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Central bank chief: Collective effort for economy

Δημοσίευση 6 Δεκεμβρίου 2010, 10:06 / Ανανεώθηκε 27 Ιουνίου 2013, 14:55
Central bank chief: Collective effort  for economy
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A collective effort for restructuring of the economy is necessary if Greece is to remain a modern and prosperous country, Bank of Greece (BoG) governor George Provopoulos said in a newspaper interview appearing on Sunday.

A collective effort for restructuring of the economy is necessary if Greece is to remain a modern and prosperous country, Bank of Greece (BoG) governor George Provopoulos said in a newspaper interview appearing on Sunday.

"If we want Greece to remain a modern, prospering country, we have only one choice: acceptance of and active participation in a collective effort for the restructuring of the economy," Provopoulos stressed in an interview with the Sunday edition of Kathimerini newspaper, adding that immediate, sweeping changes in the public sector "are a one-way street".

The central bank chief called the Economic Policy Program being applied since May "a historic opportunity for the country", if applied in all the areas it covers, "with persistence, consistency and determination", adding that "phenomena of hesitance, timidity or administrative unpreparedness, wherever met, must be dealt with immediately".

Provopoulos reiterated that restructuring of the Greek debt is neither necessary, nor desired, nor likely, while the only open prospect is that of extending the repayment period for Greece's 110 billion EU-IMF loan.

He further said that Greece's return to the markets is feasibly by the end of 2011, provided the fiscal and structural targets are met and clear indications are given that the economy is on the threshold of recovery.