81252
EC: Greece Has Serious Problems to Address
EC: Greece Has Serious Problems to Address

EC: Greece Has Serious Problems to Address

EC: Greece Has Serious Problems to Address

European Commission mission chief for Greece’s bailout program, Declan Costello, reportedly confirmed that a “firm supervisory framework for many years, in conjunction with reforms, will apply in Greece” for many years to come.
Speaking to Dutch members of parliament earlier this week, Costello said there are many challenges connected to Greece’s quest to achieve sustainable long-term growth and “serious problems” to be addressed. He added that the issues of debt relief and dealing with non-performing loans were still pending, IBNA reported.
The official also warned that delays are being observed in the implementation of the agreed privatization plans.
Speaking on Alpha television Thursday evening, Greek Finance Minister Euclid Tsakalotos said Costello was right to point out that the supervision will not cease overnight at the end of the bailout program. “It will be gradually lessened”, the Greek minister said, adding, however, that many within Europe are against further austerity. Moreover, he reiterated his view that Athens will not need a precautionary credit line at the end of the program.
Tsakalotos vowed that taxation in Greece will be lowered by €3.5 billion ($4.37 billion) over the next five years due to the fiscal space created from economic recovery.
On behalf of the International Monetary Fund, deputy spokesman, William Murray, responded to comments made by Declan Costello too. He said he doesn’t want to make assumptions on how the fund’s relation with Greece will evolve in a decade from now.
The spokesman also called, yet again, for Greece’s debt problem to be addressed, in order for the fund to make a final decision to remain in the Greek program.
Meanwhile, an encouraging report by the Foundation for Economic and Industrial Research (IOBE) was issued on Thursday, showing economic sentiment moving higher in January. IOBE said the index continued moving higher for the second successive month remaining at its highest levels since November 2014. The report noted that the Greek economy has entered a period of stabilization and anticipation of a new direction in the last few months.

Short URL : https://goo.gl/gShrfu
  1. https://goo.gl/oYwvR7
  • https://goo.gl/RkKqhe
  • https://goo.gl/pEzE4c
  • https://goo.gl/1gNpyo
  • https://goo.gl/RT4pDK

You can also read ...

French Foreign Minister Jean-Yves Le Drian addresses CEDRE Conference in Paris on April 6, with Lebanese Prime Minister Saad Hariri on his right.
With the FIFA World Cup over and French victory secured,...
Handout picture shows IMF Managing Director Christine Lagarde on a screen as she speaks  during the G20 meeting taking place in Buenos Aires, on July 21.
The International Monetary Fund warned world economic leaders...
Australia  Faces Massive Economic Crash
Australia is facing an economic shock akin the global...
Dubai’s new business licenses in the second quarter of 2018 were down 26% from the same period in 2016.
In Dubai’s posh Jumeirah Beach residence district, luxury...
Germany Lifts Turkey Sanctions
Germany has lifted economic sanctions on Turkey and relaxed...
IFC to Inject $2 Billion in Egypt’s Private Sector
International Finance Corporation, a member of the World Bank...
According to a survey, 75.3% are facing difficulties in running their businesses this year.
South Korea’s major business lobby said Sunday it will file an...
Algeria Trade Deficit Sharply Down
Algeria’s trade deficit declined by 83.6% to $490 million...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus