Tuesday, March 20, 2012
Prime Minister Lucas Papademos, in an interview with the Financial Times yesterday, under the title Greece Over Halfway To Recovery, said that the country is halfway to recovery and determined to avoid another debt restructuring, adding that a "large, silent majority" of Greeks are willing to do whatever it takes to stay in the eurozone. Papademos also expressed confidence that Greece’s downward economic spiral would prove temporary. "I am convinced that we are more than halfway along the path to economic recovery – although the fiscal consolidation process will last longer", he said.He also noted that implementing the agreed reform programme, and extra measures to boost growth, would turn a vicious downward spiral of fiscal austerity and economic contraction into "a virtuous circle of structural reform, increasing activity and faster fiscal consolidation".
