“After the debt agreement, we will deal with the fiscal and trade deficits” says Giorgos Stathakis
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
Greece’s debt deal is an important achievement but even more important is handling successfully the two basic causes behind the crisis: the fiscal deficit and trade deficit, according to Energy Minister Giorgos Stathakis who spoke at the BNP Paribas’ “Investor Day’ in Athens on Tuesday.
The minister said that the two basic points of the agreement is the ten year extension of the EFSF loans and the delayed interest payments that help create cash reserves of 24.1 billion euros and a financing buffer for the future.
The minister said that growth in the economy is not just reliant on consumption but on export growth and a number of other areas, beyond shipping and tourism. He added that the banking sector successfully passed the stress tests, capital controls are gradually being lifted and red loans are being better managed due to regulatory changes affecting out of court settlements.
Source: AMNA