ECB Provopoulos: Changes To Greece Economy “Must Be Imminent”

The problems facing Greece are largely the result of corruption, inefficiency and macroeconomic imbalances built up over decades, but the changes needed to reverse the situation “must be imminent,” Bank of Greece Governor George Provopoulos said Tuesday.

At the same time, the solutions required to put Greece on a more solid footing entail a “complete overhaul” of the economy and must be durable, said Provopoulos, who is also a member of the European Central Bank’s Governing Council.

“The current crisis is affecting all sectors of the Greek economy and society. Therefore the answer cannot be short term,” Provopoulos said in the text of a speech delivered here. He said the economy needed a “complete restructuring,” both in terms of steady budget consolidation and reforms to render the Greek economy more competitive.

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza