“We are neither blind nor deaf”

As is painfully well known to us all, the eurozone is facing a new and serious stage of the debt crisis. Unfortunately, Greece is again at the centre of such turbulence, whose impact is felt far beyond the country’s limits. Moreover, many Greeks are tired of the sacrifices and painful measures which are not equitably distributed. I know these sacrifices of the Greek people very well, but they are necessary to consolidate the country's economy.

However, we often forget how much Greece has already achieved. It reduced the budget deficit by about 16% of the GDP in 2009 and at 9% of the GDP in 2011. With continued fiscal adjustment as agreed between Greece and its partners, the deficit will reach 2% in 2014.

In the last two years, the Eurozone has provided Greece with financial assistance that has not been seen before on an international level. The loans disbursed to Greece to date stand at 147.5 billion euros and represent more than 68% of the Greek GDP in 2011.

Moreover, Greece is currently unable to pay its bills without this financial help, even if we assume that for the time being it has no debt. Greece still has a primary deficit, which means that – excluding the interest payment – it is spending more than it is receiving. However, 2014 will be the first year that Greece is expected to show a primary surplus; that is if we subtract the interest, revenues will outweigh expenses.