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Historic decisions for Greece and the Eurozone

Following a marathon negotiating session of European Council on the 26th of October in Brussels, Heads of State and Government of the Eurozone member states agreed on a comprehensive set of measures which reflect their unwavering determinationto overcome together the current difficulties and to take all the necessary steps towards a deeper economic union commensurate with their monetary union.
In particular on Greece, there was an agreement that should secure the decline of the Greek debt to GDP ratio with an objective of reaching 120% by 2020. It also includes a voluntary contribution by private creditors, amounting to a nominal discount of 50% on notional Greek debt. Additionally, a new EU-IMF multiannual programme financing up to € 100 billion will be put in place by the end of the year, accompanied by a strengthening of the mechanisms for the monitoring of reforms implementation.
“The debt is absolutely sustainable now,” Papandreou told a press conference, earlier today, after the meeting of euro zone leaders.
“Greece can now settle its accounts with the past, once and for all. […] We can claim that a new day has come for Greece, and not only for Greece but also for Europe,” the premier added.
Primeminister.gr: Papandreou press conference after the euro summit (in Greek); European Council President: Remarks by Herman Van Rompuy following the meeting of the Euro Summit & Statement by President Barroso
(GREEK NEWS AGENDA)

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Stability programme on “the right track”

The team of experts from the so-called “troika” (European Commission, the International Monetary Fund and the European Central Bank), after completing their monitoring of the progress of the stability programme, said that the latter is “on track on all of the dimensions.”
 The government is ahead of the deficit reduction target set in the plan for this year and tax hikes are boosting revenues, according to the team.
The government is also making progress on more long-term economic reforms, which can help its future finances, they added.
Meanwhile, Prime Minister George Papandreou, who attended the European Union Summit in Brussels yesterday, underlined that “his government is determined to go ahead with important and difficult reforms,” in order to put the country on the right path for achieving its goals. 
(GREEK NEWS AGENDA)

EU backs up Greece

(GREEK NEWS AGENDA) The European Union yesterday, in a joint statement by the Heads of State or Government, agreed to take determined and coordinated action to safeguard financial stability in the euro area, and expressed full support for the efforts of the Greek government and their commitment to do whatever is necessary to get the country’s public finances in order.
European commission chief Jose Manuel Barroso said that the statement was intended to end speculation that Greece would require a bailout package, while adding that “the Greek government believe they do not need financial support.”
Addressing a press conference at the end of the informal summit in Brussels and referring to this agreement to assist Greece, Prime Minister George Papandreou said:

“our partners assessed and ascertained our will to change, we convinced them, following our great efforts, and it is necessary for us to continue. We will succeed.”
Greece is aiming to reduce its deficit by 4 % of GDP this year, largely through cuts in public spending and an increase in taxes. However, Papandreou said that he would not hesitate to adopt more measures if it becomes necessary.
Council of the European Union: Agreement to support Greece; Kathimerini daily: EU offers help but no specific money pledge

PM George Papandreou at the World Economic Forum

(GREEK NEWS AGENDA) Speaking as part of a panel – that also included Spanish Prime Minister Jose Luis Zapatero and European Central Bank President Jean-Claude Trichet – at the annual World Economic Forum taking place in Davos, Switzerland (January 27 -31), Prime Minister George Papandreou said that Greece would not leave the euro area and would use the discipline of membership to slash its budget deficit and make long-delayed structural economic reforms. “The answer is very simple. We went [to the market] for borrowing two days ago and we were five times oversubscribed. We’re not looking for money from anywhere else…” said Papandreou. He outlined an ambitious goal to reduce the deficit by four points this year and bring it below 3% by 2012, through measures taken as part of Greece’s Stability and Growth Programme (SGP)
The premier held a meeting with EU Economic and Monetary Affairs Commissioner Joaquin Almunia yesterday, and the discussion focused on Greece’s SGP in light of the report that the European Commission will be submitting on February 3, on Greece. 
European Commission President Jose Manuel Barroso – speaking in Brussels on Thursday – stressed the need for the greater coordination of economic policies in the EU, emphasising that economic policies are not only a national issue, but European as well. Referring to Greece specifically, he expressed the conviction that the Greek government must be supported in its effort to fulfil its commitments in the framework of the SGP. 
See world reports – BBC.co.uk: Davos 2010: Greece denies a bail-out is needed; Reuters.com: Greece says being targeted as euro zone “weak link”

The Stability Programme was submitted

(GREEK NEWS AGENDA) The cabinet met yesterday  to approve the updated Stability and Growth Programme (SGP) 2008-2011, which was submitted today (15.1) to the European Commission in Brussels.

“We will achieve fiscal consolidation within three years. […] We can do it; this target is feasible,” said Prime Minister George Papandreou.
The premier added that the Stability and Growth Programme does not contain immediate fiscal adjustment measures only, but also a substantial part of the plan for the restructuring of the country.
On his part, Finance Minister George Papaconstantinou stressed that the deficit would definitely be cut, as Greece’s economy is expected to expand in the coming next years.
“The Programme was prepared with the decisive involvement of all ministries and it will be implemented through team-work,” said Papaconstantinou.
Kathimerini Daily: Cabinet stands by recovery plan; Ministry of Economy and Finance: Update of the Hellenic Stability and Growth Programme 2008-2011

ECOFIN: Greek Budgetary Measures Found Satisfactory

(GREEK NEWS AGENDA)  Commenting the results of the July 7th Economic and Financial Meeting in Brussels, Finance Minister Yannis Papathanassiou said that budgetary measures taken by the government in June were considered satisfactory by the European Union.  “We explained the reasons we could not adopt structural measures in 2009. In the 2010 budget, we can pursue structural measures which will help Greece lower its budget deficit”, the minister said.  An extension to the 2010 deadline, if necessary, is possible, the minister added, especially given the increasing number of EU member states entering into excessive deficit procedures.  As of this month, Lithuania, Malta, Poland, Latvia and Rumania have join the list of countries with excessive deficits (France, Greece, Spain, Ireland, UK), while another 9 countries including Italy and Germany are to join the list in November.  Council of the European Union: Main Results of the Economic and Financial Affairs Council meeting  Ministry of Economy and Finance: Tables on the 2009 Budget progress & Press conference on the 2009 Budget execution progress (June 25)

Greek Presidency in the Western European Union

WEU(GREEK NEWS AGENDA)   Greece will assume the Presidency of the Western European Union (WEU) for the second semester of 2009, and the Foreign Ministry presented the main priorities of the Presidency on June 3, regarding budget, institutions and the future of the WEU. Speaking in WEU Parliamentary Assembly, Secretary General for European Affairs of the foreign ministry Dimitris Katsoudas mentioned the major challenges that Europe faces this period in many sectors, and stressed the leading role of Greece in combating piracy and supporting the European perspective of Western Balkan counties. The Western European Union was established on the basis of the Treaty of Brussels in 1948.