Analysis

The New Greek Bailout: Beggar Thy Greece?
Greek Finance Minister Evangelos Venizelos (left) and Greek Prime Minister Lucas Papademos (right) hold a press conference at EU headquarters in Brussels, February 21, 2012. (JOHN THYS/AFP/Getty Images)
February 24, 2012
| Economics
| Europe
Summary
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The new Greek debt bailout approved this week will provide another short term fix to Greece’s debt crisis but raises questions about its actual purpose. According to a confidential report on Greek debt sustainability prepared by EU financial experts, the Greek bailout program is prone to grave risks and is unsustainable. Despite this assessment, EU finance ministers this week agreed to a second Greek bailout package of 130 billion euros (£110 billion; $170 billion).

This begs the question as to who has really been bailed out and why. Has Greece been bailed out or has someone or something else been bailed out? Lignet avers that the bailout reflects the Machiavellian attitude of the EU towards Greece.  The bailout is not to intended to save Greece but to prevent a Greek tragedy from becoming a tragedy for the euro.

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