Handelsblatt: Greece will need a 4th bailout memorandum

11 April 2017
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The German financial daily Handelsblatt on Monday offered up a pessimistic view of the current economic situation in Greece, saying the country will need a fourth bailout program.

Under a headline of “Greece a prisoner of the crisis”, the Düsseldorf-based daily said Friday’s agreement at the Eurogroup meeting was not a success but rather “another simple step along a difficult road.”

“It’s practically impossible for the country to exit the crisis soon. With the return of the institutions to Athens, the road is open, at least, for a conclusion of the second review and the disbursement of the next (loan) tranche. However, there is no reason for Greece or creditors to breathe a sigh of relief. The situation remains difficult; the country is still far off from its rescue.”

Moreover, the German daily charged that Greek PM Alexis Tsipras has delayed implementation of structural reforms for several months, reforms he promised to deliver in the summer of 2015, when he accepted, signed and ratified the third bailout memorandum.
Delayed reforms cited by Handelsblatt include a liberalization of the energy sector in Greece and cuts in the social security sector, as well as privatizations.

“The (Greek) government only accepts privatizations after forceful pressure by creditors, ones that it subsequently sabotages with a variety of tricks,” the paper added.

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