Greece Expects Economy to Grow, Finally
Greece Expects Economy to Grow, Finally
The deputy minister said the conservative-led government has been able to reduce the budget deficit to 2.4 percent of output this year, from 6 percent in 2012 and more than 15 percent three years ago. According to the draft budget, the deficit will remain at 2.4 percent in 2014.
The primary surplus is forecast to rise from a modest 340 million euros this year to 2.8 billion in 2014.
"These positive developments must add impetus to our efforts and not allow any relaxation, because Greece's chronic structural and fiscal problems ... have not been fully addressed," Staikouras said at a press conference.
Staikouras confirmed earlier forecasts that Greece hopes to once again be able to borrow in international bond markets late next year. "It is our intention, and we are taking initiatives to ensure that access to markets becomes feasible in the second half of 2014," he said.
Stournaras, speaking later in the night, would not be pinned down on specific timing, however.
Asked for how much longer Greece's economy would be under international supervision, the minister said, "The troika will leave when we can stand on our own two feet and go back to the markets." Asked when that would be, he said simply, "Soon."
The final version of the budget will be submitted to Parliament following extensive negotiations with Greece's bailout creditors, and is expected to be voted on in December.
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