Thursday October 23, 2014 Search
Weather | Athens
24o C
14o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Commission sees rebound in economy from next year

 Bailout plan revision ruled out; key to success ‘in Greek hands’

By Nikos Chrysoloras

The winter forecasts by the European Commission showed on Friday that the Greek economy is stabilizing and the country’s streamlining program is back on track, but the figures regarding the recession and unemployment were revised upward for this year.

“Greece is emerging from a tumultuous 2012 with renewed commitment and action within a strengthened economic adjustment program that enjoys strong backing from its international lenders,” the report reads, adding: “After the conclusion of a six-month review of the program and the release of over 50 billion euros in December there have been some tentative signs of improvement. Banks have seen a reversal in deposit outflows and market interest rates have been reduced significantly.”

The Commission notes that ongoing structural reforms, the reduction in labor costs, the restoration of investor and consumer confidence, the gradual repayment of arrears and the reversal of the liquidity squeeze could lead to a rebound before the second half of the year. It forecasts the economy will contract by 4.4 percent this year and return to growth in 2014 at a modest 0.6 percent clip.

Drop in demand will see unemployment peak at 27 percent this year before dropping to 25.7 percent in 2014, Brussels expects.

Questioned by Kathimerini about a possible amendment to the bailout agreement given the admission of a calculation error by the International Monetary Fund, Commission Vice President Olli Rehn responded that there is no reason for a program revision. “The key to the success of the program remains in Greek hands. We expect Greek authorities, the Parliament, the government, the country’s public administration to implement everything we agreed on just a few months ago,” he said.

Meanwhile the Euro Working Group of top eurozone finance ministry officials yesterday approved the disbursement of the February bailout tranche to Greece, amounting to 2.8 billion euros.

ekathimerini.com , Friday February 22, 2013 (22:20)  
Athens weighs its LNG and CNG options
Greece ranks among global leaders in tourism growth
Global oil price drop sends local fuel prices back to 2010 levels
Buy big house, become a citizen
Cyprus seeks EU response over Turkey´s EEZ violation
Cyprus is to raise the issue of Turkey’s violation of its exclusive economic zone (EEZ) at Thursday’s European Council meeting after Turkish Prime Minister Ahmet Davutoglu raised the specter...
Thirteen indicted for inmate torture
Thirteen correctional officers and their former warden will stand trial in Serres, northern Greece, over the death of Albanian inmate Ilie Kareli on March 27 at Nigrita Prison. Kareli was tr...
Inside News
SOCCER
Roberto´s heroics make Kasami´s goal count
Pajtim Kasami’s goal and Roberto’s heroics in goal saw Olympiakos claim one of the biggest wins in its history on Wednesday downing Italian champion Juventus 1-0 to boost its chances of reac...
SOCCER
Third-division Iroditos punished heavily after fan death
Greek third division team Irodotos has been docked 15 points and ordered to play 10 matches behind closed doors following the death of an Ethnikos Piraeus supporter, the Hellenic Football Fe...
Inside Sports
COMMENTARY
Careful what you wish for
Everyone is in a rush to become prime minister in this country, as if they have not learned a single thing from its political history. While still in opposition, PASOK’s George Papandreou ma...
EDITORIAL
Taking care of our key industry
It’s time to face facts: Tourism is the country’s heavy industry. The sector’s considerable contribution has served as a stabilizing factor for the local economy, essentially placing the cou...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Roberto´s heroics make Kasami´s goal count
2. Athens weighs its LNG and CNG options
3. Greece ranks among global leaders in tourism growth
4. Global oil price drop sends local fuel prices back to 2010 levels
5. Buy big house, become a citizen
6. Cyprus seeks EU response over Turkey´s EEZ violation
more news
Today
This Week
1. At least 11 banks to fail European stress tests, three in Greece, report says
2. Cyprus to block Turkey's EU talks after EEZ violation
3. EU’s Juncker wins Commission-team approval with investment vow
4. Juncker’s EU commission team set for parliamentary green light
5. Taprantzis resigns from privatization agency TAIPED
6. Fallen tree, smashup cause traffic jams in Athens
Today
This Week
1. Istanbul skyscraper casts shadow over Greece's banking ambitions
2. Coalition shooting itself in the foot
3. Greece’s closed society is central to its current malaise
4. Greece must stick to reforms, says Schaeuble
5. The past, present and future of the Greek debt crisis
6. Samaras’s crumbling Greek exit lacks backing from economists
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.