Athens Macedonian News Agency: News in English, 12-04-24

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] Bank of Greece expects deeper-than-expected recession this year

[02] FinMin: Fiscal consolidation efforts must continue

[03] Bank of Greece expects deeper-than-expected recession this year

[04] Int'l conference on the protection of cultural goods in Athens

[05] Olympic Flame to pass through Kastellorizo

[01] Bank of Greece expects deeper-than-expected recession this year

According to sources, the bank's annual report on monetary policy is expected to forecast that economic recession will surpass 4.5 pct this year, while unemployment was projected to surpass 19 pct, from 17.7 pct in 2011.

The same sources said that George Provopoulos, the central banker, will recommend faster implementation of reforms and adopting a national strategy to lead the economy back to growth in 2013. The central banker believes that the first positive steps have been made already, such as completion of PSI and a recapitalization of banks.amna

The Bank of Greece will stress that the economy is at a crucial turning point and underline the necessity to stick to the commitments resulting from a new loan agreement. The report will also underline that policies implemented in the past two years fell short of original targets mainly because of a deeper-than-expected recession in the country. Provopoulos will stress that if the current program was fully implemented, the economy will manage to return to a growth course.

[02] FinMin: Fiscal consolidation efforts must continue

Commenting on the release of final statistics on the Greek fiscal deficit in 2011, the minister said he was optimistic that the country will present primary surpluses soon.

Sahinidis stressed that Greece managed to reduce its fiscal deficit by 6.5 percentage points of Gross Domestic Product (GDP) in a two-year period and noted that in terms of primary deficit, the improvement was even larger, at 8.2 percentage points, adding that the country has covered a great distance since its 2009 fiscal deficit figures.amna

"A continuation of fiscal consolidation efforts, especially after a successful completion of a bond exchange program which lifts a heavy interest burden from state spending, is not only a necessity to lead the country out of the crisis, but will vindicate the sacrifices and efforts made by Greek citizens in the last two years," he said in a statement.

[03] Bank of Greece expects deeper-than-expected recession this year

According to sources, the bank's annual report on monetary policy is expected to forecast that economic recession will surpass 4.5 pct this year, while unemployment was projected to surpass 19 pct, from 17.7 pct in 2011.amna

The same sources said that George Provopoulos, the central banker, will recommend faster implementation of reforms and adopting a national strategy to lead the economy back to growth in 2013. The central banker believes that the first positive steps have been made already, such as completion of PSI and a recapitalization of banks.amna

The Bank of Greece will stress that the economy is at a crucial turning point and underline the necessity to stick to the commitments resulting from a new loan agreement. The report will also underline that policies implemented in the past two years fell short of original targets mainly because of a deeper-than-expected recession in the country. Provopoulos will stress that if the current program was fully implemented, the economy will manage to return to a growth course

[04] Int'l conference on the protection of cultural goods in Athens

The international conference entitled "Cross-Border Movement of Cultural Goods" will focus on exchanging and recording experiences from the appropriate or inadequate implementation of national and international legal framework concerning the movement of cultural goods, as well as, on proposals aimed at improving the existing protection framework. amna

The relevant legal frameworks currently in effect in Greece, Switzerland, Germany and Austria will be used as examples of legislation for the protection of cultural goods.

[05] Olympic Flame to pass through Kastellorizo

The Olympic Flame will arrive on the islet on May 11, a day after the formal lighting ceremony in ancient Olympia and after traveling to the island of Crete. HOC President Spyros Capralos will be one of the torchbearers.amna

The Olympic Torch Relay will be completed on May 17 with the arrival of the Olympic Flame at Athens' Panathinaiko Stadium to be handed over to the "London 2012" Olympic Games organizing committee. amna

The Olympic Flame will conclude its 3,000-kilometers-long journey across Greece passing through more than 43 cities and carried by 500 torchbearers before being flown to the UK for the London Olympic Games to be launched on July 27.

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