Greece needs to initiate reforms, slash bureaucracy: Obama

Greece must undertake reforms to bring stability to its shaky financial system, US President Barack Obama said Friday, adding that Washington is open to flexible policies that nudge the European nation's economy toward recovery. "Greece needs to initiate reforms," Obama said at a joint press conference with Italian Prime Minister Matteo Renzi at the White House. They have to reduce their bureaucracy, (institute) more flexible labor practices," Obama added. Greece and its inte