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Confidence is key in Greece

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Confidence is key in Greece


The Greek capital is witnessing further protests over new austerity measures. Civil servants have taken to the streets at the same time that inspectors from the European Commission, the European Central Bank and the IMF hammer out a deal with Athens.

Former Prime Minister, George Papandreou explained to euronews the importance of confidence in the Greek economy:

“The austerity measures are not creating the confidence that the Greek people require in order to make the necessary reforms. For that reason I feel that we’re looking to the markets for a boost of confidence, but our main focus should be returning it to the people first and foremost. The Greek people are ready to solve these problems. We want a sustainable economy, a proud economy, one that’s not dependent on anybody else but only on our hard work. We’ll achieve it but first there needs to be trust”.

The troika has been negotiating with Greece since July over austerity measures it wants implemented in 2013. It is part of a deal, which if carried out, would release over €31 billion to Athens.

The Hellenic Republic is entering its sixth consecutive year in recession and with debt spiralling out of control faces yet another year of unpopular cutbacks.

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