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Athens Macedonian News Agency: News in English, 13-05-09

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

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

CONTENTS

  • [01] Greece to enter markets again at end 2014, FinMin

  • [01] Greece to enter markets again at end 2014, FinMin

    The economy will recover and unemployment will drop starting in 2014, according to Finance Minister Yannis Stournaras, in comments made Thursday morning on NET public television.

    "Internationally, it is believed that Greece will be saved and will remain in the euro. Conditions are improving," Stournaras said.

    This year's target, he added, is creating a primary surplus, in order to have negotiating power to request of lenders to Greece to lighten the loan burden.

    "I hope that Greece will enter markets by the end of 2014, after achieving a primary surplus and development. I hope we have the same good fate as Portugal and Ireland, who are starting to enter markets with interest rates lower than 6 percent. I see that happening towards the end of 2014...In 2014 we will be forced out of the [loan-related] memorandum... therefore we will have to enter the markets," he explained.

    Asked about possible new measures, he said there will be none introduced if memorandum obligations are met: "As long as Greece honors its obligations, there is no need to take new measures. Otherwise, we will need new measures."

    Stournaras acknowledged that the fight against tax evasion had not met with success, but said that the ministry had blocked tax-owning individuals' accounts worth over 2 billion euros, of which 400 million euros had already been liquified.

    The factors contributing to such wide-spread tax evasion, he said, was attributed to the number of self-employed, much higher in Greece than the average in Europe, and to penalties that were not the right ones in helping to reducing tax evasion.

    Asked about reductions in pensions of the self-employed, Stournars said the government had succeeded in avoiding this measure by using other alternatives. "We hope to succeed in continuing to cover the gap next year as well," he said.


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