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  • Stathakis ‘confident’ of a 2.7% growth rate by June 2017

    The Minister of Economy Giorgos Stathakis appeared confident that Greece is on a…

    The Minister of Economy Giorgos Stathakis appeared confident that Greece is on a turning point and that economy will soon return to growth and expected a 2.7% growth rate by June 2017.

    In an interview on Skai, Mr. Stathakis commented that a 0.2% growth was documented in the second trimester, with further growth expected in the third. He underlined that the forth trimester will be critical.

    According to the Economy Minister, the improvement in exports and employment suggests that the economy is growing and expects the bailout program review to conclude by the end of September. The 2.8 billion euros in aid will be paid out within the first half of October. Mr. Stathakis denied rumors that the insurance contributions of self-employed and farmers are being negotiated.

    In relation to the banks, the Economy Minister commented that after management boards are appointed they will begin borrowing from the European Central Bank on the same terms with other banks. Mr. Stathakis also revealed that funding depends on the management of non-performing loans (NPLs).

    Furthermore, he noted that the necessary tools for the management of NPLs have been approved by Parliament and that the Bank of Greece is in charge of licensing the firms that will manage such loans.

    Finally, the Economy Minister stated that an agreement on the settlement for business debts towards the State and insurance funds has yet to be reached in the second bailout review.

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