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Euro ministers plead with greece to stay the course, argue lifeoutside euro would be as tough by ferujkll sdff
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Euro ministers plead with greece to stay the course, argue lifeoutside euro would be as tough by FERUJKLL SDFF
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| Article Posted: 06/21/2013 |
| Article Views: 110 |
| Articles Written: 2023 - MORE ARTICLES FROM THIS AUTHOR |
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Euro ministers plead with greece to stay the course, argue lifeoutside euro would be as tough |
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BRUSSELS – Leading European Union finance officials on Monday promised tostand by Greece as a member of the eurozone provided it sticks toits bailout terms and stays the course of its painful austerityprogram to prevent even worse economic hardship. Greeks fed up with the painful austerity measures had voted forparties that had promised an end to the harsh austerity measuresthat had been agreed as part of the country's bailout. Many eurofinance ministers attending a meeting in Brussels warned, however,that Athens must stick to the terms of the rescue package if itwants to remain in the 17-nation euro currency. In return, no one was seeking to squeeze Greece out of the sharedcurrency, said Luxembourg Prime Minister Jean-Claude Juncker, thechairman of the Eurogroup. "Nobody was mentioning an exit of Greece from the euro area.
I amstrongly against," Juncker said after the meeting of the group. The ministers were unwilling however to offer Greece significantlybetter bailout terms, stressing that whether it leaves the commoncurrency or not, it would take years of belt-tightening to ease itsdebt. "An exit will solve nothing," said Belgian Finance Minister StevenVanackere. His Austrian counterpart, Maria Fekter, noted that Greece wasnevertheless moving closer to such an exit as the main politicalparties in Athens struggled for a ninth day to create a coalitiongovernment. They will gather for more talks on Tuesday and if theyfail, new elections will be called.
But in the face of pressure from markets, Juncker put up a unitedfront. "We are 17 member states being co-owners of our common currency. Idon't envisage, not even for one second, Greece leaving the euroarea. This is nonsense. This is proproganda," Juncker said.
The main political parties that agreed to Greece's internationalbailout do not have the majority to create a new government andsmaller parties are reluctant to join them, noting that Greeks haveclearly voted against the bailout's austerity terms. "The situation is serious," Fekter said. The Commission, the EU's executive body, said it was best forGreece to stay with the pack and bear the hardships withconditional aid close at hand. EU Commission spokeswoman Pia Ahrenkilde Hansen said Greece shouldremain in the euro. "We believe that this is the best solution forGreece, the Greek people and Europe as a whole." The gentle tone contrasted with tough talk from her boss,Commission President Jose Manuel Barroso, who told Italiantelevision over the weekend that "if a member of a club does notrespect the rules it is better that it leaves the club, and this istrue for any organization, or institution, or any project." Though the Commission noted Barroso was not referring specificallyto Greece, his comments were among the closest a leading EUofficial had come to envisaging the country's exit from the17-nation financial project.
World markets dropped sharply Monday on fears of the fallout from apotential Greek exit from the currency bloc. The Athens stock indexfell more than 4 percent, adding to a sharp drop last week, whileEuropean and U.S. markets sustained heavy losses as well. "Markets continue to feel the pressure and the stakes continue torise as what was declared unthinkable a year ago or so now startsto permeate mainstream thinking in Europe," said Michael Hewson ofCMC Markets.
If Greece were to leave the euro, its banking system would collapseunder the weight of foreign debt and the economy would suffer aneven sharper downturn. The government would have to default on theeuro-denominated money it owes other European countries, shakingthe continent's financial system. Investors would worry that other European countries with weakfinances — such as Portugal or even Spain — mighteventually leave the eurozone as well, causing severe turmoil inthe markets. Unsurprisingly, no one at the eurozone finance ministers' meetingwas directly calling for Greece to leave their currency union. "I would like Greece to stay in the euro.
It's very important thatthe eurozone stays intact," said Irish Finance Minister MichaelNoonan. But a consensus emerged that the core demands of austerity had toremain intact, whatever the politicking in Athens over a newgovernment or fresh elections. "We cannot come always back on the decision that we took. It isreal tough for Greece," said Juncker's Finance Minister, LucFrieden.
"Everyone realizes that to control debt, competitiveness needs tobe increased, and — too bad for the population — it istranslated into some form of impoverishment linked to lower wages,"Vanackere said. He said a return to a national currency would not solve theproblem, since it would be accompanied anyhow with strongdevaluation. I am Digital Gear & Camera Bags writer, reports some information about dexter trailer axle , water ski parts.
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