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European Commission should have adjusted Greek economic activities before crisis — Putin

July 10, 2015, 19:00 UTC+3 UFA
According to Putin, Greece’s problems do not concern Russia directly but are indirectly affecting the whole of Europe, including Russia, because of huge volumes of trade and economic ties with Europe
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© AP Photo/Petros Giannakouris

UFA, July 10 /TASS/. The European Commission should have adjusted Greece’s economic activities before the crisis, Russian President Vladimir Putin said on Friday.

"Of course, all the blame can be shifted to the Greeks. But where was the European Commission if violations had taken place? Why did not it make any adjustments to the economic policy of the previous government in Greece? Why did it issue such bonuses and credits? There is what to discuss, and the Greek government certainly has what to argue about," Putin said.

When one powerful currency circulates in countries with various levels of economic development, each separate country loses an opportunity to regulate finances and its economic state via currency mechanisms, Putin said.

"Greece cannot devalue the euro. It is impossible. Greece is deprived of such an instrument," he added.

Besides, agreements with the European Union have also imposed restrictions on Greece and affected its ability to attract more tourists despite the fact that the tourist industry is one of the main branches of the Greek economy. The country has to restrict the volumes of agricultural production, fish catches, etc, the Russian president said.

He, however, also pointed to the advantages of Greece’s membership of the European Union linked to the ability to receive subsidized credits and bonuses.

According to Putin, Greece’s problems do not concern Russia directly but are indirectly affecting the whole of Europe, including Russia, because of the huge volumes of trade and economic ties with Europe.

"We hope the crisis will soon be resolved," Putin concluded.

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