Sigmar Gabriel at SEV: Debt relief for Greece is both possible and necessary
The surveillance program for Greece after it completes its bailout agreement should not be seen as a fourth loan agreement, Sigmar Gabriel, German former foreign minister and vice chancellor, said in his address at the Hellenic Federation of Enterprises (SEV) annual meeting on Tuesday.
The fiscal adjustment program will be completed in August. "In a marathon, the last few meters are the toughest one," he said. "Up to now we were focused on fiscal issues, it’s time to focus on the real economy now," he added.
Gabriel expressed support for a debt relief, which he saw as both possible and necessary, and said it should be based on the French proposal for flexible repayment terms in tandem with economic development.
The German politician warned Greece against reverting to bad habits and undoing reforms, and said that Europe needed Greece to be successful. Referring to differences of opinion among EU members including Greece, he said all must make an effort to understand each other.
He said that "Greece's effort is bearing results, but it's a slow process. The price Greece paid to overcome the crisis was and remains very high on an economic and political levl. What Germany did was a walk in the park, compared to what happened in Greece."
Gabriel foresaw a growth beyond 2% for this year and called on German companies to invest in Greece.
Source: amna-mpa
