The Greek Economy has suffered greatly in the last couple of years but according to Greece's new finance minister, things are going to change.
As reported by Reuters, Greece finance minister Euclid Tsakalotos said he "didn't see any reason" why growth would not return to the ailing country. Tsakalotos also said that he expects Greece's creditors to conduct a formal review of planned economic reforms by the end of November.
If the verdict favors them, Greece can now begin its debt relief negotiations to recapitalize its banks before Christmas, said the same report.
According to the European Union, it is estimated that the Greek banking sector will need anything from 10 billion Euros to 25 billion euros; however, the exact amount needed would depend on the results of stress tests and asset-quality reviews.
Greek Reporter has learned that Economy, Development and Tourism Minister George Stathakis said that Greece's laws are creating a permanent "social security safety net" to support the vulnerable bank debtors, and this will be prepared by next November.
Stathakis noted that the outline of the main features of this "safety net" would include local "information centres on debt" that will be run by all the agencies involved and will offer borrowers free advice concerning their rights and obligations when handling their debts.
The reports also said that these same centres will provide comprehensive data on non-performing loans, creating a data bank for each region while the labor ministry is setting up a legal framework for a social protection network, said Stathakis.
But according to The Guardian, the economic crisis is still not over. The International Monetary Fund says Greece is unlikely to make a full economic recovery without a significant reduction in its debt burden; however, newly elected Prime Minister Alexi Tsipras is confident that the country can still recover from its financial crisis.
