Should Greece pin its hopes on Macron?
During his visit to Athens French President Emmanuel Macron spoke out in favour of a radically restructured, more democratic EU. Macron and Greek Prime Minister Alexis Tsipras want a reform of EU financial policy and parliamentary control over the Eurozone. Commentators heatedly debate whether debt relief for Greece is also expedient.
President must deliver more than pretty words
Macron's pretty words should now be followed by deeds, particularly as regards debt relief for Greece, web portal Protagon stresses:
“His predecessor François Hollande did Greece (and Prime Minister Tsipras) an invaluable service: he opened their eyes at the right time. Thus Greece stayed in the Eurozone and an adventure with an unclear outcome was avoided. What can Macron offer us? Hardly anything, except when it comes to our debts. If he could convince Angela Merkel to take a more generous approach to Greece's debt problems he would do Greece (and Tsipras in the event that he stays in office) a huge service. Only then will Macron's pretty words fulfil a real purpose.”
Shared liability not a good idea
Debt mutualisation is not the right approach, economist Christoph M. Schmidt writes in Il Sole 24 Ore:
“The French presidential and legislative elections earlier this year have instilled new hope in the European integration project. ... And yet some forms of cooperation, not least shared-liability schemes, would be a mistake. ... Proponents believe that more shared liability could pave the way for individual responsibility. But that is an illusion. Once in place, a shared liability scheme would reduce the incentives to deliver on structural reforms. And among German voters, nothing could undermine support for the European project more than yet another set of broken promises.”