German media focused directly on the publication of a 40-page “supplemental MoU” on the Greek program, unveiled by the Commission on Thursday, with Handelsblatt noting that Greece will remain under creditors’ supervision for many decades to come after the third bailout ends in August 2018.
The German daily also notes that “compared to Italy, the Greek crisis is nothing”.
In an article entitled “Greece under strict supervision for decades”, Handesblatt says Greek PM Alexis Tsipras continually refers to a “clean exit” from the memorandum era, “…yet as time passes it becomes clearer that completion of the program does not mean an end to the terms placed by creditors. Even after the support program ends Athens will remain in a state of supervision, as shown by the supplemental MoU … Monitoring will continue by 2050 at the earlier.”
In comparing the political developments in Italy with the situation in Greece, Spiegel Online says that a possible Italian crisis would far exceed the damages recorded in Greece.
“Italy is the third largest economy in the Eurozone, corresponding to 25 percent of the Eurozone’s debt. In case the Italians stop servicing the country’s debt, that would mean the end to the euro, and Germany would lose what it has given up until today for its salvation.”
