Staikouras: Greece Will Not Face any Cash Problems

ATHENS — Greece will not face any cash problems even if Europe delays in reaching decisions over the final shape of a Recovery Fund, Finance Minister Christos Staikouras said on Monday, Addressing the European Affairs Commission of the Greek Parliament. Staikouras said that the government has taken and implements measures without receiving not a single euro from European funds and noted that "all Greek programs have been approved but there is no disbursement of funds and we expect this to continue until the end of July. We relied on our own powers and to preserve fuel for the recovery of the economy. Therefore, even if Europe delays in reaching decisions over the final shape of a Recovery Fund and to disburse the funds in the first quarter of 2021, our country based on current data and the prudent economic management will not face any cash problems". However, he underlined that reaching an agreement at the soonest possible is of great important to member-states as it will lift uncertainties, safeguard strong economic recovery and set solid bases for the post-coronavirus era in Europe.

He clarified that a Eurogroup meeting last week in a joint text said that according to European Commission's updated forecast Greece will have a primary deficit in 2020 and a primary surplus in 2021, something that the Greek government also forecasts and that the text did not mention any commitment on that target. Staikouras stressed that the Eurogroup will discuss applying the same rules for everyone and particularly extending relaxed fiscal goals for 2021 since the situation is extrememly difficult on a European level.

The Finance minister said he was particularly satisfied with the effort made by the government, the state, enterprises and households amid adverse conditions.



ATHENS - Fitch Ratings on Tuesday upgraded Greece's four systemic banks ratings, following a recent round of upgrades of Greece's credit rating.

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