As Mr.Rehn stated, ‘’The reforms deceleration is making me wary’’ – Schauble : ‘’ Greece is still within the thick forest, though it has achieved a lot so far. No time margin whatsoever offered by the Europeans to Mr Hardouvelis, newly appointed Minister of Finances. Quite the opposite, as he was severely criticized on an observed ‘’reform slump’’
The first Eurogroup turned out to be quite turbulent for the newly appointed Greek Finances Minister, as Europeans were downright judgemental regarding the financial reforms delay.
Oli Rehn, European Commissioner for Economic and Monetary Affairs, sounded the alarm towards Athens, shortly before the commencement of his last Eurogroup.
Mr. Rehn stated clearly: ‘’ I am worried about the delay in the reforms procedure of Greece’’, underlying that it is imperative that the country return to the ‘’serious economic reform’’ path. ‘’ This is the only way for Greek economy to achieve stability and maintain its currently right direction’’, he went on, expressing his conviction that it will soon regain its credibility.
‘’ Greece is back on track regarding the economy reforms, and we are certain that all the prerequisites will be fulfilled, even slightly untimely.
Schauble : ‘’ Greece is still within the thick forest, however it has achieved a lot so far’’
The German Minister of Finances, upon entering the Eurogroup, was on the same wavelength, stating his respect and support towards the Greek effort, though he stressed that the reforms need to escape their standstill.
He stated that ‘’The fact that domestic difficult decisions are continually taken by Greece should be respected’’, expressing at the same time his conviction that the country will unwaveringly continue the reforms.
According to the German Minister, Greece has exceeded the predictions made 2 years ago at the beginning of the second Memorandum, surpassing what was expected of it in the field of fiscal policy and development.
‘’Greece is about to elude recession, unemployment rates are dropping, and employment is for the first time on the rise. Greece is still in the thick forest, yet it has achieved a lot and for that reason it deserves our respect and our support concerning the right path it is now on’’.
Fulfill the 12 prerequisites, get 2 installments
The first Eurogroup, in the presence of Mr. Hardouvelis, will not transpire without bearing any benefits, according to Mr. Schauble and Mr.Rehn. The Greek government exerts pressure towards the Troika evaluation completion, hoping to unblock the two 2-billion Euro sub-installments. Nevertheless, European Officials persist in the acceleration of reforms which is not progressing satisfactorily according to their estimates.
What is more, the European Commission at the beginning of the week strictly pointed out that the 12 prerequisites must be fulfilled if the 2 billion euro are to be released. At the same time, existing contention within the government itself( caused by the suspension of the Greek civil servants vexed issue) and the recent reshuffle have the government struggling for a general consensus.
Mr. Hardouvelis baptism of fire
The Greek Minister will have to answer to the questions of the state members representatives regarding the actual outcome of this change in the Ministry of Finance, and also to respond to what is to be expected regarding the prerequisites. Furthermore, the critical issue concerning reforms delay will also be posed, fuelled by the statements of the European Commissioner and the German Minister of Finances, shortly before the gates of the Eurogroup went shut.
Nonetheless, there has been a lot of contention and commotion both within Greece and abroad, regarding the ‘’perilous venture’’ that the Greek Finances leadership has embarked upon.
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