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|Posted on July 13, 2015 at 8:51 AM||comments (1)|
When Alexis Tsipras saw the Greek economy virtually coming to a grinding halt, he realised, as did 251 of 300 parliamentarians, that they had to accept the terms of the Bailout offered to them by the European Union, and it seems a great offer, with additional 38.5 Billion Juncker Plan. It seems they have spent long hours in discussion in Brussels to reach a deal, offered by the EU to safeguard their integrity and strength in being able to help a member state, and also saying much about the principles of the Union and the integrity of the Euro.
Now that any talk of a Grexit has disappeared, there is jubilation at the 'Agreekment' as EU President Donald Tusk described it. With the threat of a Grexit of an ejection of Greece from the Euro zone now firmly removed, the Eurozone states can get on with the task of further growth and Recovery, especially with the One Trillion Eighty Billion Euros Stimulus that is being rolled out over 18 months since April. Sixty billion being allocated to each month to different states in varying proportions can only create further growth and happiness with this monetary expansion. Projects which have become dormant for the moment can be rejuvenated. Life will be kicked into a lot of projects in the member states, I can imagine.
As for the new deal offered to Greece, it is nothing short of magnificent : a Fifty billion Fund to facilitate monitisation of works and projects, creating work to reduce the unemployment, the Fund also holding some reserves for debt repayments, as well as funds to inject into new projects. This is the classical way of creating wealth from money, and together with the 38.5 billion Juncker Plan, it should do wonders for the Greek economy.
It can be assumed there won't be any more bailouts for Greece, nor should they need any if they implement the wealth creation programmes implicit in the reforms they are required to make. It should become a money go round, able to provide for servicing of the debt, and hopefully over a period of time, say perhaps ten years, totally write off the debt burden and leave Greece with a surplus.
Now it is time for the Greek parliament to endorse their acceptance of the new bailout package,
and express their thanks for the Juncker Plan. For Mr Tsipras, he may need to reshuffle his Cabinet and appoint people in sensitive positions who are in harmony with accepting and implementing the new plan. I imagine it is a pragmatic plan, calling for wholehearted application of it, requiring all effort and attention necessary to produce fruitful results.
Alexis Tsipras enjoys widespread popularity among his people. If the bureaucracy and the people will support him in implementing the changes and reforms, I believe he can take his nation to improving circumstances, of growth, Recovery and in the not too distant future - Prosperity. I pray Mr Tsipras has continued support of his people and his Cabinet.