ECONOMY

OECD says deficit reduction measures are ‘very strong’

The OECD is confident that Greek authorities will successfully deal with the country’s debt crisis, its chief economist said yesterday. OECD chief economist Pier Carlo Padoan said that the first responsibility in solving debt crises lies with the governments and described Greece’s deficit reduction plans as being «very strong.» «Of course it’s important to have a [eurozone] safety net there but I am confident that the Greek authorities will deal with it… Europe has already helped,» Padoan told Reuters in Paris. Padoan added that he sees benefits for the eurozone economy in the euro’s recent decline. The euro has fallen more than 10 percent in the past four months versus the dollar, in part because of investor fears about the public finances of eurozone member Greece. «Certainly we see in the longer term benefits from a weaker euro than the one that was prevailing, say, a few months back,» he said.