NEWS

Private sector must ‘do more’ to boost competitivenes, Rhen says

Greece’s private sector should ?do more? to bolster the country’s competitiveness, European Union Commissioner for Economic and Monetary Affairs Olli Rehn has said.

In an interview with Finland’s YLE TV channel on Wednesday, Rehn said that Greece’s public sector had made a significant contribution to reducing labor costs — a condition for improving competitiveness according to Greece’s foreign lenders — but more was expected from the private sector.

The Fin urged the Greek government to see through reforms that will bring down wage and other costs paid out of its budget.

Rehn refused speculation that Greece is being treated as a potential source of cheap labor for European businesses.