Greek Economy on a "Good Course" But Needs Vigilance, IMF's Psalidopoulos Says
Monday, 18 March 2019
The Greek economy is on a "good course" but needs vigilance to avoid any possible dangers in the future, Greece's spokesman to the IMF Michalis Psalidopoulos said on Thursday.
Commenting on the findings of the first IMF post-programme report on Greece, Psalidopoulos said that there should be no complacency, adding that possible adverse developments in the global economy, tariff conflicta among major powers and Brexit are issues to be monitored carefully.
Presenting growth as a great bet the country has to win, the Greek spokesman argued that the most important issue is the intensity of Greece's production efforts. Growth at 2 pct is rather good, he said, but still too low to absorb existing unemployment.
He stressed the importance of a new law that will combine, on the one hand, the protection of consumers and small and medium-sized entrepreneurs from losing assets to foreclosures, and on the other hand the banks' efforts to clean up the portfolios from non-performing loans.
Although the country's debt remains high, Psalidopoulos said that "all efforts should focus on the country's development path" as debt sustainability has been secured in the medium term.