Business Irish

Monday 18 December 2017

Greece - The view from Dublin:

Michael Noonan
Michael Noonan
Juliet Tennent, Goodbody Stockbrokers
Dr Tom Healy Director of the Nevin Economic Research Institute

"At the meeting of the 28th February you'll recall that Greece was given until the end of June and that night they brought forward a list of general proposals on which they would work.

"They are making some progress, buy I suppose there is some disappointment that progress isn't being made more rapidly, but they are making progress and they are addressing the issues.

"The timeframe given to them was the end of June, the difficulty now is that people are getting concerned, including myself about the liquidity situation in Greece and I hope that can be resolved with payments coming up so soon."

(Finance Minister Michael Noonan, ahead of the Eurogroup meeting on May 11)


"Our view remains that Greece and Europe will work out a compromise deal, despite the fact that the ever growing liquidity crisis has failed to speed up progress so far.

"While defaulting on its official loans would make it more difficult for the ECB to continue to fund the Greek banks, as long as negotiations continue then funding will be forthcoming.

"With a referendum likely to confirm that the majority of Greeks are in favour of remaining in the euro and the stated position of Angela Merkel to defend the euro, compromise remains the likely outcome."

(Juliet Tennent, Goodbody Stockbrokers)


"Greece needs to be given more time and more scope to get its revenue streams sorted out and its debt repayments rescheduled and extended by agreement. I think that Greece needs to do more on tackling tax evasion especially amongst the wealthiest in Greek society - this has been a longstanding issue which was not seriously tacked by previous governments. On the debt issue the present level of debt is just not sustainable. Europe needs to stop pretending. However, to tackle this issue will require deeper co-operation and political agreement which seems unlikely in the near future. What happens next? Hard to say. The stakes are high not only for Greece but for the Eurozone and Europe as a whole."

(Tom Healy, Nevin Economic Research Institute)

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