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GreekReporter.comGreece'Goal is to avoid bankruptcy'

'Goal is to avoid bankruptcy'

Employment and Social Insurance Minister Andreas Loverdos on Sunday warned that he foresees an increase in unemployment after the end of ongoing tourist season, as well as increased difficulties for SMEs.
Loverdos, whose interview was published by the Athens daily “Ethnos”, said the upcoming period will be the first since the early 1950s when a majority of Greeks will see lower incomes than in preceding years.
He added said the major goal is for the country to avoid bankruptcy because this would mean the same obligations to banks and public utilities organisations yet translate into one-half of incomes and a halving of people’s property values.
Additionally, the minister underlined that Prime Minister George Papandreou’s basic concern is to set the economy on a development track, while referring to the possibility of social clashes, Loverdos said he regards “as a major danger” citizens’ refusal to participate in the common economy (paying taxes, social security contributions).
(source: ana-mpa)

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