Greece's survival vital for entire Eurozone: FM | business | Hindustan Times
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Greece's survival vital for entire Eurozone: FM

business Updated: Jul 05, 2011 21:36 IST

Greece will stave off default not only for its own sake but because its survival is vital for the Eurozone and the global economy, said Greek finance minister Evangelos Venizelos.

With help from its EU partners and fresh determination, the debt-ridden Eurozone member will regain its fiscal sovereignty as soon as possible and aims to return to markets in the middle of 2014, as expected, he said.

"We will make it, because this is vital not only for Greece but for the stability of the whole Eurozone and the global economy, because in Greece the stamina of the financial system is being tested, he added.

Speaking after Eurozone finance ministers approved on Saturday a critical, fifth tranche of a bailout loan to avert default, Venizelos said he was grateful to EU partners and vowed to fulfil his obligations.

The country will redouble efforts to raise €1.7 billion in privatisations by September, as agreed with the EU and the IMF who pulled Greece back from the brink of bankruptcy with a €110-billion bailout a year ago.

Greece must deliver €50 billion in proceeds from a massive and complicated state selloff by 2015, including €5 billion this year.

Amid the worst recession in nearly 40 years, good news for the economy comes from the tourism sector, which makes up about 15% of GDP.

Revenues are seen rising by about 10% this year after a 25% slump in 2009-2010, Venizelos said.