> must bring deficit-to-GDP ratio from ~5.8% down to 3% within 3 years
Or what? (Seriously.)
Greece was forced to the table because the market wouldn’t lend to it. So long as France has lenders, why does this rule matter?
Or what? (Seriously.)
Greece was forced to the table because the market wouldn’t lend to it. So long as France has lenders, why does this rule matter?
France has snowballing debt with virtually no prospects of growing out of it by itself. So what is going to happen? It's a very dangerous situation that is only feeding the euroskeptics even more.
Really, because the ECB wouldn't support it. Lots of EU economies (at the time) had great difficulties accessing the markets.
Why is this relevant? Athens was bailed out by other European countries and by the IMF. That’s why it had no leverage. France is not in a similar position, partly because its population is also a huge investor itself.
Because it demonstrates that this is a political process, not a technocratic one.