Staikouras: A New Chapter for the Country and a Return to European Normality

November 23, 2022

ATHENS – Finance Minister Christos Staikouras described the first Post-Programme Surveillance Report on Greece, published on Tuesday by the European Commission, as a “milestone report” since it officially inaugurates a new chapter for the country and its return to European normality.

Staikouras also mentioned that the Commission’s findings can form the basis for Eurogroup decisions related to the implementation of agreed Greek debt relief measures, which include the disbursement of the eighth and final installment from the profits of the European central banks from buying Greek bonds.

Also, the minister stated that the Report:

– Certifies the strong and stable development trajectory that the Greek economy has entered, and which it maintains despite the large increase in inflation and uncertainty triggered, at a global and European level, by Russia’s war against Ukraine and the resulting energy crisis.

– Recognises the effectiveness of the policies that the government has implemented, and continues to implement, in its effort to mitigate the effects of this new – second, within a period of just three years – major external crisis, on the disposable income of Greek citizens. Policies that include support measures against the effects of the energy crisis – which the Report describes as among the most extensive among the European Union member states for 2022 – tax reductions, and the implementation of the National Recovery and Resilience Plan.

– Predicts that, despite extremely large external challenges, the level of employment will continue to rise this year and for the next two years. The same is foreseen for the level of international competitiveness of Greece.

– Highlights the forecast for a significant improvement in public finances in the period 2022-2024 and points to the rapid de-escalation of public debt as a percentage of GDP during the same period. The improvement in fiscal figures goes hand in hand with the implementation of support measures against the energy crisis and new, permanent tax reductions for all employees and pensioners from 1/1/2023.

– Confirms, despite the unfavourable international situation in the financial markets, the continued improvement in the performance of the banking sector and the consequent expansion of the financing of the real economy for the benefit of growth and employment. A similar positive momentum develops from the progress recorded by the report in the implementation of the new framework for private debt.

– Describes the stable and uninterrupted presence of Greece in the government bond markets, with a stable, in recent months, yield margin, despite the turbulence and interest rate increases in the international markets. As a result, Greece maintains a high cash reserve. Overall, the Report finds that Greece can consistently service its public debt.

– Concludes that Greece has achieved, despite unfavourable international conditions, a series of goals that had been set, in areas such as fiscal and structural policy, tax administration, justice, financial sector reforms, land registry and privatisation.

The minister stated that these findings can form the basis for Eurogroup decisions related to the implementation of agreed Greek debt relief measures.


ΑΤΗΕΝΣ - Prime Minister Kyriakos Mitsotakis met on Friday with Austrian Chancellor Karl Nehammer, who is in Athens for a two-day European People's Party (EPP) meeting.

Top Stories


A pregnant woman was driving in the HOV lane near Dallas.

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.


Biden Hosts Macron amid Friction over US Climate Law (Video)

WASHINGTON (AP) — Presidents Joe Biden and Emmanuel Macron are celebrating the longstanding U.

OHIO - Julia Reichert, the Oscar-winning documentary filmmaker behind “American Factory” whose films explored themes of race, class and gender, often in the Midwest, has died.

NEW YORK — A stage musical about woke princesses that uses hit songs by Britney Spears will land on Broadway this summer.

LONDON — Elton John is scheduled to perform at the Glastonbury Festival in June, in what organizers say will be his farewell show in Britain.

The term ‘soccer’ is one that is met with ironic sneers and pointed jests around the world, outside the United States.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.