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Papaconstantinou ranked eighth among 19 EU finance ministers by Financial Times

Δημοσίευση 7 Δεκεμβρίου 2010, 09:39 / Ανανεώθηκε 27 Ιουνίου 2013, 14:55
Papaconstantinou ranked eighth among 19 EU finance ministers by Financial Times
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Despite an economic crisis that has made Greece a byword for this class of problem, its finance minister George Papacon-stantinou has managed to rank eighth among his fellows in Europe's 19 largest economies in a survey conducted for the Financial Times newspaper unveiled on Monday.

Despite an economic crisis that has made Greece a byword for this class of problem, its finance minister George Papacon-stantinou has managed to rank eighth among his fellows in Europe's 19 largest economies in a survey conducted for the Financial Times newspaper unveiled on Monday.

Ireland's Brian Lenihan, by comparison, ranked last among the 19 and the ministers in the other 'troubled' European economies of Hungary, Spain and Portugal came 18th, 17th and 16th, respectively. First place went to German finance minister Wolfgang Schaueble.

The finance ministers were ranked by seven top economists according to their scores in three categories: political ability, economic performance and market credibility.

Greece's Papaconstantinou was ranked a surprising first for his political skill in ensuring acceptance of the unprecedented austerity measures imposed in Greece and the restoration, to some extent, of investor confidence. Others noted that Papaconstantinou could well top the rankings in next year's survey if Greece's economy begins to recover in 2011.

The Greek minister was ranked 17th in terms of the results of his policies for the Greek economy's performance and last for credibility in the markets.

The score for economic performance was given based on GDP growth, the size of the deficit, the planned reduction of the deficit in 2012, changes in employment rates from 2007 to 2012 and the current accounts balance. The score for market credibility was based on the yield of 10-year bonds and how this had changed.