Tag: George Papaconstantinou

Greek economy to contract worse than forecast

Greek economy to contract worse than forecast

Greece has today forecast that its economy will contract by up to 3% in 2011 – worse than a previous estimate of 2.6%. Greece’s finance minister, George Papaconstantinou, said today: “Growth will contract by 4% this year, and next year by between 2.5% and 3%.” The country has been battling with its spiralling deficit and […]

October 27, 2010 More
Greece makes progress in deficit cuts

Greece makes progress in deficit cuts

The tough austerity measures implemented by the Greek Government appear to be a success after the countrya��s Finance Minister, George Papaconstantinou, claimed the deficit has been trimmed by 42% this year and the country had a�?met its goala�?. According to figures from the central bank, the deficit was a��11.5 billion in the first half of […]

Greek finance minister says debt talks progressing well

Greek finance minister says debt talks progressing well

Greece’s finance minister, George Papaconstantinou, has said talks with the International Monetary Fund (IMF) about emergency loans are progressing well. Last week, the debt-ridden economy called for emergency funding from the IMF and its euro zone partners. Emergency loans of up to a��30 billion (A?26 billion) are expected to be provided in the first year, […]

Greece clashes with EU over austerity measures

Greece clashes with EU over austerity measures

Greece clashed with the European Commission in Brussels today over its tough austerity measures, which will see the debt-stricken economy tackle its spiralling debts. Prior to a meeting with euro zone finance ministers in Brussels today, Greecea��s Finance Minister, George Papaconstantinou, said the EU needed to show more support to Greece instead of questioning its […]

Fitch cuts Greecea��s sovereign debt rating

Fitch cuts Greecea��s sovereign debt rating

Credit rating agency, Fitch, has cut Greece’s sovereign debt rating to a decade-low to BBB+ from A- with a negative outlook. Greece, which is the euro zone’s weakest economy, has the highest debt of the 16-member bloc and the downgrade comes after recent warnings by two other agencies that they were considering such measures. The […]