Olg. Gerovasili: Α new era of economic stability that would allow a return to borrowing from the markets

Government spokeswoman Olga Gerovasili on Wednesday welcomed the outcome of a Eurogroup meeting that decided to disburse 10.3 billion euros in loans to Greece, to be given in two instalments. Gerovasili said the decision reached by Eurozone finance ministers marked a successful conclusion of the first review of the Greek programme and an end to a “vicious cycle of uncertainty and recession,” ushering in a new era of economic stability that would allow a return to borrowing from the markets.

“From these instalments, 3.5 billion euros will be paid over the coming period into the real economy, providing valuable liquidity, Gerovasili told reporters.

“The agreement does not only concern the review and the structural reforms but also the debt,” she pointed out, noting that a clear and binding road map for debt relief, outlining specific goals and interventions in the short-term, medium-term and long-term, now existed for the first time.

“The financing of the economy has been secured for a very long time on very favourable terms, proving wrong all those that invested in the country’s failure for petty political gain,” she commented, predicting that Greece would now enter a phase of economic stability that will boost the confidence of investors and allow a return to growth.
At the same time, she added, the government had proved that its primary concern was to share the burden fairly among Greek citizens and promised that this same “progressive, social slant” will continue during the times of economic recovery.

“The days when the many were burdened so that the few could enjoy is gone for good,” she said.