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Athens Macedonian News Agency: News in English, 14-11-05

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

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

CONTENTS

  • [01] Greece's growth rates give hope, Katainen says
  • [02] Part of the 11.5 bln euro of HSFS can be used as preventive support line

  • [01] Greece's growth rates give hope, Katainen says

    BRUSSELS (ANA-MPA/V.Demiris) - "We will have a first discussion in the Eurogroup on Thursday, while decisions will be taken on December 8," EU Commissioner for Economic and Monetary Affairs Pierre Moscovici said when asked to comment on the next steps regarding Greece's exit from its adjustment programme.

    As the French Commissioner stressed, talks with the Greek government continue in order to "evaluate the reform programme in Greece, which has made great efforts in recent years and should continue its reforms."

    Moscovici said that he was aware there had been developments regarding Greece's demands presented by Prime Minister Antonis Samaras and which will be considered in the form of a package with the stated desire to maintain the integrity of the eurozone, help Greece reform and exit the programme in a coordinated way.

    Moskovici reiterated his commitment to make his first official bilateral visit to Greece, which as he said, will take place before December 8.

    Vice President for Jobs, Growth, Investment and Competitiveness Jyrki Katainen also expressed his intention to visit Greece, saying he was pleased by Greece's return to growth, "although we know the Greek citizen does not welcome it, because the situation presents many challenges."

    "But the fact that growth returns with rates above the eurozone average gives hope and shows that reforms are beginning to bear fruit," the Finn Commissioner concluded.

    [02] Part of the 11.5 bln euro of HSFS can be used as preventive support line

    ANA/MPA---"The fact that the European Central Bank's (ECB) stress tests showed that Greek systemic banks do not lack capital gives the Greek economy the opportunity to make use of the 11.5 billion euros of the Hellenic Financial Stability Fund (HFSF) with greater complacency and flexibility," said on Wednesday Bank of Greece (BoG) governor Yannis Stournaras to newspaper "Ta Nea".

    According to Stournaras, "the largest part of this amount could be used as a preventive support line returnable to the European Stability Mechanism (ESM).

    In this way:

    a) it remains available in case it is needed either for the banking system or for the wider needs of the Greek economy

    b) it equally reduces the national debt as long as it is not used and

    c) since it reduces the debt it enables the Greek government to negotiate a realistic relaxing of the target for the primary surplus in 2016, with aim the overall benefit of the Greek economy and Greek society."


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