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GreekReporter.comGreeceMinister of Finance Comments on Financial Growth

Minister of Finance Comments on Financial Growth

“We will have negative growth in 2011, but a lot less negative,” Minister of Finance George Papaconstantinou told French newspaper La Croix in a preview of its Friday edition. “Growth will start again and it will be supported by our structural reforms.” Papaconstantinou additionally stated there was still a chance the economy would not shrink by as much as 4% this year based on first quarter figures.
Greece was saved from bankruptcy by a 110 billion euro ($142 billion USD) bailout by the EU and the IMF after its hefty fiscal and external imbalances triggered successive downgrades of its sovereign debt ratings.
“Once the Greeks see confidence return, they will begin to spend again,” Papaconstantinou said. He said the country had managed to recover about 1 billion euros in unpaid taxes in the first six months of the year and had imposed 1.5 billion euros in fines.

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