Monday, March 8, 2010

European Comission: Greece is Not The Only Country in a Delicate Situation: Problems Cannot Be Solved by the I.M.F

Joaquín Almunia, European commissioner for competition, said on Sunday "that we must" deal with the case of Greece but that that country is not the only one in Europe in a delicate position.

When asked about the responsibilities of the European Union (EU) in the Greek case, the commissioner said that the country's problems are not new.

Greece, "next to Italy was the country with the highest deficit. In 2004, one of my first decisions after reaching the European Commission in charge of the area of economic affairs was to open an infringement procedure for excessive deficit Greek,".

"The situation, already critical of itself, worsened during the pre-election period, the gross mismanagement of public finances and economic policies by the previous government." "The Greek case was the failure of the statistical system, but the management of public finances," he said, stressing that the responsibility for the collapse is "only of the Greek authorities." "It is not correct to attribute responsibility to other Member States or the Commission," said the Commissioner of Competition, for whom "Greece did not have the will nor the technical means to start earning a profit and grow."

Regarding a possible intervention by the International Monetary Fund (IMF) crisis in Greek, Almunia merely say that "internal problems of the Euro area can not or should not be resolved" by the agency.

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