Of the inventive use of language

Posted by Antonis D. Papagiannidis 19/06/2017 0 Comment(s) Economia Blog,

An exercise in the inventive, often circumvoluted, at times opaque, use of "wording": such is the outcome of the June 15th Eurogroup that paved the way for " the disbursement of the third tranche of the ESM programme amounting to EUR 8.5 bn to cover current financing needs, arrears clearing, and possibly room to start building up a cash buffer".


This, plus the undertaking that" IMF management will shortly recommend to the IMF's Executive Board the approval in principle of Greece's request for a 14-month  Standby Arrangement"   thus making it possible for the Fund to stay "on-board" the Greek Programme, concludes the months-long negotiations Odyssey for Greece and its creditors.


What about fiscal space allowed to Greece? Well, 3.5% of GDP is agreed up to 2020,- plus (watch out!) "with a primary surplus of equal to or above but close to 2% of GDP in the period from 2023 to 2060".


What about the crucial front of debt sustainability? Well, it should "be attained within the framework of the debt measures envisaged by the Eurogroup in May 2016". Plus, a repeat performance of earlier technical undertakings.


All of this, with a set of growth-centered proposals, whereby Greece is invited together with the Institutions as well as "relevant third parties" to develop and support by the end of this year "a holistic growth-enhancing strategy including improvements of the investment climate".


If this use of "wording" is not a reason to love "Europe", what is?

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