President Pavlopoulos tells Delphi Forum eurozone’s problem is the debt, not the deficit

The Eurozone must understand that its real “enemy” today is not the deficit but the debt, President Prokopios Pavlopoulos said on Thursday, in a speech opening the Delphi Economic Forum 2018, held March 1-4 in Delphi.

“The Eurozone will deal effectively with the international debt crisis or, failing that, it will face the risk of being dismantled,” he said adding that it is time for Greeceā€™s partners to fulfill their commitments and provide debt relief as “Greece has fulfilled its obligations”.

In this direction, Pavlopoulos expressed his support for the plan presented by French President Emmanuel Macron which links debt repayment with growth.

“The growth clause changes the rationale of public debt servicing, according to which its repayment was independent of the rate of GDP growth, ie without taking into account whether the country is registering growth rates below the projected target,” he said.

The President also spoke of an international debt crisis which he said is the biggest challenge for the Eurozone since its creation, noting that it affects the world economy as a whole.