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Greece must resolve crisis itself: ECB chief economist - Yahoo! News UK
Greece must take further austerity measures and resolve its financial crisis by itself, the European Central Bank's chief economist said in an interview released Friday.

The Greek government must "put its own house in order," Juergen Stark told the magazine Der Spiegel in comments released on Friday, a day after European Union leaders expressed support for Greece at an emergency summit in Brussels.

Austerity measures unveiled by Athens until now "are a strict minimum, which must now be put into practice, and more will be needed given the clear deterioration of the situation," Stark added in an interview to appear on Monday.

EU heads of state and government pledged to prevent heavily indebted Greece from default and to defend the 16-nation eurozone from possible fall-out from the crisis but announced no concrete measures.

Those are expected following a meeting of eurozone finance ministers on Monday.

Stark rejected the idea of bilateral aid from countries like Germany for Greece, deeming it "counter productive or very difficult to reconcile with the principles of monetary union."

He also slammed a proposal for a pan-eurozone bond issue to help Athens roll over debt when it comes due this year, saying it would do nothing to resolve the country's structural problems.

by afew (afew(a in a circle)eurotrib_dot_com) on Sat Feb 13th, 2010 at 06:01:12 AM EST
Seee the full interview (also quoted in the Salon) here.

*Lunatic*, n.
One whose delusions are out of fashion.
by DoDo on Sat Feb 13th, 2010 at 06:27:17 AM EST
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