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|Posted on July 8, 2015 at 7:08 AM||comments ()|
It must be a sobering speech, hearing Mr Alexis Tsipras describing Greece as an 'Austerity Lab'. This is not a rebellious, militant leader of the Syriza Party, but a handsome, graceful gentleman who has been backed by his nation as being correct in rejecting the bailout which they consider would have been an Austerity budget.
Of course they have sound reasons, and these Mr Tsipras presented to the European Union leaders and parliamentarians in a cogent, impassioned plea. He sympathises with other nations such as Portugal which have undergone a period of Austerity, but Greece is unique in having been given the most constraining budget, which has left no scope for growth.
Now of course Greece is requesting for a bailout that will enable them implement an Expansionist Budget, not a Contractionist Budget.
(After the collapse of the global financial markets, the meltdown in October/November 2008, it was only through huge support and rescue of banks and corporations in the U.S. and U.K. through Quantitative Easing means that they have brought on the Economic Recovery that is now turning to Prosperity. Without a similar remedy for Greece, how can things be otherwise? I would suggest they need continued support until the corrective growth methods bear fruit.)
Mr Tsipras and his government have presented growth plans at the Summit, and the EU leaders will respond to these in due course.
It is my overwhelming impression that the Greeks need freedom to implement an Expansionist Budget, which will free up their work and enterprise creation ability, and wholeheartedly devote themselves to creating an economic Recovery which in due course will enable them meet their repayments of the bailout funds, and trustfully create even a surplus. Mr Tsipras has mentioned a period of two years to lay the foundations for such a Recovery, and foreseeably they should be happy and smiling over the next ten years.
Earlier, the Dutch Finance Minister Jeroen Dijsselbloem reacted that it was 'crazy' for Greece to expect anything like 330 Billion over the next two years. Of course, such a figure after 240 billion bailout over last few years will seem a crazy fantastic figure. (A more realistic figure may be 60 to 80 billion a year for the next three years). Of course they will have to look at realistic growth projections, and how the plans could be implemented.
Everything being equal, and with an exercise of faith, everything is possible. If God gives the rains and makes the lands fertile, lifts peoples' spirits and gives them the wherewithal to fulfil their talents, then I believe the Greek peoples' current feeling of misery may be turned into one of joy.