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Greek Exports Rise to Over 10% of GDP

Exports account for more than 10% of Greece’s Gross Domestic Product (GDP), or more than €20 billion on an annual basis, recording a 13% growth rate, according to the Panhellenic Exporters Association.
In a report over export trends in the January-August period, the Association estimates that Greek exports grew by 11% (€18 billion) last year, while the Organisation for Economic Cο-Operation and Development (OECD) has revised upwards its projections for a 9.4% growth rate, from an initial 6%.
Presenting the report, the Association Chairwoman Christina Sakellaridi said the figures “confirm the importance of exporting business activity in the effort towards the recovery of the Greek economy.”

 Greek exports -excluding oil products- surpassed €20.5 billion in the September 2010-August 2011 period, an increase by 13.3% compared to the previous 12-month period. The August export figures represent a 32% rise in fuels and oil products, a 42.5% increase in confidential products, a 15% rise in machinery/transport, a 13% increase in industrial products.
(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