Jean-Claude Juncker, the Luxembourg Prime Minister and the President of the European Group Council of the Euro Zone Finance Ministers, met with the Greek Prime Minister, George Papandreou, on Friday. He announced that the Euro Zone countries would provide the extra aid to Greece in the form of loans. The IMF chimed in by agreeing that Athens would get in July the next installment of last year’s bailout money.
This is obviously a carefully crafted political compromise meant to conceal the real conflicts underneath. Juncker hinted at what could impede further progress after this summer by insisting that there must be involvement by Greece’s “private sector creditors” — which, of course, it doesn’t have and can’t have until it institutes major reforms. And that’s why the Greeks are still taking to the streets.
Greek riots