The austerity policy has led the eurozone on the brink of an economic crisis and a monetary suffocation,” President of Hellenic Republic Prokopis Pavlopoulos said on Friday during the Delphi Economic Forum, held at the European Cultural Centre of Delphi.

“Provided that Greece is and will remain in the core of the European Union, and the eurozone, its development perspectives, under sustainability and social rights terms, are undoubtedly dependent on the development course of the EU environment,” Mr. Pavlopoulos underlined.

He also stated that this syndrome of the deteriorating economic suffocation of the eurozone is, in large part, a result of the overexposure to the inherent risks of an austerity policy and accused the European Central Bank (ECB) of lacking the required institutional and political means to play the significant role of other central banks.

The President also stressed the importance of drastic and radical interventionist economic policies in order to avert a new global recession.