BoG chief: Politics is to blame

Bank of Greece Governor Giorgos Provopoulos (left) spoke on Thursday of a systematic failure of the country?s fiscal policy that has led Greece to the brink of disaster, putting the blame for the crisis squarely on politicians.

Addressing a Foundation for Economic and Industrial Research (IOBE) event, Provopoulos said: «This is a deep, systemic, structural crisis of the financial model that dominated the country [after 1974], which predictably led to a dead end and crumbled. In these conditions the financial default seemed inevitable in 2010 and was only averted thanks to the support of the [European] partners and the International Monetary Fund.

“We now need to learn from our mistakes and reject the mentalities that took us to the brink of falling.”