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BRICS Bank Is a Clear Option for Greece
17 May 2015
EIRNS—Public discussion continues in Greece on the possibility of Greece joining the BRICS’ New Development Bank. Panagiotis Roumeliotis, deputy chairman of Piraeus Bank, whom Greek Deputy Prime Minister Yannis Dragasakis has designated to investigate what would be involved in Greece’s joining the bank gave an interview to Greece’s STAR TV on why it should seriously consider this offer. "It is too early for assessments and conclusions, and the options for Greece to participate in the project are still being explored," Roumeliotis, who was also Greece’s representative to the IMF, stressed, according to the GRReporter. He said it was not a question of whether Greece chooses the West or the BRICS. "The policies that the International Monetary Fund and the European Union have implemented in Greece in recent years have led to a contracted economy and increased unemployment. Exploring other ways to support and develop the economy does not harm the interests of Greece." Roumeliotis said, since "the U.S. cooperates with China, Greece can do the same, in view of the fact that China’s contribution to financing the U.S. deficits is the highest." In conclusion, he said that the participation in the BRICS bank would not be subject to the signing of a memorandum, because "the purpose of this bank is to finance infrastructure in support of economic growth." Meanwhile, keynoting the closing dinner at the May 14-15 Athens conference sponsored by The Economist, Prime Minister Alexis Tsipras, said his country was "very close" to reaching a deal with bailout lenders, but insisted there was "no possibility" of Greece crossing its red lines, including further cuts to pensions and wages. "It appears that we have reached common ground with the institutions on a number of issues, and that makes us optimistic that we are really very close to an agreement," Tsipras said. "But several issues remain open. ... I want to reassure the Greek people that there is no chance or possibility for the Greek government to retreat on the issue of wages and pensions. Wage earners and pensioners have suffered enough." His address was entitled, "A Vision for a Europe in Change: 100 Days in Government, Achievements and Prospects for Greece." He charged that the austerity measures carried out as required in two bailout agreements were a "conscious transfer" of the recession’s repercussions onto the backs of the middle-classes and of wage-earners. "During the Memorandum, inequalities skyrocketed, unemployment tripled, pensions were dramatically slashed. The only ones who didn’t suffer were rich Greeks who quickly shipped their money abroad and continue to avoid taxes today." Dean Andromidas |
