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The Greek bailout – a lesson for Hungary

July 15th, 2015

The leading left-wing daily warns that the harsh conditions imposed on Greece in exchange for a new European bailout scheme might deter new candidates including Hungary from joining the Eurozone.

In its front-page editorial, Népszabadság admits that the leftist Greek government has often followed irresponsible tactics, but the price they are being made to pay is too high. In fact, a partial debt relief would be indispensable for Greece to ever recover. Instead, the new package will leave Greece in a precarious position for decades, with debt servicing remaining the main task governments will have to perform. Other union members, Népszabadság concludes, have learnt the lesson of Germany’s tough position. For Hungary the introduction of the Euro has become an even more distant plan, because the limitations it entails will be regarded as unbearable, and not just by the right wing. In an aside, Népszabadság remarks that ‘Brexit’, that is Great Britain’s exit from the European Union, is now closer than before.


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