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The Dirty Dozen: 12 people who ruined Greece

As negotiations inch along between the Syriza government and Greece’s international creditors, the blame for the nation’s looming financial collapse would seem to rest entirely on the shoulders of Prime Minister Alex Tsipras and Finance Minister Yanis Varoufakis. But not really: History provides ample evidence that a long line of leaders, from Winston Churchill to Constantine II, helped make Greece the economic basket case it is today.

Here are some of the guiltiest culprits:
Konstantis and Georgios Mavromichalis (died 1831)

Konstantinos_Mavromichalis copy

When Greek-born Ioannis Kapodistrias was appointed independent Greece’s first governor in 1827, little did he realize that the job would be tougher than his former post as Russia’s foreign minister. Accustomed to working on the diplomatic stage, Kapodistrias soon found that his vision of a modern Greek state was not shared by everyone, especially the provincial elites.In 1831, he was stabbed in the stomach and shot in the head as he made his way to church by Konstantis and Georgios Mavromichalis. The killing was revenge for Kapodistrias’s jailing of their respective father and brother, the warlord Petrobey Mavromichalis. His assassination plunged Greece into chaos, leading the European powers to impose a foreign king, the young Bavarian prince Otto, on the young country, giving it a first taste of German rule.

Winston Churchill (1874–1965)

Churchill

In 1944, Greece’s leftist partisan movement managed to see the backs of the German army after three and a half years of brutal wartime occupation. Unbeknownst of them, British prime minister Winston Churchill and Soviet leader Joseph Stalin had secretly divvied up eastern Europe and the Balkans on a piece of paper, placing Greece within Britain’s sphere of influence. While communist leaders also bear responsibility, Churchill’s determination to restore the unpopular Greek monarchy, as well as his determination to exclude former communist partisans from the new Greek army, pushed Greece further down its calamitous path to civil war.

Constantine II (1940–)

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Since Greece became a parliamentary republic in 1974, its former king has had no role in political or public life, to almost universal relief. Assuming the throne at the age of 23, Constantine caused enough damage from 1964 to 1967. Soon, he found himself at loggerheads with the centrist government, led by George Papandreou, who eventually resigned. Constantine then sought to create amenable governments using centrist party defectors, which fuelled a constitutional crisis and political instability that ultimately led to the 1967 military coup.

Georgios Papadopoulos (1919–1999)

George Papadopoulos

The weak state of Greek democracy was dealt a major blow in 1967 when a group of mid-level army officers, led by Colonel Georgios Papadopoulos, staged a successful coup d’état. Seven years of dictatorship followed, during which Papadopoulos himself was deposed in a coup by hardliners. While Papadopoulos would later die in prison, his asinine medical metaphors—he often likened himself to a doctor trying to cure a sick patient (Greece)—were redeployed by advocates of taking a tough line on Greece when crisis struck in 2009.

Andreas Papandreou (1919–1996)

Andreas Papandreou

Greece’s longest serving prime minister since the restoration of democracy in 1974, Andreas Papandreou left an indelible mark on Greek politics and its economy. Over the course of his decade in office (1981–89, 1993–96), the Harvard-trained economist introduced long overdue social and progressive reforms and stacked the civil service with his socialist Pasok party supporters. While he elevated many Greeks to the middle class, that success came at the heavy cost of drastically increasing the budget deficit and public debt levels. As corruption scandals mounted in the late 1980s, Papandreou created a sideshow by ditching his wife in favor of his airhostess mistress.

Kostas Karamanlis (1956–)

Supporters Rally For Greek New Democracy Party

Like many Greek prime ministers, Kostas Karamanlis became leader of the county largely on the strength of his surname – his uncle was prime minister and president at various stages from 1955 to 1995 – and because he promised to  “re-establish” the state. But in his five year tenure (2004–2009), few reforms were enacted, and the government lost control of Greece’s public finances. Had Karamanlis spent less time in front of his Playstation, as is widely rumored, maybe things could have been better. The rocketing budget deficit and debt-to-GDP ratio, which were continuously revised upward during and after his rule, paved the way for the next government to ask for a bailout.

George Papandreou (1952–)

Merkel Holds Talks With Papandreou

Prime minister like his father and grandfather before him, George Papandreou was elected in October 2009 using the vote-catching slogan “there is money,” despite being aware of the county’s dire economic situation. Unable to manage the ensuing fiscal crisis, Papandreou requested a €110 billion bailout deal from European Union and International Monetary Fund six months later. To the disbelief of most Greeks, the oblivious former leader attempted a political comeback in the 2015 election, in which he campaigned on an anti-austerity programme.

Akis Tsoschatzopoulos (1939–)

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Greece would be in a far worse place today had former interior minister Akis Tsochatzopoulos been successful in his bid to become prime minister in 1996. Luckily, he only came within six votes of replacing Andreas Papandreou as leader of the socialist Pasok party. In 2013, a court sentenced Tsochatzopoulos, now 75, to life imprisonment for pocketing €55 million in kickbacks from military procurements from 1996 to 2001, when he was defense minister. His wife, ex-wife, daughter, cousin, and business associates were all implicated in the scandal, most of whom were also jailed.

Greek oligarchs

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With legacies extending back decades in cases, Greece’s oligarchs have emerged relatively unscathed from the Greek crisis and continue to control vast wealth, which is largely inherited but also derives from continued interests in shipping, communications, banking, construction and public works. This coterie of powerful Greek businessmen used political connections with former conservative and socialist governments to win contracts and restrict the Greek market. They also own and exert editorial control over most, if not all, of the privately-held media companies, in a country where public broadcasting remains largely under state control. The new Syriza-led government has promised to rein in the oligarchs, but some things are easier said than done.

Petros Kostopoulos (1954–)

Petros Kostopoulos

Businessman and flamboyant publisher Petros Kostopoulos gained fame during the media boom years in the 1990s. He introduced a series of highly popular lifestyle magazines to Athens that sought to break taboos and emulate urban fashions from more affluent western countries. The underlying message in his publications and editorials was one of unbridled consumerism. Cue the multiple credit cards, Cayenne Porsches, skiing holidays, extravagant home loans, and private swimming pools. All these status symbols became more attainable after Greece, one of the poorest countries in the European Union, adopted the euro in 2001, which gave its banks easier access to cheap money.

Nikos Michaloliakos (1957–)

Four MPs From The Far-Right Golden Dawn Party In Court

Relatively unknown until a few years ago, Nikos Michaloliakos and his neo-Nazi Golden Dawn party have capitalized on the Greek crisis to propel them to seats in the Greek and European parliaments. Appearing immune from the police or the justice system, Golden Dawn gangs patrolled inner-city streets, intimidating and sometimes beating migrants and political opponents. Only after a Golden Dawn supporter fatally stabbed the anti-fascist singer Pavlos Fyssas in 2013 did the state react by jailing Michaloliakos and several other Golden Dawn leaders, who will soon go on trial on charges of forming and running a criminal organization.

Troika

A protester shouts slogans during a rally against the government's decision to ask for an economic aid package in Athens

The troika – made up of the European Commission, European Central Bank, and International Monetary Fund – bears a fair share of the blame for Greece’s current state. The troika’s programs are based on over-optimistic growth projections, which have led to a number of revisions to Greece’s debt sustainability. Fiscal austerity has imposed a huge social cost upon the Greek people, pushing people out of work and into poverty, and leaving hundreds of thousands without access to public healthcare.

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Washington guided Greece in bailout talks, envoy reveals

Washington had advised the previous SYRIZA-Independent Greeks government not to clash head-on with Germany and to show a willingness for reform in the weeks and months leading up to the July 13 agreement on a third bailout between Greece and its lenders.

A secret telegram sent to Athens by Greece’s Ambassador to the US, Christos Panagopoulos, on July 16 synopsized the relations between the two countries over the previous months. The copy seen by Kathimerini suggests that Washington showed a keen interest in keeping Greece in the eurozone and had consistently provided advice on how the government led by Prime Minister Alexis Tsipras should handle relations with the rest of the eurozone.

Washington, for instance, advised Athens to avoid verbal attacks on the German government and to try to create a broad alliance including countries like the UK, France, Italy and Austria. The US made it clear that the coalition would have to convince these countries that it was serious about implementing reforms if they were to then, in turn, offer their support.

Panagopoulos also explains in his note that Washington’s strategy was to stress the geopolitical importance of keeping Greece in the single currency and the need for the eurozone to agree a further reduction of Greek debt. The Greek ambassador suggests that the US government also encouraged the International Monetary Fund to be vocal on the issue of debt relief.

Sources also told Kathimerini that it was Washington who emphasized the geopolitical angle to the Greek issue through NATO. On June 19 NATO deputy Secretary General Alexander Vershbow said a Greek exit would “indeed have repercussions” for the alliance. He told a security conference in Bratislava that NATO was “worried about” a Grexit. His comments came just after Greece and Russia agreed a pipeline deal.

Panagopoulos describes in his telegram that there was frequent and extensive contact between Athens and Washington, including officials from the Treasury and the State Department, during the protracted negotiations that led to the signing of the third bailout in Brussels.

Greeks are panic queuing at ATMs because they have seen cash disappear into thin air before

greek atm
A bank manager points as pensioners wait in front of a National Bank branch to receive part of their pensions at an Athens neighborhood, in Greece July 9, 2015.

Greece’s banks only have enough money to keep the country going until Monday. The country has extended its capital controls, which include shutting banks and restricting personal cash withdrawals to €60 (£43.24, $66.62) until then.

Banks are being flooded by Greeks, mainly pensioners. Greeks remember all too well the 1999 Athens Stock Market crash, when investors lost substantial amounts of their savings, just before Greece joined the Euro.

While it’s looking more and more likely that Greece will actually strike a deal with its creditors, after Greece submitted its latest bailout proposal to its European creditors ahead of a midnight deadline on Thursday, people are still panic-queuing at their banks’ ATMS across the country.

A report a week ago suggested that the country’s banks had just €500 million (£361 million, $556 million in physical cash left, so people are likely to worry that there is simply not enough cash in the bank to cover all their savings and other deposits.

As Business Insider’s Mike Bird pointed out during his visit to Athens last week, the stock of deposits is now less than half of what it was at the peak in 2009, at the end of Greece’s post-euro-entrance boom.

“A lot of the money that left the banks in 2010-2012 went out the country,” said Syriza activist Mihalis Panayiotakis, a member of the governing party’s digital-policy committee, to Mike Bird last week. “Also, companies relocated. That money never came back.”

Here’s a chart showing the slump in deposits against physical cash in circulation:

Greece deposits

The more vulnerable people in Greek society, the poor and pensioners, are worried that the little cash they have might disappear. After all, that happened in Cyprus in 2012 and 2013, when the government imposed a one-time tax on remaining bank deposits on all uninsured deposits.

On top of that, Greece may look likely that it is nearing a deal with its creditors, but this is not certain — just take a look at what happened with the call for the bailout referendum, even though that turned out to be completely pointless in the end.

Many investment banks are now looking at a Grexit — Greece leaving the euro — as the base case scenario. This is a huge deal because it could really hit everyday Greeks and the little money they have left. That’s not to mention the banks’ meagre amount of bank deposits.

On Sunday (July 5), Barclays said in a research note that Greece would almost certainly default on its debt and maybe exit the EU, ultimately abandoning the euro and therefore being forced to re-adopt its old currency, the drachma, and use IOUs to recapitalise its banking system.

Then on Wednesday (July 8), the bank stepped up its warning and said it is afraid the Greek government is on the verge of collapse.

Barclays reckons that it is now more likely that there will a Grexit than not. However, it pretty much predicts financial and economic chaos over the next month:

1) banks run out of euro cash within days (five days, according to development minister George Stathakis);

2) default on the ECB holdings of SMP bonds appears inevitable

3) banks turn insolvent as the ECB shuts down ELA, no later than 20 July – at this point, Greek banks need both a liquidity and capital injection

4) issuance of IOUs to pay public wages and pensions could happen as early as this month. 

Even the man who coined the term “Grexit,” Citi chief economist Willem Buiter, now thinks a Greece exit from the eurozone is the most likely outcome, or Citi’s base case, just three months after the bank said an exit was “unlikely.”

So that means, Greeks are increasingly facing the prospect of not only losing their deposits but also not being given their salaries. On top of that, switching to the drachma will create total and utter chaos.

My colleague Mike Bird outlined the financial turmoil that would ensue if Greece falls (or is pushed) out of the euro. From money running out, to the development of black markets — it’s worth a read to see the potential chaos.

While it may look like Greeks are panicking for no reason at the ATMs, they all have a very legitimate fear right now. And over the next two weeks, when Greece’s July 20 payment is up, they find themselves without any cash to withdraw.

Greece polls show ‘Yes’ and ‘No’ are tied — and a close result could be the worst outcome

Police Greece protest
Anti-Euro protesters scuffle with riot police at the European Union Representation offices in Athens, Greece, July 2, 2015.

ATHENS, Greece — the pivotal referendum that will decide this country’s future is just two days away, and it’s impossible to call.

eu flag burned in athens

If Greeks vote “Yes” to the snap vote called by Prime Minister Alexis Tsipras just a week ago, they’ll be accepting a bailout deal which may not even be on offer from its European creditors any more.

Yanis Varoufakis

If they vote “No,” they’ll reject that shaky agreement, potentially forgoing support for their shattered banking system, and beginning a chain of events which could force the small country out of the euro.

Greek Prime Minister Alexis Tsipras

Two polls Friday morning are pointing in different directions — on shows a narrow Yes victory, the other a narrow win for No.

The first, commissioned by Bloomberg and conducted by the University of Macedonia, has 43% in favour of Yes and 42.5% in favour of No.

protestors and riot police in athens

But a much bigger gap has closed since the referendum was announced — apparently when the poll started, before banks closed, 52% backed No and just 26.5% backed Yes. That’s not the first poll that has showed this effect.

NSA Merkel phone tap: chancellor saw Greek debt as unsustainable in 2011 even with another haircut #Wikileaks #Greece

The second poll, commissioned by Ethnos (a newspaper) and the ALCO pollster shows a similarly close result, but with Yes narrowly in the lead. Yes has 44.8% of those surveyed, while No has 43.4%.

Yanis Varoufakis and Jeroen Dijsselbloem

Both polls are so close that it’s impossible to give either side a definitive lead — but it looks like No has been losing support since banks were shuttered.

german chancllor angela merkel

Almost all polling suggests that the vast majority of Greeks are keen to keep the euro as the national currency. As a result, politicians opposed to the government want to portray Sunday’s vote as a referendum on the euro for obvious reasons.

Piraeus port
Mike Bird, Business InsiderTwo “Oxi” posters in Piraeus, Greece’s largest sea port. The upper one belongs to the Communist Party, the bottom one to Syriza.

No (Oxi) posters have popped up everywhere in Athens, and apparently further afield in places like Thessaloniki too. There are fewer visible adverts for Yes (Nai), but it’s clear there’s a groundswell of support for accepting the bailout deal.

worried tourists

One thing which could be particularly bad is if there’s an extremely close vote — there’s a lot of paranoia among the activists on both sides at the moment, and if either lost by less than say, 5%, it would be very easy for them to construct reasons for which the vote was unfair — that is was manipulated by the media or the government.

greek greece bank atm line queue

A narrow no vote, particularly, would be an extremely thin mandate to leave the eurozone on, and could turn the social unrest we’ve seen so far into something far uglier.

Debt talks on hold until Greece agrees reforms, warns Moscovici

An Anti-IMF sign outside the University of Athens

 Greece’s eurozone creditors will not discuss how to get the country’s sovereign debt back on a sustainable path until Athens agrees to a new economic reform programme that would release €7.2bn in desperately needed bailout funds, the EU’s economic chief said on Tuesday.

The talks over the reform programme, which have intensified in recent days, are at the centre of a three-month stalemate between eurozone creditors and the new radical leftist Greek government.

The Syriza administration in Athens has resisted many of the reforms in the existing bailout programme but needs the funding to fill its rapidly dwindling coffers.

Pierre Moscovici, the European commissioner for economic affairs, said debt issues “can only be discussed after we have agreed a reform programme”.

His statement reflects resistance in eurozone capitals to any form of “haircut” on Greek sovereign debt, which is now mostly held by EU governments and institutions.

Mr Moscovici’s comments come as the International Monetary Fund has suggested eurozone creditors may need to write down some of their Greek bailout loans to ensure the country’s debt levels begin to decline more sharply.

Officials involved in the talks said the IMF was not seeking large-scale debt relief immediately. Instead, it was warning that any concessions to Athens that allowed the government to post lower budget surpluses — the likely trajectory of the current talks — would require debt relief to make up the difference.

“Six months ago, we all concluded there was no need for debt relief,” said one senior official. “But if there’s a significant relaxation of the programme [targets], the IMF will want to see some debt relief.”

Without a return to sustainable debt levels — or a larger bailout from the eurozone to ensure Athens can continue to pay its bills — the IMF may be forced under its rules to withhold its share of the current bailout tranche, which amounts to about half of the €7.2bn being negotiated.

Wolfgang Schäuble, the German finance minister, has acknowledged that Poul Thomsen, head of the IMF’s European department, raised the issue of Greece’s mounting debt pile with his fellow eurozone finance ministers during a contentious meeting last month in Riga.

Other officials said Mr Thomsen specifically mentioned the possibility of debt relief during the closed-door session.

Mr Schäuble said that before the recent political turmoil in Athens — triggered in December when the previous government failed to get its presidential candidate chosen, forcing parliamentary elections — Greece was moving “more quickly” than planned to reach the bailout programme’s debt targets. Since January’s parliamentary elections, reaching such targets had become “more difficult”, he added.

Under a November 2012 agreement between Athens and its international creditors, Greece is scheduled to cut its debt levels to 120 per cent of gross domestic product by 2020 and “substantially lower” than 110 per cent by 2022. Debt relief was agreed as a possible way to reach the targets if Greece was able to run a primary budget surplus.

The European Commission’s new economic forecasts, unveiled by Mr Moscovici on Tuesday, showed Greece’s debt levels were rising again amid the renewed financial turmoil.

In February, Brussels forecast Greek debt would fall from 176.2 per cent of GDP in 2014 to 170.2 per cent this year; the new forecasts predict it will rise to 180.2 per cent this year.

Greek Elections 2015: The day after | LIVE

giphy

After a historic win for SYRIZA on Sunday, the business of trying to form a government starts today. Alexis Tsipras is due to receive a mandate to try to form a government but must do so within three days before passing it on to the second party, New Democracy. To see how yesterday’s developments unfolded, click here. You can also follow us on Twitter @ekathimerini.

08.18 Official results from the Ministry of Interior with 99.80 percent of votes counted: SYRIZA gets 36.34 percent (149 seats), New Democracy 27.81 percent (76 seats), Golden Dawn 6.28 percent (17 seats), To Potami 6.05 percent (17 seats), The Greek Communist Party (KKE) at 5.47 percent (15 seats), Independent Greeks at 4.75 percent (13 seats), PASOK stands at 4.68 percent (13 seats). George Papandreou’s newly formed Kinima gets 2.46 percent but fails to enter Parliament.

08.24
With 67.35 percent of the votes counted absention stood at 37.32 percent. According to the Ministry of Interior, 62.68 percent of 9.8 million registered Greek voters proceeded to polling stations yesterday.

08.45 SYRIZA chief Alexis Tsipras to meet with Independent Greeks Panos Kammenos at 10.30 a.m.The two reportedly talked in the early hours of Monday in view of forming a coalition.

09.11 Constantinos Tsoukalas, Ourania Antonopoulou, Panos Skourletis, Aglaia Kyritsi and Nikolaos Toskas enter Parliament through SYRIZA’s state list. New Democracy’s state list elects Theodoros Fortsakis, Dimitrios Stamatis, Niki Kerameos and Vassileios Economou. The rest of candidates elected through state lists are: Christos Pappas (Golden Dawn), Panagiotis Karkatsoulis (To Potami) and Aleka Papariga (KEE).

09.16 Cyprus President Nicos Anastasiades congratulates Tsipras on Twitter and invites SYRIZA chief to visit state-island.

0.9.22 More Twitter activity for Alexis Tsipras. Hugh Laurie, aka Dr House, tweeted on election night: “Bravo Syriza! Must feel like they’ve just won a giant edition of Storage Wars, but let’s hope those boxes are full of good stuff.” Tsipras’s reply: “Thank you Dr.”

09.51 Global interest on Greek election continues the day after: Britain’s Jon Snow to anchor Channel 4 News ouf of Athens tonight. Ditto for France’s David Pujadas on France 2.

10.02 SYRIZA spokesman Panos Skourletis arrives at party headquarters:

“The sun is shining, ATMs are dispensing cash, people are off to work,” he tells reporters.

10.25
Panos Kammenos of Indepedent Greeks arrives at SYRIZA HQ on Koumoundourou Square.

10.39 So far, Olga Kefalogianni, Vassilis Kikilias, Dora Bakoyianni and Nikitas Kaklamanis are leading in New Democracy’s Athens A constituency. In the Athens B constituency it’s Nikos Dendias and Kyriakos Mitsotakis.

10.41 Angela Gerekou, former PASOK deputy for the Ionian island of Corfu, who switched to New Democracy following invitation extended by Antonis Samaras, is not elected on conservative ticket.

10.43
SYRIZA deputies leading in the Athens A constituency: Zoi Konstantopoulou and Gavriil Sakellaridis. Yanis Varoufakis and Yiannis Dragasakis leading in Athens B constituency.

10.44 “The Greek election will increase economic uncertainty across Europe. That’s why the UK must stick to our plan, delivering security at home.” British Prime Minister David Cameron reacts to Greek election result on Twitter.

10.53 Antonis Samaras at ND HQ on Syngrou Avenue, expected to hold meetings with close aides and other party officials.

Radical Leftists Are About To Take Control Of Greece

An updated official exit poll in Greek election has been released showing the anti-austerity Syriza party leading with between 36%-38% of the national vote.

The party looks to be comfortably ahead of closest rivals the centre-right New Democracy party, which the poll suggests is on track to gain between 26%-28%. The far-right Golden Dawn party and newly formed centre-left To Potami (The River) are duelling for third place with between 6%-7% of the vote.

A Syriza win would end over four decades of governments led by either New Democracy or PASOK, a centre-left party that has seen its support base collapse since the onset of Europe’s economic crisis.

Although the exit polls have proven a relatively unreliable predictor of the eventual result in recent years, it at least provides the first indication of whether Syriza has succeeded in bringing its poll lead to bear at the voting booth. With the share suggested by the exit poll the party still has a chance of winning an overall majority (will current official projections showing 8.7% of the vote going to parties that will not enter parliament, Syriza would need over 36.9% for an outright majority.).

Updated Main Exit Poll (1 of 2) SYRIZA 36 – 38 ND 26 – 28 Golden Dawn 6 – 7 To Potami 6 – 7

Whether its achieves that feat will now depend heavily on how many of the smaller parties reach the 3% threshold needed to get representation in parliament. Yet even if it falls short, winning the largest share of any single party would still be testament the remarkable rise of a party that was only formed in 2004 as a loose coalition of leftist parties and groups.

As Lorcan Roche Kelly points out on Twitter, only three years ago PASOK (which the exit poll suggests could get 4.2%-5.2% of the vote) had 160 seats in parliament. Syriza had 13.

The table below shows the percentage of the vote needed for any single party to gain an overall majority in the Greek parliament:

View image on Twitter

The rise of Syriza

Years of harsh government cuts, staggeringly high unemployment (25.8% as of last October), and an economy that remains roughly 25% smaller than it was six years ago, has made the population distrustful of traditional parties and opened the door to new ones that want to take the country in a different direction.

Syriza, which in Greek is an acronym for the “Coalition of the Radical Left”, was formed in 2004 from a collection of left-wing groups ranging from Marxists and Maoists to the Greens. In 2012 the party won a 27% vote share, making it the second largest party in the Greek parliament.

Despite Syriza’s popularity, there remains a lot of confusion, at least outside of Greece, about what exactly the party stands for. Earlier this week, its 40-year-old leader Alexis Tsipras wrote an article for the Financial Times in which he laid out his party’s platform and explains his vision for Greece.

Here are the key points:

  • A Syriza victory will mean the age of Greek austerity will finally come to an end. As Tsipras says: “Austerity is not part of the European treaties; democracy and the principle of popular sovereignty are.”
  • Contrary to what many seem to believe, the party does not intend to unilaterally pull Greece out of the eurozone. Indeed, surprisingly for some, Tsipras says he aims to hit European budget targets: “A Syriza government will respect Greece’s obligation, as a eurozone member, to maintain a balanced budget, and will commit to quantitative targets.”
  • He plans to clamp down on tax-evasion by wealthy “oligarchs” to raise budget revenues and has promised to break with the “clientelist and kleptocratic practises” of previous administrations.
  • Syriza will request a “European debt conference” in which they will demand a renegotiation of the repayment terms on the country’s mountainous sovereign debt pile.

And, most importantly, the party is asking to be given time in which to deliver the reforms that Greece needs in order to put itself back into a path of economic growth and debt sustainability.

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