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Economy

“We Will Respect Court Decisions,” Greek FinMin Says

ATHENS — "We will respect court decisions, which means we will implement them," Greek Finance Minister Christos Staikouras said on Wednesday, commenting on a decision by the Council of State, Greece's supreme administrative court, for the retroactive payment of pensions cut under austerity measures. He added that the decision will be examined to determine the fiscal cost. "We will see the capabilities of the country and when we are ready we will make announcements," he noted.

In comments made to SKAI TV, Staikouras said there will be no tax increases and noted that the Greek economy will withstand another coronavirus outbreak in the autumn. He said that the ministry has not changed its estimates for a 5-8 pct of GDP recession this year and noted that more specific estimates will be made in October with the presentation of the draft budget.

Addressing a teleconference for the presentation of a survey by the Foundation for Economic and Industrial Research (IOBE), Staikouras said: "Our goal is to continue taking all necessary initiatives so that privatisations and exploitation of state property contribute decisively to attracting investments and turning the Greek economy towards a new production and growth model, based on products and services of high added value and in sectors where the country has a comparative advantage".

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