Financial News: FinMin at Economist conf' :Greece not eurozone's decisive problem

"Greece is not the Eurozone's decisive problem," Finance Minister and government vice-president Evangelos Venizelos said during an address on Monday at an Economist conference being held in an Athens seaside resort.
Venizelos underlined that "if the Eurozone is not able to face, completely, Greece's problem, then it must consider with which institutions it will face even bigger problems".
Τhe Greek economy will shrink 5.5 percent in 2011, Finance Minister and government spokesman Evangelos Venizelos said on Monday, adding that the target in 2012 is for the state to post primary surpluses in its budget.
Venizelos made it clear that the government is "obliged to replace measures that did not bring expected results due to the insufficiency of the state's administration and other causes. Priorities for the 2012 state budget will focus on spending cuts".
Moreover, he stated that 'if we don't now do what is necessary then we will be obliged to take the same measures, in the short run, under very painful conditions ... Everyone knows that, I have briefed opposition party leaders and the trade unions' leadership,"
Referring to the public sector he stated that decisions for the public sector, included in the Mid-Term Fiscal Strategic Programme, will be taken this week "There is redundant staff in the public sector and we must be rational".
 Referring to the unified pay scale measure for all of the public sector, Venizelos said that it will be ready in early October.

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