Sunday Jan 25, 2015 Search
Weather | Athens
17o C
10o 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)  
Greek Elections 2015 | LIVE
Tsipras aims for deal with lenders by this summer
New highway still in limbo
Samaras in last-ditch appeal to voters
Draghi’s QE promise to Greece depends on debt-market math
Greece’s inclusion in the European Central Bank’s bond-buying plan this year doesn’t just depend on its new government sticking to a bailout program. It also relies on some debt-market arith...
Eurozone to discuss another extension
Monday’s Eurogroup will discuss the possibility of another extension to Greece’s bailout program in the aftermath of Sunday’s general election, even if it is not yet certain the next governm...
Inside Business
SOCCER
Olympiakos overcomes depleted OFI at Iraklio
Easy though it may seem, Olympiakos’s 3-0 win at depleted OFI Crete was rather difficult on Saturday, but was enough to keep the Reds on top on Saturday, as they have maintained their two-po...
BASKETBALL
Tremendous Spanoulis sweeps Laboral Kutxa
A hot second half was enough for Olympiakos to undo visiting Laboral Kutxa and score its fourth win in as many games at the second round of the Euroleague on Friday. The 76-64 final score wa...
Inside Sports
COMMENTARY
The train
If we go by the polls, SYRIZA is set to win Sunday’s election and form a government. New Democracy did not really campaign, or perhaps it did so in a way that can only be explained if the pa...
EDITORIAL
The future is in your hands
On Sunday we will vote in a landmark and unique election. It is a landmark vote because what is at stake is whether Greece will be cut off from Europe’s core, whether certain necessary refor...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greek Elections 2015 | LIVE
2. Olympiakos overcomes depleted OFI at Iraklio
3. Draghi’s QE promise to Greece depends on debt-market math
4. Tremendous Spanoulis sweeps Laboral Kutxa
5. Eurozone to discuss another extension
6. S&P sees red over ‘Euroskeptic’ governments
more news
Today
This Week
1. Greek Elections 2015 | LIVE
2. Draghi’s QE promise to Greece depends on debt-market math
3. The train
4. The future is in your hands
5. Greek Elections 2015 | LIVE
6. A guide to Greek elections
Today
This Week
1. Piraeus Bank is third lender to request ELA
2. Grexit the only way out of ‘valley of tears,’ says Hans-Werner Sinn
3. Fitch lowers Greece credit outlook to 'negative'
4. No debt writedown or rolling back of reforms for Greece, says Finland's Stubb
5. Greek Elections 2015 | LIVE
6. Greeks fork out nearly 5 pct of their incomes on telecom services
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.