Juncker looked back to May 2015, when he offered his support to “fair and effective” collective bargaining systems.“There is no ‘one-size-fit-all’ in the social acquis or in the economic textbook when it comes to organizing collective bargaining.Beyond various reforms, IMF demands lowered fiscal targets and debt relief – applied only to the European part of the official loans, not its own.Debt relief measures were promised by European lenders at the inception of the current third financial assistance programme.Let me add that there is no place for ideology either,” Juncker said, mentioning Commission’s social impact assessment of the new bailout programme two years ago.“When it comes to labour market reforms, we pushed for a group of independent experts to make recommendations in the light of European and international best practices,” added Juncker, fully supporting the experts’ recommendations that were issued last autumn.
Secondly, these measures should also allow all the institutions, including the European Central Bank, to proceed with positive sustainability studies of the Greek debt.
There is certainly promising good news: economic growth in the past two years was much better than expected and growth is set to accelerate in the coming years.
Unemployment is decreasing, though painfully slowly. The Greek government’s primary budget surplus well exceeded expectations and reached 3.9% of GDP in 2016.
The Greek government now expects the Eurogroup to come up with debt relief measures. The conclusion of almost every review of the various Greek financial assistance programmes went the same way and left largely unfulfilled expectations for debt relief.
Meanwhile, even though almost two-thirds of the three-year financial assistance programme has passed, the IMF is still hesitating to join this third programme.