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Athens News Agency: News in English, 08-09-23

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

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

CONTENTS

  • [01] Cabinet discusses impact of credit crunch

  • [01] Cabinet discusses impact of credit crunch

    A Greek inner cabinet meeting on Tuesday, chaired by Prime Minister Costas Karamanlis, discussed developments in the international credit crisis and its impact on the Greek economy in general.

    Speaking to reporters, after the meeting, Economy and Finance Minister George Alogoskoufis said he briefed the PM and cabinet ministers on significant developments in the United States and in particular an unprecedented state intervention to ensure confidence in the international credit system. Alogoskoufis said that the impact on Europe was far less and stressed that the important thing was to help maintain confidence in the credit system, something that central banks and state authorities were doing very well.

    In Greece, the problems were very limited and the Greek credit system was stable, Alogoskoufis said. He added that the government's concern was to ensure the minimum possible impact on the real economy and to continue economic growth, higher employment and dealing with social problems.

    The Greek minister noted the need to continue efforts to contain the impact on domestic inflation, a development of high importance to households and citizens.

    Greece resisting pressures from international crisis

    At a conference on Greek banking held earlier the same day, Alogoskoufis said that Greece seems to be resisting pressures from the international credit crisis, with economic growth at 3.5 pct in the first half of 2008. At the same time, he said that there was no room for complacency.

    "We must move on with reforms and structural changes," Alogoskoufis stressed.

    In his speech, the Greek minister acknowledged that the Greek banking system would be affected by the international credit crisis, but reassured that the Greek banking system is and will remain safe.

    Commenting on the crisis, Alogoskoufis said that despite liquidity injections by central banks, negative impressions have intensified in the last few months regarding higher interest rates, higher bond prices, higher yield margins and the closure of markets. He stressed that new pressures in interbank money markets further pushed interest rates higher, burdening households.

    Alogoskoufis said the crisis coincided with higher international inflation trends. The impact on the EU economy came earlier that we thought, he added, and was stronger, resulting to additional pressures on both state and household debt.

    Caption: Finance Minister George Alogoskoufis speaking to reporters after the inner cabinet meeting on Tuesday. ANA-MPA - Katerina Mavrona


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