ギリシャ再選挙 ユーロ離脱は避けられたが

The Yomiuri Shimbun (Jun. 20, 2012)
Greek poll outcome must be 1st step toward ending crisis
ギリシャ再選挙 ユーロ離脱は避けられたが(6月19日付・読売社説)

Parties calling for the maintenance of austerity policies expanded their support among voters in a Greek parliamentary election held Sunday, making it likely the country will avoid the worst-case scenario of a departure from the eurozone.

This must serve as the first step toward ending the Greek turmoil and containing the European debt crisis.

Election results show the center-right New Democracy party gained the biggest number of seats, while center-left PASOK placed third. The two pro-austerity parties thus managed to acquire a parliamentary majority.

The anti-austerity radical left Syriza bloc came in second.

If the Syriza bloc had won the election, the European Union would have almost certainly withheld financial support for Greece. If this led to the country's departure from the eurozone, it would have dealt a great blow to the world economy, including Japan.

We applaud the Greek people for making a wise judgment at the eleventh hour. It is quite natural that finance ministers of the Group of Seven industrialized nations, including Japan and the United States, issued a statement that Greece staying in the eurozone while fulfilling its commitment to carry out fiscal austerity policies would be beneficial to all parties.


Outlook still uncertain

But the prospects for the future remain unclear. The fact that stock price rebounds in Tokyo and other Asian markets and the buying back of the euro were limited indicates market skepticism about the possibility of Greece's economic rejuvenation.

A host of challenges lie ahead. First, New Democracy must hold talks on the formation of a coalition government. It is necessary to establish as soon as possible a stable coalition government aimed at restoring fiscal health.

Taking into consideration the people's opposition to fiscal austerity policies, New Democracy told voters during the election campaign that it would again hold negotiations with the EU to reexamine bailout terms and pledged to push back the date targeted for fiscal reconstruction.

But there is strong pressure from Germany and other eurozone countries for Greece to push through austerity and structural reform policies.

Simply tightening fiscal discipline will only invite a backlash from the people, making it impossible to open up new prospects. The Greek economy is expected to suffer continued negative growth. A sharp rise in runs on banks is amplifying financial unrest.


Exploring breakthrough steps

We urge Greece and the EU to explore the possibility of working out breakthrough measures so fiscal rehabilitation and economic growth can accompany each other. It is worth studying revitalization measures utilizing a bailout framework that will include the European Investment Bank.

Financial uncertainty also is becoming serious in Spain, where banking business deteriorated due to the slump that has occurred in the aftermath of the bursting of the property bubble. Delay in taking action to deal with the Spanish crisis will send the EU into a vicious circle in which the crisis expands.

Following a summit conference of the Group of 20 economies that opened Monday in Mexico, an EU summit meeting will be held late this month. Germany and France are urged by the international community and markets to display leadership in formulating comprehensive prescriptions to remedy the European crisis.

(From The Yomiuri Shimbun, June 19, 2012)
(2012年6月19日01時28分 読売新聞)

by kiyoshimat | 2012-06-21 06:52 | 英字新聞

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