In a sign that there is hope yet for the Greek economy, Development Minister Costis Hadzidakis yesterday declared his satisfaction with Greece’s absorption rate for European Union subsidies through the National Strategic Reference Framework.

Economic stability and growth are based to a significant degree on the amount of money Greece receives from the EU in structural funds and on the use the country makes of these subsidies to bankroll revenue-boosting projects and entrepreneurship.

However, in several vital sectors, such as human resource development, digital convergence, environmental protection programs and administrative reforms, Greece is still lagging significantly in terms of the funds its absorbs.

Yet these are sectors that are important in distinguishing advanced countries from developing ones and it is there that Greece really needs to focus if it wants to be considered among the former rather than the latter.