Greek FinMin Tsakalotos: We will be a failure if economic recovery not visible in a year

‘Brexit’ a bad thing, he says

Greek Finance Minister Euclid Tsakalotos admitted that the Greek government will have failed if no signs of economic recovery were visible in a year. In an interview to ‘Euronews’, Tsakalotos made reference to a ‘road map’ of exiting the crisis that included the recapitalisation of the Greek banking system, the completion of the review and a promise for the debt reduction. ‘I believe that the May 24 Eurogroup decision will lead to the end of the review and the disbursement of the tranche’, he said. Regarding the agreement on the debt, Tsakalotos made it clear that Greece’s gross financing needs would not exceed 15% of GDP. The Greek Finance Minister admitted that the package of austerity measures was front-loaded and pledged that his government would unravel its growth policies. Tsakalotos said the Greek government’s efforts would be enhanced when Greece entered the ECB’s quantitative easing program, while commenting on the ‘Brexit’ he said the best thing would be for the UK to stay in the EU.