Finance Minister Evangelos Venizelos warned Greeks Wednesday that the country runs the risk of economic collapse if it doesn΄t make progress on its deficit-cutting agenda needed to secure fresh international aid.
In a starkly worded speech to parliament, Venizelos also acknowledged that the country would have to take further austerity measures to meet its budget goals, as required by its international creditors.
“We have not fully understood the danger (we face), that the system could cease operating, that the national economy could cease operating,” he said.
His remarks come after two days of discussions with the European Union, the International Monetary Fund and the European Central Bank concluded late Tuesday on new deficit busting measures the country must take.
(source: Dow Jones)
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