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ECB Vice: Austerity Program for Greece was indeed too harsh

The eurozone’s southern members have done enough to reform their economies and reduce risk in their financial systems for the bloc to speed up banking union, the vice-president of the European Central Bank has said, in an implicit criticism of German foot-dragging.

In an interview with Financial Times,  Vítor Constâncio, said about the austerity programes imposed on Greece:

“The adjustment programme [for Greece] was indeed too harsh. And . . .[it] didn’t foresee the total collapse of hope and expectations. ”

He added  “at the same time, all countries in the euro area were reducing deficits, consolidating. That is the cause of the double-dip we had in 2012, 2013, which should not have happened.”

Constâncio is leaving the ECB in summer and as all great men leaving office, he dared admit a tiny little bit the adjustment program ruined lives and dignities in Greece. *sigh*

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3 comments

  1. “Constâncio is leaving the ECB in summer and as all great men leaving office, he dared admit a tiny little bit the adjustment program ruined lives and dignities in Greece. *sigh* ” ‘Errare humanvm est, perseverare autem diabolicvm’.

  2. Very correct Guida. Peoplle such as Constâncio first commit their crimes against millions of people, and when they retire on fat pensions these same people pay for, they absolve their guilt by confessing to “tiny” mistakes. Had there been any justice in this Union of Sin, they should have been rotting in prison a long time ago.

  3. “ECB Vice president: Austerity Program for Greece was indeed too harsh….” – No, you don’t say? 😲 Unbelievable…