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EU-IMF rescue for Greece approved faster than planned

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EU-IMF rescue for Greece approved faster than planned


Picking up the pace to calm fear of other countries going the way of Greece, a political stamp of approval is being given ahead of schedule, for the 110 billion euro rescue deal for Athens.

A euro zone leaders summit was moved up three days from Monday, to cement the EU-IMF three loan package as early as possible.

Paris said the intention in Brussels would be to end market speculators taking aim at Greece. The message is also: don’t pick on heavily indebted Spain and Portugal. Chancellor Angela Merkel talked of a “battle” between governments and markets.

Euronews sought comment from the German Institute for International and Security Affairs.

We asked: “What must Europe learn from the Greece crisis? What mechanisms must be used to avoid this happening again?”

Dr. Daniela Schwarzer responded: “We need better statistics, which is to say more scope for action for the European statistics agency Eurostat. We also need a stricter application of control mechanisms, which means that if a country really has an excessively high deficit, the other governments and the European Commission must sound the alarm and apply sanctions more strictly than is done today.”

As stocks worldwide plunged, and concern over Greece’s debt crisis went global, with investors
seeing it as an omen of turmoil in other European economies, the German parliament approved Germany’s big share of the bailout. Berlin said the aid would uphold Germany’s postwar legacy of serving peace.

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