EU Commission, Greece confident of economic future

Friday, July 27, 2012

"The message to Greek people is that you are not on your own. There is hope... We will make it together," Jose Manuel Barroso said in a statement, following a meeting with Samaras during his first visit to Athens since the start of the Greek crisis in 2009.

The EU Commission chief stressed that all member states have said that Greece should stay in the Eurozone, as long as it delivers on pledges under the multi-billion bailout deals signed since 2010 with international lenders in order to avoid a disorderly default and a possible exit from the common currency zone.

"The key word is results. Words are not enough. Actions are needed," Barroso added, calling on Greece to provide them, as the country is heavily criticized by some creditors over delayed reforms.

He sent a message to the most ardent critics amongst European officials who "sometimes seem not to understand that we are all on the same boat".

Barroso said that in September, a proposal for a single supervisory mechanism in the European banking sector in the Eurozone relying on the European Central Bank will be made and all necessary steps will be taken to "ensure the euro zone's financial stability".

For his part, Samaras reiterated Greece's determination to proceed to the structural reforms and privatisations to reduce deficits and restore growth.

"We will do whatever necessary for economic recovery," the Greek Premier said, expressing optimism for the outcome of efforts.

On Friday, Samaras is due to hold talks with a delegation of EU/International Monetary Fund auditors in Athens who assess the country's progress under the bailout program. Their report expected in September could determine whether Athens will receive further rescue loans.

According to Greek media reports, during talks with Barroso and EU/IMF inspectors the Greek side pushed for a review of some tough austerity conditions of bailout agreements, starting with a request for an extension of the Greek fiscal adjustment program in order to tackle recession and ease the burden on the Greek people.