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Greece’s recovery will take about 15 years, according to Papandreou’s adviser

30 November 2010 / 10:11:23  GRReporter
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According to Papakonstantinou, the Greek debt rescheduling by the Eurozone countries is a kind of reward for the diligence of the government and the country as a whole to handle the domestic economy. It allows the country to take a breath and it is a sign for the international markets that the Balkan country is willing to deal with its problems. He said that we proved so far that we are ready and will do everything to fulfill the planned despite the difficulties. The Ministry of Finance hopes that there will be light at the end of the tunnel in mid 2011 but Greece has to go through several hard months before that. "The light at the end of the tunnel" is most often interpreted as entering the international markets for long-term financing through government bonds (three to five years) that will have an interest significantly lower than that before Greece to sign the Memorandum in May 2010. George Papakonstantinou stressed that reducing the budget deficit from 36 billion euros to 22 billion euros a year is a serious job. Nobody believed that Greece will implement the program but regardless of this the objective has been achieved. "We did a lot, but the road ahead is still long," admitted the Finance Minister.

Tags: EconomyMarketsCrisisVictoria MindovaGreece
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