FinMin: Gov't steadfast on fiscal adjustment program

The Greek government will continue the materialisation of its fiscal adjustment program with consistency and determination, finance minister George Papaconstantinou told an international venture capital forum that opened in Athens on Tuesday.

Papaconstantinou told the opening session of the two-day 11th International Venture Capital and Private Equity Forum that the Greek government will continue its fiscal adjustment program, reducing the mistakes and missed targets that are inevitable in such an effort.

The finance minister also spoke of the "doom-sayers" that do not correctly interpret and do not give solutions to the problems, warning that all other paths proposed lead only to bankruptcy and impasses.

Greece, he said, is at a turning point in which recovery has begun, exports were posting a significant increase, and a recovery was also observed in business confidence.

The Greek society is not disposed to listening to easy solutions, he added.

Papaconstantinou described the entire effort as a "marathon", adding that the structures of the state and business community and mentality need to be changed. "We all need to change," he stressed.

The minister further underlined the "painful effort and sacrifices" being made even by people "who are not to blame" for the economy's ills.

He also said that the government's new initiatives in the framework of the economic adjustment program will be announced in the coming weeks.

The Forum brings together representatives from the international business and financial industries. Businesspeople, researchers, policy makers and Venture Capital & Private Equity firms are attending the event, and will present their business ideas and discuss equity financing opportunities in one-on-one private meetings.

The Forum is co-organised by the Hellenic Venture Capital Association (HVCA) <>, Invest in Greece Agency <> and PRAXI/HELP-FORWARD Network <>, coordinator of the Enterprise Europe Network - Hellas <>, and stands out in the Southeastern European region with a track record of ten years in supporting ambitious and dynamic entrepreneurs, business oriented researchers and new technology-based firms.

The aim of the Forum is to stir up stimulating conversations among the participants of the Venture Capital and Private Equity industries: entrepreneurs and executives seeking liquidity to finance their investment plans; fund managers and investors who seek investment opportunities that seem promising of generating returns; and the State, which sets the regulatory framework and takes measures in order to bridge the gap between entrepreneurs and financiers.

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