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Trichet: "If you don't like austerity, don't ask for help"

trichetThe former president of the European Central Bank, Jean–Claude Trichet, was extremely judgemental towards Greece. “If you didn’t like austerity, you shouldn’t have asked for help,” he said speaking to Greek journalists in Brussels.
“Austerity policies are required to pave the road that leads to balance. If the Greeks had respected the Stability and Growth Pact, there would be no need for austerity measures. In order to receive help, you have to implement these policies,” he stated.
“In any case, if you did not like it, you shouldn’t have asked for help,” he said referring to all the countries that had been under the supervision of the Troika. The French economist also noted that “the countries that had the fewest problems were those who respected the Stability Pact. If Greece or Portugal had respected it, they wouldn’t have to deal with so many problems.”
Trichet defending the policy he implemented while being head of ECB during 2013-2011, said: We made decisions that strengthened the Stability Pact and introduced a mechanism of monitoring the indicators of competitiveness. Some countries faced crisis because they did not respect the pact, others because they lost their competitiveness. Furthermore, today we have the banking union which is very important.
As to the financing of banks that increased the public debt, Trichet said: “All countries have decided that they would not leave their banks to collapse.” He added that if a country refuses to pay the debt that occurs from bank bailout, it will lose its credibility.

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