Staikouras: ‘Greece has turned a page’

Staikouras: ‘Greece has turned a page’

“Greece has made it. Greece has turned a page,” Finance Minister Christos Staikouras said on Friday at an Economist event in Athens.

Staikouras said growth results looked to be higher than expected, with the European Commission envisaging an economic growth double the rate of the European average in 2022 and even higher in 2023.

He said the composition of the country’s GDP has changed, and cited the Commission as saying Greece will lead EU member-states in attracting investments in the 2022-24 period, while it will also record strong growth in the export of high-tech products.

He noted that the jobless rate is falling to 2010 levels and employment is rising, while the banking sector has made huge progress by lowering bad loans, also posting an increase in deposits.

On a fiscal level, he said that the Commission noted Greece has achieved the most significant fiscal adjustment, while the country’s public debt shrank by 50 percentage points in three years and the government implemented a series of key reforms.

It is of utmost importance to remain on a prudent fiscal policy, Staikouras said, underlining that while public debt is sustainable and falling, it remains high, and private debt is still a big problem.

He reiterated Greece’s main priorities: strengthening liquidity in the real economy, continuing structural reforms, strengthening the banking sector, continuing efforts to reduce energy consumption and providing incentives for a new economic structure.

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