“The saddest thing about Greece is that it has a lot of wealth, but it is hidden, or transferred to London,” said Eurogroup President Jeroen Dijsselbloem on Wednesday.
The Dutch finance minister spoke at the Oxford Union, the debate forum of Oxford University. He said, inter alia, that Greeks hide their wealth, implying there is a lot of tax evasion.
He also said that it is time for Europe to discuss lightening the Greek debt. Dijsselbloem said that there will not be a debt haircut per se, but European institutions will start examining other methods of easing the debt on Athens.
The Greek debt, Dijsselbloem said, has become substantial and the economy is unstable, generating a “huge issue.” He also said Europe doesn’t want the Greek crisis to continue because it will have repercussions in Europe as well.
Regarding the austerity measures that Greece has to take in order for the economy to recover, Dijsselbloem said “they are harsh, but they must be implemented.”
“(Greek) citizens must pay taxes, something that is not very pleasant in a crisis, but it must be done.” he said.
A Eurogroup meeting on Greece will be held on May 24.
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