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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