Stournaras: Greece to need no extension to its program

Stournaras: Greece to need no extension to its program

 

Finance minister reiterates confidence in growth next year

By Sotiris Nikas

The Greek privatizations program was the focus of a meeting between Greek Finance Minister Yannis Stournaras and his French counterpart Pierre Moscovici in Paris on Thursday.

Stournaras made it clear that Greece does not need a time extension to its fiscal adjustment for now and reiterated that the country’s economy will post a small growth rate in 2014 despite a forecast by the Organization for Economic Cooperation and Development (OECD) for an economic contraction of 1.2 percent.

“Our forecasts are better because they respond more effectively to recent developments,” said the minister. “[Forecast] models are models, there can be no certainty in them. But according to our own forecasts we will have moderate growth next year.”