Yves Bertoncini on Deutsche Welle about the "Troika"
The Troika a 'political catastrophe':
Protestors aside, three years into the partnership even members of the European Commission have been critical of the aftermath, calling for the Troika's disbandment. At a meeting in July, European Commission vice-president Viviane Reding criticized the IMF's lack of transparency and called for the partnership to be dissolved. Reding's spokesperson, Mina Andreeva, said Reding maintains the sentiment. In an interview with Greek newspaper Kathimerini, Reding questioned the democratic legitimacy of the IMF.
"European citizens do not trust the Troika," Reding said. "And they are right: Fundamental decisions, for example on whether to fire tens of thousands of public employees, should not be taken behind closed doors. They should be debated in the directly elected European Parliament."
Yves Bertoncini, director of the Notre Europe - Jacques Delors Institute think tank, takes Reding's criticisms a step further. He told DW that the image of the European Union has been transformed completely in countries like Greece or Portugal: "The troika has been a political catastrophe for the European Union."
Bertoncini acknowledges that the IMF has a tough job - none of the countries wants an outside agent coming in to call the shots. As a result, "the countries in the program have de facto lost their sovereignty because the financial markets could not lend them any more money at a reasonable price. Then they had to borrow money from the creditors, from the IMF and mainly from the EU, and they had to comply with very severe reforms for this compensation."