Main focus of Monday, February 6, 2012

Athens struggles over reforms

Papademos is struggling to secure the second bailout package of 130 billion euros. (© AP/dapd)

The troika has presented Greece with an ultimatum. Prime Minister Lucas Papademos must inform the EU, IMF and ECB today of whether his governing coalition will accept the austerity requirements in return for further financial assistance. The party leaders are particularly reluctant to accept labour market reforms. The country consequently remains a danger for the financial markets, some commentators write, while others call for the pressure on Greece to be eased.

La Repubblica - Italy

The creditors are demanding that Athens draw up a list of the labour market and tax reforms that have yet to be enacted for the country to receive further loans. But the politicians are not willing to introduce reforms, which means that the fate of the country is sealed, writes the left-liberal daily La Repubblica: "Greece is turning once again into a walking menace for the financial markets. After a relatively positive week on Europe's stock markets the Greek Prime Minister Lucas Papademos has turned up with almost empty hands. The credit negotiations will continue but owing to the lack of domestic unity in Greece things do not bode well for them. If the negotiating parties haven't reached an agreement by February 13 the insolvency of Greece will be a fact and national bankruptcy inevitable." (06/02/2012)

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More from the press review on the subject » Fiscal Policy, » Greece
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Imerisia - Greece

Government leader Lucas Papademos aims to secure domestic support for the additional austerity measures that the Troika is demanding from Athens today. The business paper Imerisia finds the pressure from Europe unbearable: "Will we allow these hard, unfeeling, unhistorically-minded technocrats to open fire on Greek society and prompt a rebellion? Because what the troika really wants is to incite us to reject the new loan instalment, forcing the country into insolvency. ... These people are dangerous, not just for Greece but for all of Europe, because as Deutsche Bank CEO Josef Ackermann and other serious economics have stressed: if Greece collapses, all of Europe is in danger. ... For that reason Merkel, Sarkozy and Juncker should stop threatening us in this shameless way - which is being met with increasing resentment by a growing number of citizens. Together with the Greek government the trio should seriously look for an advantageous solution for Europe and Greece." (05/02/2012)

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More from the press review on the subject » EU Policy, » Fiscal Policy, » Greece, » Europe, » Global
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Who's saying what » Greece in dire straits, » Ways out of the debt crisis

De Tijd - Belgium

Greece should not under any circumstances be allowed to plunge into a disorderly insolvency, writes the business paper De Tijd: "Europe itself is pursuing a hopeless course because it is relying on a one-sided recipe that doesn't work. Therefore Europe's leaders should assume responsibility and place the country under close supervision while at the same time providing help to avoid the present hopeless situation from further deteriorating. But is there the will to do this? One may surely doubt it. ... Even if Greece approves the reforms it won't solve the debt problem but merely postpone it. The stakes are high in the gambling over Greece right now. But it's questionable whether all the parties truly realise what is at risk. It won't be just Greece's future that is at stake if the country can't service its debts in March, but that of the entire Eurozone." (06/02/2012)

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More from the press review on the subject » Fiscal Policy, » Greece
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Who's saying what » Greece in dire straits, » Ways out of the debt crisis

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