Greek Debt Crisis Is Above All A Greek Issue

PARIS -(Dow Jones)- The head of the World Trade Organization, Pascal Lamy, said Monday that the sovereign debt crisis in Greece was above all a Greek issue and that he doubted it would spread to other European countries, provided that necessary actions were taken.

Speaking in an interview with French radio France Info, Lamy said one of the most crucial lessons from the crisis in Greece was that budgetary discipline was necessary in the entire euro zone and that part of the crisis was due to the laxity shown by Greece's European partners towards the country's lack of discipline.

Asked about the potential dangers stemming from a credit boom in big emerging countries such as Brazil, Lamy didn't show concern, noting that some of these countries were better managed than developed ones.