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 project aimed to assist the country in improving financial management and efficiency of the government’s activity.
Australian PM Tony Abbott said leaders would discuss job creation, identifying tax cheats and strengthening the global economy.
This is the second in a series of three DPOs, supporting the government of Armenia in meeting its strategic objectives.
Earlier this week, the bank's board met following last month's stress tests and approved a €2.5bn rights issue in order to plug the gap.
Partner news