"Your interest rates remind me of profiteering!

A full frontal attack was launched by Mrs. Vasso Papandreou against Troika members during their scheduled meeting, with her stating that the program is not working, while she also made indirect accusations about lender opportunism.

Ms. Papandreou addressed Mr. Paul Thomsen and the other representatives of the Troika, stating that “The program has taken the wrong direction and cannot work. 110 billion at such a high interest rate is almost loan-sharking”. Additionally, the House Chairman of the Committee of Economic Affairs noted that “the program provides for a reduction in wages, pensions, income and deductions in connection to banks that do not provide the market with cash, and the smaller businesses have started to despair. The country is facing a recession of 4.5%”. She proceeded to ask her interlocutors: “Is this the crisis exit program?”.

She argued that the gradual debt shift from state lenders to private lenders is only geared towards the “support of Franco-German banks”.

The “whipping” of the Troika members by Mrs. Papandreou went on, with the parliament member telling them that “while we are talking, there are ongoing negotiations about 2012-2013. Will these measures be within the same framework of what you have already suggested? If yes, then the situation will worsen. Do not forget that we are already on the brink of social revolt, which almost happened just yesterday. You cannot forget that Greece is a country within the EU, that besides numbers it also has people”.

Mrs. Papandreou also spoke of a leadership vacuum within the EU, stating that “today there is no vision, nor leadership. The measures instituted today are as if some people are seeking Greece’s punishment, when instead they should have perspective”.

All the statements made by the PASOK MP seem to mostly bother the German representative of the ECB, who stated “I am surprised, because I expected a mood towards a solution, but I notice that there is only moaning and indifference”. Mrs. Papandreou answered that “You did not give away any money. We borrowed it with extortionate, almost loan-sharking terms”.

On the other hand Mr. Paul Thomsen, head of the IMF, stated that “From 2000 until today, the Greek economy has reduced competitiveness by 20%-30%. A current account deficit of 5%-6% is unsustainable, so you can imagine what can be true for Greece, whose deficit is 10%. You should therefore be more productive and push forward with the reforms. We, on our part, allowed for the biggest lending we could, so you must push for reforms. Additionally, Mr. Thomsen answered the proposals of New Democracy party MPs Manolis Kefalogiannis and Giannis Vroutsis, on an adaptation of the Troika pogram to everything suggested by ND chairman Antonis Samaras in Zappeion, saying “Your proposals suggest putting the cart in front of the… horse”.

Finally, Mr. Mathias Morse, the EU representative, argued that “economic reform is necessary and will lead to consolidation”. To Mrs. Papandreou’s comments that this has not happened in any country, he replied that “this has happened in Belgium, where debt was reduced by several million euros”.