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FinMin Staikouras satisfied with Lagarde's views on reviewing primary surplus targets
05 09 2019Finance Minister Christos Staikouras on Wednesday expressed his contentment with the views of European Central Bank (ECB) President-elect Christine Lagarde concerning the need to review the 3.5 pct primary surplus target for Greece, which she said was "excessive" and put too much pressure on the recovery of the Greek economy.
Staikouras said that "it seems there is a positive momentum being created in the desired direction by the leadership of the institutions."
As he noted, the New Democracy government's primary objective is the reduction of high primary surpluses that the SYRIZA government agreed with the institutions, even at low growth rates. He pointed out that "the government is trying diligently and persistently to create the necessary conditions and prerequisites to achieve this objective".
Lagarde, who is giving up leadership of the International Monetary Fund (IMF) to take over from Mario Draghi as the head of the ECB, suggested that Greece's commitment to a 3.5 pct of GDP primary surplus target should be reviewed during her hearing before the European Parliament Committee on Economic and Monetary Affairs in Brussels on Wednesday.