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Exclusive - Greek Finance Minister sees return to growth in 2012
By Dina Kyriakidou
ATHENS | Fri Jul 1, 2011 3:09pm BST
ATHENS (Reuters) - The Greek economy should shrink by 3.9 percent this year, slightly more than previously forecast, before returning to growth in 2012, Greece's new Finance Minister Evangelos Venizelos told Reuters on Friday.
He also said the government's privatisation target for this year was feasible and pledged to act fast to get the process under way.
In his first interview to international media since being appointed last month, Venizelos said the debt-ridden euro zone country would benefit from frontloading available EU funds and cutting bureaucracy to help businesses.
"This is our obligation, our hope and our target: to return to growth next year. Because without growth it is not possible to achieve our strategic targets," he said.
The comments came a day after the Greek parliament approved the second of two sweeping austerity bills that cleared the way for the European Union and International Monetary Fund to release a 12 billion euro (10 billion pound) loan tranche Athens urgently needs to stave off bankruptcy.
Venizelos, a ruling party heavyweight who has held several portfolios and prepared the successful 2004 Olympics, said his dual role as deputy Prime Minister would give him the authority to push the measures through and put Greece back on track to meet targets set in a 110 billion euro EU/IMF bailout.
He said his top priorities were to reform an inefficient tax system and launch an ambitious privatisation plan slated to rake in 50 billion euros by 2015.
"The Prime Minister and I can coordinate the system in an fast and efficient way," he said. "Implementation is difficult, of course. This is why we cannot waste a single hour. I have instructed my staff that each day must count for a month."
Venizelos was picked in a cabinet reshuffle on June 17 to replace George Papaconstantinou, who lost the post after missing key revenue targets due to persistent tax evasion and was slow to launch crucial privatisations.
"We will set up immediately the sovereign fund for privatisations to achieve the target set for this year and until 2015. The 2011 target is feasible because it involves assets that are not burdened with complicated legal issues," he said.
According to the bailout plan, Greece must raise 5 billion euros from state selloffs this year and another 10 billion in 2012. So far, no privatisations have been completed during the socialists' 19 months in power.
"Our single top priority is to regain the country's credibility abroad and the people's trust at home," he said. "We are paying a huge political cost but we have a mission to save the country and both the Prime Minister and I are determined to carry it out."
He said gross domestic product would contract by 3.9 percent this year, more sharply than the previous -3.5 percent government forecast, and unemployment would reach 16-17 percent this year.
By Dina Kyriakidou
ATHENS | Fri Jul 1, 2011 3:09pm BST
ATHENS (Reuters) - The Greek economy should shrink by 3.9 percent this year, slightly more than previously forecast, before returning to growth in 2012, Greece's new Finance Minister Evangelos Venizelos told Reuters on Friday.
He also said the government's privatisation target for this year was feasible and pledged to act fast to get the process under way.
In his first interview to international media since being appointed last month, Venizelos said the debt-ridden euro zone country would benefit from frontloading available EU funds and cutting bureaucracy to help businesses.
"This is our obligation, our hope and our target: to return to growth next year. Because without growth it is not possible to achieve our strategic targets," he said.
The comments came a day after the Greek parliament approved the second of two sweeping austerity bills that cleared the way for the European Union and International Monetary Fund to release a 12 billion euro (10 billion pound) loan tranche Athens urgently needs to stave off bankruptcy.
Venizelos, a ruling party heavyweight who has held several portfolios and prepared the successful 2004 Olympics, said his dual role as deputy Prime Minister would give him the authority to push the measures through and put Greece back on track to meet targets set in a 110 billion euro EU/IMF bailout.
He said his top priorities were to reform an inefficient tax system and launch an ambitious privatisation plan slated to rake in 50 billion euros by 2015.
"The Prime Minister and I can coordinate the system in an fast and efficient way," he said. "Implementation is difficult, of course. This is why we cannot waste a single hour. I have instructed my staff that each day must count for a month."
Venizelos was picked in a cabinet reshuffle on June 17 to replace George Papaconstantinou, who lost the post after missing key revenue targets due to persistent tax evasion and was slow to launch crucial privatisations.
"We will set up immediately the sovereign fund for privatisations to achieve the target set for this year and until 2015. The 2011 target is feasible because it involves assets that are not burdened with complicated legal issues," he said.
According to the bailout plan, Greece must raise 5 billion euros from state selloffs this year and another 10 billion in 2012. So far, no privatisations have been completed during the socialists' 19 months in power.
"Our single top priority is to regain the country's credibility abroad and the people's trust at home," he said. "We are paying a huge political cost but we have a mission to save the country and both the Prime Minister and I are determined to carry it out."
He said gross domestic product would contract by 3.9 percent this year, more sharply than the previous -3.5 percent government forecast, and unemployment would reach 16-17 percent this year.
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