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Athens News Agency: News in English, 08-09-12

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] FinMin on int'l financial crisis

  • [01] FinMin on int'l financial crisis

    EU finance ministers on Friday agreed that the impact of an ongoing international financial crisis on Eurozone's economies was larger than originally estimated, Economy and Finance Minister George Alogoskoufis told reporters, after a Eurogroup informal meeting in Nice.

    "It is clear that there are consequences both from an international credit crisis and an international inflation on all Eurozone countries, while there is also the impact on economic growth rates and on real economies of many Eurozone states," Alogoskoufis said, adding that economic growth had turned negative in large European economies in the second quarter of 2008.

    The Greek minister, in his intervention, underlined the need to ensure that all rules covering inflation must and will be implemented, along with all provisions included in a stability and growth plan to promoting reforms in the framework of the Lisbon strategy.

    Alogoskoufis said a fight against inflation was the responsibility of European Central Bank, which must continue to focus towards actions to reducing the inflation rate.

    He stressed that every Eurozone country, depending on its fiscal condition, growth rates, should take its own initiatives.

    "In Greece our initiatives are included in the 2009 budget, with measures to support growth and lower incomes. Every country must take its own initiatives to restore confidence among European citizens that there is an adequate response to the crisis," he said.


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