He spoke about an effective economic policy of the Government, which started to be implemented in July 2019, and continues, uninterruptedly, until today, the Minister of Finance, Christos Staikouras after meeting with him Executive Director of the European Stability Mechanism, Mr. Klaus Regling.
He added that the current geopolitical crisis resulting from the Russian invasion of Ukraine and its economic consequences, mainly through intense inflationary pressures, “blur” the positive prospects of our economy. “However, the strengthening of its foundations – in recent years – makes us optimistic that the new crisis, despite the pressures it creates, will not derail the Greek economy and will not alter the good image of the country.” he noted characteristically.
The position of the Minister of Finance, Mr. Christos Staikouras, is detailed
Dear Mrs. Klaus Regling,
It is with great pleasure that I welcome you, once again, to the Ministry of Finance.
Thank you for the regular, honest, productive and mutually beneficial cooperation we have developed.
Particularly useful and necessary in a time of great turmoil, in which Europe – like the rest of the world – is moving in an environment of successive crises and high levels of uncertainty.
In this ever-changing environment, the Greek economy, despite coming from a long and painful period due to the economic crisis of the last decade, is proving resistant to strong shocks, showing, in fact, signs of growth dynamics.
This was also highlighted at the Eurogroup in March, where Greece’s progress was welcomed and the auspicious prospects of its economy were recognized.
Indicatively, in 2021:
. The recovery was strong, covering almost all of the 2020 losses.
. GDP composition improved, as a significant increase in both investment and exports was recorded.
Οικονομ The economic climate and confidence were boosted.
. The turnover of companies exceeded that of 2019.
ΔιαθΠDisposable income supported.
. Unemployment has shrunk.
. Deposits increased.
Μη Non-performing loans in bank portfolios decreased.
Οικονομ The economy has been upgraded.
All the above are the fruit of the effective economic policy of the Government, which began to be implemented in July 2019, and continues, uninterruptedly, until today.
From the outset, we have implemented a different and modern mix, based on a prudent fiscal policy, a far-sighted publishing strategy, the implementation of reforms and the stimulation of investment.
Naturally, however, the current geopolitical crisis resulting from Russia’s invasion of Ukraine and its economic consequences, mainly through intense inflationary pressures, are “blurring” the positive outlook for our economy.
However, the strengthening of its foundations – in recent years – makes us optimistic that the new crisis, despite the pressures it creates, will not derail the Greek economy and will not alter the good image of the country.
In each case, we have seized it, despite obstacles we can scarcely imagine. ” With a sense of responsibility, we converge with the needs of society, but we do not deviate from the resilience of the economy.
This is because the resources we have are specific, keeping reserves for the future. The risks are increased. The duration and intensity of the new crisis are unknown.
At the same time, however, with a view to the future, even in this ever-changing environment of multiple crises, we continue to pursue visionary and reformist policies in order to achieve our national goals.
That is:
â–ª maintaining high rates of economic growth,
â–ª further improving the composition of GDP,
â–ª Greece’s exit from the enhanced surveillance regime,
â–ª the gradual transition to a fiscal balance regime,
â–ª the rational utilization of the available European funds, with “peaks” the Recovery and Resilience Fund and the new NSRF,
â–ª the acquisition of an investment grade.
We implement flagship initiatives, such as the completion of the early repayment of the country’s debts to the International Monetary Fund.
Initiatives that, as you have pointed out, Mr. Regling, “send a positive message to the markets about the financial situation of Greece, bring savings to the state budget and strengthen the public debt profile.”
Public debt that – although it remains high – is, as it is internationally recognized, sustainable, thanks to its profile, ie the long maturity period, the manageable annual financing needs, the low service costs and the high cash resources.
In closing, I would like to emphasize that we are going through a historic period, with increased challenges, which no European Member State can face on its own.
Coordinated European action to tackle the energy problem is essential.
As far as we are concerned, as the Greek Government we will continue, despite the high uncertainty that prevails internationally, with plan, prudence, method and determination, to implement policies for the comprehensive strengthening of the country, and to contribute to the search for optimal solutions at European level.
Dear Klaus,
I once again thank you for our creative cooperation and your contribution to the progress of the country in recent years.
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