FinMin: Eurozone late diagnosing Greek problems
- Written by E.Tsiliopoulos
Finance Minister Yannis Stournaras, in his reply to the questionnaire by the European Parliament's Finance Committee, that was sent to the Committee on Monday and forwarded to the Greek Parliament, detected failures and the non-timely diagnosis by the eurozone of the Greek economy's problems in the implementation of the first fiscal adjustment programme in 2010.
He stressed that the country's negotiating position (in May 2010) was as a matter of fact difficult, due to its inability to secure access to markets, and pointed to a series of factors that functioned negatively in achieving the targets of the first memorandum, as its ambitious targets on the deficit and the debt were and failure to evaluate the repercussioons of fiscal adjustment on the real economy and the greater recession it caused.
The minister also said that, among other things, there was a delay in the implementation of reforms, in tax administration on combatting tax evasion and the handling of bureaucracy in the public sector, that he termed as being of vital importance for the Greek programme's success.
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