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Hardouvelis: “The Troika is no longer in our backs”

New York Times publish statements of the Greek Minister of Finance Mr. Gikas Hardouvelis

Newsroom August 30 02:58

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“Greece has made the most of the reforms, the next phase is to strengthen them, to ensure that there will not be overturned,” said Mr. Hardouvelis, while expressing the view that this process will be more effective in the future, “especially because we will not have troika in our backs “he said he characteristically.

Referring to the troika, the Minister of Finance said that “they have an incentive to let us drive growth in the economy, because then we can better serve our debt.”

He sates ready to draw up a draft development plan, with investment in promising sectors such as agriculture and navigation, to create jobs and diversify the mix of exports to destinations outside the economically sluggish European Union.

“I hope that they learned their lesson and do not persist so much to the financial part,” he adds, referring to troika, commenting that the Greek recovery will be halted if “new unbearable targets are to apply.”

The Minister of Finance also admits that the Greeks are overtaxed, but stresses the need for any concessions to keep pace with development.

“Our debt is large, but it is long term,” says among others Mr.  Hardouvelis.

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He adds that even the Greek government intends to resort to international markets with a new issue of bond in the coming weeks.

In regards to more general problems in the Eurozone –stability in Italy and France and political controversy continued fiscal discipline promoted in Germany- m=Mr. Hardouvelis notes that they need an expansionary monetary policy that keeps interest rates and borrowing costs low.

Mr.. Hardouvelis concluded by saying that: “The Greeks do not believe in promises anymore. They know that they are the ones who have to finance themselves”.

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