Greece Runs The Toughest Austerity Measures In The Euro Area - Ireland CB Economist

Against the popular rhetoric about the inadequacy of the Greek reforms, a survey by Laura Weymes, an economist at the Central Bank of Ireland showed that Greece actually runs the toughest austerity measures among the euro crisis countries, Die Welt reported.

According to the survey findings, when it comes to the already implemented cuts, Athens' consolidation of 20% of its GDP by the end of last year is by far more than what Ireland, Portugal, and Spain have achieved.

Moving forward, Greece's austerity program would reach up to 38.5% of its GDP by 2014; that includes additional cuts of 13% of GDP which Athens agreed on with its donors this spring and another 5.5% of GDP or EUR 11.5 bln of cuts over the next two years.

"This is by far the most ambitious goal of all countries that are currently under an EU aid program," the report quoted Mrs. Weymes commenting on the survey findings.

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