Greek economy to show positive growth rates in Q3, FinMin says

Addressing a Francophone Economic Forum in Athens, the Greek minister said that the next day after the memorandum must be "a day of reasonable responsibility" and urged banks, particularly after completion of the stress tests round, "to become the basic pylon of growth, funding investments and offering liquidity to enterprises".

Hardouvelis reassured that fiscal credibility and structural changes would be protected and added that recent fluctuations in capital markets demand a better coordination in the Eurozone and consistency among member-states in completing their reform programs and fiscal convergence.

Referring to a new era of relations with the country's European partners and the IMF, Hardouvelis said a precondition was "fulfilling fiscal targets, improving economic data and continuing reforms and mostly political responsibility and stability". He said that the only sustainable road for the future of the Greek economy was raising productivity, attracting new investments and boosting exports.

The Greek FinMin said plans announced by the new President of the European Commission, Jean-Claude Juncker to drain 300 billion euros for additional public and private investments in the next three years were "very positive" and welcomed recent decisions taken by the European Central Bank to boost liquidity in the Eurozone through the purchase of securitized loans and covered bonds and the setting up of an action force by the European Commission and the European Investment Bank to support enterprises.

"We look forward with great interest of a joint package of proposals aimed to boost investments by the French and German governments," Hardouvelis said, adding that Greece must take advantage of a national effort made in the previous years and to enter "with responsibility into a new era of prospect for the country and a gradual improvement of citizens' living standards".