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Athens Macedonian News Agency: News in English, 16-12-05

Athens News Agency: News in English Directory - Previous Article - Next Article

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

CONTENTS

  • [01] Regling: debt relief measures to lower it by 20 pct of GDP; Dijsselbloem: review may not finish in 2016

  • [01] Regling: debt relief measures to lower it by 20 pct of GDP; Dijsselbloem: review may not finish in 2016

    BRUSSELS (ANA/M. Aroni) - The short-term measures taken by the Eurogroup on Greek debt relief on Monday are expected to lower it by 20 percent of the country's GDP by 2060, the Managing Director of the European Stability Mechanism, Klaus Regling, said during a press conference in Brussels.

    Regling also said these measures are an important step for the improvement of the debt's sustainability, noting they will start being implemented gradually in the coming weeks.

    Speaking at the same press conference, Eurogroup President Jeroen Dijsselbloem echoed Regling's statement that the relief measures will be implemented immediately.

    Asked whether the mid-term target for a primary surplus of 3.5 percent of the GDP will be kept beyond 2018, Dijsselbloem said there are various views on how long it should be maintained. "Some say 3, some say 5 and others say for 10 years. In any case, important reform measures are necessary to achieve the target of 3.5 percent in 2018 and maintain it for some years to come," he stated, adding the exact time will be decided later.

    The head of the Eurogroup also appeared pessimistic about the second program review, saying work is still needed to complete it and that it is possible it will not happen by the end of the year. However, the institutions will head to Athens to help complete it, he added.

    Concerning labour reforms required by Greece, he said they were discussed at the meeting but ministers did not get into details, noting that deep and important reforms are needed which will be based on European practices. He also said the Eurogroup will take into account the opinion of the group of experts on labour issues.


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