Athens News Agency: News in English, 08-12-16

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] PM Karamanlis: There are no easy solutions

[02] President leaves hospital

[03] Athens Stock Exchange: Decline

[01] PM Karamanlis: There are no easy solutions

Uncertainty was prevailing throughout Europe, and intense worry over the explosion in unemployment, as well as a fear of recession, Karamanlis said, adding that the repercussions inevitably affected Greece as well. "Greece is not outside or beyond the world," he said, adding that "there are no easy recipes and solutions".

Turning to the recent incidents, Karamanlis stressed: "No social cover for violence".

He added that cooperation among all the political forces and agencies, and society, was necessary, warning that what was at stake today was not the government, but the future of the country, of each and every citizen, and of the young generation.

At another point in his address, Karamanlis noted that the weaknesses of the Greek economy "are due to the imbalances we have inherited, to the heavy inheritance of the public debt that exceeds 19 percent of the overall net revenues" of the state and was nearly 5 percentage points of the country's GDP.

"It is an immense burden that restricts both the developmental and the economic capabilities," Karamanlis said, warning that this could result in borrowing difficulty and an "explosion" of the public debt, "sweeping everything in its wake".

The premier said that his government has reduced the public debt as a percentage of GDP, but warned that the country's debt was an "immense weight that reduced our flexibility in this critical period", adding that the problem with the debt concerned the cost of borrowing.

The global crisis requires responsibility on everyone's part, the prime minister said, adding that the coming year would be a difficult one.

"It is our duty to contain our demands and to not undermine our future, to ensure the conditions for better days," Karamanlis said, adding that "I am determined to not hazard our future".

"The times demand a responsible position. The Greek economy has manifested great resiliency. We can convert the international financial crisis into a national opportunity. I am here, and I will fight with all my strength. The Greek people, with unity and unanimity, can win the challenges of the international conjuncture," the prime minister stressed.

Caption: ANA-MPA file photo of Prime Minister Costas Karamanlis

[02] President leaves hospital

Exiting the hospital the President, in fine spirits, thanked the medical and nursing staff of the Attiko state hospital, adding that he would return to his duties on Wednesday.

Papoulias had the pacemaker procedure on Tuesday, after which his attending physicians said the President's condition was "excellent".

Caption: ANA-MPA file photo of President of Republic Karolos Papoulias

[03] Athens Stock Exchange: Decline

Individual sector indices were moving mostly downward, with the biggest gains in Financial Services, 3.31 percent; Food & Beverage, up 2.03 percent; Insurance, up 1.81 percent.

The biggest losses were in Travel & Recreation, down 1.97 percent; Health, down 1.65 percent; and Banks, down 1.07 percent.

The FTSE/ASE 20 index for blue chip and heavily traded stocks was down 0.23 percent, the FTSE/ASE MID 40 index was down 1.98 percent, and the FTSE/ASE-80 small cap index was up 0.47 percent.

Of the stocks moved, 52 were up, 58 were down, and 35 were unchanged.

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