Head of Lazard Paris says troika ‘all wrong’ on Greece

Matthieu Pigasse, head of investment bank Lazard in Paris which is advising the Greek government on its debt restructuring, said on Tuesday the troika imposing austerity on Greece was totally mistaken and had driven the country’s economy into a wall.

“I think that the policies conducted by the troika (International Monetary Fund, European Central Bank and European Commission) are mistaken and have driven Greece into a wall and may yet drive Europe into a wall,” Pigasse told France Inter radio. “Yes I think the troika had it all wrong.”

Pigasse also repeated that a restructuring of Greek debt was inevitable and that the country’s total debt load should be reduced by some 100 billion euros ($113.28 billion) to allow it to return to an “acceptable” debt to GDP ratio.