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Greece needs to initiate reforms, slash bureaucracy: Obama

Greece must undertake new reforms to bring stability to its shaky financial system, US President Barack Obama says, adding that Washington is open to flexible policies that help the European nation's economy recoverGreece must undertake reforms to bring stability to its shaky financial system, US President Barack Obama said Friday, adding that Washington is open to flexible policies that nudge the European nation’s economy toward recovery. “Greece needs to initiate reforms,” Obama said at a joint press conference with Italian Prime Minister Matteo Renzi at the White House. They have to reduce their bureaucracy, (institute) more flexible labor practices,” Obama added. Greece and its international creditors will meet Saturday in Brussels to discuss Athens’ massive debt bailout program and the reforms it must adopt in exchange for urgently needed funds.

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