Greece will get help from the European Investment Bank to make best use of European Union funds still available to it, especially to develop infrastructure projects and boost lending to smaller businesses, the country's premier said Friday.
Greece
will
get help from the European Investment Bank to make best use of European Union
funds still available to it, especially to develop infrastructure projects and
boost lending to smaller businesses, the country's premier said Friday.
Lucas Papademos, speaking to reporters after a two-day summit of EU heads of
state in Brussels, appeared upbeat about Greece's prospects to recover from
what is now a five-year-long recession. He said: "
Greece
has
received
Europe
's vote of confidence."
Papademos also said EU leaders had pledged their full support to help the
country return to growth.
"Having met with European Commission president Barroso, I can say that
Greece
is
Europe
's top
priority," he said. "I am returning [to
Athens
]
feeling more optimistic."
Papademos said
Greece
plans
to focus on developing renewable energy projects.
"The renewable energy sector is one where
Greece
can
actually develop a comparative advantage," he said, adding that "the
output could help boost exports to
Western Europe
."
In a meeting of finance ministers from the 17 euro-area member states Thursday,
Greece
was
given a provisional go-ahead to sign EUR93.5 billion worth of financing
agreements with the euro-zone's transitional rescue fund. The funds are
necessary to complete
Greece
's
ambitious restructuring of privately held debt. Some of the funds are part of
its larger EUR130 billion second bailout.
However, euro-area finance ministers stopped short of granting
Greece
their
full approval to disburse those funds, and said they would be made available
after the debt restructuring was completed and
Greece
had
passed some remaining enacting laws, as promised.
The Greek premier said that these conditions would be met shortly and that
Greece
was
expecting a final green light by March 14.
Papademos welcomed help from the EU executive arm, the European Commission, to
restructure
Greece
's
public administration apparatus, in particular the tax system.
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