behavior of the European institutions."
Greece was the European country hardest hit by the economic and financial crisis and was the first to seek financial assistance. The completion of its third programme follows Portugal (2011-2014), Ireland, Spain and Cyprus.
Greece will be subject to "enhanced post-program surveillance" with missions visiting every three months to ensure the government continues a, "prudent fiscal policy."
Centeno fails to note that Greece is trading as insolvent, it can never hope to repay €288.7 billion in loans and the fear at the European Commission is that the country will default and vote to leave the Union, following the UK’s bungled lead.
Emerging from its third bailout, Athens must refinance its debt despite nursing an economy that has shrunk by a quarter. Few will want Greek bonds so the interest rate will be pitched accordingly, adding more pain and misery.
The head of the European Stability Mechanism, Klaus Regling, said that Greece could be a success story just like Portugal, Spain, Ireland and Cyprus as long as it continues to work on restoring its partners' trust. Multi-millionaire Regling said he intends to celebrate with a glass of ouzo.
Greece’s Prime Minister, Alexis Tsipras, now has to explain to his people, 20% of whom are unemployed, what the exit from the emergency bailout actually means for the economy, seeing as he now is back in charge of running it.
“We are entering a new era for the Greek economy and Greece,” government spokesman Dimitris Tzanakopoulos told Real FM radio.
Austerity measures and high taxes will continue as the population eyes the debt mountain and weeps.
