(Title) The economic crisis in Greece, highlighted the EU’s institutional crisis, according to what Costas Simitis, in his article in the newspaper “Sunday Times”.
“The crisis showed that the functioning of EMU on the basis of agreed rules are not sufficient to limit the risks,” said Mr. Simitis, adding that “it needs to operate etso solidarity mechanisms and crisis management to not only pay some of the weaknesses of the system “.
Former Prime Minister noted that Europe must take a step forward and monetary union to proceed to economic and political integration.
For Kostas Simitis, one way to exit the country from the crisis is the continuing cuts in government spending and the implementation of the stabilization program, with adjustments for a more equitable direction for the socially and economically weak, when conditions permit.
“The fact that Greece can withdraw from the EMU and to devalue the drachma to gain room for maneuver is incorrect, as it applies to a country where the manufacturing base is extremely limited, says former prime minister and return the failure scenarios of the country and its exit from the euro area, to serve disparate interests and considerations, which militate against the efforts of the country sttherotita and development.
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