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Neoliberal response makes debt crises worse: Greece

Xinhua, October 2, 2015 Adjust font size:

The neoliberal response to debt worsens economic crises and has a devastating social cost, said Greece's Prime Minister Alexis Tsipras at the annual high-level debate of UN General Assembly here on Thursday.

"The neoliberal recipe we -- and other European countries -- were called to implement, came at a devastating social cost and contributed to deepening the economic and fiscal crisis, instead of curing it," Tsipras told the 193-member assembly.

Tsipras emphasized that this problem was not unique to Greece -- and that many other countries -- both developed and developing had similar problems.

"How many times since the 70s have countries in the developed and...the developing world, struggled to face exactly these problems that concern not just their weaknesses, but the recipes they are given to deal with them?" asked Tsipras.

Tsipras said that the international community had to discuss the issue of debt restructuring including within the United Nations General Assembly.

He said that the global financial and economic system should be oriented towards helping countries grow and develop, rather than imposing strict austerity measures. Enditem