in the polite language of European technocrats, this is a pretty damning verdict of ESM program in Greece: 'in the latter phases, financial assistance improved attention to social needs' h/t @heimbergecon
esm.europa.eu/sites/default/…
esm.europa.eu/sites/default/…
and it gets sharper: ESM program = 'stupid austerity'
*lacked a framework to systematically develop
strategic programme objectives, resulting in inadequate strategies.
* stakeholders settled for low-growth equilibrium under the ESM programme; they prioritised fiscal targets
*lacked a framework to systematically develop
strategic programme objectives, resulting in inadequate strategies.
* stakeholders settled for low-growth equilibrium under the ESM programme; they prioritised fiscal targets
* program successful at attacking labour but not capital
oh hello European solidarity under Troika: ESM pushed for Member's interests at the expense of Greece (incidentally, head of ESM is German)
this strong indictment of ESM programs is why @ecb PEPP matters so much, and why Italy said 'ESM over my dead body'
also RIP claims that ESM saved the Euro, often heard from ESM officials
