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Monday 28.07.2014 | Name days: Cecīlija, Cilda

Economist: saving of Greece will reduce stress in financial markets

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Martins Kazaks

The agreement of Eurozone finance ministers upon a new financial assistance package to Greece is a good decision to resolve this country’s situation in a short term.

Namely, it will let Greeks avoid bankruptcy in a short term and reduce stress in financial markets which is good for the economic development in European Union (EU) and the world in general, the Swedbank senior economist Martins Kazaks says.

This decision was necessary to reduce a short-term tension and it has also reduced risks of a deep recession in eurozone economies and EU, but it does not solve all problems, Kazaks stressed.

«Actually, it is still a purchase of time – to Greeks, so that they could put in order their economy, and less stress in finance markets will let them do it a bit easier, and also to other weak EU economies – like Spain and Italy, as the tension of instability in Greece and finance markets decreases. It will allow to cut the budget deficit less painfully,» Kazaks explained.

He added that we will keep hearing that Greece is unable to fulfil requirements of the creditors, there will be a mutual haggling and threats not to give the financing, and success or failure of the programme will depend both on Greece’s ability to meet the requirements, and the global and European economic development.

«The debt amount, even after the partial write-off, is still enormous, and the debt will need to be written-off again. This means that the Greece’s epos has not yet come to its end,» Kazaks predicted.

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