Greece needs more sustainable development in tandem with debt relief, as a condition for a long-term recovery, the EU Commission’s chief auditor, Declan Costello, said on Tuesday evening.
Speaking at an event in Athens at the Deree College, Costello said sustainable growth for Greece is even more important for the crisis-bedeviled country, one fueled by long-term reforms aimed to boost employment and investments.
He also admitted that it was a mistake, on the part of European partners, not to restructure Greece’s massive foreign debt earlier. At the same time, Costello criticized successive Greek government, charging that they failed to fully implement reforms, essentially not taking “possession of the program” – using the widely used term.
Both elements, Costello said, namely, delays in debt relief and sluggish implementation of reforms, contributed to excessive fiscal adjustment measures, as he said.
