Greek debt holders decry short-term focus

Responses to the Greek debt crisis are not addressing the longer-term measures needed to restore growth, a representative of private holders of Greek debt told reporters in Beijing on Tuesday.

“There has been too much emphasis on short-term austerity and too little emphasis on medium-term measures to strengthen competitiveness,» said Charles Dallara, managing director of the Institute of International Finance (IIF), which represents private sector holders of Greek bonds.

There would need to be renewed support for Greece to restore the economy to growth, he added.

Greek Prime Minister Antonis Samaras, leading a country in its fifth year of recession at a time of rising discontent at home, earlier said he wants two more years to implement economic reforms tied to the bailout to soften their impact.[Reuters]

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