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Victoria Mindova

Lately there are “speculative games” in the stock exchange circles and analyses are being distributed, which are not just for the Greek state, expresses his disapproval the Minister of Finances Giorgos Papakonstantinou in a speech during the “Hour of Greece” symposium, organized by the Greek-American Chamber of Commerce. Papakonstantinou also said that the global crisis and the inner-economic recession of Greece have showed how ineffective the Greek administration is and how it needs general reforms in the tax, social security and finance legislature.

Minister of Finances defined the condition of the social security system as a “bomb,” not only for the current administration but also for future generation, if immediate measures are not undertaken for its renewal. The main changes are three, which the PASOK government has undertaken, in order to try and revive the economy of the country: taxation changes, the bill for which will be voted for in March 2010, changes and cuts in state expenses distribution and reforms in the social security framework conditions, which is under discussion right now.

According to the Minister the current development model is exhausted and efforts must be pointed at developing new financing methods, directly connected with protecting the environment and improving the quality of life. Papakonstantinou explained that great changes will come with the presentation of the Stability Program in January. Minister of Economy, Development and Commercial Shipping Louka Katseli also spoke at the symposium and said that if the demand on the market is not revived, economic growth will be impossible, which will also slow down or even stop the financial rehabilitation of the country.

The Minister of Economy also said: “There is no room neither for negligence nor for inaction. The bet is not governmental but national. We are obliged to gain the lost trust of international markets as soon as possible. We need to ensure the financial stability and to create conditions for economic recovery of the country.”