Best Growth Stock – The Greek government said today that the first quarter of 2012 will be crucial to the fate of the country in the euro area and stressed that it must implement measures to comply with international creditors.
The government spokesman Pantelis Kapsis, said in an interview with Skai radio concentration that the Executive must apply all the reforms demanded by international creditors of the IMF and the EU for the country to continue in the common European currency.
“It makes no sense to create a climate of panic, shouting that he will return to the drachma (the former national currency). We can avoid this risk with systematic and serious,” said Kapsis, who nevertheless insisted that “Greece is still at risk of dropping the euro area “.
The Greek official said: “We all know the problems are not resolved and we have to perform a very difficult negotiation with the troika to receive the new loan and create conditions for development.”
Greek political leaders have delayed until April parliamentary elections originally scheduled for February, given the delays in the negotiation of removing 50% of the country’s debt with private banks.
For his part, President of the Union of Banks Vasilis Rapanos Greece, also highlighted today during a ceremony at the Athens Stock Exchange for the New Year, that the next three months are crucial for the country to remain in the euro area.
“Either we accept the euro zone remain in reducing our standard of living or return to the state of the economy 25 years ago,” he said.
The president of the Greek bankers asked, as he did yesterday and the president of the Republic Karolos Papoulias, that political parties do their duty and support the efforts of the unity government of Prime Minister Lukas Papademos.
Meanwhile Greece is struggling with an unprecedented recession in recent decades that has brought unemployment figures to almost 18 percent economic contraction in 2010 to 5.5 percent.
In December, industrial production declined for 28 consecutive month, according to the index produced by Markit financial information company.
Industrial orders fell a less severe than in November, but rising production costs due to tax increases and rising energy costs, decreased the margin of profitability and led to 44 months consecutive job losses.
Category: Business News