The European Union will support Greece, but the debt-stricken country needs to do more to implement the promises it has made, the EU commissioner for economic and monetary affairs said Thursday.
“An uncontrolled default or exit of Greece from the euro zone would cause enormous economic and social damage, not only to Greece but to the European Union as a whole, and have serious spillovers to the world economy,” Olli Rehn said according to the text of his speech at the Petersen Institute of International Economics in Washington. “We will not let this happen.”
Still, he warned, Greece must do more to justify the EUR109 billion bailout package that ministers agreed on back in June.
“A condition for the new programme is that Greece implements all the corrective measures required, without any wavering,” Rehn said. “In the past couple of weeks Greece has gone a long way toward meeting these demands, but we are not quite there yet.”
He added that Ireland and Portugal, the other countries to receive aid, are doing much better, and that he doesn΄t foresee a return to recession in Europe.
(source: Dow Jones)
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