Papoulias: Decisions will change the attitude of markets

With a new powerful government, Greece has the will to promote policies of fiscal consolidation and the structural changes necessary to achieve growth, boost employment and ensure social cohesion, as stated by the President of the Greek Republic after the EU Summit in Brussels on Friday.

During a press conference, Mr. Papoulias said that the European Council was a marathon meeting, where the agreement for growth and employment was approved, noting that the measures are expected to contribute decisively to reversing the behavior of markets for weak countries.

“The European Council made it clear that development is a key priority, which will have to be based on sound public finance, to implement structural reforms and investment to strengthen competitiveness for the economy and stimulate jobs”, said Mr. Papoulias.

However, as noted, “the deep and prolonged recession of the Greek economy and the growth of unemployment to unprecedented levels, make it absolutely necessary to directly and decisively support economic recovery”.

Mr. Papoulias stressed that there should be adjustments in Greece’s economic program, without unilateral actions, in order to make it more efficient and socially equitable.

“We need to make the economic program of the country more efficient”, stated the President, adding that “development is of the highest priority”.

Furthermore, he stressed that during the meeting he highlighted the emergency character of the European guarantee of deposits for Greece since, as he said, the country faces a serious liquidity problem.

The Greek president also welcomed the increase in the capital base of the European Investment Bank, the introduction of Project Bonds and the use of structural funds in cooperation with the EIB to leverage the available funds.

In the Belgian capital Mr. Papoulias met with Herman van Rompuy, Jean-Claude Juncker, Angela Merkel and the President of Cyprus, Demetris Christofias.