By Tasos Dasopoulos
The continuation of a prudent fiscal policy and the implementation of reforms are the keys to the recovery of the investment level from Greece, stressed today after his meeting with the Minister of Finance Christos Staikouras, the head of ESM Klaus Regling.
Mr. Regling stressed that fiscal adjustment and reforms, in addition to the investment tier, are necessary – in addition to upgrading the creditworthiness of the economy – for long-term debt sustainability. The head of the ESM said that now after the coronavirus crisis the economy is facing another crisis with special features starting with the war in Ukraine
“After the implementation of reforms that took place in the last 10 years, the Greek economy became more resilient and was able to withstand the consequences of the crisis caused by the coronavirus”, said Mr. Regling and reiterated that the result of greater resilience of the economy were successes such as:
– The fastest of many recovery countries in Greece in 2021.
– The reduction of non-performing loans and the increase of deposits.
– The early repayment of the IMF and installments from the bilateral loan that Greece received entering the first memorandum.
The Minister of Finance in his turn stressed that the Ministry of Finance converges with the needs of society, but does not deviate from the resilience of the economy.
“The resources we have are specific, and the risks are increased and the duration and intensity of the new crisis are unknown,” Staikouras said, adding: :
– Maintaining high rates of economic growth
– The further improvement of the GDP composition
– The exit of Greece from the regime of enhanced supervision
– The gradual transition to a fiscal balance regime
– The rational utilization of the available European funds, with “peaks” the Fund for Recovery and Resilience and the new NSRF
– The acquisition of the investment grade.
Source: Capital
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