Comment on Bailout envoy urges Greece to speed up reforms

Bailout envoy urges Greece to speed up reforms

Bailout envoy urges Greece to speed up reforms Associated Press Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Updated 02:58 a.m., Monday, July 2, 2012 ECB board member Joerg Asmussen is in Athens as the struggling country's new coalition government holds talks with its rescue creditors. Greece's new conservative-led government was formed quickly after June 17 general elections that ended months of political uncertainty, but saw a sharp rise in support for parties opposed to the bailout. Asmussen, however, said failure to tackle the underlying problems of Greece's crisis — a lack of economic competitiveness, high debt and a bloated public sector — would only result in more pain. Debt inspectors from the so-called troika — EU, IMF and ECB — are due in Athens this week to meet the new government, that is backed by Samaras' conservatives, traditional rival Socialists and a small left wing party.

 

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