ECB's Weidmann says would be tragic if Greece gave up reform drive

[WorldNews]

Germany's Bundesbank chief, Jens Weidmann, said on Wednesday Greece was still far from the end of its "marathon" reform process and that it would be "tragic" if Athens gave up the economic adjustments it has already made. The latest debate around Greece showed the euro zone crisis had unfortunately not been overcome, Weidmann, who sits on the European Central Bank's policymaking Governing Council, said in the text of a speech for delivery in Munich. "Those who blame the ECB and European politics for the economic weakness in the crisis countries confuse cause and effect," Weidmann said, adding that reform measures were starting to work in these countries. "It would, therefore, be tragic if Greece were to give up its adjustment process now and give away what it has achieved." "But it is also clear: the economic adjustment process is more like a marathon than a sprint.

 

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