Friday Jul 25, 2014 Search
Weather | Athens
32o C
23o 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)  
Troika concludes review in Cyprus
Bank deposits rise for fourth straight month in June
Aegean Airlines resumes flights to Tel Aviv
Draghi safety net becoming blindfold as bonds soar
Godfather, 35, shot at Karditsa christening dies
A 35-year-old man who was being treated in an intensive care unit at the general hospital of Larissa, central Greece, for gunshot injuries suffered at christening last Sunday, died on Friday...
EOPYY removes medical tests as part of streamlining efforts
Greek public healthcare provider EOPYY has removed a number of medical tests from its list of digital prescribed examinations following recommendations by an expert committee. These included...
Inside News
SOCCER
Ranieri signs two-year deal to coach Greece
Italian Claudio Ranieri has signed a two-year deal to manage the Greek national team, the Hellenic football federation said on Friday. The 62-year-old Ranieri takes over from Fernando Santos...
TRACK & FIELD
Athens, the Marathon capital of the world for good
Paco Borao, the man who restored Athens as the Marathon capital of the world with the establishment at the Olympic Sports Center of the headquarters of the International Association of Marat...
Inside Sports
COMMENTARY
Forty years of shortsighted party policies
It is 40 years since the restoration of democracy, and the two main parties which were established in 1974 and determined the country’s fate since then are unable to act their age. For decad...
EDITORIAL
Putting the past behind us
Democracy was restored in Greece 40 years ago and the country owes a debt to Constantine Karamanlis for handling the transition and anchoring the country firmly in the safe port of Europe wi...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Ranieri signs two-year deal to coach Greece
2. Troika concludes review in Cyprus
3. Godfather, 35, shot at Karditsa christening dies
4. EOPYY removes medical tests as part of streamlining efforts
5. Bank deposits rise for fourth straight month in June
6. Thousands of dead fish surface in Lake Pamvotis
more news
Today
This Week
1. Draghi safety net becoming blindfold as bonds soar
2. Aegean Airlines resumes flights to Tel Aviv
3. Police report points to less crime in 2014
4. Greek coast guard picks up 77 migrants off Mykonos
5. Thousands of dead fish surface in Lake Pamvotis
6. EOPYY removes medical tests as part of streamlining efforts
Today
This Week
1. Greece seen in third bailout as bonds not enough, economists say
2. Climber dies in Mount Olympus fall
3. Greek sovereign debt at 174.1 percent of GDP in first quarter
4. Unequal after death
5. Greek banks able to tap investors after stress tests, HFSF Says
6. Hedge fund Dromeus turns Greek tragedy to triumph with 160 pct gain
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.