Parliament’s budget office warns private debt reaching levels of state debt


The Parliamentary Budget Office on Monday issued its quarterly report, issuing a warning about an increase in the level of Greece's private debt which is approaching the level of public debt.

"Without a doubt, the situation is critical," the report said. "But no one in their right mind would want efforts for the country to exit the country to founder right now, as agreed in the third memorandum," it added, referring to the country's third bailout.

The report also referred to several factors that are stymying growth growth such as bureaucracy, access to funding for businesses, high tax rates and frequent changes in legislation.

In view of this, the investment boost that Greece needs will come partially from implementing reforms, the report said.