Solving the economic and political crises in Greece seems to be getting more difficult every day. This week, the Athens stock exchange dropped to its lowest level in 22 years. In fact, the value of Greek shares has dropped by almost 90 percent since 2008.
The dire economic news comes on the heels of inconclusive elections on May 6th that raised the possibility of Greece leaving the eurozone.
Dimitris Droutsas was the Minister of Foreign Affairs of Greece in 2010-2011 and was part of the Greek government that negotiated bailout terms. He's now a Member of the European Parliament for the Socialist Party — Pasok. Droutsas says the mood in Europe is shifting away from austerity.
"Finally, we hear in the European Union the necessary voices who say austerity measures are not enough. We have to support those measures by measures that will promote economic growth," he says.
Droutsas calls for a radical reform of Greek public administration.
"We have to reinvent public administration in Greece," he says. "Then we will see the austerity measures will show effect and results."