Greek prime minister declares 'day of liberation' as strict EU debt controls come to an end
Alexis Tsipras likened end of bailout to Homer's Odyssey
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Greece’s prime minister has declared a “day of liberation” for the country following the end of extraordinary European Union debt and budget controls this week.
Leftist Alexis Tsipras said Greece had been on a “modern day Odyssey” after the imposition of harsh austerity measures and unpopular reforms.
The austerity policies saw unemployment swell to a high of 28 per cent, the economy shrink by a quarter, a third of the population fall into poverty, and hundreds of thousands of people leave the country.
“This is a day of liberation,” the Syriza leader said in a speech on Ithaca, the home of the legendary Greek hero Odysseus.
“We will not commit the affront of ignoring the lessons of the bailout on Greece. We will not let oblivion mislead us.”
He added: “We will never forget the cause, or the people who led our country into bailouts.”
Mr Tsipra’s party was elected on an anti-austerity platform in 2015 but failed to significantly renegotiate the country’s bailout terms, and instead became responsible for the imposition of the measures specified by Greece’s international creditors.
Ithaca will once again be identified with the end of a modern-day Odyssey
The government backed down from its original policy after Greek voters supported the bailouts in a referendum, with the alternative option being exit from the eurozone.
Greece has been running a primary budget surplus for years – taking more in tax than its state spends, with the exception of massive interest payments.
Despite the progress, the country will be expected to continue running primary surpluses for decades to come after EU creditors and Brussels refused to consider significant debt relief.
Greece has now saved a cushion of 24 billion euros in cash raised through taxation, in a highly unusual fiscal strategy for a sovereign state.
Following completion of the €61.9bn (£55bn) European Stability Mechanism bailout, Greece can now borrow money on the international fund markets again – though it is not expected to quite yet as rates will still be expensive.
“Ithaca will once again be identified with the end of a modern day Odyssey,” Mr Tsipras said on Tuesday in his speech, which was laden with references to Homer’s epic poem.
“Three-and-a-half years ago our people took a historic decision. To take the helm away from those who led it to the rocks, and to give it to new captains.”
Opposition politicians, who polls currently suggest will oust the leftists at elections scheduled for next year, criticised the prime minister’s message.
“The symbolism of Ithaca is false,” centre-right New Democracy leader Kyriakos Mitsotakis said. “We have not reached the end of the journey. Today is the end of cheap financing, but the tough measures and heavy commitments signed by Mr Tsipras will continue.”
Only four countries have shrunk more than Greece in the past decade, according to IMF figures: Yemen, Libya, Venezuela and Equatorial Guinea.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments