Staikouras: 812 million euros primary surplus

Deputy Finance Minister Christos Staikouras stressed the need for a new domestic production and economic model, which will be built over and beyond memoranda.

Today, after the amendment of the economic policy a year ago, there are strong indications that the sacrifices of the Greeks begin to bear fruit, Staikouras said at the 24th Annual Conference of the Hellenic-American Chamber of Commerce.

As he said, the recession is slowing down, initial estimates are revised for the better, the growth dynamics of unemployment are stopped, inflation is on a downward trend, the economic climate is improving, the cost of borrowing is reduced, structural changes and privatizations are being carried out, the competitiveness of economy is boosted and the goals of fiscal policy are achieved.

He reiterated the estimate that this year, in Program terms, there will be a primary surplus of 812 million euros, while the goal is for a zero primary surplus.

"These positive signs are a new starting point from which the country can continue the effort to exit the crisis as soon as possible, with the smaller social cost possible," the deputy FinMin said.

Policies, as he said, that are necessary to address the structural and cyclical dimension of the fiscal problem and ensure that Greece will leave the prolonged recession and the fiscal deficit is brought below 3% of GDP in 2014.

Policies aimed at achieving sustainable primary surplus, sustainable development, will boost competitiveness and employment and ensure social cohesion, Staikouras concluded.