FRANKFURT (MNI) – European Central Bank board member Lorenzo Bini
Smaghi said on Wednesday that it could take nine to twelve months for
markets to regain confidence in Greece.
Speaking to the European Parliament’s Economic and Monetary Affairs
Committee, he said: “Markets have lost confidence and they want to see a
new path implemented month after month after month.”
He added: “Markets look at everything. Not only the wilingness of
the government but the ability of the society to continue this effort.”
He said that if Greece continues on its current path, “in the end
the markets will come back.”
Olli Rehn, the European Commissioner for Economic and Monetary
Affairs, told the same hearing it was “essential” to realize that it
takes time to reinforce confidence, but that Greece was on track and had
achieved impressive fiscal consolidation results.
He added that it was “indispensable” and “crucial” that Greece
maintain its fiscal structural reforms.
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