Alex Brazier, executive director for financial stability strategy and risk, says political pressure means Greece will never run a budget large enough to repay its debts.
A senior Bank of England official has said that Greece will never be able to get rid of its enormous debt mountain, since the “political pain” that its leaders would suffer would make it impossible.
Alex Brazier said that Greece could, in theory, run a surplus large enough to shrink its debt mountain, which currently runs to 176pc of GDP, after bail-outs worth €245bn.
However, he said no elected government would be able to do so, suggesting that Greece will be left with an enormous debt overhang for some time.
Figures from the Bank of Greece released on Monday showed the country had fallen back into deficit over the first two months of the year. Greece was in the red by €684m January and February, compared to a €139m surplus it registered over the same period last year……
Eks tegemist ole juba omamoodi seebiooperiga. Sellegipoolest on huvitav, et mis saama hakkab. Kreekas on jah natuke end imelikult väljendav valitsus. Kord ütlevad, et maksavad oma võlad, siis jälle, et mitte, kord ütlevad, et laenutingimustega nad ei nõustu, siis kirjutavad ise alla sisuliselt samale asjale. Muidugi Kreeka süüdistamine siin oleks vale, kuigi võiks ju rääkida nende korruptsioonist jne. Süüdi on eurosüsteem. Uuele valitsusele oli ilmselt Kreeka liiga keerulises situatsioonis ja eks ebakindlust, teadmatust ning peataolekut ole igas valitsuses, rääkimata siis inimestest, kes pole enne valitsuses olnud ja satuvad nii tugeva rahvusvahelise surve alla. Praegu tundub, et neid kauaks eurotsoonis ei ole. Ma loodan, et nad riigivara erastamise abil raha hankimise sotsiaalkulutustele varsti lõpetavad.
Kõige selle taga tundub olevat hirm ja sellest avalikult ei räägita. Ega meie ka Euroopas ei räägi, et üks tugev EL-i kuulumise argument meie rahva jaoks on hirm Venemaa ees. Kreeka vasakpoolsed justkui kardavad, et mis siis saab, kui Euroopat enam nende seljataga pole.
The country descended into a prolonged political crisis, and elections were scheduled for late April 1967. On 21 April 1967 a group of right-wing colonels led by Colonel George Papadopoulos seized power in a coup d’état establishing the Regime of the Colonels. Civil liberties were suppressed, special military courts were established, and political parties were dissolved.
Several thousand suspected communists and political opponents were imprisoned or exiled to remote Greek islands. Alleged US support for the junta is claimed to be the cause of rising anti-Americanism in Greece during and following the junta’s harsh rule. The junta’s early years also saw a marked upturn in the economy, with increased foreign investment and large-scale infrastructure works. The junta was widely condemned abroad, but inside the country, discontent began to increase only after 1970, when the economy slowed down.
Even the armed forces, the regime’s foundation, were not immune: In May 1973, a planned coup by the Hellenic Navy was narrowly suppressed, but led to the mutiny of the HNS Velos, whose officers sought political asylum in Italy. In response, junta leader Papadopoulos attempted to steer the regime towards a controlled democratization, abolishing the monarchy and declaring himself President of the Republic.