With an article for the local English newspaper The Gazette, Greece’s Consul General of Montreal Thanos Kafopoulos refers to financial crisis that Greece struggles with as well eurozone’s policy in regards to it.
Mr Kafopoulos writes that Greece for the first time in decades elected and accepted a coalition government which is making efforts to solve some financial problems through privatizations in order to improve the country’s bad image.
According to the Consul General, all Greek parties have realized that the Troika’s policy does not help at all; on the contrary, it causes further problems, such as recession and higher unemployment rates, reports Kafopoulos. He also stresses that any austerity measures imposed on Greece in the future would be almost disastrous for the country.
Moreover, he believes that the need to establish a central supervisory service for the eurozone has arisen, which would support banks in danger to avoid future recession.
“If this mechanism applies to Greek banks, it will have positive repercussions for the economy as a whole, given that Athens is set to receive about 50 billion euros for the recapitalization of its banking sector. It would be a relief on public finances if these funds went directly to the banks and were not added to an already bloated national debt,” writes Kafopoulos.
Consul General concludes that Europe should be led to “a political union, comprised of the member states of the eurozone area.”