Greece Troika Agreement

The SMoU establishes the agreement on the political conditions that have been concluded between Greece and the European institutions with technical details in the draft support of the Technical Memorandum of Understanding (TMU). The origin of the European troika can be traced back to the Greek loan package of May 2010[8] and the EFSF. The work of the three members was different: the IMF co-financed the loans to Greece, the ECB focused its powers on the banking system and the Commission worked with the IMF on economic reforms. The troika`s solution has been controversial in the resolution of the euro crisis following the Lisbon Treaty, where the European institutions have strengthened democratisation in the institutional landscape of the European Union. At that time, the EU was more technocratic and underlined the sense of domination of the troika mechanism. In times of crisis, Germany has also played a leading role and has taken the power to rebalance its national interests and European interests. The European strategy was implemented with the aim of reducing Greece`s budget deficit from 15% to 5%. [9] In 2015, Greece`s GDP stagnated compared to 2009 and the appropriations did not appear to be sufficient to meet the fiscal targets set by the troika; 90%[10] of the amount paid. With regard to Cyprus, Greece (three times), Ireland and Portugal, the European Commission, the ECB and the IMF have reached agreements with the relevant governments in the case of a three-year financial assistance programme on the condition of large-scale austerity measures imposed on their companies to reduce public spending. [11] “First Pillar: Combating the Humanitarian Crisis” (…) – “Our programme of immediate management of the humanitarian crisis, at an estimated cost of around 2 billion euros, boils down to a vast network of emergency measures to create a shield for the most vulnerable social strata.” Free electricity for 300,000 households currently below the poverty line, up to… 3,600 kWh per year [52]. » (…) “Food assistance program for 300,000 families without income.” [53] (…) “Free medical and pharmaceutical care for the uninsured unemployed.” [54] (…) “Residential Guarantee Program.” The project will rehabilitate old and abandoned homes, ensuring the provision of 25,000 new homes with subsidized rents in the first phase. [55] Measures for small retirees.

[56] We have already committed to restoring small pensions in phases. We are also now committed to re-entering the “13th pension” at 1,262,920 pensioners with a pension of up to 700 euros. This measure will be phased in and, depending on the economic situation, will be available to all 20,000,000,000,000 people and all employees. Lower costs for public transport. (…) “Second pillar: restarting the economy (…) The second pillar focuses on economic stimulus measures. Priority is given to the end of the current fiscal policy, which, despite its negative effects on the real economy, is pursued [57] by the implementation of a new sisachtheia [58] and the “provision of liquidity and increased demand”. Our economy is now abysmal.