September 24, 2011
Debt-laden Greece must push forward with reforms prescribed by its international lenders or face dramatic consequences, the country's central banker said in an interview.
The European Union and the International Monetary Fund have expressed impatience with the slow pace at which Greece has been implementing measures to conform with their bailout plan and Athens now is intent on persuading them of its commitment to fulfilling its obligations.
"Either we immediately proceed with substantial implementation of structural reforms and control debt dynamics or face dramatic developments," George Provopoulos, also a European Central Bank (ECB) Governing Council member, told Sunday Real News newspaper.
"We have to break this vicious circle. We have to focus on radical reforms in the public sector, to eliminate the factors which constantly generate deficits and debt," he said.
Provopoulos said that if Greece does not implement the reforms markets will remain distrustful.
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