Aug. 11 (Bloomberg) -- Greece’s international aid agreement should have focused more on structural changes and permitted a slower implementation of austerity measures, To Vima said, citing Christopher Pissarides, co-recipient of the 2010 Nobel prize in economic sciences.
Austerity measures have created a recession that makes it difficult for reforms to achieve results, the paper cited Pissarides as saying in an article to be published in tomorrow’s edition. The so-called troika of the International Monetary Fund, the European Central Bank and the European Union should now take a milder approach with Greece, Pissarides said.
The only solution, for at least the next two years, is for the troika to give Greece more money, To Vima reported Pissarides as saying.
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