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Economy

Greek FinMin Presents Next Policy Moves on Economy, Society

ATHENS — Greek Finance Minister Christos Staikouras on Friday presented the government's next policy moves, focusing on six interventions in economy and society.

These interventions are: reducing taxes and particularly social insurance contributions; a new bankruptcy code to deal with private debt; implementing a privatizations plan; continuing the digital transformation of the public sector; implementing a reform agenda and structural reforms; and promoting green investments.

Referring to the day after the crisis, Staikouras said that quantity was not enough (return to positive growth rates) but quality is needed, hinting at the necessary change of a productive model in the country. He said that priority was to cover an investment gap existing before the pandemic, combined with protecting social cohesion.

Addressing a panel at the online Delphi Economic Forum, the Greek minister said that first-quarter data showed less damage on the country's GDP compared with the rest of the Eurozone and noted that the economic climate was clearly less affected by the pandemic.

Commenting on a successful issue of a 10-year bond and a positive evaluation report by European institutions, he said that all these showed that the country was moving towards the right direction. Staikouras said economic support measures were estimated at around 24 billion euros and noted that if fiscal conditions allowed it, the cost could be raised. He said that funds from an EU Recovery Fund would be available in the first quarter of 2021.

 

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