"Greece has not yet reached rock bottom"

The crisis in Greece will be further exacerbated, as the international investment community is not yet convinced of the ability of both Greece and Europe to effectively address the debt crisis.

Clear and revealing in an interview with German newspaper Die Welt (link), head of the EU taskforce Horst Reichenbach does not hesitate to state that investors who may have an interest to operate in Greece expect a"further decline and downturn in the economy of the country."

"Good investors would have gone active in Greece in a downturn situation. But they do that when they are convinced that it does not go any lower, that is when we have hit rock bottom", which according to Reichenbach has not yet happened for Greece.

He also said that the next important mission of the taskforce is to improve the investment climate in our country, stating that the rescue program was delayed.

"From the current perspective it is clear that the rescue did not have the required range and speed," he said, attributing the errors to the absence of relevant experience. He noted that "no one had the solution to such an event in their pocket," and that the impact of errors is in full effect now, with the increased cost of resolving the problem burdening all Europeans…