Skip to content
Subscriber Only

Greeks Need to Accept Austerity as Balkans Suffers, Romania Says

Greeks need to accept steps to avoid exiting the euro as the prospect that voters will reject austerity measures may push the Balkan region into a prolonged recession, Romania’s two top government leaders said.

Greek efforts to form a Cabinet in May 6 elections failed after voters rejected pro-bailout parties, prompting a new vote on June 17. The reluctance to accept more spending cuts led policy makers in Europe to speak openly about the possibility of Greece leaving the euro area. Romanian Finance Minister Florin Georgescu said voters would be “wise” to keep the euro because it’s “less costly and less painful.”