www.varchev.com

Greece Wants a Debt Break. What About Its Poorer Neighbors?

Rating:

12345
Loading...

But if Tsipras is to bring home the deal he feels Greece deserves, he will have to more than face down the Germans. He’ll have to win over skeptical taxpayer in other euro zone countries, reassure European leaders worried about insurgent challenges of their own and make the case that – in a Europe still reeling from the 2008 global financial crisis – Greece is uniquely deserving of assistance.

Even after seven year of devastating recession, Greece remains much richer than most of its neighbors. Its gross domestic product is $22,000 a person. Albania's is $4,000, Macedonia's $5,000. In Bulgaria – like Greece, a member of the European Union – it’s $8,000.

“It’s very difficult to make the point to a worker in Bulgaria that they should give part of their taxes to help people in Greece who are richer than they are,” said Ruslan Stefanov, director of the economic program at the Center for the Study of Democracy in Sofia. “If you are spending money like that in Greece, you should spend money in Bulgaria and other Eastern European countries. This is an argument that is being made by politicians here.”

“There is a clear understanding that Greece has not done enough to request more help from its partners in Europe,” said Stefanov. Like Bulgaria, Greece is a net beneficiary of the EU, receiving far more than it sends to Brussels, in agricultural subsidies and funds the union allocates to its poorer states. Between 2014 and 2020 it is slated to receive more than €17 billion from the EU.

“Greece has been receiving EU funding since 1982. I mean, come on, it’s been quite lavish funding," Stefanov said. "Is this not a Marshall Plan?”


 Varchev Traders
RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.
WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.
Varchev Finance

London


25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256

Universal numbers

World Financial Markets - 0700 17 600    Varchev Exchange - 0700 115 44

Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.

Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006

The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.


Disclaimer:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

chat with dealer
chat with dealer
Cookies policy