Greece will receive more than 35 billion euros.
The second, very important, policy concerns the
implementation of the European Semester with a
new supervision mechanism. This institution
makes rules much stricter for all member states,
irrespective of the existence of an internal eco-
nomic and fiscal crisis.
Nonetheless, the Greek presidency may have
positive multiplying effects on the country itself.
First, it is expected to be carried out in an
improved economic and, possibly, social climate.
The budget deficit is expected to fall to -2% in
2014 and to -1.1% in 2015 (i.e. below the relevant
Maastricht criterion). The debt is gradually de-
escalating: from 176.2% in 2013 to 176% in 2014
and 171% in 2015. The current account deficit will
further fall to -1.9% of GDP in 2014 and to -1.6%
in 2015 (from -2.3% in 2013) – an excellent per-
formance. Unemployment is also expected to be
slightly reduced: from 27% in 2013 to 26% in
2014 and 24% in 2015.
In order to achieve these results, the entire Greek
society has acted with admirable dignity and con-
sistency. Now, the Greek goverment is given an
ideal opportunity to make a substantial contribu-
tion to the struggle of its citizens in practical and
economic terms –by attracting investments and
visitors–, as well as in psychological terms, by
restoring the image of Greek society abroad.
Greece is not a country of Eurosceptics and
extreme phenomena. Greece remains a hos-
pitable and dynamic country, which is gradually
catching up and regaining its optimism. After all,
as President Barroso recently said, “Europe
would not be Europe today without Greece”.
Trade with Greece
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