H συνέντευξη του Στουρνάρα στους Financial Times

Yiannis Stournaras, the Greek finance minister, talked up his country’s prospects the day after a draft budget pointed to positive growth next year after a record six-year recession Speaking to the FT on Tuesday Mr Stournaras said: “It’s obvious now that we have managed to stabilise the economy . . . 
This is the second year running that the budget has been executed without having to take additional measures.”

The 2014 draft budget presented to parliament on Monday assumes the economy will grow 0.6 per cent following a projected contraction this year of 4 per cent. But Greece still has to implement a series of structural reforms to ensure a lasting recovery.

Growth would be driven by higher public and private investment as EU-funded infrastructure projects resume and by another strong tourist season following a projected 10 per cent increase in arrivals this year.

The budget draft forecasts a €380m primary surplus this year, equal to about 0.2 per cent of national output, rising to 1.5 per cent of output in 2014.

“We’ve achieved our goal of a small primary surplus (before payments on debt) and we plan for a substantial one in 2014,” Mr Stournaras said.

He added: “What’s important is that the cyclically adjusted surplus, that is, without taking the recession into account, is more than 4 per cent of output and is the highest in the EU. It’s an indication of how far we have come.”

Achieving a primary surplus would allow Greece to seek further debt relief from European partners, although discussions would not start until the government’s 2013 budget numbers are confirmed next April by Eurostat, the EU statistical agency.

The International Monetary Fund estimates the country faces a funding gap of about €11bn over the next two years. Mr Stournaras has argued that Greece may not need a third programme. He claims the gap could be covered by a mix of measures including an early return to borrowing on international markets and a transfer of existing bailout funds left over from a €50bn recapitalisation of Greece’s largest banks.

The 2014 budget outline complies with projections made by the “troika” of officials from the commission, European Central Bank and IMF overseeing Greece’s €173bn second bailout, but details of spending cuts and revenue increases have still to be hammered out in negotiations later this month.

Mr Stournaras insisted that Greece would resist pressure to impose more across-the-board fiscal measures but he acknowledged that structural reforms need to be accelerated and deepened.

“It’s a delicate equilibrium but now we have to emphasise structural over horizontal fiscal reforms,” he said.

He said government aims to boost revenues through a crackdown on widespread social security fraud by employers and by closing tax loopholes that encouraged tax evasion by self-employed workers, who make up about 30 per cent of the labour force.

Greece is committed to maintaining basic pensions at current levels but cuts in auxiliary pensions are likely to help plug a deficit approaching €2bn at IKA, the main social security fund.

Most structural reforms have already been legislated, enabling the fragile coalition government to avert a confrontation in parliament where it has only a five-seat majority.

But a controversial property tax expected to be included in next month’s final vote on the budget may test the government’s stability once again.

Πηγη: http://www.ft.com/intl/cms/s/0/c2ac0a60-2ffd-11e3-9eec-00144feab7de.html