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Stournaras Sees Greek Recovery Late 2013

stournarasGreece’s economy recession is expected to continue for a sixth straight year in 2013, but there may be signs of growth after the second half of the following year, the country’s finance minister said Saturday in a Greek newspaper.
“After the second half of 2013, I believe that we will be able to see growth, with positive rates of change in gross domestic product on a quarterly basis or month-by-month,” Yannis Stournaras told the Imerisia newspaper.
According to official estimates, the new batch of cutbacks and austerity measures will contribute to a 4.5% recession the following year. Euro-zone finance ministers on Dec. 13 backed the release of long-delayed aid payments to Greece and the next instalment of about 34 billion euros will be sent to Athens in the coming days.
“Whatever positive we achieve from here on will be like rain falling in the desert, given that the country will be waking up from a recession of unprecedented duration,” Stournaras said.
Earlier on Dec. 15 during another speech to a medical conference, Stournaras said that Greece will use 16 billlion euros to recapitalize its banking sector sometime next week, and another 7.2 billion euros between January and March 2013.
“Any capital injection in the financial sector is a vote of confidence in the Greek banks, and supports savings and the real economy,” he said.
He added that banks will be able to boost their portfolios with new, strong bonds from the European Financial Stability Facility without access to the central bank’s emergency liquidity assistance facility.
(Source: dow jones, Imerisia)

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