Sunday February 1, 2015 Search
Weather | Athens
16o C
13o 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)  
Dijsselbloem says Greece has to decide how to move ahead
ECB’s Constancio signals Greek waiver may end if program dropped
Greece starts countdown to cash crunch saying bailout over
How Greece can run out of cash and what ECB’s Draghi can do
Europe waits for proposals from Athens
European officials believe that there is scope for an agreement with the new Greek government but that Athens will have to accept a compromise on its demands. Officials in Brussels told Kath...
Notes provide more clues on prison breakout scheme
Police have found handwritten notes exchanged between 22-year-old Angeliki Spyropoulou and jailed members of the Conspiracy of the Cells of Fire at a safe house in Loutraki, west of Athens, ...
Inside News
BASKETBALL
Panathinaikos preserves perfect home record
After yet another great performance at home, Panathinaikos defeated Galatasaray 86-77 in Athens on Friday to get to three wins in five games at the Euroleague top-16. The Greek champion shoo...
SOCCER
Gattuso: Unpaid OFI players couldn´t buy food
Former coach Gennaro Gattuso has lifted the lid on the plight of crisis-club OFI Crete which has been banned from playing in the Super League until it clears mounting debts with its staff. T...
Inside Sports
ANALYSIS
Greece shakes Europe´s political kaleidoscope: expect the unexpected
By catapulting to power an improbable alliance of the hard left and nationalist far right, Greece has shaken up Europe's political kaleidoscope and may have signalled the end of an era of ce...
COMMENTARY
Unyielding truth
Finance Minister Yanis Varoufakis’s recent statement that “growth does not mean having Porsche Cayennes in the narrow streets of Greece” has made something of an impression and is now being ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Dijsselbloem says Greece has to decide how to move ahead
2. Europe waits for proposals from Athens
3. Notes provide more clues on prison breakout scheme
4. Drug prices are falling but volume sold remains high
5. Tsipras plays down chance of rift
6. Ex-revenues chief Theoharis claimes political interference
more news
Today
This Week
1. Dijsselbloem says Greece has to decide how to move ahead
2. Greece shakes Europe's political kaleidoscope: expect the unexpected
3. US to work closely with Greece and EU to resolve differences, says White House
4. Merkel rejects debt writedown for Greece
5. Greek bank debt plummets as investors head for the exit
6. Greek markets plunge as SYRIZA digs in on challenge to austerity
Today
This Week
1. Greek Elections 2015 | LIVE
2. SYRIZA heads for historic victory but without majority
3. SYRIZA's win will test institutions
4. EU must accept that Greek debt relief is inevitable
5. Greek Elections 2015: The day after | LIVE
6. Athens may veto further EU sanctions against Russia
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.