The Best of GRReporter
flag_bg flag_gr flag_gb

The Triple: Strong start for Greek reforms

05 August 2010 / 16:08:18  GRReporter
5775 reads

The IMF representative for Europe Paul Thomsen in Athens said that they are sure the superiors of the IMF, the European Commission and the ECB will be just as impressed as they are and there will be no problem with granting the second tranche of the financial assistance of nine billion euros.Health expenditure, the restoration of competitiveness and equitable distribution of tax burdens in the country are the main tasks facing the Greek government with the approaching of 2011. This was the conclusion of the commissioners of the mission of the International Monetary Fund, the European Commission and European Central Bank after completion of the second review of the processes of financial and structural consolidation in the country. At a press conference to summarize the results of the inspection commissioners stressed that they are extremely impressed by the progress of the Greek government and defined the beginning of the changes as a “strong start”.

Greece has made exceptional progress in reforms in social security and pension system, he noted, but stressed, however, there is still a lot of work do be done. The liberalization of the domestic market and focus on a more equitable distribution of tax burdens in the country should become a priority for the Socialist government so that to continue the reforms in country and have positive feedback in the society.

Commissioners noted that Greece demonstrates with its actions good will and obvious efforts to fundamentally change the economic policies and it can return with full force on the international markets at this time the next year. Paul Thomsen did not excluded that the spreads of the Greek government bonds could fall to lower levels by the summer of 2011 and Greece will be able to finance itself alone. He stressed that the three-year financial aid from European countries and the IMF is a safety net that the country can use while reforming its domestic economy and begins to recover its competitiveness among European countries.

With regard to their role in the Mediterranean country, Paul Thomsen said that the mission aims primarily to help the Greek government to recover the country's economy, sharing with the government the useful experience gained in other European countries in previous years. Thomsen said that their job is to offer options and the Greek government builds the program for economic recovery by its own, after a Greek journalist asked whether the mission has requested the government to sell 40% of National Electricity Company.  

The representative of the European Commission Servaz Deruz said that the practice in other European countries shows that liberalization of energy market always attracts new investments and opens many new jobs. This argument is founded in the proposal to privatize part of the Greek NEC, which currently enjoys a monopoly in the energy market in the country.

Tags: EconomyMarketsMemorandum
SUPPORT US!
GRReporter’s content is brought to you for free 7 days a week by a team of highly professional journalists, translators, photographers, operators, software developers, designers. If you like and follow our work, consider whether you could support us financially with an amount at your choice.
Subscription
You can support us only once as well.
blog comments powered by Disqus