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Bank of Greece: Long-Term Reform Plan

(GREEK NEWS AGENDA)  Fiscal restructuring and the “need to apply long-term policy measures that would cure chronic imbalances and structural weaknesses” of the economy should be top priority for Greece, Bank of Greece (BoG) Governor George Provopoulos said on Monday (16.2). Presenting the central bank’s report on monetary policy, Provopoulos said that economic growth will slow to 0.5% this year, inflation will fall to 1.8% or lower, while the current accounts deficit is projected to fall below the 14.5% of GDP it reached in 2008 and to start climbing again along with the economy’s recovery. The central banker stressed that Greece’s fiscal deficit must fall below 3% of GDP this year with the aim of falling to zero by 2012.