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PM George Papandreou at Europarliament

(GREEK NEWS AGENDA) “If we appeal to the IMF, they will ask us for nothing more (no extra measures). But I would prefer a European solution. I would prefer a European solution as part of the eurozone, as a European, as an ardent European myself, and being able to show the world that Europe can act together,” Prime Minister George A. Papandreou said yesterday addressing the Special Committee on the Financial, Economic and Social Crisis of the European Parliament.
He further noted that, in the debate that goes around the world whether Europe will fail or whether Europe is on the map, more Europe rather than less is needed.

Regarding the financial situation in Greece, the premier stressed that “we are not asking for help, as some reckless country just wanting to live off the wealth of others.[…] What we are saying is we need the strong political support in order to make these necessary reforms, making sure that we are not going to pay more than necessary in order to get these reforms enacted.”
See also: President of the European Parliament, Buzek on the meeting with Prime Minister of Greece ; Common statement by Elmar Brok MEP, Marietta Giannakou MEP and Ioannis Kasoulides MEP; Othmar Karas MEP, “Greece is not begging for money
Alliance of Liberals and Democrats for Europe (ALDE Group), Papandreou outlines austerity to EP special committee ; Guy Verhofstadt (ALDE President) Angela Merkel’s lack of solidarity with Greece is shocking, states Guy Verhofstadt

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Greek Finance Minister: Economic Prospects

(GREEK NEWS AGENDA)  The next two years will be a period of intense reform, Economy and Finance Minister Yiannis Papathanassiou said on Monday (25.5), addressing an Economist conference in Athens. He also stressed that the growth model that helped Greece enjoy strong rates so far, must be adjusted to modern demands and expressed the government’s determination to improve the country’s competitiveness by taking measures to support innovation, reduce bureaucracy, promote alternative energy sources, and attract big foreign investments. Meanwhile, the International Monetary Fund (IMF) published yesterday (25.5) its annual report on the Greek economy, according to which the economy is expected to shrink by up to 2% this year with recovery beginning late in 2010. The IMF also recommended sweeping changes to tax regulations, continuing wage moderation and social security reforms.  Commenting on the IMF report, Papathanassiou said that “the Government is studying and carefully evaluating all the reports by international organisations pertaining to our country, even when it happens to disagree with certain estimates and predictions. In any case, it is clear that the next two years will determine the outcome of many significant issues for Greece’s present and future.”  Ministry of Economy and Finance: Speech by minister Papathanassiou at the Economist conference (in Greek); Kathimerini daily: IMF sees better days in late 2010

Greek Finance Minister at IMF: Restoring Trust

(GREEK NEWS AGENDA)  Thanks to its relatively solid banking system, Greece is ‘insulated’ enough against the clogged financial system that has been inflicting the global economy; however, the necessity to fortify financial policy and cohere with fiscal principles is urgent. The remarks belong to Finance Minister Giorgos Alogoskoufis speaking to the press in Washington on the occasion of his address at the International Monetary Fund annual meeting’s plenary session. Alogoskoufis noted that IMF has projected a prolonged crisis which will last through 2009. The conclusions drawn at IMF coincide with the ones of G7 and Ecofin and call for action to assure liquidity, remove toxic assets from banks’ balance-sheets, consolidate capitals and provide guarantees to rebuild credit trust. As for Greece’s stance on the matter, the minister reiterated that bank deposits are now guaranteed by law and that the comparatively high growth rates and the ongoing decrease in unemployment signal a lighter disturbance by the latest financial turbulence. Ministry of Economy and Finance: Speech by Giorgos Alogoskoufis & The Greek economy at a glance (October 2008); Greek News Agenda: PM: Growth Secured & Special Issue-The Greek Economy  International Monetary Fund: IMF Welcomes Euro Zone Plan to Combat Crisis & World Economic Outlook, (October 2008)

The Greek Economy

(GREEK NEWS AGENDA)   According to the latest reports on the Greek economy published by the International Monetary Fund (IMF) for 2007 (30.4.2008) and European Commission’s spring forecast, 2008-2009  (28.4.2008), predictions are temperately optimistic, despite a difficult and stressful world economic environment. In particular, for 2008, the IMF estimates that economic growth will reach 3.7%, as opposed to the Greek Central Bank’s 3.5% and to European Commission’s 3.4%. Even so, the Commission points out that a 3.4%’s growth rate is double that of the eurozone average. Furthermore, the Commission says that the deficit will be close to 2% for 2008 and 2009, while the public debt is estimated to decrease to 92.4% for 2008 and even further to 90.2% in 2009. Inflation will rise to 3.7% for 2008 as opposed to 3% of the previous year and to 3.6% in 2009. The IMF encourages Greece’s planning for balancing the books by 2010 and insists on neater tax administration and collection, as well as restrained public spending.     Continue reading