On of the reasons for the fact that the financial crisis in Greece was so long is the underestimation of its depth at the very beginning, European Commissioner for Economic and Financial Affairs Pierre Moscovici said Friday.
BRUSSELS (Pakistan Point News / Sputnik - 17th August, 2018) On of the reasons for the fact that the financial crisis in Greece was so long is the underestimation of its depth at the very beginning, European Commissioner for Economic and Financial Affairs Pierre Moscovici said Friday.
"At the onset of the Greek crisis, we had neither the capacity nor the tools, let alone the political culture, to manage the situation. We also underestimated the deep crisis facing the Greek state and economy," Moscovici told reporters, explaining why this crisis lasted for so long.
He also noted that the delays in the decision-making on the part of the Eurogroup were caused the complexity of this process.
Greece is expected to exit its current bailout program after August 20.
