Troika bullied Cyprus and Portugal, MEPs say

Berlin – The troika of international lenders “held a gun to the head” of Cyprus and Portugal and showed little sympathy for social measures, an MEP looking into its work has said.

“Both countries had very little room for manoeuvre in negotiating the terms of the bailouts. What they said basically was that ‘a gun was held to our head’, especially in Cyprus,” Juergen Klute, a left-wing German MEP, told this website.

“And the troika had very little interest in social measures, they were only concerned about cutting back the deficit,” he added.

The German politician said his four-member European Parliament delegation found there was a lack of democratic oversight when it came to the work of the troika – made up of the European Commission, the European Central Bank (ECB) and the International Monetary Fund. Continue reading