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Greek Foreign Minister D. Bakoyannis on Foreign Policy

(GREEK NEWS AGENDA)  Foreign Minister Dora Bakoyannis referred to the “new multi-polar balance of powers” – which has taken shape since the fall of the Berlin Wall – as well as to the political framework created by the current world economic crisis, during an address on Monday at an event organised by the Constantine Karamanlis Institute of Democracy. The minister also expounded on the philosophy, the objectives and pursuits of Greek foreign policy which she termed a modern patriotic policy.  “In this political landscape, Greece proceeds with a foreign policy which is based on a broader consensus, follows a consistent national strategy, aims at placing Greece at the centre of decision making processes, enriches its potential with economic diplomacy activities and is being characterised by transparency, clarity and knowledge of international realities,” Bakoyannis noted.  Athens News Agency: FM on foreign policy

Eurozone: Greece exceeds Growth Average

(GREEK NEWS AGENDA) In the wake of the informal meeting of the Heads of State and Government of the European Union on November 7 in Brussels, the European Commission issued its autumn economic forecast 2008-2010 yesterday, revealing the gloomy influence of the financial crisis on the European economies.  According to the data, economic growth rates for the European Union should be 1.4% in 2008 (1.2% for the eurozone), half what it was in 2007, and drop even more sharply in 2009 at 0.2% (0.1% for the eurozone).  Greece’s growth rate remains resilient, topping all Eurozone economies’ GDP growth. Greece’s growth rate for 2008 is estimated at 3.1% in 2008 dropping by 0.9% since 2007, all due to a slump in private consumption and a decline in corporate investment, according to the European Commission. For 2009, predictions foresee a drop at 2.5% and 2.6% at 2010.

Greek Public Budget Balance

In terms of the country’s fiscal deficit, it was 3.5% of GDP in 2007 and was expected to fall to 2.5% (2008). The Commission’s forecast shows that it is expected to fall to 2.2% in 2009 only to rise again to 3% in 2010.

Inflation in Greece

After its soaring 2008 levels, inflation will fall to 2.5% in 2009 for the European Union and 3.5% in Greece. In 2010, it will succumb even further with 2.2% in the EU and 3.3% in Greece.    European Commission: Forecasts for member states- Greece