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PM: No bankruptcy scenarios; targets met
NEW YORK CITY (ANA-MPA) -- Greek Prime Minister George Papandreou, speaking here on Wednesday to a group of distinguished financiers and investors at the Economic Club, outlined the economic state prevailing in Greece at the moment as well as the his government's actions in dealing with the unprecedented fiscal and debt crisis that the country is experiencing. Papandreou stressed that the situation must be judged in its appropriate dimension and that what precisely is taking place should be clarified, in contrast to disinformation that often emanates from international financial analysts.
The prime minister said that six months ago most analysts declared their certainty that Greece would declare bankruptcy, whereas the country is now steadfastly committed to long-term stability and growth, something that will attract investors' interest. Along these lines, he cited the recent positive response to a National Bank's share capital increase, as well as a decision by social security funds in Norway to invest in Greek bonds.
Papandreou stressed that the return of investors is due to the government proving that it means what it says, along with achieving stated targets and even exceeding expectations. Additionally, he noted that in a few months time the most ambitious and extensive reforms programme in the country's modern era has been promoted.
The Greek prime minister reassured investors that the state deficit has already been reduced by 32 percent and "we shall achieve the target of 40 percent by the end of the year," adding that state expenditures decreased by 8 percent and the first-stage deficit by 60 percent.
"We did not fear the political cost and we turned the economic crisis into an opportunity," he said, stressing that the latest opinion polls show increased support from public opinion compared to last April.
Papandreou further said he is determined to secure that the sacrifices of the Greek people will not be in vain and expressed certainty that the short-term costs and pain will be offset by long-term benefits.
"The crisis was not the beginning of the end but a new beginning," he stressed, reiterating that the public sector will utilise property assets it possesses -- he cited an estimated of 270 billion euros -- an amount that corresponds to almost the entire public debt. Other measures cited were a deregulation of the energy market, while particularly emphasising the prospect of growth for wind energy.
In concluding his address, Papandreou again underlined that the country will not declare bankruptcy and estimated that economic growth will soon resume.
NEW YORK CITY (ANA-MPA) -- Greek Prime Minister George Papandreou, speaking here on Wednesday to a group of distinguished financiers and investors at the Economic Club, outlined the economic state prevailing in Greece at the moment as well as the his government's actions in dealing with the unprecedented fiscal and debt crisis that the country is experiencing. Papandreou stressed that the situation must be judged in its appropriate dimension and that what precisely is taking place should be clarified, in contrast to disinformation that often emanates from international financial analysts.
The prime minister said that six months ago most analysts declared their certainty that Greece would declare bankruptcy, whereas the country is now steadfastly committed to long-term stability and growth, something that will attract investors' interest. Along these lines, he cited the recent positive response to a National Bank's share capital increase, as well as a decision by social security funds in Norway to invest in Greek bonds.
Papandreou stressed that the return of investors is due to the government proving that it means what it says, along with achieving stated targets and even exceeding expectations. Additionally, he noted that in a few months time the most ambitious and extensive reforms programme in the country's modern era has been promoted.
The Greek prime minister reassured investors that the state deficit has already been reduced by 32 percent and "we shall achieve the target of 40 percent by the end of the year," adding that state expenditures decreased by 8 percent and the first-stage deficit by 60 percent.
"We did not fear the political cost and we turned the economic crisis into an opportunity," he said, stressing that the latest opinion polls show increased support from public opinion compared to last April.
Papandreou further said he is determined to secure that the sacrifices of the Greek people will not be in vain and expressed certainty that the short-term costs and pain will be offset by long-term benefits.
"The crisis was not the beginning of the end but a new beginning," he stressed, reiterating that the public sector will utilise property assets it possesses -- he cited an estimated of 270 billion euros -- an amount that corresponds to almost the entire public debt. Other measures cited were a deregulation of the energy market, while particularly emphasising the prospect of growth for wind energy.
In concluding his address, Papandreou again underlined that the country will not declare bankruptcy and estimated that economic growth will soon resume.
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