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Greek PM says country can return to growth within18 months

Greek PM says country can return to growth within18 months

PanARMENIAN.Net - Greece's Prime Minister says the country's economy could contract by more than seven percent this year, but can return to growth within 18 months, according to the Associated Press.

Antonis Samaras also says he hopes to reduce unemployment from a record high of nearly 24 percent to 10 percent by the end of his four-year term in office.

Samaras spoke to his conservative party lawmakers Tuesday, July 24 as representatives of Greece's bailout creditors met officials in Athens as part of their assessment of the country's austerity and reform commitments.

Debt-crippled Greece depends on rescue loans from its European partners and the International Monetary Fund. But if it fails to meet pledges for cutbacks and reforms, the cash lifeline could be cut, forcing the country to default on its obligations and potentially abandon the common European currency.

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Annual deflation in the country was at 1.9% in August, compared to 1.3% deflation in July, according to central bank data.
Armenia has been listed in the top 20 among the world’s most economically free countries, raking the 18th out of 159 countries and territories.
Another of the issues the PM weighed in on was corruption. He said that new committees will be established to tackle the issue.
The foreign debt makes up around $4.5 billion, including the government’s $3.99 billion and the Central Bank’s $502.4 million debts.
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