ECONOMY

Competitiveness issue still unresolved

Greece cannot yet compete with other major economies even if it has made some courageous reforms, German Economy Minister Rainer Bruederle said on Thursday.

?The Greek economy is not sufficiently competitive,? he told a conference in Berlin. Germany has passed reforms lifting the retirement age, Bruederle said, while in Greece one can retire starting at 50. ?That’s impossible for me to explain to a German employee or German taxpayer,? he said.

Greece also needs to cuts salaries in the private and public sectors as a means of restoring its competitiveness, according to German officials.