Greek Community of Melbourne Calls For Action by Australia’s IMF Delegate

As the tension in Europe rises and the already desperate Greek people face yet another precipice, the Greek Community of Melbourne (GCM) calls upon Australia’s International Monetary Fund (IMF) representative,
The Honourable Joe Hockey, to urge compassion and to push at the IMF level for consideration of some relief for the debt laden Greek people.

GMC president Bill Papastergiadis explains that Debt relief is now essential. Considering the Gross Domestic Productivity (GDP) of the Greek nation has shrunk by 25% since 2009 when the GFC crisis hit and youth unemployment in Greece today is close to 60%, Mr Hockey needs to clarify his stance as Australia’s IMF representative.

Representing the concerns of Australia’s Greek Diaspora, Bill Papastergiadis says “without debt relief the Greek State is in a perilous position, one that will only guarantee more suffering on its people.”

The GCM calls for the IMF and its fellow lenders to review their aggressive stance against the Greek Government and people and consider debt relief to allow the Greek state to move from a defensive monetary policy towards a path of growth.

Bill Papastergiadis, highlights that non agreement is not only damaging to Greece but also to all of the world. We call for the Australian Government to play a more productive role. Europe’s demands in light of the current debt are fundamentally naïve and self-destructive. Greeks are not playing a game, they are trying to stay alive! There are dozens of precedents globally for restricting the debts of insolvent sovereigns. It is naïve to think that the fallout from the default can be construed without panic or contagion by the Greek people.

The Greek Community of Melbourne implore the Honourable Joe Hockey, as Australia’s IMF representative, to take a public stance on the Greek crisis. Mr Hockey needs to inform the Australian Parliament of the IMF stance immediately.