NEWS

Commission's Costello urges Greece to complete privatizations, reforms

TAGS: Economy

European Commission mission chief Declan Costello has urged the Greek government to push ahead with planned privatizations and structural reforms, saying the aim should be to achieve sustainable economic recovery.

Speaking on Monday at the 20th Annual Invest in Greece Forum held in New York, he said if Greece completes all remaining commitments – including reducing NPLs – its creditors will activate the additional debt relief measures in the first quarter of 2019, totalling 700 million euros.

“Greece must continue and complete the deep structural reforms undertaken during the program, in particular reforms to improve the environment for business activities and investments, as well as the modernization of the public administration and the judiciary,” he said.

Commenting on the Greek 2019 budget, Costello said it is expected Greece will achieve the primary surplus target.

Speaking in a video message earlier in the day, Prime Minister Alexis Tsipras touted Greece's economic achievements following the country's exit from its eight-year bailout era, saying it is a safe destination for investments.

“Greece is again a promising and - above all - a safe investment destination and I urge you to trust its potential,” he said through a video message at the 20th Annual Invest in Greece Forum, organized by Capital Link.

“Greece has now regained its autonomy and -above all- the confidence in a future of prosperity, creativity and growth. We are moving forward and the supporting conditions are more favorable than ever before,” he added.

The prime minister also said that the agreement signed with the Former Yugoslav Republic of Macedonia (FYROM) last June, resolving a long-standing dispute on the country's name, shows Greece “is a power that promotes consensus and stability, always seeking for new ways of cooperation and mutual growth.”

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