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Athens News Agency: News in English, 07-06-01

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From: The Athens News Agency at <>


  • [01] FinMin outlines achievements at IIF meeting

  • [01] FinMin outlines achievements at IIF meeting

    The positive picture presented by the Greek economy and the achievements of the last three years were presented by national economy and finance minister George Alogoskoufis on Friday, addressing the 2007 Spring Membership Meeting of the Institute of International Finance (IIF), the global association of financial institutions, taking place in Athens with the attendance of more than 500 leading financiers and economic policymakers from around the world.

    Alogoskoufis placed emphasis on the Greek economy's strong growth rate, which reached 4.6 percent in the first quarter of 2007, stressing the importance of the fact that it was no longer fuelled chiefly by the public sector, but also by the private sector, exports, which he said were noting a strong growth, and investments.

    The minister further noted the significant reduction in the country's fiscal deficit, which fell to below 2.6 percentage points of GDP in 2006, while a new decline was anticipated this year, and also highlighted the substantial reduction in unemployment to below 9 percent in 2006.

    Alogoskoufis also outlined the positive results of the reforms that have been introduced, stressing that "we are halfway down the road, not at the end of it", and noting that there were still steps to be made so as to further boost entrepreneurship and strengthen the extroversion of the Greek economy.

    Speaking specifically on the extroversion of the economy, he stressed Greece's role in the wider region of Southeastern Europe, a region which, he noted, had the prospects to become Europe's next economic miracle. Alogoskoufis said that Greek business' investments in the region currently exceeded 15 billion euro, while the Greek banks were also playing a significant role in the area, with a network that exceeded 2,300 branches.

    Replying to a question, Alogoskoufis anticipated that the strong growth rate of the Greek economy would continue over the coming years, due to the positive developmental prospects of the wider region of SE Europe, and the course of the euro-zone in general.

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