The first vice president of the European Bank for Reconstruction and Development says the world has waited too long before attempting to resolve the Greek economic crisis.

In an exclusive interview with the Voice of America's Ukrainian Service, Varel Freeman said decisive action earlier would have helped to reach consensus on appropriate solutions. He said when governments made dramatic decisions they were able to stop a crisis in the Baltics in 2008-2009 and help build a successful economy.

But Freeman says the Greek crisis is on a much larger scale and goes beyond tools and policy instruments the EBRD has to address the problem. He added that Eurobonds may be a useful tool to help, but that the Eurozone rescue fund is too small and must be increased in size.

Freeman also believes that if Greece defaults and is forced to leave the Eurozone, it would be “tremendously negative.” He says such a situation could pose great risks for European and world finances.