ECONOMY

Joseph Stiglitz: Global economy is key

Greece’s economic future is closely tied to the performance of the global economy, Nobel Prize-winning economist Joseph Stiglitz said yesterday, adding that he believes the country will be able to meet its future borrowing needs. «What happens to Greece will, to a large extent, depend on the rest of the world. If the global economy rebounds quickly, then Greece will rebound quickly,» said Stiglitz from the island of Poros, located in the Saronic Gulf, where he is attending a four-day Socialist International forum. Regarding the borrowing needs of Greece and other European states, Stiglitz said that the European Union’s 750-billion-euro fund is more than enough to help countries facing difficulties. «The commitment taken on by Europe, not only to help Greece but also other countries that are having difficulties via the 750-billion-euro fund, is more than enough to provide assurances that Greece is in a position to completely meet its finance needs,» he told reporters. The Socialist International group comprises 160 socialist, social democrat and labor parties from around the world.