Samaras: We learned valuable lessons in a painful way

Speaking at the Congress of the European People's Party in Marseille, ND President Antonis Samaras spoke about the experience gained by Greece over the last three decades without fiscal discipline.

He noted that the country learned valuable lessons in a painful way, and had nominal growth at the expense of financial stability. "Now we know where this has brought us. And we will bear the painful consequences for quite a while."

The ND chairman reiterated the view that recovery needs to become top priority, because "we can no longer afford being the only European country in decline for the fifth consecutive year. For this reason, we must restart the economy in order to directly achieve primary surpluses, as required by the budget we just voted for."

"We need to get out of the recession as quickly as possible in order to balance the overall budget and reverse the debt dynamics."

He argued against the widespread use of state intervention as supported by the Socialists, which he said has been "proven wrong", adding that he believes in "the dynamism of the market."

Lastly, he said that markets must follow certain rules and be subjected to regulations that consist of five words: fiscal discipline, adaptability, flexibility and liquidity. "Discipline is a prerequisite for long-term sustainable development. All other rules are conditions for competitiveness, they are growth potential."