Greece is two-thirds of the way to completing its fiscal consolidation, European Central Bank board member Joerg Asmussen told Sunday’s Kathimerini in an interview.
“The marathon was invented in Greece,” he said. “As a country, you are two-thirds of the way there but, as you know, the last third is the most difficult.”
The German technocrat pointed to the reduction in unit labor costs, the shrinking of the current account deficit and an increase in exports as signs that reforms were having a positive impact.
Asmussen called for greater “ownership” of the program from “the government, citizens, busineses and unions,” insisting that if Greece stuck to it, an official sector debt restructuring would not be needed.