ISSN 2330-717X

Greece Should Return To Growth From 2014, Says ECB Board Member


Greece, bailed out by the EU and the IMF and mired in recession for a fifth year, should return to growth from 2014, European Central Bank board member Joerg Asmussen said, according to AFP.

“I expect, following the implementation of the (government’s) program to stabilize the public finances, positive growth in Greece from 2014,” Asmussen told the Rheinische Post in an interview to appear Tuesday, April 10.

The Bank of Greece estimates the economy will shrink 4.5 percent this year, the fifth the eurozone member state has spent in recession after the collapse of its public finances forced Athens to seek a 2010 bailout from the EU and International Monetary Fund.

The aim of the program, involving a series of stinging austerity measures, is to keep Greece in the 17-nation eurozone, Asmussen said, adding: “The cost of Greece leaving the eurozone would be incalculable.”

Asmussen, a former German deputy finance minister who took his ECB seat in January, also insisted that the exceptional measures the central bank has taken since the onset of the eurozone debt crisis were temporary.

The ECB pumped around one trillion euros ($1.30 trillion) into the banking system in December and February, offering the commercial banks very cheap funds in the hope that they would lend the money and so boost business.

There has been some concern, especially in Germany, that such a mountain of cheap cash could instead stoke inflation and speculative activity on the markets rather than genuine economic growth.

The ECB recognizes the problem but last week head Mario Draghi said it was too early to reverse course just yet given the uncertainties over the economic recovery, which has slowed markedly in the past few months.

“It is important that the ECB’s exceptional measures be limited in time and nobody should think that just because we offered this sort of funding twice we will offer it a third time,” Asmussen cautioned.

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One thought on “Greece Should Return To Growth From 2014, Says ECB Board Member

  • April 10, 2012 at 4:48 pm

    The uS saw an increase in inflation that averaged at about 3.1 percent per month for the whole twelve month period last year.
    Using time in comparison to the current state of the union…we are not headed at all for any given recovery unless you pass away or become ill from Alzheimer’s disease…you know … suffer some form of dementia praecox or are too involved with a continuous session of pain and mental anguish.How did anyone recover what they specifically lost?
    Being totally focused is a requirement no matter what event is actually planned today by the Pentagon or some secret sect in Washington’s closed doors.
    Word is out among us that Obama appointed a 55 member team to investigate some financial events at the time of the uS loosing it’s ratings for ability to tax.That has not happened yet.
    I also recall some people around the world that are no longer living or did engage in some assortment of rhetoric that sounded very close to being a refuted assent of conversation.
    People have gone to the parks to protest their economies…some committed suicide some jumped off buildings…some drowned or shook their children violently…on and on…social economic illnesses that qualify everyone as for an ill society award….which the politicians will somehow provide using ratios and scientific polls, etc.
    Problem…now is it all ethical or moral? Watching us identified by the amounts of credit(debt) or token coins we are predicted to earn in exchange for individuals that need our labor or they would sink and not know how to coxswain their own unprotected walks through the streets.(narcissism)
    I could suddenly see the reincarnation of Shakespeare…standing there with perfect English entertaining people without any props.Try that and know the us’s economy would collapse if the method caught on again and they lost their 50+ percent cut themselves from copy right acts,tents, etc… just different forms of tax…even a safety program.
    Not hard to find the tickle bone…and at least smile…maybe even a mile…and then you will realize how many perfect examples of human being will (1)die just in one day…(2) last forever…and still mange not to be bipolar.
    here is where reading the Kabbalah helps.
    Hope not one individual feels less religious…it really is not recognized without a gun in your grasp.That really is where the profit is…so look for war signs atop the charts…kinda like building your citadel atop the highest mountain for everyone to see… advertising you really are stupid…but I suggest not investing there…put something up and and tithe a bit to yourself…even if you as a widow among others socially… and are only willing to give two mites to the fanfare going on presently in Washington’s DC’s huge dependency for a continuous election.
    At least the Greek are not like that.They once practiced using the leaves from trees as a portion of their democracy and governing.Something a bit more common than crime.a constant ratio, but then so did the Jews…and Russians and most metropolitan settlements.
    Yes…I know where I am at least…good article.


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