Independent: The Curse of the Greek debt is not only economical, it is humanitarian

The wound that opened the Greek debt is not only economical, is humanitarian, writes today the British Independent newspaper.

Pain due to the debt crisis is felt by the most vulnerable groups, including the elderly, says columnist.

The anxiety in Greece extended, as pointed to statements by the Deputy Minister of Finance Jens Germany Spann, who considers possible an agreement with the International Monetary Fund (IMF) that does not require relief Greek debt that creditors have no losses on loans them, he said.

The IMF wants to make a relief Greek debt, but Germany opposes it.

The issue is not only technical in relation to the most appropriate form of debt relief for Greece. Neither is an issue that has to do with the fairness of different member states of the eurozone. Not even an issue for the future of the eurozone or even the economy in general. All count, but one thing matters most and that is the humanitarian issue for the Greeks who are faced with a social and human disaster, the newspaper notes.

The Greek economy has shrunk by more than a quarter in the past decade. The pain of the crisis is quite noticeable, but not distributed equally. Retirees see their income has decreased by half, and in some cases more. The medical services are under enormous pressure, certain drugs are no longer available. The official unemployment rate is 23% and youth unemployment reaches double rate. For the lucky and educated youth, escape is to emigrate to Britain or Germany, where there are jobs. For older and less fortunate there is no escape except to cope, often relying on charity. Of course there was a lot of mismanagement of the Greek economy, but those who mismanaged there are those who now suffer.

The tragedy is that there is a rut that countries facing financial difficulties can follow to restart their economies. This usually involves three things: debt relief, currency devaluation and structural reforms. Greece has started to make reforms, but the first two options are not available. At some stage, you need to become a debt relief and many believe that there should be and devaluation. Meanwhile, the suspense continues, hurting most those who are less strong to endure, says columnist.



Source: Independent