Portugal Shows: There is Another Way!
On the second premature repayment of an IMF credit installment by Portugal, the President of the European Left, Gregor Gysi, declares:
"The Portuguese government which is supported by two left-wing parties after the € 2 Bn of November 2016 again prematurely repayed an installment of € 1.7 Bn to the International Monetary Fond (IMF). Thus, the country already repayed half of the received amount from the so called euro rescue programme.
The reason for this successful policy lies in the departure from the austerity policy of Schäuble and Merkel to which the government didn't bend but instead annulled the dictated restrictions and among others raised wages and pensions despite Schäuble's resistance.
The consequences were positive throughout: consumer spending capacity grew, thus the economy became activated and tax revenue increased - so that debt could be repayed.
It is all the more absurd that Schäuble and Merkel still adhere to the insanity of the cutting dictate towards Greece and other countries. They eventually should look towards Lisbon and put their failed policy aside."