Greece needs a larger, “qualitatively different” program of reforms to make its economy more competitive and help the cash-strapped country out of the worst crisis in its modern history, the head of the International Monetary FundĪs European department said Friday.
“Chances are that whatever the expectations may have been, we will need a bigger program. This program would be qualitatively different than what has come before,” Antonio Borges said in a telephone interview with Dow Jones Newswires during a visit to Moscow.
The new program would have to “complement budget measures to further privatizations, liberalize, make the economy competitive again,” Borges said.
He added that the International Monetary Fund was “not at all happy” with how the Greek privatization program was being carried out.
“There has been some interest from countries in the Middle East and other regions. They should really take advantage of every opportunity that is presented to them.”
Borges said that the experiences of the 2008 financial crisis has shown policy makers the importance of acting fast to prevent financial problems from becoming systemic.
“Greece is not a very big problem in itself. The whole concern is the systemic nature of the crisis and how quickly things can spread. The fear is already spreading, the lack of confidence already evident,” he said.
(source: Dow Jones)
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