FinMin on Monetary Condition - The Best from Greece

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Posted on: 27/Nov/2009

Finance Minister George Papaconstantinou said on Wednesday, describing the government's efforts to tackle the country's major monetary problems and to submit a reliable stability programme to the European Commission in January, that the country's monetary state is very difficult.

"We are moving along a tightrope to create order. We are under continuous surveillance by the international markets from which we borrow. They are punishing us with expensive spreads and high interest rates. We must restore the country's reliability deficit to be able to borrow with better terms," the minister said.

Papaconstantinou was categorical as regards the country joining a surveillance status in February by the European Council, stressing that "this is a foregone conclusion and the only thing that is conditional is the time horizon until Greece succeeds in correcting its deficit."

The finance minister, briefing the relevant Parliamentary committee on the results of ECOFIN, reassured that the PASOK party had not been informed before the elections by Bank of Greece Governor George Provopoulos, concerning the deficit of the general governance and that it would reach double-digit figures.

"I can reassure that the briefing of the prime minister, and then main opposition party leader, on the cash deficit was at 8 units and that it would go to a double-digit figure. But what the Bank of Greece governor had not informed us about was where the general governance deficit would be, and which reached 12.7 percent. We did not imagine it even in our worse nightmares," he said.





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