FRANKFURT (MNI) – Outgoing European Central Bank Governing Council
Member Juergen Stark said the only way to solve the debt crisis is
through hard political choices that reduce debt, not more bailout
spending.
In an interview with the Saturday edition of Dutch newspaper NRC
Handelsblad, Stark said countries need to “spend less and reform more.”
“The alternative is spending more on crisis resolution. But where
does that money come from? For what is it used? We need a fundamental
rethink of our economies,” Stark emphasised. “We need a new growth
model. Piling up more debt is not a solution.”
“Some say we need E1.0 trillion to stop the crisis. But what do you
buy with that? Only time. Time for what? We don’t need more money. We
need politicians that take charge,” Stark argued.
–Frankfurt Bureau +49 69 720 142; email: frankfurt@marketnews.com–
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