German BdB Bank Group Says Work in Greece Has ‘Only Just Begun’

Greece’s work to restore its fiscal health “has only just begun” and must build on the debt swap by investors in the country’s sovereign bonds, according to the BdB Association of German banks.

“We can’t think that Greece is saved and the crisis is over,” Michael Kemmer, general manager of the BdB, said in an interview with Deutschlandfunk today. “This is an important step -- the private sector showed solidarity. That’s good, but the work has only just begun.”

“Despite all the justified happiness about this issue we have to note that Greece is only buying time with this and has to do its homework and pursue budget consolidation, savings and its privatization program,” he said in the radio interview.

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