FACTBOX-Greek newspaper comment on austerity measures

May 7 (BestGrowthStock) – Below are editorial comments from Greek
newspapers on Friday after parliament approved a three-year 30
billion euro ($40.25 billion) package of austerity measures
against a backdrop of street protests.

KATHIMERINI (centre-right)

“The politics of credibility. Yesterday was a day of
responsibility for the political world. Members of parliament
were called to decide between a particularly unpopular economic
stabilisation programme and default. As usual, the Left chose to
totally deny reality, claiming there is another way to get the
country out of the dead end. The main political opposition also
followed the road of equivocation.

“In politics, what is immediately pleasant is not always
responsible. What is most precious is credibility.”

ELEFTHEROTYPIA (centre-left)

“Cockfights and reality. After the tragic incident on
Wednesday that resulted in three deaths, public opinion was
expecting a debate of substance in parliament, a constructive
discussion that would give birth to hopes of overcoming the
crisis through a national effort. In particular, it expected
politicians to assume their responsibilities and admit mistakes
and omissions with courage.

“Instead, the public watched the usual party fighting that
does not help build even a basic consensus to save the country.

“The public and the angry people in the streets are not
interested in interparty conflict and expulsions. They want
political leaders to acknowledge the errors of the past and
agree on a full mobilisation for exiting the crisis.”

TO VIMA (centre-left)

“A first step. Parliament passed the package agreed with the
EU and the IMF, confirming the government’s determination to
rescue the country. It is a valuable first step in a difficult
political and social environment but it’s not enough. From now
on it will take continuity, consistency and a mega-effort,
otherwise we will hit a dead-end.”

ELEFTHEROS TYPOS (right)

“Slow death contract. The memorandum the government signed
with the EU Commission and the IMF may be promoted as an
agreement that saves the country but it is a death contract for
the economy. Surely, no one can ignore the fact that it secures
loans (not grants) of 110 billion euros to help the country
cover its needs in the next 24 months.

“But salvation will not come from loans, it must come from
the real economy. The terms agreed with the technocrats of the
IMF are destructive as a money-collection logic prevails while
growth initiatives are lacking.

“The deep recession will recycle the problem. Thousands of
companies will close, unemployment will shoot higher and the
deficit will widen. It is not certain that the slow death many
were fearing before the support mechanism will be avoided after
its activation. Growth, the oxygen for the economy, is what is
missing from the IMF’s therapy.”

Stock Investing
(Reporting by George Georgiopoulos; Editing by Janet Lawrence)

FACTBOX-Greek newspaper comment on austerity measures