Greece out of intensive care but work needed before it can run again, says Singh

The Greek economy has moved on from the crucial phase it was in, said Daleep Singh, a former US Treasury assistant secretary, but added that the global environment is creating a series of challenges that must be handled in order for the country to secure a steady post bailout period.

In an interview with state broadcaster ERT in Washington, Signh said that “the good news is that Greece is out of intensive care and has started to walk again. But the target is to run. And if Greece wants to run and really grow, a series of things need to happen.”

He went on to say that Greece needs more emblematic reforms and decisive measures on debt in combination with securing cheap finance from the markets, which will give the necessary push to the economy. In regards to global conditions, Singh said that “in a period where the international environment becomes harder and interest rates moving higher across the world, markets become more nervous with countries with high debt levels. As a result, in a period where Greece may be ready to run, opposing winds are picking up and there is a danger that it will slip again.”