Charles Dallara, head of the Institute of International Finance who negotiated a Greek debt swap on behalf of private bondholders, said on Tuesday that the pace of the country’s budget cuts could be slowed.
“On a cyclically-adjusted basis they have contracted their budget by over 10 percent over the last two years, and in the current environment one can make a strong case that the pace of fiscal adjustment could be moderated,” Dallara said in an interview with Bloomberg Television’s Guy Johnson.
Still, “the neccessity of privatization, of structural reforms remains quite essential. The broad outlines of this program are going to be needed by whomever runs the country.”
Some 34,000 Greeks relocated to Germany last year, an increase of 43 percent compared to 2011 when 23,800 Greeks moved there, according to German government statistics.
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