European troika

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2013 protests against troika in Slovenia

The European troika is the designation of the triumvirate representing the European Union in its foreign relations, in particular concerning its common foreign and security policy (CFSP).

Currently, while talking about the troika (especially in the media) one refers to a decision group formed by the European Commission (EC), the European Central Bank (ECB) and the International Monetary Fund (IMF).

Common foreign and security policy[edit]

This term was used in the European Union when referring to a group composed of the Foreign Affairs Minister of the Member State holding the Presidency of the Council of Ministers, the Secretary-General of the Council of the European Union, who also held the post of High Representative of the Common Foreign and Security Policy (CFSP), and the European Commissioner for External Relations. The "Troïka" represented the European Union in external relations that fall within the scope of the common foreign and security policy (CFSP).

With the 2009 ratification of the Lisbon Treaty, the post of Secretary-General of the Council was separated from the post of High Representative for the CFSP, which then assumed the responsibilities of the European Commissioner for External Relations. Since only two of the original posts making up the troika still exist, it is unclear what the future of the troika arrangement in the EU is.

Critique of the Troika[edit]

One of the most prominent critics of the Troika is Ioannis Georgiou "Yanis" Varoufakis, a former Greek finance minister. [1] [2]

The critique of the deviousness of the troika comes from many quarters, including Fritz Glunk and Noam Chomsky.[3] [4] The role of transnational networks here and the importance accorded to extra-parliamentary decisions cannot be underestimated.

Financial crisis bailout creditors[edit]

The term troika has been widely used in Greece, Cyprus (Greek: τρόικα),[5][6] Ireland,[7] Portugal,[8] and Spain[9] to refer to the presence of the European Commission, European Central Bank, and International Monetary Fund in these member states since 2010[clarification needed] and the financial measures that these institutions have taken. Slovenia barely avoided the intervention by the troika in 2013, thanks to the loan of EUR 1.5 billion acquired at the PIMCO.[10]


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  5. ^ Hellenic Broadcasting Corporation (6 May 2011). ""Τεστ αντοχής" από την τρόικα ("Stress test" by the troika)" (in Greek). Archived from the original on 6 May 2011. Retrieved 6 May 2011.
  6. ^ Kathimerini Newspaper Newsroom/Cyprus News Agency (2 April 2014). "Διεκδικητική στάση έναντι της Τρόικας ζητά η ΕΔΕΚ (EDEK Asks for Assertiveness Against the Troika)" (in Greek). Retrieved 5 April 2014.
  7. ^ RTÉ News (15 April 2011). "RTÉ.ie Extra Video: EU/IMF rescue package - troika briefing". Archived from the original on 18 April 2011. Retrieved 6 May 2011.
  8. ^ Público (26 June 2011). "Estudo entregue à troika propõe fecho de 800 km de linha férrea" (in Portuguese). Retrieved 28 June 2011.
  9. ^ El País (11 June 2012). "La troika vigilará que se cumplan las reglas pactadas para el rescate" (in Spanish). Retrieved 11 June 2012.
  10. ^ "Halo, Slovenija? Plačaj, in trojke ne bo!" [Hello, Slovenia! Pay and There Will Be no Troika]. (in Slovenian). 12 December 2016.