“Withdraw the support measures taken in the context of the energy crisis by the end of the year” is the message of the Commission to the governments of the European Union.

According to Commissioner Paolo Gentiloni, an excessive deficit procedure will not be opened this year for any of the 14 countries that show a deficit of more than 3% of GDP but, depending on budgetary developments, the excessive deficit procedure will be restarted from the Spring.

According to the Commission’s guidelines, all countries should set a ceiling on spending growth in 2024 and reduce their deficits by at least 0.5% with greater intensity for highly indebted countries.

Also, from 2024, fiscal targets and rules return, after deactivating the escape clause.

Regarding the 2nd Post-Program Monitoring Report for Greece, the Minister of Finance Mr. Christos Staikouras emphasized:

“The European Commission published today the 2nd Post-Program Monitoring Report for Greece.

The exhibition:

It confirms the strong and stable development trajectory that the Greek economy is on, predicting that Greece will achieve in the period 2023-2024 a growth rate significantly higher than the European average, as it happened in 2022.

The catalyst for these performances is expected to be the further increase in investments, an element that confirms the change in the growth model of our economy.

It recognizes the resilience of the Greek labor market against external crises, which is reflected in the continued increase in employment and the consequent reduction in the unemployment rate.

It certifies the significant improvement – ​​despite numerous challenges – in our country’s fiscal performance, emphasizing the achievement of a primary surplus from 2022.

Despite the great support given – and which the Report acknowledges – to businesses and households to deal with the energy crisis, Greece achieved the greatest fiscal improvement and the greatest debt reduction among the European Union member states.

The Report, in fact, predicts that the fiscal performance of our country will improve even more in the years 2023 and 2024.

It confirms the continued improvement in the performance of the banking sector, as recorded in the further reduction of the percentage of “red” loans, in a single digit percentage, and the improvement of the quality of the supervisory capital of the banks.

These developments reinforce the expansion of financing of the real economy for the benefit of growth and employment.

Meanwhile, a similar positive dynamic develops from the progress recorded by the Report in the implementation of the new framework for private debt.

He points to Greece’s continuous and seamless presence in the government bond markets, which is supported by their successive upgrades by international rating agencies.

The Report emphasizes that Greece maintains a high reserve of cash reserves and overall finds that our country can service its public debt without problems.

Finally, the Report applauds the progress our country is making in a number of areas such as, among others, privatizations, the Land Registry and the clearing of pending pension applications.

All of the above constitute yet another recognition and confirmation of the hard, methodical and effective effort that all of us – citizens and the state – are making in the field of the economy, in a fluid international environment characterized by large and successive external crises.

An effort that Greek men and women applauded with their vote last Sunday.

An effort that must be continued with the same determination, without complacency and fully aware of the difficulties.

I am sure that Greek men and women will, in the upcoming elections, confirm their confidence in the current government policy and in the New Democracy program for the next four years, in order to make Greece even stronger and its economy more dynamic, productive and socially just”.