Greece-troika technical agreement 'very good news', Rehn says

20:47 19/3/2014 - Πηγή: E-Typos

European Commissioner for Economic and Monetary Affairs Olli Rehn on Wednesday said that the agreement achieved on a technical level between the Greek government and the troika representing Greece's lenders was "very good news".

Describing it as the result of intensive

work over many weeks in often "difficult" negotiations, Rehn said that experts would now draw up a detailed report to be submitted to the Eurogroup in Athens for approval in early April.

The troika mission had confirmed that the Greek economy is starting to stabilise and is expected to gradually recover and return to growth within 2014, the Commissioner said. The country's fiscal performance was "on the right track" for meeting targets, while key structural reforms had been agreed.

He said this will further boost the growth and flexibility of the Greek economy and contribute to a fairer and more attractive environment for investments, growth and creating jobs for Greek citizens. Rehn also stressed that efforts will accelerate to strengthen the safety net for the weaker sections of society, with more Community-funded programmes to support the hiring of the young and unemployed, as part of the deal struck on Tuesday in Athens.

Stressing that efforts for reform must continue, Rehn emphasised the importance of implementing all the policies agreed, especially now that investors were starting to show great interest in Greece. He said that private investments will be the main lever for sustainable growth and creating jobs.

Asked about the 'social dividend' announced on Tuesday by Greek Prime Minister Antonis Samaras, which would distribute a part of the primary surplus achieved by Greece to those worst hit by the crisis, Rehn pointed out that Eurostat's final ratification of the size of the primary surplus will take place in the second half of April. He stressed that the troika mission had reached the conclusion that Greece had achieved a significant primary surplus in 2013 and as a part of this decision it was agreed that the country's social protection net must be reinforced.

While insisting on the need to continue reforms and a further stabilisation of public finances, he noted that it was feasible to combine both, since Greece had made great progress on the level of fiscal stabilisation in the last year.