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.

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Tourism Up in Greece

(GREEK NEWS AGENDA)   Tourism revenues showed unexpected growth in the first five months of the year, compared with the same period in 2007, according to data from the Bank of Greece (BoG). Travel spending by non-residents in Greece from January – May 2008 grew by 8.2% or €157 million, reaching €2.065 billion from €1.908 billion in the same period last year. In May alone, tourism revenues increased by 13.7%, or €131 million reaching €1.084 billion. This rise in growth in much higher than the increase in arrivals from abroad by air, which came to just 2.8% in the same period. This is attributed to increased tourism traffic from the emerging Eastern European markets, mainly Russia.  Kathimerini daily: January-May tourism revenues increase  Links and Map of Greece:  http://www.varlaam.freehost.pl/map/map.html