Japan Press Weekly

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2015 July 1 - 7 [WORLD]

Further imposition of austerity measures on Greece runs counter to EU ideals

In the Greek referendum on July 5, a majority of voters said “No” to austerity measures imposed by Greece’s major lenders, the European Union and the International Monetary Fund, as a condition for bailout. With this result, the lenders, who hold 80% of Greece’s public debt, may well have to revise their policies.

In the early 2000s, the EU and the IMF lent bailout money to the Greek government for repayment of its huge loans to major banks in euro member states, such as Germany and France.

It should be possible for the international community, including the EU and the IMF, to explore ways to protect both the Greek people’s livelihoods and the international economic order in collaboration with the Greek government.

Documents recently released by the IMF secretariat indicate that during negotiations with Greece on its debt issues, various relief measures, such as postponement of the due date for debt payment, relaxation of loan conditions, and adjustment or exemption of debts, were discussed within the IMF.

To stick to imposition of austerity measures on Greece will bring about further hardships to the general public and will go against the ideal of the Treaty on European Union which emphasizes respect for human dignity, democracy, and human rights, as well as the promotion of the well-being of the Union’s citizens.

Past related article:
> What lessons can be drawn from Greek fiscal crisis? [July 2, 2010]