Stathakis extols the flexibility of the budget correction mechanism

11 May 2016
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The Minister of Economy Giorgos Stathakis argued that the recent Eurogroup agreement signals a positive turn for the economy and was confident on the return to growth.

In an interview on ERT, Mr. Stathakis commented that the budget correction mechanism will not be necessary for 2017, as he was optimistic that the fiscal targets will be met. Mr. Stathakis also argued that the growth rates in 2018 will help further alleviate the financial pressure.

According to the Minister of Economy, the mechanism was set up to be flexible, with the Minister of Finance deciding where interventions must be carried out and measures implemented, should there be a deviation from the fiscal targets.

Mr. Stathakis stressed that this leeway and discretion are a major point for the Greek government, while rejecting opposition party claims that the agreement is essentially a fourth bailout deal.

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