BUSINESS

Costello: Greece to need significant foreign supervision, reforms for 10 years

TAGS: Economy

Greece will remain under significant foreign supervision for several years and will need to continue economic reforms for another 10 years, the European Commission's representative Declan Costello has said.

The official made his comments during a speech before Dutch MPs in the Hague, Ta Nea reported.

Costello expressed doubts about whether Greece can achieve sustainable growth in the long term, according to the report which said the official pointed to "serious problems."

Costello said there several reforms pending, noting that some of the deeper, structural reforms would require up to 10 years to be properly enforced and start bearing fruit.

The EC official also referred to unemployment which, despite a drop from the peak of the crisis, remains at "unacceptably" high levels.

He also pointed to continuing delays in Greece's state privatization program.

As for Greece's debt, he said more measures were necessary to make it sustainable.
 

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