Thessaloniki, September 11, 2011


Statement of the Deputy Prime Minister and Finance Minister of the Hellenic Republic, following the informal Cabinet Meeting in Thessaloniki

left-red-arrowGood afternoon. A very critical and long Cabinet meeting came to an end a while ago. This is the second crucial Cabinet meeting since Tuesday, when we announced the decision to drastically speed up the structural changes for the new single payroll and grading system of the public sector employees, which will be applied in the wider public sector, for the labor reserve, for the restructuring of public organizations, for the liberalization of the labor market and for the enhancement of our national competitiveness.

The Prime Minister asked the Cabinet today to address a very critical situation that has developed in recent days in the Eurozone, in Europe and the global markets. There is no doubt that the lack of comprehensive institutions of economic governance at European and international level, acts as a catalyst and influences political and institutional developments, particularly in the European Union, which is at a threshold in the historical and institutional process of European integration.

Tags: Statements

Athens, September 9, 2011


Deputy Prime Minister and Minister of Finance of Greece, Mr. Evangelos Venizelos, commented on the rumors about a possible Greek default this coming weekend, as follows:

left-red-arrowIt is not the first time that we see an organized wave of “rumors” about an upcoming Greek default. This is a game of a very bad taste, an orchestrated speculation that is targeting the euro and the Euro Area as a whole.

Greece’s fundamental choice and priority is to fully and entirely implement the July 21 decisions and, of course, to wholly fulfill its obligations that derive from the agreements reached between Greece and its partners.redsq

Tags: Statements

Saturday 6 August 2011


Greece's finance minister: 'We will make a superhuman effort'
Evangelos Venizelos introduced austerity measures to tackle the Greek debt crisis – now he pledges a crackdown on tax evasion


By Helena Smith

FINWhen Evangelos Venizelos, the Greek finance minister, first met his colleagues in Brussels in June the atmosphere was far from congenial. In the post for barely a day, the burly professor of law listened impassively as eurozone finance ministers berated him for the lack of progress Athens had made in reining in its runaway debt.

Greece was all mouth and no action; it was good at passing reforms to modernise its basket case of an economy but then did nothing to enforce them.

At the end of the tirade, Venizelos took the stand and promised to deliver.

Tags: Interviews

Athens, July 26 2011

Deputy Prime Minister and Finance Minister of the Hellenic Republic, Evangelos Venizelos, met yesterday, Monday July 25 2011 in Washington DC with US Senators Tim Johnson, Chairman of the Senate Committee on Banking, Housing and Urban Affair and John F. Kerry, Chairman of the Senate Committee on Foreign Relations, thus concluding his round of meetings in the US capital.

Later on, Minister Venizelos, before an audience of academicians, economists, journalists and other opinion makers, delivered a speech at the Peterson Institute for International Economics entitled “Greek debt crisis: challenges and opportunities”.

Tags: Press Releases

Washington DC, July 25, 2011


"The Greek Debt Crisis: Prospects and Opportunities"
Public address of the Deputy Prime Minister and Minister of Finance of Greece, Mr. Evangelos Venizelos, at the Peterson Institute for International Economics


Ladies and gentlemen,

Greece is at the center of international attention in the last two years. This is due to its poor financial situation, coupled with the fact that the Greek crisis develops within the Eurozone, within a monetary zone with a strong currency and a very satisfactory macroeconomic and fiscal performance overall. However, while Eurozone’s average performance as far as the public debt, the budget deficit, the trade balance, the growth rates, inflation and unemployment, does not justify such a strong and lasting challenge, the controversy exists. In particular, The Eurozone has a lower fiscal deficit and a lower public debt compared to the US.

Tags: Speeches

July 19 2011

Greek FM says European debt deal is 'attainable'

by Derek Gatopoulos, Associated Press; Nicholas Paphitis, Associated Press

AP01Athens, Greece — A European debt deal is "attainable" at an emergency EU summit Thursday, Greece's finance minister said, signaling progress in talks between European governments and private bond holders in drawing up a new rescue deal for Greece.

Evangelos Venizelos also told The Associated Press in an interview late Monday that Greece remains on course to reach a primary budget surplus next year, despite missing key fiscal targets so far in 2011.

Greece is enacting major economic reforms alongside an austerity program as it grapples with a national debt topping euro340 billion ($477.5 billion) that have brought it to the brink of default.

Tags: Interviews

Athens, July 17, 2011


Deputy PM and Finance Minister Evangelos Venizelos made the following statement after the meeting with Secretary of State Mrs. Hillary Clinton:

left-gray-arrowklinton_venizelosI had a very interesting and substantial discussion with Mrs. Clinton on all the details, but always under a political approach. The US Government and the Secretary of State herself understand very well that the problem of the economy is political and that Greece must present a complete national story in terms of what it does and for the prospects that lie ahead.

US support is extremely important. It is important through the IMF, where the role of the United States is crucial. US support is also important through the bilateral contacts that they maintain with all Eurozone member states and they realize fully well that, if Greece produces results in tackling tax-evasion, in the collection of public revenues and in the implementation of the privatization program, the international environment will shift. Moreover, they take note of any achievements, of the smallest positive step possible towards that direction.

Tags: Statements

July 15 2011

Referring to the release of the results of the “EU-wide stress tests” of the banking system, Deputy Prime Minister and Finance Minister Evangelos Venizelos made the following statement:

left-gray-arrowThe results of the EU-wide stress test of the European banking system that uses extreme theoretical scenarios and situations, is particularly favorable to the Greek banking system.

91 banks from the 27 EU member states took part in the stress tests, among which the six largest Greek banks that cover almost the entire banking sector, over 90%.

Tags: Statements

Athens, July 13 2011


The Ministry of Finance has issued the following press release:

Following a series of recent downgrades in the Eurozone, today Fitch has downgraded the Hellenic Republic debt to “CCC”.

According to the announcement by Fitch, this downgrade has occurred because the final shape of Greece’s new support programme until mid-2014, with a new loan by the Eurozone and the IMF, as well as the final form of private sector participation, have not yet been finalized.

However, according to Eurogroup’s decision on Monday, the new programme will come into effect before September 15, when the new disbursement to Greece will be made. At the same time, the exact form of private sector involvement is being finalized through intense deliberations within the guidelines of Eurogroup, taken in the presence of ECB and IMF.

Tags: StatementsPress Releases

Brussels, July 11 2011

Greek Deputy Prime Minister and Finance Minister Evangelos Venizelos signed today, on behalf of the Hellenic Republic, the new treaty for the establishment of the European Stability Mechanism (ESM).

The new treaty was signed by the Finance Ministers of the eurozone member states on an intergovernmental level, before the Eurogroup Council session.

Tags: Statements