In thinking about lenders and borrowers, it is easy to allow morality to dominate: debtors should be made to pay because contracts have to be upheld; or creditors should pay (through default) because they are normally wealthier. It allows our most engaged readers to debate the big issues, share their own experiences, discuss real-world solutions, and more. Diese dienen dazu, Ihnen Servicefunktionen anbieten Most of the money lent by the Troika has gone to these creditors, rather than to helping Greece adjust as it cut its deficit. Read about our approach to external linking. Of course, earlier Greek governments borrowed too much, but there is no reason why that had to lead to the current disaster. In practice, this means that emerging nations like China and Brazil are likely to get a bigger voice. Rudolf Hickel zufolge hat die Rettungspolitik der Troika den ökonomischen Absturz Griechenlands forciert und ist gescheitert. You can also choose to be emailed when someone replies to your comment. Accessed April 18, 2020. Ideas backed by the European Commission - such as common debt for all the euro nations, dubbed eurobonds - have floundered when entering the German domestic debate. So who are the players that Greece is having to negotiate with? Although the eurozone rescue fund was created in the second Greek bailout, investors feel that it is already too small to take care of further deterioration in the market. Download hochwertiger Bilder, die man nirgendwo sonst findet. This debt needs to be written off, one way or another. In May 2010, the EU and IMF agreed to bail out Greece. A man passes by graffiti denouncing the troika in central Athens in March, Greece debt crisis: Would the Troika keep lending if the country had a, Varoufakis: Greek reforms will go down in history as worst economic disaster ever, 15 photos show what ordinary Greeks think about austerity, 14 people arrested during violent protests in Athens, You may not agree with our views, or other users’, but please respond to them respectfully, Swearing, personal abuse, racism, sexism, homophobia and other discriminatory or inciteful language is not acceptable, Do not impersonate other users or reveal private information about third parties, We reserve the right to delete inappropriate posts and ban offending users without notification. Instead, the Troika – the European Central Bank, the European Commission and the International Monetary Fund – made loans to the Greek government so it could pay off its private-sector creditors, including the banks. The structural reforms were never going to have an immediate impact on the Greek economy. The New York Times. All this stemmed from irresponsible decisions by French, German and other countries’ banks to lend to Greece. Writing off debts eased the 2009 recession, so maybe the same should be applied to the eurozone crisis. The answer has a lot to do with the way in which each crisis was handled. Eventually this might have led to heated debates in Congress, with some politicians saying it was time to revoke the US citizenship of the debtors. The US exerts a veto, for example. Writing off debts eased the 2009 recession, so maybe the same should be applied to the eurozone crisis This is well understood for the Great Recession, as it followed a global financial crisis that was caused by irresponsible lending by US and UK banks in particular. The IMF has a complex system of voting rights, ensuring it remains dominated by the US and Europe. More specifically, it comes from the nations that use the euro - 16 countries at the time, before Estonia joined on 1 January 2011. GDP fell by 25 per cent and youth unemployment rose to 50 per cent. Die Diskussion müsse nun weiterentwickelt werden – weg von den Defiziten, hin zu Griechenlands Potenzialen. 2014 ist die griechische Wirtschaft erstmals seit Ausbruch der Krise wieder leicht gewachsen, schrumpfte jedoch zum Jahresende schon wieder. Lange beschäftigte sich die Öffentlichkeit vor allem mit der Krise in Griechenland. 2014 ist die griechische Wirtschaft erstmals seit Ausbruch der Krise wieder leicht gewachsen, schrumpfte jedoch zum Jahresende schon wieder. Many of the goals for deficit targeting and restructuring the Greek economy have come from the IMF, which has experience with bailouts. Allerdings hätten sie aus Sicht des Ökonomen von einer überzeugenden Innovationsstrategie begleitet werden sollen. Find your bookmarks in your Independent Premium section, under my profile. These are external links and will open in a new window. Since then, it has bought the bonds of all the countries whose yields have shot up on debt fears - Irish, Portuguese, Spanish and Italian debt. This has annoyed German bankers, who have complained of indiscipline. Wie Sie dem Web-Tracking widersprechen können sowie weitere Informationen dazu finden Sie in unserer. Due to the sheer scale of this comment community, we are not able to give each post the same level of attention, but we have preserved this area in the interests of open debate. Please continue to respect all commenters and create constructive debates. Germany, though the most powerful member of the eurozone, is one of 17 nations. When it comes to unsustainable government debt, trying to prevent default does little good to the creditor and leaves the debtor impoverished. Greece is currently sweating it out to win the approval of the so-called "troika," who are assessing whether to release the next chunk of bailout cash to the nation. And as Europe's largest economy, and the one with the most cash to hand, Germany is perceived as having, in effect, the final say on these bailouts. "With Greek ‘No’ Vote, Tsipras Wins a Victory That Could Carry a Steep Price." This was too toxic for politicians to contemplate, because by then voters had begun to view this as lending their money to the Greek people. Full article Daily news briefing direct to your inbox. The most insightful comments on all subjects will be published daily in dedicated articles. Das südeuropäische Land wurde seit 2010 mit zwei Hilfskrediten in Höhe von insgesamt über 240 Milliarden Euro von den Euro-Ländern und dem Internationalen Währungsfonds gestützt.

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