Social Europe

  • EU Forward Project
  • YouTube
  • Podcast
  • Books
  • Newsletter
  • Membership

Conclusion Of Greek Bailout Review To Be Coupled With Investments

Dimitris Papadimoulis 7th April 2016

Dimitris Papadimoulis

Dimitris Papadimoulis

In January 2015 Syriza came to power with the aim of tackling austerity, bringing back social justice and growth, building on a challenging but necessary reform package, addressing sky-rocketing unemployment and poverty, fighting corruption. The task seemed impossible, but what we have witnessed so far is a government that fights against the odds every single day to keep its people and the economy alive.

The tough deal signed last summer between the Greek government and the institutions entailed additional fiscal measures, but also a series of reforms that previous governments partly agreed to in the past years but never implemented. The Greek government is now implementing a full-scale reform package that extends from the re-organization of the media landscape, based on rules of transparency, the insertion of a merit-based system in the public administration, health reform and free access to relevant services for more than 1.5m citizens deprived of health coverage, vulnerable groups, and refugees as far as the protection of the banking system, pension reform, legislation on the refugee issue and the speeding up of the fight against corruption, tax evasion and clientelism.

Corruption Scandals and the Challenging Reforms

We can hardly find a country and a government that has managed to deal with so many issues and tasks in such a short period of time. One of the major problems of the Greek political system is the deep-rooted links between a corrupted political elite, the political parties that governed Greece for the past 30 years, a number of media magnates and a group of bankers and political advisors that have created an extensive chain of anomie and bribery. The government is trying to dismantle this pathogenic chain via the new media law, the promotion of the role of justice, the proper use of Falciani and Borjans lists in order to deal with tax evasion and increase government income receipts.

In a similarly challenging field, the Greek government is introducing a reform that includes the required regulations that will render the pension system viable and self-sustaining in the long run. Given that billions of euro have been lost during recent decades in different scandals and cases of mismanagement, the aim is to secure that all people should have access to a minimum pension and that new generations will be entitled to receive a pension. Under the current, appalling conditions, it is highly probable that not only pensioners could see their primary pension at risk, but also younger taxpayers would find access to a state pension denied.

The Conclusion of the First Review of the Greek Program

For more than one month Greece and the European institutions have found common ground, but the IMF seems reluctant to agree and, moreover, it pushes for additional austerity measures to exhaust any will for compromise and suffocate Greek society and economy.

Considering the balance of power among the negotiating parties and the clear intention of all other sides to conclude the review, it’s up to the IMF to decide whether it will remain or not as a technical advisor in the programme after the successful conclusion of the first review. Nonetheless, it has to be noted that after five years of austerity programs in Greece, the European institutions have gained the necessary know-how and capacity to deal with such programs operationally, a fact that further weakens the IMF’s irrational stance and gives space for the European partners and Greece to move on without the Fund.

Growth, Unemployment, Investments

The Greek government has consistently implemented the bailout requirements since last July. It is now time for the institutions to proceed to the successful conclusion of the first review, thereby opening a new chapter for the Greek government: the fight to significantly reduce unemployment and trigger investments in the domestic economy. The European Commission’s growth forecast is positive for Greece, beginning from the second half of 2016, a fact that needs to be coupled with a proper strategy to bring in investments. Greece has great potential, a dynamic human capital and competitive areas that can flourish under conditions of political and economic stability. The Greek government is determined to move on in this direction, and investors should show trust in Greece now more than ever.



Don't miss out on cutting-edge thinking.


Join tens of thousands of informed readers and stay ahead with our insightful content. It's free.



Dimitris Papadimoulis

Dimitris Papadimoulis is Vice President of the European Parliament, MEP and head of the Syriza party delegation.

Harvard University Press Advertisement

Social Europe Ad - Promoting European social policies

We need your help.

Support Social Europe for less than €5 per month and help keep our content freely accessible to everyone. Your support empowers independent publishing and drives the conversations that matter. Thank you very much!

Social Europe Membership

Click here to become a member

Most Recent Articles

u4219834676 bcba 6b2b3e733ce2 1 The End of an Era: What’s Next After Globalisation?Apostolos Thomadakis
u4219834674a bf1a 0f45ab446295 0 Germany’s Subcontracting Ban in the Meat IndustryŞerife Erol, Anneliese Kärcher, Thorsten Schulten and Manfred Walser
u4219834dafae1dc3 2 EU’s New Fiscal Rules: Balancing Budgets with Green and Digital AmbitionsPhilipp Heimberger
u42198346d1f0048 1 The Dangerous Metaphor of Unemployment “Scarring”Tom Boland and Ray Griffin
u4219834675 4ff1 998a 404323c89144 1 Why Progressive Governments Keep Failing — And How to Finally Win Back VotersMariana Mazzucato

Most Popular Articles

u4219834647f 0894ae7ca865 3 Europe’s Businesses Face a Quiet Takeover as US Investors CapitaliseTej Gonza and Timothée Duverger
u4219834674930082ba55 0 Portugal’s Political Earthquake: Centrist Grip Crumbles, Right AscendsEmanuel Ferreira
u421983467e58be8 81f2 4326 80f2 d452cfe9031e 1 “The Universities Are the Enemy”: Why Europe Must Act NowBartosz Rydliński
u42198346761805ea24 2 Trump’s ‘Golden Era’ Fades as European Allies Face Harsh New RealityFerenc Németh and Peter Kreko
startupsgovernment e1744799195663 Governments Are Not StartupsMariana Mazzucato
u421986cbef 2549 4e0c b6c4 b5bb01362b52 0 American SuicideJoschka Fischer
u42198346769d6584 1580 41fe 8c7d 3b9398aa5ec5 1 Why Trump Keeps Winning: The Truth No One AdmitsBo Rothstein
u421983467 a350a084 b098 4970 9834 739dc11b73a5 1 America Is About to Become the Next BrexitJ Bradford DeLong
u4219834676ba1b3a2 b4e1 4c79 960b 6770c60533fa 1 The End of the ‘West’ and Europe’s FutureGuillaume Duval
u421983462e c2ec 4dd2 90a4 b9cfb6856465 1 The Transatlantic Alliance Is Dying—What Comes Next for Europe?Frank Hoffer

Eurofound advertisement

Ageing workforce
The evolution of working conditions in Europe

This episode of Eurofound Talks examines the evolving landscape of European working conditions, situated at the nexus of profound technological transformation.

Mary McCaughey speaks with Barbara Gerstenberger, Eurofound's Head of Unit for Working Life, who leverages insights from the 35-year history of the European Working Conditions Survey (EWCS).

Listen to the episode for free. Also make sure to subscribe to Eurofound Talks so you don’t miss an episode!

LISTEN NOW

Foundation for European Progressive Studies Advertisement

Spring Issues

The Summer issue of The Progressive Post is out!


It is time to take action and to forge a path towards a Socialist renewal.


European Socialists struggle to balance their responsibilities with the need to take bold positions and actions in the face of many major crises, while far-right political parties are increasingly gaining ground. Against this background, we offer European progressive forces food for thought on projecting themselves into the future.


Among this issue’s highlights, we discuss the transformative power of European Social Democracy, examine the far right’s efforts to redesign education systems to serve its own political agenda and highlight the growing threat of anti-gender movements to LGBTIQ+ rights – among other pressing topics.

READ THE MAGAZINE

Hans Böckler Stiftung Advertisement

WSI Report

WSI Minimum Wage Report 2025

The trend towards significant nominal minimum wage increases is continuing this year. In view of falling inflation rates, this translates into a sizeable increase in purchasing power for minimum wage earners in most European countries. The background to this is the implementation of the European Minimum Wage Directive, which has led to a reorientation of minimum wage policy in many countries and is thus boosting the dynamics of minimum wages. Most EU countries are now following the reference values for adequate minimum wages enshrined in the directive, which are 60% of the median wage or 50 % of the average wage. However, for Germany, a structural increase is still necessary to make progress towards an adequate minimum wage.

DOWNLOAD HERE

S&D Group in the European Parliament advertisement

Cohesion Policy

S&D Position Paper on Cohesion Policy post-2027: a resilient future for European territorial equity

Cohesion Policy aims to promote harmonious development and reduce economic, social and territorial disparities between the regions of the Union, and the backwardness of the least favoured regions with a particular focus on rural areas, areas affected by industrial transition and regions suffering from severe and permanent natural or demographic handicaps, such as outermost regions, regions with very low population density, islands, cross-border and mountain regions.

READ THE FULL POSITION PAPER HERE

ETUI advertisement

HESA Magazine Cover

With a comprehensive set of relevant indicators, presented in 85 graphs and tables, the 2025 Benchmarking Working Europe report examines how EU policies can reconcile economic, social and environmental goals to ensure long-term competitiveness. Considered a key reference, this publication is an invaluable resource for supporting European social dialogue.

DOWNLOAD HERE

Social Europe

Our Mission

Team

Article Submission

Advertisements

Membership

Social Europe Archives

Themes Archive

Politics Archive

Economy Archive

Society Archive

Ecology Archive

Miscellaneous

RSS Feed

Legal Disclosure

Privacy Policy

Copyright

Social Europe ISSN 2628-7641

BlueskyXWhatsApp