ADVERTISEMENT

Greece feels ‘humiliated’ over eurozone bailout delay

November 21, 2012 04:47 pm | Updated November 17, 2021 04:26 am IST - Athens

Greek Prime Minister Antonis Samaras speaks at a business presentation organized by the youth wing of his center-right New Democracy party, in Athens, Tuesday, Nov. 20, 2012. Samaras described EU negotiations in Brussels Tuesday to try and address Greek debt sustainability as "incredibly difficult." (AP Photo/Petros Giannakouris)

The failure by eurozone finance ministers to reach a decision overnight on the release of Greece’s next loan tranche prompted an outpouring of angry reaction from Athens on Wednesday, with the main opposition saying the country was being “humiliated.” “The government is doing all their favours and is being humiliated in return,” said Dimitris Papadimoulis, from the radical left SYRIZA party.

SYRIZA, which has been ahead in opinion polls, has said that it would cancel the reforms and fiscal measures passed by Greece’s three-party coalition earlier this month as part of the country’s efforts to meet the terms of its bailout agreement with the European Commission, the European Central Bank and the International Monetary Fund (IMF).

In a show of increasing frustration, Greek Prime Minister Antonis Samaras said delays could not continue and called on the eurozone and the IMF to live up to their commitments.

ADVERTISEMENT

“Greece did what it had to and what it had committed to,” Mr. Samaras said in a statement “…Our partners now have a duty to meet the responsibilities they have assumed.” The failure by the eurogroup to reach an agreement means that Athens has to wait to find out if the loan instalments will be disbursed next month. The government has said it will run out of cash reserves towards the end of November.

The president of the Ministers’ eurogroup panel, Jean-Claude Juncker, said he remained confident that the aid would soon flow, blaming the delay on the need to carry out “precise calculations” and the wish by some ministers to consult with national leaders.

He said he intended for the ministers to resume their talks at noon on Monday. When asked about when Greece would finally receive the repeatedly delayed bailout tranche, he said: “I don’t know when this will happen.” But he was quick to add that he is “massively interested in Greece getting its next tranche and I assume that it will be so.”

ADVERTISEMENT

This is a Premium article available exclusively to our subscribers. To read 250+ such premium articles every month
You have exhausted your free article limit.
Please support quality journalism.
You have exhausted your free article limit.
Please support quality journalism.
The Hindu operates by its editorial values to provide you quality journalism.
This is your last free article.

ADVERTISEMENT

ADVERTISEMENT