Former Prime Minister George Papandreou said the European Union has done ?too little too late? to solve the sovereign-debt crisis.
?We need a European, even global solution to this issue,? Papandreou said today in Durban, South Africa. ?We lost quite a bit of time in Europe finger-pointing. We have done too little too late,? he said.
?I do hope what we come up with in Brussels today is encouraging and will keep the markets calm,? Papandreou said.
Responding to a question about the European Central Bank?s role in fighting the debt crisis, Papandreou said Europe is using ?too few? of the instruments available to fight the debt turmoil.
?Europe has lots of tools. We have been using too few of them and too late,? Papandreou said. ?What happens is they get spent, psychologically, and the market doesn?t trust we have the will. What we have to show the markets is they can trust the euro.?