Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-05-17-Speech-3-060"
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"en.20000517.4.3-060"2
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"Mr President, Greece meets the convergence criteria according to the European Commission’s verdict, which is based on a very nominalistic interpretation. Every self-respecting economist knows that Greece, despite the impressive achievements of the past couple of years, does not yet have inflation and government debt sufficiently under control or in order.
The Greek government has major financial interests in an extensive number of government enterprises which are mostly loss making. In 2001, the derogation for the liberalisation of various sectors will lapse, at which point the large hidden government debt – half the size of the current one – will become public. Why did the Commission not take these skeletons in the cupboard into consideration during the assessment? On 17 January last, the Greek drachma was revalued by 2.5%, mainly to push down inflationary trends. At the moment, the short-term interest rate in Greece is about 600 basic points above the European Central Bank’s level. Participation from 1 January 2001 means that the short-term interest rate must come down by the end of this year at the latest. As a result, the credit facility will expand considerably and Greece will be unable to meet the inflation criterion. Why does the Commission turn a blind eye to this?
In the interests of the Greek citizens and a more flexible development of the Greek economy, we are forced to decline our support for this Commission proposal."@en1
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