Quantcast


Last updated: February 19. 2013 5:20PM - 113 Views

Story Tools:

Font Size:

Social Media:

(AP) The head of an international banking lobby has praised Greece's recently approved austerity package, saying it provides a comprehensive framework for reform.


Charles Dallara, managing director of the Institute of International Finance, said Greek governments had shown impressive willingness to bear short-term pain for long-term gain in passing a major round of new cuts. They were approved last week and are worth 13.5 billion ($17 billion).


Dallara led negotiations with Greece earlier this year to restructure the country's debt held by the private sector, wiping some 100 billion off the national debt.


Speaking at a banking event in Athens, Dallara said the eurozone countries need to find a better balance between austerity and growth, with an over-emphasis on cuts causing the risk of a protracted era of recession or low-growth.


Associated Press
Comments
All user comments are subject to our Terms of Service. Users may flag inappropriate comments.
comments powered by Disqus



Featured Businesses


Poll



Info Minute



Gas Prices

Wilkes-Barre Gas Prices provided by GasBuddy.com