Dutch citizens and entrepreneurs are facing years of economic distress.

Dutch central bank (DNB) President Klaas Knot made this prediction in an interview with national daily De Telegraaf. However, he added that the economy would eventually recover.

Mr Knot said that the Dutch economy sustained a serious blow and that there was no other option than to introduce austerity measures. "It takes time, and puts the brakes on spending,'' he says.

The central bank president said the Netherlands should not expect economic growth to solve its problems. “Excessive debt must be reduced, this holds true for governments, banks and families.”

(gsh/nc)

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