Wednesday September 17, 2014 Search
Weather | Athens
27o C
20o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
European Commission defends handling of Greek debt crisis in wake of IMF report

By Nikos Chrysoloras

A few hours after the International Monetary Fund acknowledged “notable failures” in tackling Greece's first international bailout, the European Commission on Thursday defended its handling of the crisis.

“We fundamentally disagree,” EC spokesman Simon O'Connor said of the IMF report adding that an earlier restructuring of the Greek debt, as suggested by the Washington-based organization, would have led to “devastating consequences.”

“The report ignores the interconnected nature of the euro area member states,” O'Connor said.

“A private sector debt restructuring would have certainly risked systemic contagion if we had done it at that stage,” he said adding that such move would have “severely undermined” the program.

The spokesman also rebuffed criticism that not enough is made to identify growth enhancing structural reforms.

“We fundamentally disagree,” he said while stating his optimism about the future of Greece's economy.

“Today the reform program is on track and there are growing signs of stabilization and increasing confidence in Greece,” he said, adding however that “much remains to be done.”

The IMF acknowledged on Wednesday that it underestimated the damage done to Greece's economy from spending cuts and tax hikes imposed in the first bailout.

A report looking back on the bailout said the IMF veered from its own standards to overestimate how much debt Greece could bear, and should have pushed harder and sooner for private lenders to take a “haircut” to reduce Greece's debt burden.

ekathimerini.com , Thursday June 6, 2013 (15:07)  
UN special envoy says Cyprus peace talks enter new phase
Samaras to meet with Merkel in Berlin on Sept. 23
Prosecutor orders probe into Lagarde, Tsipras ´death threats´
Tsipras to meet with Pope Francis on Thursday
Aegean’s Vassilakis says Cyprus air sale could mean lower fees
Aegean Airlines SA could benefit from the privatization of Cyprus Airways Public Ltd. even if it doesn’t eventually buy the carrier, as the process paves the way for a review of airport fees...
Production of the new Pony to start by the end of the year, NAMCO says
Production of the new generation light-passenger-utility Pony vehicle will begin by the end of the year, NAMCO (National Motor Company of Greece) has announced according to a report in Eleft...
Inside Business
SOCCER
Mitroglou rediscovers scoring touch after Fulham let-down
Costas Mitroglou banished the memories of his disappointing spell in England after breaking a 10-month goal drought as Olympiakos Piraeus secured a thrilling 3-2 Champions League win over At...
SOCCER
Mitroglou seals Olympiakos´s 3-2 triumph over Atletico
Costas Mitroglou returned to scoring after 10 long months to seal a famous victory for Olympiakos in the Champions League as the Greek champion defeated visiting Atletico Madrid 3-2 on Tuesd...
Inside Sports
COMMENTARY
Loud patriotism
I admit that whenever politicians drag religious faith and worn-out patriotism into discussions I button up. I feel the same way when I see bishops blatantly getting involved in politics. To...
EDITORIAL
In need of a second wind
Greek Prime Minister Antonis Samaras and a few of his ministers have gone to great lengths to see Greece regain credibility in the eyes of its partners. Given that the state mechanism is not...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. UN special envoy says Cyprus peace talks enter new phase
2. Samaras to meet with Merkel in Berlin on Sept. 23
3. Aegean’s Vassilakis says Cyprus air sale could mean lower fees
4. Prosecutor orders probe into Lagarde, Tsipras ´death threats´
5. Production of the new Pony to start by the end of the year, NAMCO says
6. Eurozone August inflation revised up to 0.4 pct
more news
Today
This Week
1. Loud patriotism
2. SYRIZA victory would spark a bank run, PM reportedly warns
3. Davutoglu calls for a two-state solution in Cyprus
4. In need of a second wind
5. Tsipras to meet with Pope Francis on Thursday
6. Production of the new Pony to start by the end of the year, NAMCO says
Today
This Week
1. Greece on standby
2. A Greek God
3. Avramopoulos appointed Commissioner for Migration and Home Affairs
4. Central Athens traffic restrictions back in force on Monday
5. Greece at bottom of social justice scale among EU28
6. EU bank tests may miss trillion dollar risk, study finds
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.