Economics and politics - comment and analysis
21. April 2015 I Heiner Flassbeck I Economic Policy, Europe

The last act of the Greek drama begins

We have been confronted with a lack of basic clarity for many weeks now. Did the government in Athens produce a list of reforms or did it not? Is this list, if it exists, a final or a provisional one? Are the reforms that the Greeks propose acceptable, in part or as a whole, to the creditors or not? Does the list address the revindications of the ”institutions” sufficiently well or not? It is an uncanny situation. For weeks in a row, there has been a stream of news that is not clear, not complete or not trustworthy. Are the Greek government and the creditors trying to reach a ”compromise”? The only thing we know for sure is that so far no compromise has been reached. Nothing substantial has come out of the negotiations. The only thing that the Greek government managed to achieve – even in the German press – is the omission of the word ”troika.” This is ridiculous, of course, but it tells you about the willingness to compromise on the part of creditors. And, indeed, what a success for the Greek side!

The real question, which has to be to addressed, has, of course, nothing to do with word games. How to turn the Greek economy around so that it can finally start growing again? This is the question that the new Greek government wants to see on the agenda. But the progress has been absolutely nil. Even the contrary is true. The situation is getting worse day by day. The Greek state is running out of money and industrial production in the country, the most important indicator of economic development, which is already very low in Greece, is trending further downward.


This is the (updated) translation of an article that was published April 7, 2015 on flassbeck-economics. We are publishing one article in English every week to allow more readers to follow closely our analysis of global and European events. However, translation is not free and we have to ask for a contribution from our English speaking readers also.

We have been confronted with a lack of basic clarity for many weeks now. Did the government in Athens produce a list of reforms or did it not? Is this list, if it exists, a final or a provisional one? Are the reforms that the Greeks propose acceptable, in part or as a whole, to the creditors or not? Does the list address the revindications of the ”institutions” sufficiently well or not? It is an uncanny situation. For weeks in a row, there has been a stream of news that is not clear, not complete or not trustworthy. Are the Greek government and the creditors trying to reach a ”compromise”? The only thing we know for sure is that so far no compromise has been reached. Nothing substantial has come out of the negotiations. The only thing that the Greek government managed t…
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