Papademos: 2012 Will Be A Difficult Year

Interim Prime Minister Lucas Papademos said that 2012 will be a difficult year, as was 2011, but appeared optimistic that if everyone worked together systematically and decisively then Greece can create conditions for an exit from the crisis. According to the state news agency Greece can, with these preconditions, expect growth at the end of the year, with an increase in employment and the creation of opportunities for all. However, the coming weeks will be very crucial since three fundamental targets must be achieved.

  • The country must fulfill all the commitments it has undertaken on the basis of the existing (bailout) programme.
  • The new programme must be shaped in a reliable way in order for fiscal restructuring and the recovery of the economy to be achieved.
  • The PSI bond swap programme must be completed in accordance with the basic characteristics, as they have been determined with the decisions of the October 26 EU summit.

If these targets are achieved, both the European partners and the IMF will continue to finance the country unimpededly for the next three years. (ΑΜΝΑ)

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