French FinMin: Austerity cannot be only direction for Greek fiscal policy

By N. Bellos

Imposed fiscal austerity on Greece for the foreseeable future cannot be the only direction for the country, French Finance Minister Emmanuel Macron warned this week.

In statements to “Le Monde”, the popular French minister said the “sustainability” of fiscal discipline now imposed on Greece must also be broached, in tandem with Greek debt relief. He added that the rigid fiscal targets will quickly turn into problems for creditors.

“We’re at a stage where we see that beyond the issue of debt relief, the issue of fiscal policy’s sustainability will soon be broached … a country’s policy cannot have austerity as its only goal.”