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Credibility, dirigisme and globalisation
Ben Clift

: 23–4). M1738 - CALLAGHAN TEXT.indd 81 3/8/09 12:13:34 82 Responses to the crisis In May 2001, Jospin renewed calls for the full establishment of the ‘economic government’ of Europe in a speech setting out his European agenda (Jospin 2001). Pisani-Ferry and then Trade Commissioner Pascal Lamy further elaborated French Socialist euro reform proposals (Lamy and Pisani-Ferry 2002). Celebrating the creation of the Eurogroup as a ‘notable success’ of the ‘French left’s European project’ (2002: 49–50), they contrasted this favourably with ‘a Europe constructed on

in In search of social democracy
Implementing the second Memorandum
Costas Simitis

arrangement harmed not only banks, both foreign and domestic, but also investment houses, social security funds and small investors who had put their savings in bonds. The government promised that it would go some way to compensate the funds for their losses, as well as the small bondholders. This promise, however, was given hastily and without due consideration. The Eurogroup reacted with a statement on 9 March, clarifying Greece’s responsibilities. In order to avoid the legal challenges that might arise from non-compliance with the principle of equality of treatment, the

in The European debt crisis
Seeking a new solution
Costas Simitis

discussions concerning an alternative plan. A year had passed, but anxiety, uncertainty and the fear of what the future held had only grown. Hope of a swift return to normality had evaporated. Greece.indb 101 3/13/2014 1:56:39 PM 102 Part II: The Memorandum’s first year of implementation Confusion over what should be done peaked with the convening of a ‘secret summit’ in Luxembourg, on 6 May 2011. Greece and the most affluent members of the Eurogroup were in attendance. Despite the intention to keep this meeting secret, the media got wind of it. They immediately

in The European debt crisis
Euro or drachma?
Costas Simitis

a massive 20.18%, reached a staggering 30.8% by the end of May. Europe’s political elite were no less impatient. Angela Merkel underlined the need to continue strictly implementing the agreed reform programme. The German Minister of Finance stated that the Memorandum ‘is not negotiable’. No one ‘wants Greece to exit the Eurozone’, but ‘the choice between the parties is a choice between staying in the Eurozone or leaving it’.16 The President of the Eurogroup, Claude Juncker, appeared mildly more conciliatory in the meeting of the ministers of finance in Brussels on

in The European debt crisis
Abstract only
Costas Simitis

this second Memorandum by the Greek Parliament and its approval by the Eurogroup; a decision on the recapitalisation of Greek banks; negotiations with lenders and completion of the arrangements for private sector involvement (PSI); and finally parliamentary endorsement of the new Memorandum in other Eurozone nations, as required. Subsequent to the agreement on, and endorsement of, the second Memorandum, further parliamentary and administrative action would have follow in Greece, to foster the required fiscal measures and structural changes mandated in the text. Given

in The European debt crisis
Costas Simitis

funding of €110 billion, precisely the sum it owed to the Eurozone banks. Once that was done, the Eurogroup was extremely slow to act on the European debt crisis. It then believed that the basic problem, that of Greece, had been resolved and there was no pressing need for further decisions. The current global climate necessitates mechanisms for monitoring the international markets, rules to clamp down on international speculation and central political authorities that are in a position to impose on the markets behaviour that will protect the shared interests of the

in The European debt crisis
Abstract only
The Portuguese left approach to the crisis
Cláudia Toriz Ramos

. It would seem that in Portugal common ground for a ‘left’ identity has emerged for parties as disparate as centre left and radical left. In the 2017 local elections, the results remained good for the PS ( Table 4.3 ). As of January 2018, the Portuguese Finance Minister, Mário Centeno (Council of the European Union, 2018 ), has become president of the Eurogroup, without it having, so far, created major stress upon the parliamentary left ‘coalition’. The results of the European Parliament election in 2019 (see Table 4.3 ) also show that the electors’ assessment of

in The European left and the financial crisis
Costas Simitis

obvious that the development of publicly owned real estate … does not mean selling off public land’ and ‘only the Greek government has the right to take such decisions’. Despite these statements, following a Eurogroup meeting on 12 March 2011, it was confirmed that Greece agreed ‘to carry out the programme of privatisations and development of real estate … [worth approximately] €50 billion’. Initially the programme was expected to yield €8.5 billion by 2013, with a further €24 billion by 2016. Agreement to such a programme of privatisation is indicative of the

in The European debt crisis
Abstract only
Costas Simitis

operations were of a defining nature; (2) the ministers of finance would also attend the Eurogroup and would have their own president; (3) the European summit would be presided over by a permanent president, elected by the leaders. It would convene at least twice a year.   9 V. Zeras, Kathimerini, 29–30 October 2012, p. 4. 10 L. Feld, one of the five members of the Economic Council of Experts that was advising the German government, said in an interview he gave to Kathimerini, 13 November 2011, p. 10: ‘I believe there will be a renegotiation of Greek debt next year’. 11

in The European debt crisis
Abstract only
Costas Simitis

found itself at following the announcement of a referendum. He managed to enact the principal decisions taken at the Eurogroup summit of 21 February, and he oversaw the resulting restructuring of debt and the negotiation of the second Memorandum as well as pushing forward the adjustment programme. These were no small feats and marked a significant success. Dialogue with the EU opened once more and the Eurozone continued to support the country, while the continual pejorative assessments of Greece dwindled a little. Papademos brought what the Greece.indb 226 3

in The European debt crisis