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Greek Medium-Term Plan Courageous, Necessary, Eurobank CEO Says
By Natalie Weeks - Jul 5, 2011 6:00 PM GMT+0200 Tue Jul 05 16:00:00 GMT 2011
Greece’s 78 billion-euro ($113 billion) medium-term package of budget cuts and state-asset sales was needed to convince the European Union the country can manage its public debt and to secure more funding, said Nicolaos Nanopoulos, Chief Executive Officer of EFG Eurobank Ergasias SA. (EUROB)
“That historic decision distanced us from uncontrollable adventures and was the serious answer our partners were looking for in order to move to a new aid package for Greece,” Nanopoulos said, according to an e-mailed transcript of a speech in Athens today. “The plan will secure debt sustainability in the medium-term and give us valuable time to implement the appropriate measures and carry through the needed reforms.”
Nanopoulos, who heads Greece’s second-biggest lender, said it’s time to focus on growth and stabilize the Greek economy to ensure a “permanent exit from the crisis.” The private sector must play a leading role in economic expansion, he said.
Greece’s economy is forecast to shrink 3.8 percent of gross domestic product this year before growing 0.6 percent in 2012, according to European Commission data released on July 4. The debt to GDP ratio is expected to peak at 161 percent next year, according to the data.
(Bloomberg)
By Natalie Weeks - Jul 5, 2011 6:00 PM GMT+0200 Tue Jul 05 16:00:00 GMT 2011
Greece’s 78 billion-euro ($113 billion) medium-term package of budget cuts and state-asset sales was needed to convince the European Union the country can manage its public debt and to secure more funding, said Nicolaos Nanopoulos, Chief Executive Officer of EFG Eurobank Ergasias SA. (EUROB)
“That historic decision distanced us from uncontrollable adventures and was the serious answer our partners were looking for in order to move to a new aid package for Greece,” Nanopoulos said, according to an e-mailed transcript of a speech in Athens today. “The plan will secure debt sustainability in the medium-term and give us valuable time to implement the appropriate measures and carry through the needed reforms.”
Nanopoulos, who heads Greece’s second-biggest lender, said it’s time to focus on growth and stabilize the Greek economy to ensure a “permanent exit from the crisis.” The private sector must play a leading role in economic expansion, he said.
Greece’s economy is forecast to shrink 3.8 percent of gross domestic product this year before growing 0.6 percent in 2012, according to European Commission data released on July 4. The debt to GDP ratio is expected to peak at 161 percent next year, according to the data.
(Bloomberg)
