By Ria Novosti
The Greek economy will begin yielding profit already in 2012, with GDP growth expected to exceed 2 percent in 2013, Bank of Greece head George Provopoulos said in an interview with Bloomberg.
The European Union’s second rescue package for Greece provides “breathing space” that should be used “not only to put the program back on track, but to go beyond the targets of the program,” Provopoulos said.
“If we did that – and we certainly can do that – we would help turn around the psychology of he market,” he added.
Eurozone leaders approved last week a second 150-billion euro rescue package for debt-stricken Greece in addition to a 110-billion euro loan provided in May. In late June, Greek lawmakers approved a 78 billion-euro ($113 billion) austerity plan required as a precondition for a second bailout.
The program aims to reduce the budget deficit to 1.1 percent of GDP in 2015 from 10.5 percent last year.