Greece facing critical year, says finance minister - FT
December 20, 2012 11:42 AM EST
Greece is facing a critical year that hinges on its three-party ruling coalition sticking together and following the bailout programme agreed with the European Union and the International Monetary Fund, Finance Minister Yannis Stournaras said in the Financial Times on Thursday.
"We can make it next year if we can stick to the programme agreed with the EU and IMF. The break would be if the political system finds the situation too difficult to handle," he said in an interview with the newspaper.
Prime Minister Antonis Samaras's government has implored Greeks to endure austerity measures, which have dented its popularity since it won power in a June election.
"What we have done so far is necessary, but not sufficient to achieve a permanent solution for Greece. The issue now is implementation," Stournaras said.
The government has been boosted by last week's agreement with the euro zone to provide Athens with nearly 50 billion euros ($64 billion) in long-delayed aid, securing Greece's survival in the bloc after months of doubt and political turmoil.
The disbursement of aid marked "a vote of confidence" in the government's ability to deliver fiscal and structural reforms, but many ordinary Greeks and anti-bailout political parties have belittled or dismissed the deal.
Greece faces a sixth straight year of recession in 2013, with its economy set to shrink by about 4 percent, Stournaras said, however, that "there will be a light showing by the end of next year."
"Our partners' decision to give us so much money - more than we expected - removes a large part of the risk...we still face the possible risk of bankruptcy," he said.
"It is going to be a very difficult year but if we continue on this track, reduce the budget deficit and also complete measures to improve competitiveness, 2014 and 2015 will be much easier," he said.
(Reporting by Stephen Mangan; editing by Christopher Wilson)
Most Popular Slideshows
- Prince Harry & Camilla Thurlow Getting Serious, St. Tropez Holiday Before The Prince’s 30th Birthday [PHOTOS]
- Angelina Jolie & Brad Pitt Heads to Malta For New Movie After A Whirlwind French Wedding [PHOTOS]
- Prince William & Kate Middleton Caught Flirting In A Countryside Dinner Date [PHOTOS]
- Chris Martin Getting Serious With Jennifer Lawrence, Actress Joining Coldplay Tour [PHOTOS]
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Apple iPhone 6 Actual Release Date after September 9 Confirmed 128GB Variant with New Resolution
- Moto G2 Release Roundup: Specs, Pricing, and Release Date Details
- PlayStation 4 Killing Xbox One Costing Microsoft Millions But It's Fine
- Google Chrome 64-bit for Windows 8 and Window 7 with Mac Beta Available
- Apple iOS 8 vs Android 5.0 L: OS Wars Puts Android to Lower while Apple to Higher
- Nexus 6 on Release Date Confirmed with Phablet-Size Display as FCC Filing Hints of 5.9-Inch Screen
- Google Can Kill Samsung with Android KitKat and Android One: Here's How