Indeed, by Board staff estimates, the revisions imply that the stock of excess savings held by households is about 25 percent lower, which may imply a more subdued pace of consumer spending going forward than had been projected.
It is a political agreement between the 19 Heads of State or Government of the euro area that strikes a balance between two legitimate concerns – the mandate of Mr Tsipras, who was elected on a certain programme, and the fact that this programme is partially financed by the other euro area countries and their taxpayers, who also have the right to express their point of view.