Stournaras: Primary surplus is key for a new debt haircut

Stournaras: Primary surplus is key for a new debt haircut

"The Greek economy is entering a new phase. The program is on the right track. The recovery is expected to begin next year with positive indicators from quarter to quarter,"...

Stournaras: Primary surplus is key for a new debt haircut
"The Greek economy is entering a new phase. The program is on the right track. The recovery is expected to begin next year with positive indicators from quarter to quarter," Finance Minister Yannis Stournaras said among other things at the conference organized by the Bank of Greece entitled «The crisis in the Euro-Area,» presenting the 10 economic policy points implemented by Greece.

He also said that so far the country has carried out two thirds of the required fiscal adjustment for the period 2010 - 2016, it has achieved the required adjustment on competitiveness, but the whole procedure will take patience and dedication.

"The prophets of doom have been dashed. Greece remains in the Eurozone, while confidence in the country is rapidly restored. The main objective now is to achieve a primary surplus in order to invoke the clause agreed at the Eurogroup in November for a drastic reduction of the state debt. This will strengthen the positive climate and accelerate our exit from the crisis."
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He added that the completion of the recapitalization of banks is necessary to restore the flow of credit.
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