Greece can rebuild its economy by itself with structural reforms, despite the austerity measures that have been imposed on the country, German Chancellor Angela Merkel said in a radio interview on Sunday.
Merkel told Deutschlandfunk public radio that spending cuts alone were not enough, but that structural reforms were also needed, although they will take time to show results, and will only be effective if strictly enforced.
She said there were many examples in the world “where the IMF has arranged similar programmes that, after a certain phase of recession, then come very strong phases of growth”, according to a transcript.
“Progress has been made in Greece,” Merkel said, adding however that tax collection was still a problem.
(source: AFP)
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