The worst of Greece’s financial crisis is over and other European nations won’t follow in its path, said former European Commission President Romano Prodi.

“For Greece, the problem is completely over,” Prodi, who was also Italian prime minister, said in an interview for Bloomberg in Shanghai.

“I don’t see any other case now in Europe. I don’t think there is any reason to think the euro system will collapse or will suffer greatly because of Greece.”

The Greek government has promised to slash its budget deficit from nearly 13% of gross domestic product, more than four times the EU limit, to less than three percent by 2012.

French President Nicolas Sarkozy has promised that eurozone nations, the 16 countries using the euro as their currency, will not let the Greek economy fail. German Chancellor Angela Merkel, who runs Europe’s largest economy, however has so far refused to give the green light to any aid package.

According to Prodi intervention by European nations to date “was enough” and countries such as Spain and Portugal have “plenty of time” to get their finances in order.

“Europe is more than happy,” said Prodi. “For the benefit of the European economy, the decrease of the value has been absolutely positive.”

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!