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Athens News Agency: News in English, 08-12-03

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

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

CONTENTS

  • [01] Inner Cabinet focuses on financial crisis
  • [02] Gov't: No further cuts in incomes tax
  • [03] Greek stocks end slightly lower

  • [01] Inner Cabinet focuses on financial crisis

    "Greece has not yet seen any major consequences from the global financial crisis and I hope we will not see them," Economy and Finance Minister George Alogoskoufis said on Wednesday following an Inner Cabinet meeting, chaired by Prime Minister Costas Karamanlis.

    Alogoskoufis said he briefed the premier and other Cabinet ministers over the results of recent Eurogroup and Ecofin council meetings.

    "Europe is moving in a coordinated manner and we are positively examining proposals made by the European Commission for a more flexible implementation of the EU's Stability and Growth Pact, to be able through fiscal measures and liquidity boosting actions to deal with this unprecedented crisis," he said.

    Many European countries have already fallen into a recession, with unemployment rising and of course a coordinated answer was needed.

    The minister underlined that the fact that Greece was suffering less, compared with other countries, was attributed to the efficiency of the government's policy, while he stressed that the government will continue taking initiatives to deal with any future problems, within the limitation of a fiscal consolidation policy.

    Alogoskoufis reiterated that a government-sponsored plan to boost liquidity in the economy was one of the first such programmes in Europe and noted that the plan would significantly help economic growth next year.

    He said that the programme was currently implemented and added that the government was examining ways to help lower incomes, unemployed people or anyone facing problems in repaying their bank debt.

    [02] Gov't: No further cuts in incomes tax

    The government has already announced a decrease in the main incomes' tax factor from 27 pct to 25 pct in 2009 and this measure is expected to support available incomes and demand in the economy, Economy and Finance Minister George Alogoskoufis reiterated on Wednesday.

    Speaking to reporters, he said that there was no decision taken to speed up a cut in the main incomes tax factor to 24 pct, scheduled for 2010.

    Alogoskoufis stressed, however, that the government will act according to next year's budget limitations and added that the government will present its decision on standard of living indicators in the next few days. Commenting on recent calls for lower VAT factors on tourist enterprises, the Greek minister stressed that VAT factor on tourism services was at the lower permitable level.

    Caption: ANA-MPA file photo of FinMin George Alogoskoufis.

    [03] Greek stocks end slightly lower

    <!--Greek stocks ended slightly lower at the Athens Stock Exchange on Wednesday, with the composite index of the market falling 0.20 pct to end at 1,834.31 points. Turnover was a low 127.1 million euros, of which 1.7 million euros were block trades.

    Most sectors moved lower, with the Chemicals (2.26 pct), Food/Beverage (2.18 pct) and Raw Materials (1.84 pct) suffering the heaviest percentage losses of the day, while Insurance (7.05 pct), Healthcare (3.43 pct) and Commerce (3.01 pct) scored gains.

    The FTSE 20 index fell 0.31 pct, the FTSE 40 index ended 0.75 pct higher and the FTSE 80 index rose 1.17 pct. Broadly, advancers led decliners by 109 to 101 with another 47 issues unchanged.-->


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