ECONOMY

Reichenbach ‘more optimistic than ever’

Horst Reichenbach, the head of the European Commission?s Task Force for Greece, expressed his optimism that Greece will improve its finances, having already registered some progress, but its credit sector still causes worries.

In an article to Austrian newspaper Passauer Neue Presse, the German technocrat said he is ?more optimistic than ever,? arguing that Greece is on the right track in its efforts to streamline its economy.

Transparency and fiscal predictability has improved significantly, with ?the Finance Ministry?s section that deals with pensions performing much better now,? he wrote.

However he went on to suggest that the Greek banking sector continues to face difficulties. ?The problems that banks are facing create significant difficulties to Greek enterprises,? stressing that the recapitalization of lenders must proceed for the market to have any chance of rebounding.

Reichenbach further noted that the need for better tax monitoring of Greek enterprises and wealthy citizens remains.