Kurt Sansone
Fenech warns Greece: No pain, no pay
‘We don’t owe Greece a living’
The Greeks would get no more money from Malta unless the government was convinced the aid was being used to carry out painful but necessary market reforms, Finance Minister Tonio Fenech warned yesterday.
Reflecting the stern stand adopted by eurozone finance ministers on Thursday, Mr Fenech said he could not allow Maltese money to end up in “a bottomless pit”.
Eurozone countries stalled cash aid, necessary to prevent a devastating default in Greece, by postponing a decision on the second bailout package worth €130 billion to next week.
The decision came as thousands of Greeks, hard-pressed by fresh austerity measures that have also led to the Deputy Prime Minister’s resignation, yesterday clashed with riot police in Athens.
But social unrest is unlikely to soften the view of eurozone finance ministers with Mr Fenech insisting the Greeks had to shoulder “national responsibility” for the mess their country was in.
“While I understand the sentiment of people protesting over hefty wage reductions they also have to ask themselves whether it is right to expect European people, who earn lower wages, to continue bailing them out at all costs,” Mr Fenech said.
The eurozone has stalled cash advances under the first bailout package agreed to in 2010 and has not yet unlocked the second bailout package reached last year.
Mr Fenech said the common sentiment among eurozone finance ministers was that, despite the numerous Greek pledges to cut expenditure and introduce market reforms,
effective implementation was lacking.
“We want to support and show solidarity with Greece but we don’t owe the Greeks a living by paying for their excesses,” he said, insisting that other European governments, including Malta, took the necessary measures over time to put their finances on a sustainable footing.
Even the latest 22 per cent cut in the Greek minimum wage would still leave it with the highest in the EU, rendering the country uncompetitive, Mr Fenech added.
Public sector wages are double the EU average.
Mr Fenech described the Greek economy as a predominantly old-fashioned Socialist economy, “almost Communist in nature”, with government controlling many loss-making entities in various sectors.
Greece has to continue reducing its high recurrent expenditure by cutting down its bloated public sector, he insisted. It must also carry out market reforms by privatising government entities.
On the prospect of Greece leaving the eurozone, Mr Fenech said it all depended on the Greek government’s commitment to implement the agreed programme.
However, eurozone countries are worried because, with an election in Greece due next month, not all political parties have signed up to the bailout pact, stoking the fear that a new government will not honour the deal.
“This is not acceptable to the eurogroup. Greeks have to make a national effort because, otherwise, the aid cannot be provided with all the consequences this brings about.”
Greece faces €14.5 billion in bond payments on March 20 and an agreement on the second bailout package is crucial for its survival. The package also includes a voluntary write-off by the private sector of €100 billion in loans from Greece’s debt mountain of €350 billion.
Greek austerity
The three-party coalition in Greece on Thursday agreed on a new austerity plan that has to be approved by Parliament tomorrow if the country wants to secure more bailout money from the eurozone and the International Monetary Fund.
The measures include 15,000 public-sector job cuts, the liberalisation of labour laws, cutting the minimum wage by 22 per cent and negotiating a debt write-off with banks.
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Joe Fenech
Feb 12th, 08:40
Listen to who wants to give advice to the world. Shut up, Tonino. You'd better have some decency and step down after all that's been happening over these last years.
Mr leo attard
Feb 11th, 21:00
hey the greeks are better than us maltese because we are all pain and no pay! except for the gods of mount parliament!
Victor Vella
Feb 11th, 19:16
Oh! What a news. Fenech warns Greece: No pain, no pay
‘We don’t owe Greece a living’ What do you think you are dealing with Sur Fenek? You gave millions of euros to Greece from the people`s monies, not your money, without giving guarantees of the money lent. While the people of Malta and Gozo were feeling the pain of high inflation of daily commodities among others petrol, gas, water and electricity bills you gained for yourself 600€16c a week. While more than 500 employees at Air Malta were shed off from the labour supply, 5 foreign executives at Air Malta gained 2and a half million euros a year from the Maltese coffers. One has to be a real cucc Malti to believe your lies, lies and more lies. The Constitution of Malta under the PN regime is built on lies, hypocrisy, incompetency and corruption.
Lawrence Fenech
Feb 11th, 18:10
"No pain no pay" Tonio you said it to the Greeks but not to the maltese, lapsus?
A Spiteri
Feb 11th, 16:53
nice talk tonio!
now go say that to baroso in his face if you want to be credible in your tough talk!
Charles Bugeja
Feb 11th, 15:57
Mr Fenech described the Greek economy as a predominantly old-fashioned Socialist economy, “almost Communist in nature”, with government controlling many loss-making entities in various sectors
Mr Fenech please remember that Greece was led by a conservative for 10 yearswhen this chaos was brewing up so it is no fault of socialist/communist policies
GEORGE CUTAJAR
Feb 11th, 15:13
PN governments have give us Maltese a sound economy which we should cherish. The Government took difficult and unpopular decisions like closing down the dockyards, completely overhauling an antiquated transport system, privatising banks, closing down Sea Malta and presently overhauling Air Malta. Some jobs have been lost but many other created so much that our level of unemployment is one of the lost in the EU if not in the World.
The Greeks on the other hand like the Italians, Portuguese and the Spanish had irresponsible governments which failed to take decisions and look at them now.
We went through the pain and now are relatively cruising in troubled waters. They, on the other hand, need to roll up their socks and bear much more pain than we did. Let us help them by all means but they must help themselves, they cannot expect us to suffer on their behalf for mistakes they did.
Patrick Zammit
Feb 11th, 15:12
Fenech has to say what his EU masters tell him to say.
Michael Sciortino
Feb 11th, 14:22
It seems that the austerity measures have a disproportionate effect on the weakest in society and not on the ruling classes or the usual fat cats. THis article explains what is happening in greece.
http://www.guardian.co.uk/world/2012/feb/10/greek-homeless-shelters-debt-crisis
The ruling classes in Greece are guilty for a lot of sins but who is paying for them?
Joseph Aquilina
Feb 11th, 15:37
Michael what is written in that article is all true and to put it nicely; EVERYONE would like these fat pigs to rot and roast in hell regardless from which country they come from!! However what can we do?? Not even the Greeks know what they want? The Greeks are in a terrible situation since staying in the EU or not means just the same thing!
The question is why did this happen? It happened because some Greek politicians deliberately lied; not once, but over and over again! Even now, the EU is questioning if the Government of Greece is actually doing anything to solve the problem rather then just cache the now monthly cheque!
Personally it would be best for Greece – and all EU nations – to have such governments removed. In other words; the EU should have the power to remove a government the moment THIS HAS SHOWN IT IS NOT ABLE TO GOVERN in order to safeguard all the other EU nations which HAVE GOVERNMENTS WHO ARE ABLE TO GOVERN!! I know this is highly controversial, but still believe it should be discussed since we are risking of loosing the EU dream just because a few politicians (and this not only in Greece) put their personal ambition first of everything … even their own nation, their own people, their own history!
John Azzopoardi
Feb 11th, 14:10
I am actually shocked as how little democracy means today in Europe. Everyone is blackmailing everyone to do what is best for them. Greece will probably be better of if it leaves the Euro and the EU in General. Pass beneficial financial laws and you will get the needed investments. That is what Greece needs. What is happening today is that Germany is pulling all the strings.
Joseph Calleja
Feb 11th, 15:18
I don't remember Greece ever being in this mess until after they joined the EU. The same is happening to a few other EU member states. I wonder why. So far all Malta lost was the peace and quiet that we used to have before we joined the EU. According to our Finance Minister, money is no problem. For whom?
John Azzopoardi
Feb 11th, 14:08
The little mourse is roaring............Please. No one will ever listen to Malta.Let us all get real and realize only Germany will have the impact of having the greeks decide.
E. Azzopardi
Feb 11th, 13:59
Of course not and nobody owes us a living either. This should have been realized by the EU before the first bailout. This country does not want to make the sacrifices it needs to do. They had it for good for so long with people retiring at 55 years of age? How can one retire at that age? This is money down the drain and the sooner those "managing" things at the EU realize this the better. LET THEM GO AND FAST!!!
So, I sincerely hope that ALL our politicians have learnt and are learning fast from countries like Greece and therefore let us not start promising the impossible for the elections. However, I am still not so sure about our situtation, though.
stephen koludrovic
Feb 11th, 13:31
Dear Greeks,
It is impossible to work like a communist, and play as a capitalist.
m. borg (slm)
Feb 11th, 13:07
"Mr Fenech described the Greek economy as a predominantly old-fashioned Socialist economy, “almost Communist in nature”, with government controlling many loss-making entities in various sectors", apparently Tonio refuses to acknowledge the fact that it was a conservative government, like gonzipn, that brought the country on its knees.
It is an eye opener for all Maltese.
mark borg
Feb 11th, 13:00
We do not own neither yourself nor Gonzi a living....your party lost the parliament majority ...now tell gonzi to call an election ... and stop telling us the obvious...
some nerve after squandering 80 millio from our taxes ! SKOPRA L-AMERIKA dan IC –CUC MALTI
Peter Borg
Feb 11th, 12:58
I bet the Greeks ae trembling after hearing Fenechs thunder ! Who do you think you are fooling Minister ? As soon as the Germans and the French say jump you will jump. As if we dont already have enough debt of our own we have to go off and borrow more in order to lend it to Greece. Sheer madness ! Jien nahseb fuq din vera ser tibki in Madonna u mhux fuq id divorzju.
Joseph Calleja
Feb 11th, 15:50
We have so much money in reserve that Mr Fenech is willing to offer Air Malta 200,000,000M euros as a bail out. That is two hundred million euros of the TAX PAYERS MONEY mind you.
carlos ellul
Feb 11th, 12:46
If Brussels tells us to jump our Europhile government will ask how high.
Joseph Calleja
Feb 11th, 15:21
Right answer.
john gittos
Feb 11th, 12:12
I am afraid Mr Fenech you are speaking well beyond your pay scale , the decision of Germany and France will decide this not the threat of the Maltese finance minister with drawing his cash . Its easy to saber rattle from Valletta but there are other countries in the EU not very far behind Greece who may find themselves in the same position .I was speaking to a German national yesterday and he told me many of his countrymen feel that they are propping up too many small countries , and if the euro was to fail many Germans feel it might be a price worth paying , and ironically he told me at least the Brits had the sense to see what was coming and keep out of it .
Joseph Calleja
Feb 11th, 15:48
And why do you think the British held on to the pound when they introduced the euro? I always wondered but there is the answer in black and white. As you can see we are so EU motivated, we gave up our Maltese Lira. Oooooooops, maybe? All but the British abandoned their national currency. They were thinking, What if?
Joseph Aquilina
Feb 11th, 19:16
@Joseph Calleja and @john gittos
England had it's fair share of problem with the Sterling around two years ago;
"Following the global financial crisis in late 2008, however, the pound has since depreciated at one of the fastest rates in history, reaching a 24-year low of $1.35 per £1 on 23 January 2009[31] and falling below €1.25 against the Euro in April 2008.[32] A further decline was seen during the remainder of 2008; most dramatically in December when its Euro rate hit an all-time low at €1.0219 (29th),[33] while its US dollar rate depreciated to $1.37 on 24 January 2009.[34] The Pound appreciated in early 2009 reaching a peak against the Euro in mid-July of €1.17. The following months the pound remained broadly steady against the Euro, with the Pound's current (27 May 2011) value at €1.15 and US$1.65."
- http://en.wikipedia.org/wiki/Pound_sterling
It is a pity that some forget so quickly!!
N Zahra
Feb 11th, 12:07
Well done Minister! I agree with you completely! Take some lessons on board for Malta too and make sure that you keep the civil service (and govt in general) as lean and mean as possible. Nobody is entitled to a free lunch in this day and age.
john vella
Feb 11th, 11:56
How does that song go? ''Imagine all the people if only etc., etc.,''
I am so ashamed of our big brother the minister of finance.''We don't owe Greece a living'' is what he said. Is that so.
Who owe us a living my big brother? is that why you amased stock for years 500 euro a week because you decided it is proper for your good self?
If Greece and or Italy make it hard on us we sink and that's the truth and no bull will honor your words, we need them maybe we can agree to start boring for oil, we need them to help us with this flow of illegal emigrants.
Sur Big Brother in a party with no majority speak for yourself, to me they are more my blood brothers not like those of the north who only know how to exploit the south, they tried to take us with guns now we serve with treaties.
Paul Micallef
Feb 11th, 11:55
Ha ha another thing, what about the 500 wage increase that you and your ministers and co took, and will take again if you win the next election??? Stop calling the kettle black.
Evarist Saliba
Feb 11th, 11:36
Those who, as usual, do not miss an opportunity to criticise anything that government does, should realise that disagreeing with what minister Fenech has said means that they believe that we should pay out whatever Greece asks of us, and persuade the other EU members to do the same.
Think a little bit before you come out with your knee-jerk reactions.
Attending a reception in the sumptuous surroundings of a tennis club in Athens when I was ambassador there, a Greek professor told me, "This is Greece, a poor country with very rich people."
I love Greece, and its people, but it is unfortunate that very long decades of political mismanagement, with roots in the post-war efforts of the Communist party to wrest control even through violence, and the reaction that led to equally unpleasant military junta, has led to a stalemate where street demonstations, which provide a convenient cover for violence has become the order of the day. This is not something that has come about with membership of the EU, which was meant to put an end to undemorcatic rule. Unfortunately, no elected government has had the ability to restrain the lingering power of the far left inheritors of the old communist force.
I pray that a solution will be found, but I do not know to whom I should pray.
j brincat
Feb 11th, 11:11
Talking of feeling big for your won boots!
(jb)
Chistos Tsouras
Feb 11th, 11:10
"Even the latest 22 per cent cut in the Greek minimum wage would still leave it with the highest in the EU, rendering the country uncompetitive, Mr Fenech added."
For a finance minister you sound pretty ignorant.... I'm curious to know, could yourself live on a 400 euro wage a month????
Greeks dont need a bail out. We dont want any "charity". Let us default. Its gonna be better for the people who live in Greece and then let the domino begin...
Sandro Pace
Feb 11th, 12:08
Default, and back to the drachma you should say. That way its gonna be better for all, there will be no domino, there will be no need to tow the notes with the greek translation beneath etc. etc. etc.
Everyone would live happily ever after.
Mr D.S. Scott
Feb 11th, 12:21
Time will tell whether a domino effect will occur Mr.Tsouras, but please do recall that Greece was the least eligible to join the Euro currency union. That Greece succeeded in joining was due to the fact that a well known financial institution helped the Greek administration hide the true extent of its national debt by the use of financial derivatives. In the P.I.I.G.S. category, only Greece did this.
m. borg (slm)
Feb 11th, 13:02
€500 weekly wage rise tends to blind some people.
CHARLES PISANI
Feb 11th, 17:24
if hon tonio fenech is for you pretty ignorant...for heavens sake...what is the greek goverment that you are protecting.....till now i never receive a single cent from the greek goverment ..but me ..from my taxes i gave already...thank you for your appreciation of what the maltese people and the people from the other european countries are oing with your country...yes and ont deny it...greece is asking for charity..and now they are demanding it.
S. Azzopardi
Feb 11th, 17:58
When a part of the body gets the gangrene doctors have to amputate to save the life of that person. Greece has been in a gangrene state for a long time and should have been amputated from the European Union a long time ago. It has been given the time to heel, just like Ireland. But while the Irish have been ready to tow the line and help themselves the Greek people have been more concerned with strikes and riots, obviously damaging more not just their beautiful country but their already weakened economy. Yes, there will be a domino effect but ONLY if Greece remains part of the EU. It is high time for the European Governments to kiss goodbye to Greece before it is really too late.
j brincat
Feb 11th, 11:10
Oliver Grech
"So I assume your MLP will take us out of the EU?"
Never ASSume!
(jb)
Joseph Aquilina
Feb 11th, 12:33
(jb) do you agree with the EU like Joseph? ot hate every part of it like Alfred? I guess your problem is that it is too hard to keep track of all the u-turns PL has done in order to win a vote here and a vote there!
Joseph Calleja
Feb 11th, 15:40
You make the bed you lay in.
Mr ALBERT LEONE GANADO
Feb 11th, 11:03
Well said but let us trust it is not just empty talk, for ultimately it is what the Germans and French decide that determines what happens in the eurozone. Let us admit that the main concern of these EU giants is to resolve the exposure of their banks and lenders to the crumbling Greek financial system and in reality we just tag along. Let us hope that our hard earned money we have already lent Greece is not money lost down a sink hole. The truth is that the Greeks are not willing to make the necessary sacrifices which the Maltese worker and middle class have had responsibly to accept for the past five years . Rather than lending money to an average Greek citizen to live beyond his means with no regard to payback his dues and obligations we should invite the Greek politicians over to see the frugality and hard work the average Maltese worker has to put in to provide for his family. Perhaps they might emulate us.
Joseph Calleja
Feb 11th, 15:39
Yes I agree, we should invite Greek Politicians and show them how they can vote themselves an Honoraria Pay raise and also vote themselves 500euros a week pay raise ( discreetly of course) and everything will be fine. How about it Mr Leone Ganado? Think that would work? Maybe GonziPN can walk them through the procedure of how they can accomplish such ingenuity.
j brincat
Feb 11th, 11:03
Charles P Cilia
"The other three quarters were contributed by Dr. Alfred Sant during his 22 month walkabout"
Are you for real? If in the affirmative then you have not done your homework properly!
(jb)
j brincat
Feb 11th, 11:01
@Joseph Aquilina
"Although it is clear that in order to increase the chances of PL winning the next election you wish Malta and the Maltese to be in the same situation as Greece"
And from where did you get this outrageous idea? This is just a figment of your imagination thrown in just to criticise the PL.
We have by noww got used to the PN's ploys which simply do not impress anybody anymore. We can all make 1 + 1!
(jb)
Joseph Aquilina
Feb 11th, 12:31
The 1 + 1 = That Malta is not in the same situation as Greece and indeed no where near. This is because the government did not continue to subsidize the electricity and water bills as Joseph Muscat wanted. This is because the government did not reduce the price at the pump as Joseph Muscat wanted. This is because the government did not stop national projects (which create work) as Joseph Muscat wanted. In short this is because the government did not listen to whatever came out from Joseph Muscat mouth.
The only thing Joseph Muscat had some merit was when he said he would not accept the increment the government cabinet got ... BUT WE ALL KNOW HE DID A U-TURN NOW and said he will take whatever a commission (set up by him) will give him!!
Facts, my dear (jb) are hard to hide and will always come up!! Joseph Muscat did not know what he was talking about 2 years ago (FACT), he only tried to win votes by promising things he had no understanding about (FACT), and seems he still have little understanding (FACT), this at the discrepancy of the country which was looking forward for a change in the way the opposition operates and ended up with the same old mediocrity we had for these last 30years (FACT)!
Sandro Pace
Feb 11th, 10:58
The Big Fat Greek Wedding.....is in for some trimming and slimming apparently. Fortunately no more idiotic and noisy plate smashing. The title and wasteful custom says it all. Greeks are nice people, but apparently it should be the baton to make them realise that its time for those biblical 7 years.
Much of the blame should also fall on their corrupt and deceitful politicians, to which chinese justice should mercilessly apply. The worse thing is that they went unpunished, and are still enjoying their stolen money.
Paul Caruana
Feb 11th, 10:39
For the last few decades, various governments around the world conveniently assumed that the "do not spend what you do not have" does not apply to them!
No doubt, it is tempting to do so, but ultimately it is also a lie, which the peoples of various countries are all too eager to embrace. It is regrettable that we had to come to this, but ultimately Min Fenech and the EU are absolutely correct. Otherwise, there is no way that the EU taxpayer (Malta included) will accept to keep on bailing out Greece.
Of greater concern is the opinion, murmured by some international financiers, that even if the latest current bailout is approved, Greece will still probably default at a later stage! If this is true, than EU finance ministers need to come up, probably sooner than they want to admit, why so much money is being wasted on a plan doomed to failure.
Thomas C. Cassar
Feb 11th, 10:38
Il-MInistru jrid idahhak, mhux ibaxxi rasu ghal dak li jghidu ta` l-UE u johrog kemm ikun hemm bzonn, la l-UE trid hekk, ikollu jsir hekk kienu jghidu qabel l-2004. Sewwa kien jghid il-MLP, se nispiccat net contributors. U sal-lum ghadhom jiftahru bhala l-partit li dahhalna fl-UE flok jisthu u jitolbu mahfra lill-poplu Malti.
Oliver Grech
Feb 11th, 10:48
So I assume your MLP will take us out of the EU?
On another note, either you do not understand on finance or else you don't want to (well not a big surprise given that I believe you used to say that we will get only Lm1.5million. Malta will be giving a loan to Greece, implying:
1. Greece is not the EU
2. Its a loan and not a payment
So your statement as net contributor is wrong.
But I will explain to you EU rules too (coz it seems that not even that you know): Once we move forward and be a better country we will yes be net contributors. But that would imply that our government would be doing an excellent job. So yes dear Thomas, I would be proud of the government and the Maltese when we will be a net contributor.
Sandro Pace
Feb 11th, 11:13
Naqbel hafna mieghek. Imma la l-ministru qalha, sinjal li jaf, jew fthemu fil-kuruturi ta' Brussel, li l-Grecja mhux sa tinata aktar flus, u jekk hemm bzonn tghereq, tghereq wahedha. Mhuwiex daqsekk bahnan.
Imma lanqas kieku. Minn issa l-quddiem, il-gvern malti m'ghandux jikontribwixxi euro cent iehor ghal dan il-pajjiz. Lanqas jekk l-EU 'tikkmanda'.Ghax ikun qed jisraq lil poplu malti. Ma tridx tkun xi gharef biex tinduna li l-grecja qatt ma hu sa tasal thallas lura dawk il-flus.
Thomas C. Cassar
Feb 11th, 12:10
@ Oliver Grech
Mill-UE hadd ma jista johrogna, dik kienet decizjoni jew tibqa barra u tkun rajk f'idejk inkella tidhol darba ghal dejjem u tgawdi jew tbati maghhom, sfortunatament sa issa batejna biss. Ahjar tiehu miljun u tkun min fuq milli dejjem min taht u forsi kultant jibghatu xi haga u jikkmandawna nibnu bridge to nowhere bihom.
Issa kun onest, loan OK, imma l-Grecja bla fejqan, hemmekk il-pajjiz fallut, kull penny li qed jiehdu qed jintrema fiz-zibel, inkluzi li qed naghtu Malta, bhal bniedem b'marda terminali, jekk m'hemmx tama tista thallaslu l-aqwa kura ghax ittawwallu tista, tfejjqu le.
U ghaliex spiccaw fejn spiccaw il-Griegi? Ghax kellhom gvern stil PN, onfoq onfoq u ara xi hadd isemmi l-kelma awsterita jew nissikkaw ghax nghajjruh, u l-griegi bhal Maltin kienu happy sena wara sena, fl-ahhar habtu ma hajt. Kif se jigri lilna b'din ir-rata, kemm se ddum tahbi l-figuri halli ma jidhrux fuq id-deficit tal-pajjiz? U aktar min 5 biljun dejn ghal blata ta` 400,000 ruh mhux cajta.
m. borg (slm)
Feb 11th, 13:04
@oliver grech, tantx tara kbir.
Rocco Camilleri
Feb 11th, 10:21
Honor Minister. It's about time to say this, because we already have done a big mistake in my opinion when already bailed them millions without concretely knowing how we are going to get them back. One has not to forget our own Defecit and National dept, (Charity begins at Home first). Although this is a harsh action against the people of Greece, when they were good (if one can say that) they didn't bothered about others. This all came through mismanagement by those who were placed in posts by their own people to care of their assets. They were not sincere and accountable with the EU and even with their own people. Probably there are quite a lot of big fat cats. Hope that the eurozone settles all this mess, once and for ever because the lower and middle class people are the most to suffer.
Peter Murray
Feb 11th, 10:16
Fenech, along with the rest of the Malta government ,is merely a stooge of the EU and when they shout jump he will say how high!If "we don't owe Greece a living"(a rather injudicious and undiplomatic statement) then why only now, and after putting untold millions into bailing them out,has this been finally been recognised?
Peter Murray
Feb 11th, 10:11
Fenech the last bastion of probity and moral behaviour NO PLANE -NO PAY.
Patrick Zammit
Feb 11th, 10:00
It is already looking like a bottomless pit and with the Maltese taxpayer having already lent/guaranteed around one billion Euro, it is looking more likely that it is money we will never see again.
Add to this the 5 million Euro monthly membership fee which we pay and which comes to around 400 million Euro (since 2004) together with other huge expenses resulting from our membership, one can safely say that EU membership turned out to be a very ghastly and costly experiment.
Many of us suspected this to be true all along despite the yes campaigners outspending (in the run-up to the EU referendum) the no by a factor of 50 to 1 as declared by N Farage who described it as an “abomination”.
Peter Shaw
Feb 11th, 09:57
Greece is very scared after hearing what TF said !!
Franco Farrugia
Feb 11th, 09:49
So there is one thing to do, then: kick Greece out of the EU, let them re-adopt the drachma and give it the value they want to give it, and then, if they want, they get back into the Union in a couple of months. Eire has gone through this hell, similar to other member states, and is quietly doing its best to get back to its feet. But it seems that Greece doesn't want to go through this road. Good luck to them. Spare that money, Minister, because it belongs to us!
Andrew Luke Vella
Feb 11th, 09:46
Greek national debt stands at around €350bn (or €350,000,000,000). Given that Greece has a population of around 11,000,000 - the national debt per capita is of €31,818.
Malta's national debt stands at around €5bn (or €5,000,000,000). With a population of around 400,000 the national debt per capita is of €12,500.
This means that Greece's national debt is around 2.5 TIMES bigger than Malta's national debt.
Happy weekend everyone :+)
mark borg
Feb 11th, 12:55
lol mhux xorta nigu qedin ottu mela !
Happy weekend to you too positive thinker !
Mr Adrian Zahra
Feb 11th, 09:46
HA HA Haj. I do not know if I should laugh or cry. Said from the mouth of a Finance Minister within a government who has been squandering public funds all the way since these famous quotes in parliament "Il Flus mhux problema" , jew "Miljun l hemm u miljun lhawn" jew "id dejn ihallsuh uliedna ".
Our situation albeit not Greeks' (mostly due to the fact that the "cwiec" Maltese people are busy and savings conscious individuals who still have an inch of hope in their country) is no much better and unless the ones his like forget about gaining votes and start delivering through value for money our Greek adventure is only further down the line.
Paul Cassar
Feb 11th, 09:42
LOOK WHO'S TALKING................................MALTA, WITH NO RESOURCES HAS RUN UP A DEBT OF 5,000,000,000.............A DAILY INTEREST OF 600,000..................ALL THIS BECAUSE ALL PN BUDGETS HAVE BEEN DEFICIT BUDGETS.
FORTUNATELY THE MALTESE HAVE NOT BEEN SPENDING USELESS MONEY AND PN GOVT ARE ABLE TO BORROW FROM US................................'BANKRUPT' GOVT IN A THRIFTY NATION.
Joseph Aquilina
Feb 11th, 09:59
Do you know that this is this is the normal practice in ALL THE WORLD? Having a debt is not a bad thing (country wise), having a debit without being able to pay it back (or at least the interests) is the problem. Malta has shown it is able to pay its interest and reduce its deficit more then once in its history. That is why WE ARE CONSIDERED A STRONG COUNTRY AND A SAFE HEAVEN FOR INVESTMENT!!
Mr Joe Micallef
Feb 11th, 10:14
Impressjonati l'analizi tieghek! Nomina ghal permju Nobel jonqsok!
m. borg (slm)
Feb 11th, 12:57
Mr Cassar why worry about the €5,000,000,000 when Malta has been given, according to Dr Gonzi at the International Hotel debate this week, €1,000,000,000,000 in EU funds.
.
€5 billion are a pitance compared to what Dr Gonzi managed to achieve for Malta, that is €1,000 billion
Paul Cassar
Feb 11th, 13:19
@ J Aquilina
"normal practice"please quote
@ J Micallef...............puerile and empty attempt, make an effort and comment as a grown up........ at least try.
Joseph Aquilina
Feb 11th, 15:16
@Paul Cassar
http://en.wikipedia.org/wiki/List_of_countries_by_external_debt
http://en.wikipedia.org/wiki/List_of_countries_by_public_debt
Paul Cassar
Feb 11th, 19:19
@ J Aquilina
none, repeat none, of the countries can be compared to Malta and this in all parameters.
Mr Joe Micallef
Feb 11th, 20:40
Cassar Paul, with people like you (who can't even use the caps lock), grown up arguments are a waste of time. But let's try
What is the per capita public deficit in Greece and what is it in Malta? When you get to that, factor in unemployment rates and real economic growth over the last 5 years in both countries and the the result should highlight your stupidity!
john muscat
Feb 11th, 09:38
The Hon. Minister has already put millions in a Greek "bottomless pit" ! Now the problem is how to fish them out of the "pit".
Joseph Aquilina
Feb 11th, 10:05
.We can take an island or two from the hundreds they have ;) ... perfect prime holiday location for the Maltese people. Any ways, joking apart (although it could be a perfect idea), I believe that it is in the interest and in the spirit of all the E.U. trying to save Greece from bankruptcy, however what s not in the interest of the E.U. is having one of its members sucking resources without providing any single hint of reform much required in this moment in time.
Sandro Pace
Feb 11th, 11:21
Joseph, some of those islands are migrant magnets, which will become also ours. Not a good idea, even if it's not a joke.
j brincat
Feb 11th, 09:13
"The Greeks would get no more money from Malta unless the government was convinced the aid was being used to carry out painful but necessary market reforms, Finance Minister Tonio Fenech warned yesterday"
Really? We do what EU tells to do and we obey straight away!
"Reflecting the stern stand adopted by eurozone finance ministers on Thursday, Mr Fenech said he could not allow Maltese money to end up in “a bottomless pit"
Does our national debt which exceed the 4 billion euro mark have a bottom? One quarter of which came about under GonziPN!
Certainly not the right person to call the kettle black!
(jb)
Joseph Aquilina
Feb 11th, 09:55
Although it is clear that in order to increase the chances of PL winning the next election you wish Malta and the Maltese to be in the same situation as Greece (just shows the nutty logic of a hard liner PL supporter), the FACTS show that we are not and therefore what the Finance Minister is saying is true. A PN government has introduced mild austerity measures over three years ago (remember? When Joseph Muscat was showing us his genius by telling the government we do not need such measures?). Without such measures Malta would be in the same water as Greece, Italy, Spain and Portugal. Having PL and Joseph Muscat in power will also spell disaster for Malta since there is NO WAY he can deliver all that he has promised without risking the future of the Malta and the Maltese!!
And again I repeat (most important fact of all); it is a pitiful ans shameful that a hard line PL supporter like you prefers more the best of the party then the best of Malta and the Maltese!!
Andre Cilia
Feb 11th, 10:00
are you the right guy?
Charles P Cilia
Feb 11th, 10:11
The other three quarters were contributed by Dr. Alfred Sant during his 22 month walkabout.