German economist Jens Bastian: ‘Debt relief is absolutely essential’

German economist Jens Bastian: ‘Debt relief is absolutely essential’

Speaking to the Greek state news agency ANA-MPA, German economist Jens Bastian spoke about Greece’s debt on Friday saying that, “Debt relief is absolutely essential. We very often used patch-up solutions that caused it to be postponed and, as a result, it is now once again on the agenda. Very few investments will be made as long as the ‘Damocles Sword’ of debt hangs overhead”.

According to the German financial specialist,  a sustainable solution is the alpha and omega.

“For the post-programme period, he said that a so-called ‘clean exit’ was a priority but he highlighted the necessity for a cash buffer to ease the transition. ‘Greece cannot be refinanced alone by the markets in the coming years. Particularly, if the interest rates on state bonds rise again.'”

In his reply on the question about China and the investment interest that already has been showing to Greece, Bastian explained that, “China read Greece in a different way than Europe, which through its austerity proposals focused on a one-way street. China discovered possibilities and prospects…”…./ IBNA