Word: einaudi
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...order to be accepted into the European Union, the country reported deficits below the EU cap of 3 percent of GDP by allegedly falsifying data, according to Luca Einaudi, a visiting scholar at the Weatherhead Center for International Affairs...
When opposition leader Geórgios Papandréou assumed the office of Prime Minister in October 2009, he revealed that the deficit was much greater than expected—four times greater than the EU cap, Einaudi said. Soon after this announcement, rating agencies—on edge as a result of the recession—began downgrading Greek’s credit rating. Currently, Greek credit is trading at junk level: the lowest credit rating possible...
...Einaudi echoed Maier’s recommendation, noting that “there is no other way than to lend money to Greece...
...have to do it because otherwise the situation really blows up, and once you have panic it become more expensive to salvage the situation,” Einaudi added. “It is always better to do it fast...
Even if Greece is bailed out, Einaudi said that economic recovery will not be a speedy process, adding that it will take decades for Greece to fully recover...