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Samaras Says 2013 Year Greece Recovers

Greek Prime Minister Antonis Samaras told the annual conference of the American-Hellenic Chamber of Commerce (AMCHAM) that wildly unpopular austerity measures that have triggered waves of protests, strikes and riots, and a new debt and loan deal with international lenders would help Greece see the glimpse of a recovery from its debt-crushed economy in 2013, although growth may not happen until the following year.
That came as Greeks were preparing for a bleak Christmas, awaiting an oncoming $17.45 billion spending cut and tax hike plan Samaras is imposing on the orders of international lenders to help the Greek economy become more competitive and recover.
Samaras said a pending scheme for Greece to buy back some of its bonds at a 30 percent rate and last week’s deal with the country’s lenders to free up a series of $57.6 billion in loans as part of a second bailout of $173 billion would help the economy turn around, although skeptics noted little has been done about tax evasion, development or growth.
He said that the debt deal has also ended all talk of Greece being forced out of the Eurozone, a prospect that could have jeopardized the entire financial bloc. He told the conference that “2013 is a turning point.For the first time we will see signs of recovery.” The government has said it expects a return to growth in 2014.
Finance Ministry figures released Dec. 4 showed Greece has achieved a primary surplus – which excludes spending on debt servicing – of 2.3 billion euros ($3.01 billion) in the first 10 months of 2012, compared to a 4.2 billion euros ($5.5 billion) shortfall a year ago.
Speaking earlier at the same conference, Alexis Tsipras, leader of the major opposition Coalition of the Radical Left (SYRIZA) party that is leading opinion polls called for a delay in the repayment of the country’s rescue loans until the recession is over.
He said that the austerity policies pursued by Samaras’ government would continue to weaken Greece’s economy and leave the country ever-more reliant on emergency loans. “What we ask for is time,” Tsipras said. “We ask for a suspension – a moratorium – of servicing the debt until the country returns to a course of growth, so that we can mobilize resources, restart the economy, and bring growth.”
Tsipras said the new terms set out by the IMF and its 16 euro partners fell short of a solution. “Unfortunately, they have postponed reaching a lasting settlement for the country’s debt and crisis,” he said. “This will only extend the uncertainty.”
(Sources: AP, Bloomberg, Reuters, Kathimerini)

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