EU cannot solve Greek debt crisis

Greece will need new financial help by July 1 at the latest, which the euro countries will no doubt approve. Economist Miklós Losoncz takes a sceptical view of the process in the left-liberal weekly Élet és Irodalom: "In the light of developments in the past year it has become clear that the plan to restructure the Greek budget is unrealistic. The rigid austerity measures passed to this end have not had the desired effect. ... In the past year the budget deficit (10.5 percent) far surpassed the amount estimated in the emergency programme (8.1 percent). The country's gross domestic product will also sink this year. That means its tax revenues will fall ten billion euros short of expectations. ... The differences of opinion point to the fact that the EU is unable to deal with either Greece's debt crisis or with similar crises in other European countries in the context of the Economic and Monetary Union."

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