Why Greece declined a euro holiday
Brussels
FOR the entire first half of this year, since the far-left, anti-austerity Syriza party came to power in January, the Greek saga virtually monopolised the attention of European policymakers. Even as their country's economy crashed, Greece's new government remained adamant in demanding debt relief without austerity - that is, until mid-July, when they suddenly agreed to the creditors' terms. Indeed, as of July 13, Greece's staunchly anti-austerity government has been obliged to impose even tougher austerity and pursue painful structural reforms, under its creditors' close supervision.
Why did the Greek government concede to terms that not only controverted its own promises, but also closely resembled those that voters had overwhelmingly rejected in a popular referendum barely a week earlier?
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Columns
‘Competition for talent’ a poor excuse to keep key executives’ pay under wraps
OCBC should put its properties into a Reit and distribute the trust’s units to shareholders
Why a stronger US dollar is dangerous
An overstimulated US economy is asking for trouble
Too many property agents? Cap commissions on home sales
Time to study broadening of private market access