Mr. Angel Gurría, Secretary-General of the OECD, was in Athens on 10-11 February 2015 on an official visit to Greece.
Structural reforms to boost economic growth and investment to create jobs, improve the stability of public finances and provide an effective social safety net are crucial to help Greece recover from the profound social costs of the economic crisis.
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Europe has been beset by an interrelated banking crisis and sovereign debt crisis. Bond spreads faced by Greece and Ireland, and to a lesser extent Portugal followed by Spain, have increased. This paper explores these issues from the perspective of financial markets, focusing mainly on the four countries in the frontline of these pressures: Greece and Portugal, on the one hand, where the problems are primarily fiscal in nature; and