Greek issue to be solved by autumn: Eurogroup coordinator

Greek issue to be solved by autumn: Eurogroup coordinator
# 24 July 2012 23:27 (UTC +04:00)
Baku-APA. The Eurogroup hopes to decide on how to proceed with the Greek economic reform measures by autumn, president of the Eurogroup Working Group Thomas Wieser said on Tuesday, APA reports quoting Xinhua.

In an interview with the Morgenjournal, Wieser said the decision would need to be made whether the reform program in Greece required "relatively simple adaptations" or if "political decisions in the eurozone" were necessary.

Wieser said the issue at present was not of insolvency as Greece is financed from the European Financial Stability Facility (EFSF) and the International Monetary Fund (IMF).

However, the problem was that Greece does not currently meet the requirements of its austerity and reform program, though there was no imminent need to tackle this issue within the next few days or weeks.

"In the late summer we will see very well if the issue is easy to solve or if it will be difficult," Wieser said.

Regarding Spain, Wieser said the situation was "very unpleasant," adding that the country showed the disadvantages of having large financial autonomy in individual provinces, and that "on the national level there must be significantly more stringent discipline."

In the interview, he reiterated that the eurozone had shown itself prepared to tackle difficult situations.
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