Chaos needs to be managed well if Greek people say 'no' in referendum: Former PM

ATHENS

Former Greek Prime Minister George Papandreou (L) speaks to daily Hürriyet columnist Ertuğrul Özkök in Athens on July 1

It will be crucial for the Greek government to properly manage a probable chaotic situation stemming from a “no” result in the July 5 referendum, former Prime Minister George Papandreou has told daily Hürriyet. 

“I hope there will be no chaos, but problems may be expected. For instance, what will happen to the euro? The government will most probably need to print something,” he said, in a special interview. 

Speaking to Hürriyet's Ertuğrul Özkök, Papandreou said Prime Minister Alexis Tsipras should either vote “yes” or postpone the referendum and prepare a much more detailed bailout proposal. 

Upon a question about the result of the referendum, Papandreou said he cannot make any predictions, as there were too many different emotions in the air, including national honor, in Greece right now. 

“We need to act with common sense now,” he said. 

Papandreou said the Tsipras government has made some mistakes, but creditors did as well by approaching the issue just as a matter of financial austerity. 

“Greece has big problems. First of all, the public sector is too bulky. We have judicial problems… [which are] discouraging foreign investment. The tax system needs to be regulated and new economic growth policies should be developed,” he said.