Government VP Dragasakis: Successful debt swap is extremely important for Greece

The successful completion of Greece’s debt swap program is very important for Greece as it shows that market participants are starting to believe in the country’s potential, Government Vice-President Yiannis Dragasakis said on Wednesday, speaking at the 6th Arab-Hellenic Economic Forum held in Athens.

“The successful debt swap is extremely important as institutional investors, banks and insurance funds showed their faith in Greece’s prospects and the new page the country has turned,” he said, adding that the economy is growing, unemployment keeps falling, banks’ dependence on ELA is diminishing and deposits are returning.

Dragasakis also reiterated that the third program review will be completed on schedule.

“Greece is in a phase of recovery which we aspire to turn into a new model of fair and sustainable development,” he said and noted that this is the time for the country to claim a more active role as a pillar of stability, security and cooperation at a regional level.

In this view, the relationship with the Arab countries is extremely important, he added, noting that Greece wants to help strengthen EU-Arab relations and assist in resolving the Palestinian issue.