Euro Crisis: ECB – Greek progress “virtually stalled”
By
Clem Chambers
PUBLISHED:
02 Jul 2012 @ 19:00
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ECB executive board member Jörg Asmussen has warned that progress to resolve the Greek financial crisis has “virtually stalled” over the last three months since the last bailout agreement.
Speaking at a conference in Athens Asumussen argued that “the first priority for the new Greek government has to be getting the programme back on track” and that the second general election has led to the country being behind the bailout schedule.
When asked about the moves within Greece to secure improved bailout terms Asumussen stated that renegotiation would be “risky” and would put in doubt the Greek government’s aim of cutting national debt to 120% of GDP by 2020.
The Greek parliament, the Troika, is set to start meeting tomorrow to discuss ways to reform the country’s troubled economy under the leadership of new Prime Minister Antonis Samaras.
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