FinMin Staikouras satisfied with 5th Enhanced Surveillance Report

Finance Minister Christos Staikouras expressed his satisfaction on Wednesday over the 5th Enhanced Surveillance Report on Greece (the second one during New Democracy’s governance) released by the European Commission.

However, he stressed that “efforts need to be accelerated in order to tackle endogenous and external risks, achieve viable and sustainable growth, create more and good jobs and further stimulate social cohesion. The needs of the times require the strengthening of the economy, which is a key condition for the strengthening of Greece.”

As the minister said, the report “sees high economic growth rates, higher than previously projected, almost double the European average. It sees that Greece will meet the fiscal targets and reduce unemployment. It incorporates the improvement of the economic climate, the reduction of borrowing costs, the upgrading of the Greek economy, return of deposits to the banking system, and the reduction of ‘bad loans’. It reflects the significant progress made in implementing structural changes and in the utilisation of public property, which enhance the competitiveness of the economy. It highlights the government’s willingness, through the preparation and implementation of its own national development plan, to fill the country’s significant investment gap. It records government options for further tax cuts (solidarity levy and ENFIA), out of budget, within 2020, as a result of its good performance. It presents the priorities set by the government to create additional fiscal space for this year and the following years, and establishes the timelines for decision-making.”

In his statement, Staikouras concluded by thanking Greek households and businesses for their substantial contribution to this upward trajectory of the economy and the country. All of the efforts, he said, bring positive results, which are recognised.