ECONOMY

Eurogroup takes note of Greece’s reform progress

eurogroup-takes-note-of-greece-s-reform-progress

During a meeting in Luxembourg late on Monday, eurozone finance ministers recognized Greece’s progress in implementing reforms despite the challenge of the coronavirus pandemic, Eurogroup President Paschal Donohoe said.

European Commissioner for Economy Paolo Gentiloni told journalists during a press conference after the meeting, in the framework of the 11th enhanced surveillance report on Greece, that the country is providing strong indications of a recovery, due to the gradual opening of the economy and the very strong tourism figures, despite the wildfires in August.

Greece met its specific obligations in privatizations, tax administration, education and public administration, he said. European Stability Mechanism Managing Director Klaus Regling stressed that the rate of economic recovery in Greece is much higher than forecast until recently, and said he would not be surprised if it reaches 6% of gross domestic product for 2021.

He also noted progress in reforms, but said more must be done for nonperforming loans, while also pointing out that public debt is higher now than before the pandemic and should be monitored closely.