Eurogroup austerity measures towards Greece

A selection of goodies with the the help of Varoufakis’ interpretation.

1. VAT rises

  • Destroy the only Greek growth industry – TOURISM
  • Price increases with lower wages


Reform of the pension system and public services.

  • Reduce the lowest of the PENSIONS and establish LOW-PAID employment.
  • Nevermind that in 2012, the troika messed with the pension system in an attempt to re-scale greek debt.
  • Greek Statistics

Safeguarding of the full legal independence of Greek statistical service

  • Complete control of the way Greece’s budget balance is computed, with a view to controlling fully the magnitude of austerity it imposes on the government.

4. These measures may prove too little.

Full implementation of the relevant provisions of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union.

  • this includes accepting further austerity if their doomed to fail plan of austerity fails or else AUTOMATED AUSTERITY


The adoption of the Code of Civil Procedure, which is a major overhaul of procedures and arrangements for the civil justice system and can significantly accelerate the judicial process and reduce costs.

  • ACCELERATE Foreclosures, Evictions and Liquidation of thousands of HOMES and BUSINESS who are not in a position to keep up with their mortgages/loans


The reform measures need to be seriously strengthened to take into account the strongly deteriorated economic and fiscal position of the country during the last year

  • PAY for troika’s asphyxiation tactics causing the sharp economic deterioration of the past six months – the victim is being asked to take the blame by the on behalf of the villain

8. Europe decides which measures to take

The Greek government needs to formally commit to strengthening measures in a number of areas identified by the Institutions.

  • Ambitious pension reforms = CUTS
  • Policies to fully compensate for the fiscal impact of the Constitutional Court ruling on the 2012 pension reform = cancel the 2012 Court’s decision in favour of pensioners

9. PRIVATISE electricity

Privatise the electricity transmission network operator unless replacement measures can be found that have equivalent effect on competition, as agreed by the Institutions

  • Sell the public owned assets to our friends. Friends like those that gave you loans and brought you here.

10. LABOUR law.

Undertake rigorous reviews and modernisation of collective bargaining, along the timetable and the approach agreed with the Institutions. On the basis of these reviews, labour market policies should be aligned with international and European best practices.

  • NO collective bargaining is allowed
  • BAN industrial action
  • Collective dismissals up to the employer
  • There should be no mechanisms that waged labour can use to improve their working conditions


Develop a significantly scaled up privatisation programme with improved governance, valuable Greek assets will be transferred to an independent fund that will monetize the assets through privatisations and other means

  • East German-like Treuhand is envisaged to sell off all public property but without the equivalent large investments that W. Germany put into E. Germany in compensation for the Treuhand disaster.
  • Public assets sold off at ridiculous prices
  • Independent fund meaning run by the creditors


Modernise and significantly strengthen the Greek administration and to put in place a programme, under the auspices of the European Commission, for capacity-building and de-politicizing the Greek administration

  • Turning Greece into a democracy-free zone modelled on Brussels, a form of technocratic government, which is politically toxic and macro-economically inept.
  • Lower the wages

13. Lets be friends again

Fully normalize working methods with the Institutions, including the necessary work on the ground in Athens, to improve programme implementation and monitoring.

  • You have been mean not to let us come to Athens and literally interfere with your work, while enjoying your sunshine, which damn we cannot privatise.

14. We legislate, you vote.

The government needs to consult and agree with the Institutions on all draft legislation in relevant areas with adequate time before submitting it for public consultation or to Parliament.
Backtrack on previous programme commitments.

  • Oh and take back that legislation you have not asked us for since you started as a goverment.

15. In DEBT forever.

The possible programme financing needs of between EUR 82 and 86bn.

  • You don’t need so much money to borrow, but in case you ask for debt-relief, then there you go you have enough now to be able to pay some of your debt and then dive into more debt. Until, then we keep robbing you, and in the end we don’t care. We will not be here anyway. Someone else will solve the problem.…/the-euro-summit-agreement-on-g…/


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