EU's Juncker: Another debt cut for Greece is currently "not on the radar screen"

cep chairman Gerken: Even a complete debt forgiveness would not solve Greece's problems

EU Commission President Jean-Claude Juncker rejected demands by Greece’s new government for a debt cut. There exists “no urgent need for action” in that regard, Juncker told German national broadcaster ARD. Another debt cut is currently “not on the radar screen” of the EU-Commission, Juncker said. “Even a complete debt forgiveness for Greece would not tackle the underlying causes of the Greek crisis,” cep head Lueder Gerken explained. “The real problem of the country is that its economy still isn’t competitive on global markets.” Undoing the existing reform measures would only further weaken the competitiveness of Greece, Gerken argued. The country rather needs to cut further red tape and lower wages by another 10 percent on average.