Brussels, 12/04/2016 (Agence Europe) - On Monday 11 April, Greece and Portugal adopted a joint declaration denouncing the “self-defeating” economic austerity policies brought in as a response to the sovereign debt crisis in the Eurozone.
“As Prime Ministers of two countries with a similar policy experience in the context of their respective adjustment programmes, we share the conviction that austerity-only policies are wrong and insufficient to overcome the existing challenges”, Alexis Tsipras of Greece and António Costa of Portugal stated, following a meeting in Athens.
Having completed a three-year bailout plan in May 2014, benefiting from financial aid of €78 billion (EUROPE 11082), Portugal narrowly avoided a negative opinion of the European Commission on its 2016 budget, by promising to adopt further savings measures (see EUROPE 11488). Greece, which has been on financial life support since 2010, is trying to conclude the first monitoring mission of its third bailout plan with its creditors (see other article).
The two leaders announced their intention to put forward a “progressive” programme detailing measures to make the governance of the Eurozone more democratic and to promote “socially just and environmentally responsible” growth to support the creation of quality jobs. (Original version in French by Mathieu Bion)