Greece Immigration focus on Greek economy: According to the Financial Times, Greek Finance Minister Euclid Tsakalotos stated that Greece could return to economic growth in 2016, provided that the newly elected government can rapidly implement reform plans that satisfy international creditors, paving the way for banking sector restructuring and debt relief.
Euclid Tsakalotos stated in an interview with the Financial Times that he hopes international creditors can conduct a formal review of the Greek government's planned reforms before the end of November. If the ruling is positive, the Greek government will initiate debt relief negotiations before Christmas.
Tsakalotos said, "Securing debt relief is absolutely critical. In the second quarter of 2016, if we receive a positive review result, undergo banking restructuring and debt relief, there is no reason why the economy would not return to growth."
In June of this year, Greece implemented capital controls to prevent a collapse of the banking sector, and it is expected that this policy will cause the Greek economy to shrink by 2%-2.5% this year.
Tsakalotos stated that unlike governments since 2010, the new government will make a serious effort to crack down on wealthy oligarchs who evade taxes.
Tsakalotos said that Greece needs to start implementing reforms in October, because under the aid package reached in August of this year, Greece will receive 3 billion euros in aid funds. Meanwhile, it is necessary for Greece to complete banking sector restructuring before the end of this year.
