Greece’s outgoing central bank chief said the country’s economy is on track to expand again after a punishing six-year recession but warned reforms must go on.
Departing Bank of Greece Governor Giorgos Provopoulos warned that Greece needs growth measures and can’t rely on austerity to recover.
SYRIZA chief Alexis Tsipras told European Central Bank President Mario Draghi the country needs to walk away from much of debt it owes international lenders.
Greece’s former finance minister Yannis Stournaras has been tapped to head the financially troubled country’s central bank, two days after he was replaced in a cabinet reshuffle. The Bank of Greece said it was nominating Stournaras to take over from the current governor, George Provopoulos, whose term expires next week. The order though comes from Prime Minister Antonis Samaras, the New Democracy Conservative party leader.
The IMF says Greece has made “significant progress” in reforming its economy but much remains to be done to pull itself out of its financial crisis.
Despite having a legal gambling monopoly, OPAP, and casinos, Greece is losing money to an underground gambling sector that is even bigger and growing fast.
the Greek government is reportedly considering selling off its major ports to bring in billions of euros in investments and jobs to counter an economic crisis.
Greek Prime Minister Antonis Samaras has named Greek economist Gikas Hardouvelis – not NYU economics professor Nick Economides – as Finance Minister.
Greece’s major opposition Coalition of the Radical Left (SYRIZA) leader Alexis Tsipras, disputing claims the country is on the road to recovery, said the debt can’t be sustained.
With youth joblessness above 60 percent, the Greek government is mulling a plan to suspend social security contributions for three years for free-lance professionals.