STATEMENT BY GREEK MINISTER OF FINAΝCE, GEORGE PAPACONSTANTINOU
The Cabinet today reaffirmed its determination to continue with the fiscal consolidation programme by taking additional measures of over 6 billion Euro or 2.8% of GDP in order to achieve the 7.5% deficit target for 2011. The detailed measures together with the full medium-term fiscal strategy aimed to bring the deficit close to 1% of GDP by 2015 will be announced once the ongoing current review of the programme by the EU/ECB/IMF team is concluded and after consultation with the other political parties. At the same time, the Cabinet decided to immediately proceed with the sale of stakes in OTE, the Postbank, the Athens and Thessaloniki ports, and the Thessaloniki water company in order to frontload its ambitious privatization programme. To accelerate the process, the creation of a Sovereign Wealth Fund composed of privatization and real estate assets was also decided.
Following the unprecedented reduction of the fiscal deficit by 5 percentage points in 2010, and the wave of structural reforms in pensions, the labour market, budget, tax and business environment, the government is determined to continue and accelerate the path of fiscal consolidation and structural reforms.