ECONOMY

Greece has almost completed fiscal and competitiveness adjustment, says Stournaras

Greece has completed the vast majority of its fiscal adjustment and efforts to gain competitiveness, Finance Minister Yannis Stournaras told a conference in Athens on Monday.

Having announced at the Economist conference that Greece had reached an agreement with the troika that would secure the release of further bailout funding, Stournaras said that the Greek economy was “rapidly regaining trust.”

“We have completed two thirds of the fiscal adjustment and three quarters of the adjustment of the economy’s competitiveness,” he said.

“The prophets of doom have been proved wrong,” he added. “We need to remain calm and focussed.”

Stournaras said that the government’s aim is to produce a primary surplus this year so Greece could request that a Eurogroup decision calling for a further debt reduction to be activated.