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FOCUS: Greek State No Longer Afraid of Troika


According to the German magazine “Focus,Greece has a negotiation advantage over its creditors this time. In the related article, Robert Halver, an analyst of Baader Bank, estimates that “the next loan installment to Greece will surely be approved by the creditors.”

The article, which is published in Focus’s web edition, under the title “No mood for disputes with Europe towards the new reforms,” mentions the confidence with which the Greek government faces its lenders.

“The Greeks are aware of their advantageous position this time” the article continues with reference to the tension between Troika and Athens during the recent negotiations: “Troika’s officials, who are monitoring the progress of the Greek economy, have left Athens in disappointment as the Greek Prime Minister, Antonis Samaras, does not want to adopt the necessary reforms.” At that point it was underlined that we have seen troika depart from Athens many times, each time Greek officials backed down to Troika’s demands, as the fear of a potential default of the Greek economy was imminent.

However, this time, the situation is different.

As the threat of a possible Greek default is currently out of sight, troika cannot put Greece under the same pressure.  Mr. Halver notes that “Greece has an advantage over its creditors during the current negotiations.”

According to Focus, the advantage that the Greek officials gained, is a result of the reforms that have been applied. These reforms seem to be fruitful despite troika’s criticism. The fact that Greece’s economy is back on track can be reassured firstly by the flattering comments that OECD made and secondly by the fact that Moody’s Investors Service recently upgraded the Greek Economy. Another positive fact is the 17 million tourists that visited Greece last summer. Last but not least, Focus pinpoints the fact that the country’s budget achieved primary surplus, a major accomplishment for Greece.

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