Wednesday May 6, 2015 Search
Weather | Athens
14o C
09o 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)  
Sklavenitis announces absorption of rival Veropoulos
Hopes of a GDP rebound evaporate
Moody´s downgrades Greek bank products, OTE rating
Greek 10-year yields rise 51 basis points
ND, PASOK snub vote on civil service rehirings
New Democracy and PASOK walked out of Parliament on Tuesday before MPs passed the government’s proposed changes to the public administration, including the rehiring of civil servants sacked ...
Thessaloniki´s Boutaris angers other mayors by transferring cash
Thessaloniki Mayor Yiannis Boutaris believes that the government’s behavior is “completely crazy” but he has nevertheless led the way among peers in transferring his municipality’s cash rese...
Inside News
TRACK & FIELD
Over 18,000 runners participate in the Athens Half Marathon
The 4th Athens Half Marathon was an unqualified organizing and sporting success on Sunday, as thousands of runners joined in the race of the 21-kilometers and the 3k and 5k runs in the capit...
SOCCER
Six teams to fight to avoid the last relegation spot
Panthrakikos was the biggest winner of the penultimate round of Super League games on Sunday through its victory at Veria, on the day that Olympiakos partied for its fifth consecutive title....
Inside Sports
COMMENTARY
Empty admissions of fault
News that the International Monetary Fund’s managing director, Christine Lagarde, has ordered a probe into who bears responsibility for the failure of the Greek program during the 2010-12 pe...
EDITORIAL
No more division
Greece will experience some serious turbulence in the days and weeks ahead as it faces several key dates that will determine its fate. It is extremely unlikely that the country will survive ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Sklavenitis announces absorption of rival Veropoulos
2. ND, PASOK snub vote on civil service rehirings
3. Hopes of a GDP rebound evaporate
4. Thessaloniki´s Boutaris angers other mayors by transferring cash
5. Greece points finger of blame at creditors
6. Moody´s downgrades Greek bank products, OTE rating
more news
Today
This Week
1. Empty admissions of fault
2. Most Greeks want euro even with new bailout deal
3. Dozens of migrants rescued at sea
4. OTE vies for control of Albtelecom
5. No more division
6. Greeks bet 5.9 billion euros on games of chance last year
Today
This Week
1. The Good, the Bad and the Ugly
2. Greece’s decade-long relationship with Merkel
3. Greek decision to exit euro would be disastrous for Greece
4. Varoufakis attacked by anarchists while dining in Athens
5. No need to widen the rift
6. Majority sees Greece headed for euro exit in Bloomberg user poll
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.