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Ziras, Vasilis

Kathimerini, Greece

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Kathimerini - Greece | 19/04/2011

Haircut won't help Greece

Several Greek ministers have presented the internationally discussed restructuring of Greece's debts as an alternative to the austerity measures agreed with the IMF and EU. The conservative daily Kathemirini believes that even restructuring won't solve the problem: "Whatever form such a restructuring finally takes ... it will lead to more austerity measures and even tougher control to achieve a more effective and reliable budget consolidation. … However it won't solve the problem of how to deal with the fact that state expenditure exceeds state revenue by 25 billion euros. This is the real budget problem which is causing the debts to continue rising. And this problem obviously won't be solved by a new 'haircut' on the debts, but by a trimming down of the state. In the past 18 months what the government - each minister in his resort - should really have been doing was planning a smaller, more economical and more effective state."

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