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Greek economy will recover in late 2009
The Greek economy will start rebounding towards the end of 2009, with growth rates going up in 2010, estimated Greek Finance Minister Giannis Papathanasiou. Greece and Cyprus were the only euro-zone nations that maintained a positive growth rate in the first quarter of 2009, said Papathanasiou, while addressing the Euro-Mediterranean Business Forum on Thursday. He added, though, that downturn in Greece was more extensive than it was initially forecast.

He also said that there are two major obstacles in the way of the recovery process. The first relates to the fiscal deficit and the huge public debt which was created in the '80s.

The second problem is the Greek economy's low competitiveness, which has been portrayed in the high balance deficit of current transactions.

The above problems should have been addressed prior to Greece's joining the Economic and Monetary Union, said the Minister, also adding that specific and permanent solutions are required and that the government is implementing a clear and well-thought plan.

Touching on the Euro-Mediterranean cooperation, he said that Greece has been active in the shaping of the union for the Mediterranean, placing emphasis on the eastern Mediterranean.

Source: business newspaper "Express"

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