Bloomberg Anywhere Remote Login Bloomberg Terminal Request a Demo

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Ex-ECB Member Bini Smaghi Says Fixing Greece May Take 10 Years

May 20 (Bloomberg) -- Greece’s structural problems may take up to 10 years to fix and the country may need assistance from the World Bank to make needed adjustments, former European Central Bank Executive Board Member Lorenzo Bini Smaghi said.

“I think what needs to be done is to have a longer term perspective,” Bini Smaghi said in an interview with Dublin-based RTE. “Greece will not be solved in one or two years, it will take maybe 10 years.”

Greece’s bailout can’t be renegotiated and the country must continue with adjustments to lower its wage level to be competitive, Bini Smaghi said. European leaders needs to commit to taking political action to resolve the European debt crisis and not leave it to European Central Bank, he said.

Eurobonds aren’t a “panacea” for the crisis and any shift to them will be gradual and dependent on the ratification of the fiscal compact, he said.

Link to Company News:{2539Z GR <Equity> CN <GO>}

To contact the editor responsible for this story: Finbarr Flynn at fflynn3@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.