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EU institutions must back Greek debt relief - Carthy

10 July, 2015 - by Matt Carthy MEP

Sinn Féin MEP for the Midlands North West and member of the Economic and Monetary Affairs Committee, Matt Carthy, has today said it is time that the EU institutions and member state governments accede to debt relief for the Greece.

Carthy stated:

“The Greek government have stretched their mandate to the limit.  Having secured an overwhelming endorsement of their strategy from the people of Greece they have continued to show willingness to compromise in the face of hostility from many European leaders.  They are now accused of have both having capitulated and of being uncompromising in the one breath.

“The fact is that the Greek government have balanced their mandate with a willingness to compromise since coming to power in January.  In their latest proposals they have arguably stretched their mandate to the limit.  The EU institutions and member state governments must now reciprocate by agreeing to the Greek proposals. 

“Furthermore, the Greek Government request for debt relief must be delivered if there is to be any prospect of entering a process of economic functioning that would allow for dealing with a new programme.

“The Syriza Government has displayed courage and integrity in negotiations. The actions of the Troika, on the other hand, have been appalling.  They have led a strategy of deliberate suffocation of Greece’s finances and economy and have threatened to sink Greece's banks unless the Syriza government bowed to their demands.

“They have engineered a situation where Greece may be forced to leave the Eurozone simply because they have been concerned with political, rather than economic, considerations.

“We are now in a crucial period.  It is now time for EU institutions and governments, including the Irish government, acknowledged the huge compromises that the Greek government has made and agreed to a sustainable deal that will provide some hope for Greek and European economic recovery and development.” 

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