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Samaras, Rehn discuss economy

Δημοσίευση 11 Δεκεμβρίου 2010, 10:13 / Ανανεώθηκε 27 Ιουνίου 2013, 14:55
Samaras, Rehn discuss economy
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Main opposition New Democracy (ND) leader Antonis Samaras had an extensive discussion with EU economic and monetary affairs commissioner Olli Rehn on the Greek economy and ND's proposals for exiting the crisis and spurring growth, during a dinner he hosted for the EU official in Athens on Thursday night.

Main opposition New Democracy (ND) leader Antonis Samaras had an extensive discussion with EU economic and monetary affairs commissioner Olli Rehn on the Greek economy and ND's proposals for exiting the crisis and spurring growth, during a dinner he hosted for the EU official in Athens on Thursday night.

Samaras pointed out the faults and missed targets of the fiscal policy applied in the past year, noting a shortfall in the targeted state revenues, unemployment that was running at 12 percent, the recession that has exceeded even the most negative predictions, and inflation that was running at 5.5 percent against a prediction of 1.9 percent.

The opposition leader further underlined the weaknesses of the Memorandum, warning that the measures taken "are leading nowhere", and briefed Rehn on the proposals recently set out by ND for exiting the crisis. He outlined the specific measures recommended by ND, with emphasis on the exploitation of the state's real estate holdings and the subsidisation of mortgage loans.

Samaras stressed that the measures being applied are exceptionally harsh and unprecedented for a European country, warning that when the Memorandum program was completed, Greece's state debt will be at 150 percent of GDP, in the best case, but the more realistic prospect was that it will reach 160 percent of GDP.

He questioned the purpose of the policy being applied, and how can a country with such a debt return to the markets.

"A change of the economic policy mix is needed with the introduction of developmental measures that can provide a way out" of the crisis, Samaras added.