While two years ago many feared that the Greek economy would slide into a protracted period of slow growth or even recession when the spending for the Olympics ended, and cited Spain as a precedent, we now see that the Greek economy remains one of the strongest in the EU.
For example, our authority to extend credit directly to private nonfinancial businesses and state and local governments exists only in “unusual and exigent circumstances” and with the consent of the Secretary of the Treasury. When this crisis is behind us, we will put these emergency tools away.