Greece this month february 2015

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Greece

Greece This month - February 2015

This month

In this issue:

• Eurozone approves Greek reform proposals. • The Customs of the Greek Carnival ‘Clean Monday’ • Rebetiko Carnival: The story behind the scenes • PoWer Community & Desmos: The Importance of Volunteering • Greek food entrepreneurship in London • ‘Greek scent’ in the Oscars 2015

Eurozone approves Greek reform proposals Tax evasion and corruption top governmental priorities

After intensive negotiations in Brussels last week and following the deal reached in the last Eurogroup of February 20, the eurozone’s 19 finance ministers have approved on February 24, a six-page list of reforms submitted Monday night by the Greek government, clearing one of the last hurdles to extending its €172bn bailout for another four months. The approval, which came in a teleconference between the ministers and representatives of the three institutions that monitor Greece’s rescue programme, shifts the debate of the Greek programme to national capitals, where several eurozone parliaments must approve the extension before week’s end. “We call on the Greek authorities to 1

further develop and broaden the list of reform measure,” the eurozone said in a statement. So far, the reform list “is sufficiently comprehensive to be a valid starting point,” EU Financial Affairs Commissioner Pierre Moscovici stated, adding that : “We are encouraged by the commitment to combat tax evasion and corruption ... as well as to pursue reforms to modernize the public administration.” In its list of reforms, the Greek government says it will combat tax evasion and corruption, reduce bureaucracy, review public spending, modernize the pension system, reform the judicial system and

address rising poverty through measures that have “no fiscal effect.” It says authorities will “turn the fight against corruption into a national priority.” According to the British newspaper Financial Times, the most crucial approval will come in the German Bundestag, where there remains strong scepticism about the new Greek government’s ability to meet the programme’s reform requirements.The prospect of the approval had sent Greek stocks surging earlier on Tuesday, with the ASE Index up 8.4 per cent, as FT reports. Meanwhile, good news for the Greek economy as the European Commission released its economic forecast Thursday,

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February 19, stating that Greek economic growth rate is expected to reach 1.0 pct in 2014, rising to 2.5 pct in 2015 and 3.6 pct in 2016. The Commission, however, noted that these forecasts were based on the condition of fully implementing commitments included in an economic adjustment program. Economic growth in the Eurozone is projected to reach 0.8 pct in 2014, 1.3 pct in 2015 and 1.9 pct in 2016, while for the EU is projected economic growth rates of 1.3 pct in 2014, 1.7 pct in 2015 and 2.1 pct in 2016.

The unemployment rate is expected to fall from 26.6 pct in 2014 to 25 pct in 2015 and 22 pct in 2016 in Greece, while in the Eurozone the unemployment rate is projected to fall from 11.6 pct in 2014 to 11.2 pct this year and 10.6 pct in 2016. Greece’s fiscal deficit is projected at -2.5 pct of GDP in 2014 and to return to surplus of 1.1 pct in 2015 and 1.6 pct in 2016. The country’s public debt is expected to fall from 176.3 pct of GDP in 2014 to 170.2 pct this year and to 159.2 pct in 2015, while the inflation rate is projected to ease from -1.4 pct in 2014 to -0.3 pct this year and to return to positive ground (0.7 pct) in 2016.

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Greece this month february 2015 by Embassy of Greece in the UK - Issuu