Greece and Its Bail-Out Packages: Another Tragedy?

Greece is the first and only EU member country to request the international community to provide two relief. The main donors of financial aid are the International Monetary Fund and the European Union (in particular the European Central Bank). The Greek government has received over 200 billion euros of debt and interest payment dates. (BBC 2012) However, not only is the amount enormous but also the requirements are the same. In 2010, Greece was asked to reduce the budget by 30 billion euros over three years, but INF experts demanded further spending cuts in 2011.

Today the total Greek debt is 226.6 billion euros. An increase of EUR 2.65 billion over the previous quarter. European countries have a portfolio of EUR 86 billion designed to save Greece. The euro group consisting of the finance ministers of the EU member states can decide to unlock some of the portfolios to support Greece. On the 15th, the euro group decided to provide the country with a loan of EUR 8.5 billion to enable debt repayment in July. However, the government is committed to strengthening austerity measures. Most importantly, Aléxis Tsípras could not get what he was looking for: to be part of the ECB 's quantitative easing program and debt relief. This is the reason why the quantitative easing policy works and the reason the Greek government wants to be part of it.

Greece relief negotiations are attracting attention again. On Monday, the euro group met in Luxembourg to discuss the announcement of a new financial aid plan of 2.8 billion euros to Greece within the framework of the third round of relief. On Monday morning, Moskovsky European Commissioner said Greece had made the necessary reforms to free the funds. But at the conclusion of the meeting, the euro area finance minister decided to pay EUR 1 billion. The second part is based on the condition that the Greek government will provide new economic data during the month.

The failure of the Greek economy is the same as stated in Iceland's relief. The European Union and the International Monetary Fund caused a major conflict in Greek salvation in European countries to accept this relief. After a long discussion Greece received $ 146 billion of aid from the European Union and the International Monetary Fund. "The world has a great interest in providing a meaningful future to the IMF, not as a" final lender "but as a" crisis and prevention manager "to be more realistic (Litan ), R), 1998). My suggestion is to implement a new global credit regulation while using the International Finance Fund as global financial regulators and regulators.