BREAKING NEWS

New EU president Poland rings alarm bells on Greece

By REUTERS

JULY 2, 2011 17:46

WARSAW - Poland's finance minister raised doubts on Saturday about Europe's handling of the Greek debt crisis, pointing to too much emphasis on austerity, too little focus on growth and a short-sightedness in some nations.

Speaking to the foreign media in Warsaw, Rostowski suggested several missteps had been made in trying to restabilize Greece, saying he was concerned that not enough was being done to bolster Greek gross domestic product and that there had been too much attention focused on cutting spending and raising taxes.

"The International Monetary Fund has a huge amount of experience in how to run these things (rescue programs). There are lots of things still that we can learn from the way the IMF does things," he said, without going into specifics.

"In Greece, you need consolidation and growth. You address the debt-to-GDP ratio either in the nominator or the denominator, and really you need to introduce it in both."

Rostowski's comments reflect growing concern among EU officials that the strictures being imposed on Greece, including 28 billion euros of austerity measures between now and 2015, are too harsh and may inflict fatal damage on its ailing economy.

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