Eurogroup outcome on Greek debt crisis is a missed opportunity

Wednesday May 25 2016

This morning’s (May 25) decision by the Eurogroup to postpone any major debt relief measures until 2018 – and refuse to include any actual debt cancellation measures in the agreed package - is a missed opportunity.

Bodo Ellmers, Debt Justice Coordinator at the European Network on Debt and Development (Eurodad), said: "Today, the Eurogroup has both delayed an actual solution to the crisis and condemned the Greek people to more years of misery because of the harsh austerity measures they continue to face.

“The Eurogroup and the IMF continue to muddle through, in another clear example why decision-making in insolvency cases should not be left to creditors. We don’t do this when it comes to corporate insolvencies, so why do we still do it when it comes to state insolvencies?

"The EU needs to get behind an international insolvency mechanism as part of the UN system, as the current system is not working for Greece, just as it is not working for other indebted countries around the world."


Media contact: Julia Ravenscroft, Communications Manager at Eurodad: +32 2 893 0854.

Notes to Editors:

A letter sent by almost 20 debt justice organisations to Eurogroup President Jeroen Dijsselbloem ahead of the meeting can be found here.