Brussels, 21/12/2012 (Agence Europe) - If the Greek coalition government manages to implement the reforms recommended by its lenders despite social unrest, then 2013 could be the year when Greece turns its back on the financial crisis. Greek finance minister Yannis Stournaras says that 2013 will be “tough” but there would be light at the end of 2013. In an interview with the Financial Times on Thursday 20 December, he said Greece would emerge from crisis if it sticks to the agreements with the IMF and the EU, but there would be a breakdown if the political system found that too difficult to manage. A raft of new protests have broken out against the severe austerity plans for the next few years. Stournaras said the country was still exposed to the risk of default and the key to getting out of crisis was introducing the reforms, particularly privatisation, tackling tax evasion and creating an environment attractive to investors.
On Wednesday, Greece received aid of €16 billion from the European Financial Stability Fund (EFSF), following upon a further €7 billion received on Monday. The second payment will be used to bail out Greek banks, which will be publishing details of their balance sheets this week and next. Eurobank was the first to announce losses, of €1.09 billion in the first three quarters of 2012. It will need a bailout of €5.8 billion. The two Greek debt write-downs (in March and December) cost a total of €6 billion. (EL/transl.fl)