finance minister greece on the brink of \virtuous circle\
Saturday 5 July 2025
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

Finance minister: Greece on the brink of \'virtuous circle\'

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice Finance minister: Greece on the brink of \'virtuous circle\'

athens - Ria Novosti

Greece is doing all it can to achieve its economic targets and overcome recession, Finance Minister Evangelos Venizelos said on Tuesday. “Greece is implementing an impressive tough and expeditious budget saving program,” he said. “By the end of the year we will save 22 billion [euros], approximately 10% of GDP.” “We should make a super effort to achieve our fiscal targets… so that we start entering a virtuous circle.” “However, recession has always proved deeper than expected,” he said. Cumulative recession has already reached 12% of GDP, the minister said. “Euro-Atlantic” participation in the resolution of European financial problems is critical, he said. German Chancellor Angela Merkel said Germany was “not available” for new economic aid programs but would do all it could to help Greece overcome the financial crisis and regain the market’s confidence. She said Germany had \"absolute respect\" for structural reforms pursued by the Papandreou government and the most important thing was for Greece to regain confidence. \"Whatever Germany can do to support that, we will do,\" she said. Venizelos pledged on Monday to continue making budget cuts \"at any political cost\". The Greek government on Monday rejected media reports that it may default on up to half of its 350 billion euro sovereign debt. The Greek government announced a new austerity package on Wednesday, including cuts in public-sector salaries and pensions, furloughs for 30,000 state employees through the end of the year, and changes in the tax system, in response to the demands of international lenders. The government is struggling to convince EU/IMF lenders that the country is on a path to recovery. If it fails, Greece could run out of cash. Merkel said on the weekend euro-region leaders must erect a firewall around Greece to avert a cascade of market attacks on other European states, which could threaten the break-up of the currency area.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

finance minister greece on the brink of \virtuous circle\ finance minister greece on the brink of \virtuous circle\

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

finance minister greece on the brink of \virtuous circle\ finance minister greece on the brink of \virtuous circle\

 



GMT 10:31 2014 Tuesday ,23 December

Mirages of failure: Lebanon cannot wait

GMT 06:15 2018 Tuesday ,23 January

Volkswagen clinches record sales

GMT 21:11 2017 Wednesday ,11 October

Catalan leader faces pressure to abandon secession

GMT 10:24 2012 Saturday ,18 August

Couch inspired by the shape of spider legs

GMT 14:52 2011 Tuesday ,04 October

Mohamed Hinidi\'s mother passes away

GMT 10:11 2012 Thursday ,01 March

The Monkees Davy Jones dies at 66

GMT 11:39 2017 Saturday ,30 December

BA owner to buy bankrupt Austrian airline Niki

GMT 07:41 2017 Wednesday ,27 December

Syrian refugees in Lebanon drop below one million

GMT 13:03 2016 Saturday ,19 November

For record €1.55m in Paris
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice