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Promsises must be kept. Political winds do not change the agreements.
ESPECIALLY when the gov't is the same!
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Since the crisis has abated, however, the political pressure for eurozone countries to carry out a major writedown of Greek debt has also eased. Still, the November 2012 agreement requires Greek creditors to begin getting the country's debt levels "substantially below" 110 per cent of GDP by 2022.
There are a lot of other promises for Greece in those agreements as well, which have not been upheld.
That 110% debt projection was completely unsupported by anything....
Here's another gem by R and R: "Greece has been in default for over 50% of its existence."
Is anyone really going to read the body of the text after that?
Thought so. They did promise talks about debt relief, nothing more.
The Eurogroup is confident that, jointly, the above-mentioned initiatives by Greece and the other euro area Member States would bring Greece's public debt back on a sustainable path throughout this and the next decade and will facilitate a gradual return to market financing. Euro area Member States will consider further measures and assistance, including inter alia lower co-financing in structural funds and/or further interest rate reduction of the Greek Loan Facility, if necessary, for achieving a further credible and sustainable reduction of Greek debt-to-GDP ratio, when Greece reaches an annual primary surplus, as envisaged in the current MoU, conditional on full implementation of all conditions contained in the programme, in order to ensure that by the end of the IMF programme in 2016, Greece can reach a debt-to-GDP ratio in that year of 175% and in 2020 of 124% of GDP, and in 2022 a debt-to-GDP ratio substantially lower than 110%.
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