The Heat : Greek debt crisis and austerity measures

The Heat

Demonstrators hold a poster against the austerity policy of Germany prior to a special session of the parliament Bundestag on negotiations with Greece for a new bailout in Berlin, Germany, Friday, July 17, 2015. (AP Photo/Markus Schreiber) Demonstrators hold a poster against the austerity policy of Germany prior to a special session of the parliament Bundestag on negotiations with Greece for a new bailout in Berlin, Germany, Friday, July 17, 2015. (AP Photo/Markus Schreiber)

Greece fulfilled its first obligation to Eurozone leaders this week when its parliament approved tough austerity measures. They include higher taxes, pension cuts and the sale of state assets. In return, the European Central Bank approved emergency funding to help Greece meet its immediate financial needs and debt obligations.

On Friday, German lawmakers approved starting negotiations for a third bailout for Greece, after Chancellor Angela Merkel warned an alternative to a deal was chaos.

To discuss Greece’s debt crisis, The Heat spoke to Christos Panagopoulos. He’s the Greek Ambassador to the United States.

Christos Panagopoulos on the Greek debt crisis

Christos Panagopoulos on the Greek debt crisis

Greece fulfilled its first obligation to Eurozone leaders this week when its parliament approved tough austerity measures. They include higher taxes, pension cuts and the sale of state assets. In return, the European Central Bank approved emergency funding to help Greece meet its immediate financial needs and debt obligations.

Greece received a financial lifeline this week, after accepting austerity measures mandated by European creditors to stay in the Eurozone. The approval by the Greek parliament is expected to clear the way for Greece’s third financial bailout in 5 years, worth an estimated $94 billion.

The Heat continued its discussion with these guests.

  • From Athens, Aristides Hatzis.  He’s an Associate Professor of Law and Economics at the University of Athens.
  • From London, Vicky Pryce. She’s an economist and author of “Greekonomics: The euro crisis and why politicians don’t get it.”
  • From London is Martin Sandbu.  He’s the economics writer with the Financial Times.
Aristides Hatzis. Vicky Pryce and Martin Sandbuon austerity measures in Greece

Aristides Hatzis. Vicky Pryce and Martin Sandbuon austerity measures in Greece

Greece fulfilled its first obligation to Eurozone leaders this week when its parliament approved tough austerity measures. They include higher taxes, pension cuts and the sale of state assets. In return, the European Central Bank approved emergency funding to help Greece meet its immediate financial needs and debt obligations.