Discussing Greece crisis in European Parliament…

Jörg Asmussen of ECB (the German representative) gave a statement at the Committee on Economic and Monetary Affairs of the European Parliament. The statemente was with respect to measures taken in Greece and how they will help lower debt and bosst competitiveness.

With the speech come this interesting sets of Qs asked by Several Political Groups Within the European Parliament. The qs are answered by Asmussen and Olli Rehn (Vice President of the Commission).

Sample the qs:

European People’s Party (EPP) : The EPP’s questions ask whether there is a campaign to hide the reasons of the crisis and to blame Europe and the Troika; whether the financial support provided to Greece is sufficiently appreciated in Greece; and whether the Commission, ECB, and IMF are aware of an “alternative Troika” established by another political group.

Alliance of Liberals and Democrats for Europe (ALDE): ALDE’s questions focus on three different areas, on the strength and weaknesses of the Troika, on the loss of confidence in the Greek economy and on an investment programme, which could be financed by privatisation receipts.

The Greens / European Free Alliance (Greens/EFA): Most questions by the Greens/EFA relate to the debt sustainability analyses that are jointly prepared by the Troika.

European Conservatives and Reformists (ECR): The ECR group asks about the mechanisms to ensure that Greece will not miss the deficit and debt targets and whether a debt of 120 percent of GDP is sustainable.

European Freedom and Democracy (EFD): EFD questions are on privatisation. The issue whether companies that will be privatised would be obliged to continue trading their shares at the Athens stock exchange has not been discussed between the Greek Government and the Troika.

Non-Attached Members (NI): The NI group has asked for the view of the Troika on whether the replacement of Mr. Papandreou by Mr. Papademos was a legitimate democratic act.

All kinds of qs asked by different parties. Usually econs are amused by the ignorance of economics amidst politicians. The parties in European Parliament look fine.

It will be very interesting to follows the discussions in EP. The politicians must be getting forced to take economic lessons of not just their own economies but  the other member economies as well. You just don’t know which one will create what kind of problem…..


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