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Greece cannot adopt further austerity measures

Tuesday, May 26 2015
Greece is committed to liberalizing its economy, reforming its pension system and running a reasonable primary budget surplus, Finance Minister Yanis Varoufakis wrote on Tuesday.But it cannot meet requests from its creditors to adopt further austerity measures this year and beyond as this would cripple its ability to carry out the needed reforms, he wrote in an opinion piece in Italian daily Il Sole 24 Ore, Varoufakis said Athens was prepared to implement a series of reforms.
 
"What are we talking about? Of an independent tax agency, of keeping forever a reasonable primary surplus, of a sensible and ambitious privatization program... of a true reform of the pension system ...of liberalizations of markets for goods and services etc," he wrote.But it would not be able to attain those goals if it tried to reach the "unbearably high" primary surplus targets demanded by the country's creditors. "Our government cannot accept -- and will not accept -- a cure that, over a five-year period, has proved worse than the disease," the finance minister wrote.
 
Euro is currently being traded few points below 1.09 handle. Pair is likely to find support around 1.0850 area and resistance above 1.0960 level. Later today, in the US session, Durable Goods Orders, CB Consumer Confidence and New Home Sales figures are scheduled for a release.
 
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