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.

 Top stories
“The European Union expects that this substantial assistance will lead to bold reforms over the next years,” Hristea said.
Over the 9 months of 2014, Ameribank's assets amounted to AMD 334 billion, taking it to the top of Armenia's banking system.
Sergo Karapetyan stated that exports of Armenian fruits (except fort apricots) and vegetables to Russia this year have doubled.
Among CIS countries, Azerbaijan was placed 60th, Russia 91st, Moldova 75th, Ukraine 88th, Kyrgyzstan 101st place.
Partner news