Stournaras Repeats: No More Austerity

BRUSSELS - Even as international lenders keep pressing Greece to implement more reforms and have raised the likelihood of more austerity measures if a budget gap of as much as 2.9 billion euros ($3.89 billion) can?t be filled, Finance Minister Yannis Stournaras said that?s a red line that won?t be crossed. 'No austerity measures are needed. They are dangerous; we should let the automatic stabilizers work. We are willing to take structural measures with a fiscal impact, but not austerity measures,' Stournaras told CNBC. 'Greece has achieved tremendous progress up to now, people have made huge sacrifices, so we have to be very careful now what kind of measures we implement to close the fiscal gap, if any,' he added.

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