August 9, 2010
Greece getting thumbs up from Orphanides
Article by Michele Kambas and Krista Hughes on the continuing applause from establishment European bank leaders on the passing grade Papaandreou has received for his efforts in getting the austerity program working in Greece. Article/interview with European Central Bank Governing Council member Athanasios Orphanides, who is also governor of the Central Bank of Cyprus. Full article at Reuters:
"I am optimistic on Greece. I think the courage and determination the Greek government has shown since May to implement a programme destined to put the Greek economy back on track is commendable," said Orphanides, who is also governor of the Central Bank of Cyprus.
"After a very long period in which it was not clear whether the Greek government could deliver, the most convincing element for markets, I believe, is for the government to ... continue demonstrating with its actions that it has the resolve to implement the agreed programme."
...Last week, IMF, ECB and European Commission officials said Athens had made a good start to reforms, crucial to restoring investor confidence and allowing Greece to return to international bond markets some time next year as planned.
Orphanides said there could be no looking back. "The stakes are high. The stakes are whether the Greek government, by continuing the implementation of this programme, will help the Greek economy realise its unrealised potential which would be tremendously beneficial for the Greek people as a whole over time.
"Backtracking in order to minimise short-pain, unfortunately, at this time, will only have longer term negative consequences that will be harmful for the Greek people overall."
Greece's Golden Visa program
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