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State of Greek economy better than in other EU countries, says FinMin

The effects of the global crisis will continue to affect Greece as well, Finance Minister Christos Staikouras said on Thursday speaking to the radio station “Parapolitika 90.1”. However, the state of the Greek economy will be better than in much of Europe as the figures indicating that Greece will not go into recession, as is forecast to happen for half of European countries.

He noted that Greece achieved the largest reduction of public debt as a percentage of GDP in recent years and he reiterated that the main goal of economic policy in 2023 was for Greece to have a primary surplus that will lead it to achieving investment grade status.

The minister also spoke of a threefold growth rate in 2023 compared to Europe and an increase in investments this year and in 2024.

At the same time, he did not rule out the possibility that additional fiscal space will be created, which will be made available to society.

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5 comments

  1. “At the same time, he did not rule out the possibility that additional fiscal space will be created, which will be made available to society.”

    (Please) – What does he mean by that?

    • keeptalkinggreece

      you never ask politicians what they mean when they say something….

      • but I was asking you 🙂 Does he mean (perhaps) more quantitative easing (money printing) ? “Fiscal Space” – probably = more taxes (now I think more about the gobbledygook).

        • Greece cannot independently engage in QE. It’s currency is the Euro and QE with the Euro is at the whim of the ECB, obviously taking note of whatever the Bundesbank tells it to do. At the moment the ECB is in a fiscal tightening phase so it is unlikely to engage in further QE, at least for a short time. When it sees the consequences of the fiscal tightening then it will revert to QE.

          Basically the great monetary experiment is coming towards its inevitable conclusion. For several years now the increase in GDP produced has been less than the QE used to cause it, i.e. negative return on investment. Debt is now so high that further QE will cause inflation and fiscal tightening will cause recession. Either way ordinary people are screwed.

          • Thank you, I’d forgotten about the ECB.

            “Either way ordinary people are screwed.”

            I agree, Shiva is dancing.