Monday November 24, 2014 Search
Weather | Athens
18o 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)  
Cyprus on agenda in Biden visit to Istanbul
PASOK nixes Papandreou leadership challenge
Troika tests gov’t nerves as budget rift persists
Climate change to hit farming, Greek coastline
ANALYSIS
Athens deserves slack from creditors
Talks between the government and the troika about the pending review of the Greek economic policy program have stalled over a number of issues, most prominently next year’s fiscal gap. Altho...
Transfer tax to be based on actual property cost, not objective value
The government intends to provide a boost to the local real estate market by reducing the tax on property transactions as of 2015, with the aim of attracting foreign investors by cutting the...
Inside Business
BASKETBALL
Olympiakos ends PAOK´s unbeaten run in Basket League
Olympiakos put an end to PAOK’s unbeaten run in the Basket League with an emphatic win at the Peace and Friendship Stadium, leaving Panathinaikos as the only team with a perfect record so fa...
INTERVIEW
Tokyo hopes to change the world
The 2020 Summer Olympic and Paralympic Games in Tokyo will serve as a springboard for the rebuilding of Japan’s image and economy following the triple blow of the earthquake, tsunami and nuc...
Inside Sports
COMMENTARY
Extremism from a bygone era
There are times when we seem to be overcome by self-destructive madness. I hear various commentators and politicians speaking in extreme terms of a junta, of defections, gallows, collaborato...
EDITORIAL
No call for more games
Psychological warfare has been a part of the negotiations between the troika and Athens from the very start of the crisis. But the situation is much different now and troika decision-makers ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Olympiakos ends PAOK´s unbeaten run in Basket League
2. Athens deserves slack from creditors
3. Transfer tax to be based on actual property cost, not objective value
4. Key general meeting at OLP on Tuesday
5. Agenda
6. Carlsberg to use Greece as regional junction
more news
Today
This Week
1. Extremism from a bygone era
2. No call for more games
3. Carlsberg to use Greece as regional junction
4. Transfer tax to be based on actual property cost, not objective value
5. Key general meeting at OLP on Tuesday
6. Agenda
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Biden heads to Istanbul amid tension over Cyprus EEZ violation
3. Anti-junta uprising anniversary to be marked amid tight security
4. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
5. Every age has its collaborators
6. Give Greece a chance
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.