Tag Archives: European Stability Mechanism

Anyone for debt tennis?

“Breakfast with Samaras. You would never guess he’d won Wimbledon so many times,” tweeted @Queen_Europe, a fake Angela Merkel account, on Friday morning as the German Chancellor met Greek Prime Minister Antonis Samaras. The New Democracy leader is known to like a game of tennis but he is certainly no Pete Sampras.

In fact, he admitted that his tactics at this summit were limited; a serve and volley game that lacked any forehand or backhand flourishes.

“I prefer to be defensive on this issue,” Samaras said in response to questions about the longstanding matter of Greek debt sustainability. The Greek leader said his aim was first to conclude negotiations with the troika, secure the all-important bailout tranche of 31.5 billion euros and then consider all other matters.

Continue reading

Independence Day

Illustration by Manos Symeonakis

Every year, Greece celebrates its independence on March 25. It marks the date when the revolution against Ottoman rule began in 1821. This March 25, though, the proposition of Greece standing on its own will not seem so attractive. Should the European Union leaders’ summit on March 24-25 end in disappointment — as many expect it to — debt-stricken Greece will be left dangerously isolated.

Prime Minister George Papandreou has spent the last few weeks furiously trying to cultivate contacts with his European counterparts — including German Chancellor Angela Merkel, French President Nicolas Sarkozy and European Council President Herman Van Rompuy — in the hope they might be able to sway opinions ahead of the March 25 summit and a meeting of leaders from eurozone countries on Friday, March 11.

Continue reading