Monday October 20, 2014 Search
Weather | Athens
24o C
16o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
‘It’s too early to declare victory,’ says Stournaras

 IMF urges eurozone to reduce Greece’s debt in the long term

The Greek economy is not out of the woods just yet as its emergence from the ongoing crisis, which is hoped for this year, depends on whether or not it can bring the budget’s primary surplus down to zero, Finance Minister Yannis Stournaras said on Thursday. At the same time, the International Monetary Fund stressed the eurozone’s commitment to take measures to reduce Greece’s debt, a possibility that Stournaras is also eyeing.

In an interview with Reuters, the Greek finance minister warned against complacency, saying: “What scares me is the big pressure from society, media and parliamentary deputies from all parties to ease the program. We must resist... it’s too early to declare victory.”

“We are facing a huge crisis; we have not yet left the hot zone of bankruptcy,” he said. “We are doing better but we can’t say that we have escaped all danger. The year 2013 will determine whether we will.”

This course of the budget this year may also lead to a further reduction in the country’s debt: “The primary deficit is what we are judged on. [Our creditors] expect it at zero but we believe we will do slightly better,” he said. “This means that there is a good chance our partners may further reduce our debt.”

This is also the position of the IMF, which yesterday reiterated that the eurozone will have to take more action in order to render the Greek debt sustainable.

IMF Managing Director Christine Lagarde told Skai TV that as long as Greece fulfills its commitments, the eurozone will not only continue to support the country, but will also “help through lightening the debt in the long term.” Stournaras has ruled out another debt buyback, but believes the load could be eased through other means such as the reduction of interest rates.

However, the biggest concern in Stournaras’s mind appears to be the soaring jobless rate, which could compromise the country’s streamlining effort: “Unemployment is our big thorn,” he said. “There is a time lag between GDP growth and unemployment decreasing and it’s a serious problem, both economic and social.”

ekathimerini.com , Thursday Jan 17, 2013 (22:04)  
Greece’s Alpha Bank said to seek 180 mln euros for Athens Hilton
Greek toy retailer Jumbo lifts Q1 sales 11 percent
Greece must stick to reforms, says Schaeuble
European leaders pivot back to debt crisis after wake-up call
PASOK objects to plans for changes to public sector wage structure
Coalition partner PASOK has reacted to leaks about the new pay structure in the civil service by saying that it has not accepted the changes. In a direct attack on Administrative Reform Mini...
SYRIZA´s Lafazanis pledges immediate action on bailout, Tsipras promises
Outspoken SYRIZA MP Panayiotis Lafazanis insists that if his party comes to power it will cancel Greece’s bailout agreement “overnight.” Lafazanis added that the policy pledges made by SYRIZ...
Inside News
BASKETBALL
Reds lose to Nea Kifissia, search for new coach
Nea Kifissia recorded the biggest win of its short history in the top flight defeating Olympiakos 68-67 on Sunday, in a Basket League weekend marred by the abandonment of the Thessaloniki de...
SOCCER
OFI stuns Panathinaikos, Mitroglou hits twice
OFI Crete produced the upset of the week in Greek soccer beating Panathinaikos in Athens for only the second time in its history on Sunday, while PAOK stayed on top beating Atromitos at home...
Inside Sports
COMMENTARY
Stop moaning and get in the game
There are so many people who love spending their days talking about the crisis and proclaiming that they know exactly what needs to be done to solve the country’s problems. Some of them obvi...
EDITORIAL
Exorcising the ghosts
Developments last week held in store an uncomfortably realistic understanding of the risks engulfing the country. The massive sell-off in Greece’s stock and bond markets was a strong shock. ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. PASOK objects to plans for changes to public sector wage structure
2. SYRIZA´s Lafazanis pledges immediate action on bailout, Tsipras promises
3. Greece’s Alpha Bank said to seek 180 mln euros for Athens Hilton
4. Greek toy retailer Jumbo lifts Q1 sales 11 percent
5. Turkish vessel enters Cypriot Exclusive Economic Zone
6. Samaras to visit Cyprus on November 7, ahead of Egypt talks
more news
Today
This Week
1. Hardouvelis does not see 'big surprises' in ECB stress tests
2. Bakers encircle Thessaloniki's White Tower with giant 'koulouri'
3. European leaders pivot back to debt crisis after wake-up call
4. Greece must stick to reforms, says Schaeuble
5. Samaras to visit Cyprus on November 7, ahead of Egypt talks
6. Turkish vessel enters Cypriot Exclusive Economic Zone
Today
This Week
1. Possible third figure in Amphipolis mosaic may be uncovered shortly
2. Less haste, more focus
3. Greece to contribute 1 mln towards Gaza reconstruction
4. Greece nearing bailout exit, says gov't spokesperson after IMF talks
5. Istanbul skyscraper casts shadow over Greece's banking ambitions
6. Coalition shooting itself in the foot
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.