Bailout bad for Greeks, good for creditors: Pundit
Press TV has interviewed Marco Pietropoli, an economist from Bristol, and Brent Budowsky, a columnist with The Hill newspaper from Washington, to discuss the impact of a new bailout on Greece’s struggling economy.
Pietropoli describes as totally wrong the current process of giving foreign monetary fund to Greece in exchange for tough austerity measures on its people, saying the bailout will not help Greece, but the vast majority of the fund is going to reach into the hands of the country’s creditors.
The bailout is expected to impose further debt and burden on Greece, which is on its knees due to the financial crisis, he notes, adding that the aid package will not be able to save the country’s economy without a “substantial debt relief.”
As a result of dwindling government revenues, the economy of Greece will get worse, the economist says.
Budowsky, in turn, maintains the conservative authorities, particularly in Germany, have done a terrible job by imposing austerity on Greece at the time of hardship because the Greeks need job opportunities and economic growth so they could leave behind the current difficult situation.
Pointing to the 1953 debt relief granted to Germany, which was to pay reparations after World War II among its other debts, Budowsky argues Berlin should now adopt a similar measure and forgive the Greek debt.
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