Photo: dw-world.de
Markus Krall was adamant that the agreement to reduce the face value of Greek government bonds by half did not give particularly good prospects for the country, because in 2020 the debt would still be above the accepted sustainable levels of 120% of GDP. For a country to return to the capital markets and restore investor confidence, the debt should be 90% of GDP, said the financial expert. Krall said his company was in constant touch with the Greek, but also with other European governments, but declined to give information on whether the local government took seriously the implementation of the Eureka plan. The German financial expert stressed that the decision to give such a large amount of public property into private hands for sale was a difficult question and might require a referendum, but the time for making the decision was limited in the next few months. The Senior Partner of Roland Berger cited the definition of Winston Churchill on Americans, focusing it instead on the Greek mentality: "You can always count on them to do the right thing- after they have tried everything else."