BIS central bankers’ speeches  1  It will be crucial for Greece to implement reforms aimed at creating a competitive economic structure and a more efficient public administration, and for the country’s public finances to be consolidated in a sustainable manner.
Admittedly, the problems faced by Greece cannot be compared with those of other countries as they run far deeper; but what other crisis countries have experienced ought to encourage the Greeks. They have shown that austerity and reform programmes do work – provided, of course, that they are not implemented only half-heartedly. The trending concept of “ownership” is also part and parcel of this.