Fiscal responsibility is our message to the markets, the Minister of National Economy and Finance underlined in an interview he gave to the CNBC television network, as part of his visit to Washington to participate in the work of the Annual Meeting of the International Monetary Fund and the World Bank. Kostis Hatzidakis.
“When I visit this building, the IMF building, I always remember the dramatic experience of Greece during the previous decade. This government is determined to continue combining fiscal rigor with a business-friendly approach, so that we do not have a similar experience in the future. It is not up to Greece to teach the other partners of the European Union. However, as far as we are concerned, we are determined not to forget the added value of fiscal seriousness. That is why, when the new fiscal rules were adopted by the Council of Finance Ministers of the EU, I said that even without these rules, Greece would be determined to continue on the same path, on the path of fiscal prudence. Because we know that in addition to the supervision of Brussels, there is the supervision of markets and investors” he underlined.
“Achieving primary surpluses, he added, is a cornerstone of our policy. Because this is a message to markets and investors that our country has learned the lessons of the previous decade. The fact that we have created half a million new jobs between 2019 and 2024 is closely linked to our fiscal policy that has laid the foundations for Greece to become a more reliable economy” pointed out Kostis Hatzidakis.
He noted that the fact that the Greek economy and the budget are overperforming in relation to the forecasts of both the IMF and the Commission in recent years is the result of the reliable policy implemented by the government. “We are trying to act in a professional manner and we are already seeing the results of our effort. We are determined to continue in the same way, for the very simple reason that this is our patriotic duty, our obligation towards the new generation of Greece,” he said.
Kostis Hatzidakis
At the same time, Kostis Hatzidakis pointed out the positive developments in the economy in the last five years, noting the increase in investments and exports, the reduction of unemployment from 18% to a single digit rate, the growth rate which last year was four times the European average . “This, he noted, is the main tool at our disposal to converge with European partners, to overcome the problems and the dramatic experience of the past decade.”
In relation to the banks, he said that today we have a healthy banking sector and that the very significant interest expressed by international investors in the context of the disinvestment of the HFSF, is further evidence that we are moving in the right direction.
When asked about developments in the EU, Kostis Hatzidakis underlined that the Leta and Draghi reports are a “bell” that we must take seriously. “We strongly believe that we need a more effective European Union. This applies to banks and to the capital markets union. We believe that an effective capital markets union is needed in order for Europe to become more competitive, to attract and retain more capital within Europe.”
Finally, regarding EU relations with the US, the minister emphasized that it would be in the interest of both sides to continue to have close partnership relations, especially in terms of trade. “It will be positive, he said, for both sides of the Atlantic.”
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