FinMin: Greece to raise debt restructuring issue at Eurogroup meeting

Greece will raise the issue of beginning a discussion on the restructuring of Greek debt at the next Eurogroup meeting scheduled for May 5, Finance Minister Yannis Stournaras said on Monday.

Addressing Greek-Chinese Business Conference, organized by

the Economics University of Athens and the Institute for Economic and Industrial Research, Stournaras said that "Eurostat's announcement paved the way for a discussion over a restructuring of Greek debt, based on an agreement reached with our partners. The Greek government will raise the issue at the next Eurogroup to begin a discussion on the issue," the Greek FinMin said, adding that "Greece was eliminating a triangle of deficits (fiscal, productive, competitiveness) and supported the knowledge triangle (education, research, innovation)".

"The Economic Adjustment Program is bringing positive results. The road map of the Greek economy will be proper fiscal management and healthy growth initiatives focusing on a new export-orientated and sustainable growth model," Stournaras noted. He underlined that the Greek economy has significant comparative advantages unexploited so far, excellent potential and therefore offered business opportunities both in the medium-term and in the long-term.

"There is no doubt that much has yet to be done mainly on a structural reform level. These reforms will be accompanied by increased growth rates. In any case, only a few people, both inside and outside the country, expected that Greece could restore so quickly the basic fiscal imbalances and that a competitiveness deficit could develop into an investment destination so soon," Stournaras said.

He said that Greece was working intensively to support export activity and innovation, encouraging both domestic and foreign directi investments and promoting exports of goods and services. "In this effort to look forward to the precious contribution of Greek and Chinese enterprises," he said.

The Greek Finance Minister made special mention to a Chinese investment in the port of Piraeus, with cargo traffic up spectacularly since COSCO made its investment in the port. Stournaras added that Greece intended to invest more in this sector, taking advantage of the fact that Greece is the southeast sea gate of Europe, combined with the country's historical maritime tradition, a combination that could offer increasing added value to Greek economy.

The Greek minister referred to a partnership protocol signed between Hellenic Republic Asset Development Fund and Invest in Greece with China Development Bank.

source: ΑΜΝΑ