Dr Novy discusses the ongoing talks between Greece and the IMF in a TV interview for US financial news website

Dr Dennis Novy appeared in a TV interview for the US financial news website TheStreet.com yesterday, discussing the ongoing talks between Greece to schedule debt payments with the IMF and the European Commission.

The Greek crisis formed a central part of discussions at the recent G7 summit in Germany, after a debt payment due to the International Monetary Fund was delayed late last week. Appearing on TheStreet, Dr Novy said he believes Greece does intend to pay the money due, but there is no sign that the negotiations are getting any easier.

While Greece is only about 2% of the Eurozone economy, Dr Novy said the issue is not isolated to Greece, but rather ‘about other countries further down the line.' Referring to both Spain and Portugal, which have upcoming elections, he added:

it's a difficult situation for the European Union, if in Greece you have a very hard core left wing government that is seen as very successful by people and if it gets its way, then what kind of message is this going to send out to similar parties?

Dr Novy said that this question is a serious worry for the European Commission.

The full interview can be viewed on TheStreet website.