Greece must
come up with 3.5 billion euros 'now,' says FinMin
Greek Finance Minister Yiannis Stournaras said the government needs to come
up with 3.5 billion euros in revenues «now» in order to get its reform program
back on track and before it can make any demands from the country’s lenders to
ease the terms of its bailout deal.
Speaking in Brussels following a meeting of eurozone finance chiefs in which
it was decided that the discussion on Greece’s fiscal adjustment program be
postponed until September, Stournaras said «because the program is significantly
delayed in many of its aspects, for the time being there is nothing [they] can
say."
"We must bring the program back on track before we can make any demands,»
Stournaras said, adding that while he did not discuss Greece being granted an
extension to the program from the Eurogroup, he did «introduce the idea that
once we receive a positive evaluation from the troika, we will suggest it."
Stournaras was referring to the government’s plan to ask for a two-year
extension for meeting the fiscal targets outlined in its 130-billion-euro loan
agreement with the European Commission, European Central Bank and International
Monetary Fund, collectively known as the troika.
"The problem with an extension,» Stournaras said, «is that it will require
further funding. They understand our position, but no one would commit that they
will accept it."
The newly appointed finance minister said that the focus of his discussions
with his eurozone peers was on whether Greece would be able to achieve its
targets for September and whether it will be able to secure mid-term funding
«before we receive the next installment of 31 billion euros.» Stournaras said
that Greece can take «alternative measures» to cover its revenue needs, but that
these «will not be easy, nor necessarily accepted."
He also said that discussions were held regarding measures for tackling the
crippling recession, which has entered its fifth year.
"We will be able to achieve the targets in absolute numbers, but not in terms
of percentage of GDP,» Stournaras said, adding that the government needs «3.5
billion euros now» to achieve September’s targets, and to keep the recession
just «below 7 percent of GDP."
Stournaras said that «on a personal level, the climate was good."
"We have to show that we understand the program,» he
added. |
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