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Costas Simitis

‘there was money’ meant that no preparation or planning was made with regard to Greece’s principal problem, the need both to fund and to reverse the exponential growth in the deficit. This problem was no secret: it had been noted in the reports of a range of international organisations, in the commentary of the foreign media and by certain sections within PASOK.3 Prime Minister G. Papandreou’s programme statement in Parliament on 16 October 2009 was a repetition of his pre-election promises. There was no indication of substantive developments in terms of policy, nor of

in The European debt crisis
Costas Simitis

nor the European economy. The discussion over restructuring Greek debt was, in essence, a discussion about ensuring the sustainability of debt and averting bankruptcy. The sustainability of debt is never a given, in any case. That is why the international organisations examined what would happen in the case of a Greek default, while Greece remained completely silent, both domestically and internationally, on the matter. The Maastricht Treaty set a maximum level for a country’s sover­eign debt at 60% of GDP. At such a level, debt can be serviced in an orderly way; it

in The European debt crisis
Mike Buckle and John Thompson

role (in particular for credit rating agencies); the ability to enter into administrative arrangements with supervisory authorities, international organisations and the administrations of third countries. In general, ESMA works at a high level, setting standards, while national supervisory authorities

in The UK financial system (fifth edition)
Euro or drachma?
Costas Simitis

possible effects of a Grexit. The necessary denial by the Commission followed so as to placate Greek anger. Nevertheless, for Greece.indb 244 3/13/2014 1:56:48 PM The election of 6 May: euro or drachma? 245 an international organisation, such as the European Commission, comprised of developed nations as it is, it is inconceivable not to make preparations for an event that was looking increasingly likely with the passage of every day. A high-ranking European official said what was already evident: ‘The whole world is examining what is a possibility. It would be

in The European debt crisis
Costas Simitis

provisions concerning the EFSF and the ESM were overtaken by events and new agreements had to be negotiated. Was acceptance of the Memorandum mandatory? Could Greece have been given the money without political conditions or upon more favourable terms? The Memorandum underpinned a loan of €110 billion to Greece. Financial support to a sovereign state or a private entity, on the brink of bankruptcy, is never going to be granted without stringent conditions to minimise the ­creditor’s risk of losing its capital. Loans granted by international organisations, or by states to

in The European debt crisis
A medicine with dangerous side-effects
Costas Simitis

with dangerous side-effects 57 The government did not try to prevent the explosion of protest. It maintained an equivocal stance on the Memorandum. It did not demur when party officials publicly proclaimed that the measures did not correspond to govern­ ment ideology. It let it be tacitly understood that the Memorandum reforms had been imposed, and that it would have followed another policy, had it been free to decide. The Troika representatives were described by one minister as ‘middling to minor employees of international organisations’, to whom ministers should

in The European debt crisis