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Financial Advisory Lazard: 'Troika Is Wrong About Greece'

MATTHIEU PIGASSE, DIRECTEUR GENERAL DE LA BANQUE LAZARD FRANCEShortly after taking office as the next Greek Finance Minister, Yianis Varoufakis requested the help of financial advisory Lazard in order to deal with the negotiations regarding Greece’s public debt which has reached 176% of GDP.
Matthieu Pigasse, head of Lazard in Paris announced on Tuesday, February 10 that troika’s bailout plan which imposed heavy austerity measures on Greece has led the country’s economy to a wall, as reported by Reuters.
“I think that the policies conducted by the troika (International Monetary Fund, European Central Bank and European Commission) are mistaken and have driven Greece into a wall and may yet drive Europe into a wall,” Pigasse told France Inter radio. “Yes I think the troika had it all wrong.”
According to Pigasse, the restructuring of Greece’s public debt was inevitable in order for the country’s economy to start growing once more. In fact, he estimated that a total of 100 billion euros needs to be “cut” before Greece’s public debt returns to an acceptable GDP ratio.

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