According to Greek media reported on the 18th, the Greek finance ministry official said, If you give Greece two years to reduce its budget deficit, the Greek economy will recover more quickly, its debt will be more sustainable.
 
This estimate is consistent with the views of the Greek Prime Minister Antonis Samaras. He is expected next week so that the leaders of France and Germany, as well as Chairman of the Eurogroup - Claude capacity Curtis proposed extension.
 
According to the terms of the European Union and the International Monetary Fund (IM F) bailout, Greece will implement painful austerity measures, the budget deficit from 9.3 percent of gross domestic product (GDP) by the end of 2014 will be reduced to less than 3%.
 
However, due to Greece in the first five years of the recession, the social and political discontent is increasingly serious, Samaras desire to extend the deadline set by the international creditors to mitigate the impact of budget cuts on social.
 
Greek media reported that the latest estimates cited estimates of the Ministry of Finance officials, if the two-year extension, will help the speed of contraction in the Greek economy slowed down in 2013, it will speed up the recovery from the 2014.
 
According to this vision, the economy will shrink in 2013 by 1.5%, will grow 2% in 2014. If it is not allowed to postpone next year's economy will shrink as much as 4.5%, will not recover in 2015.
 
Greek politicians that Greece's ability to repay the debt can only be promoted through economic growth, and the conditions of its creditors to provide funds for it, it should carry out all the necessary budget cuts, reform measures in 2020, its debt reduced to 120% from 165% of GDP.
 
In the first half of this year, Greece's economy contracted at an annual 6.35 percent, while the European Union and the IM F forecast a contraction of 4.7 percent for the year. Samaras said last month that the Greek economy will shrink more than 7% in 2012.
 
[German "Der Spiegel" reported on August 18 Greece does not control its own debt problems, because of its austerity route stifle the economy, but there are still a lot of people do not pay taxes. The result is that, although Greece has implemented a comprehensive debt write-downs and two rounds of large-scale relief, but it is still short of money --- Greece's financing gap increases: Athens shortage of funds will reach 14 billion in the next two years, euros, instead of the 11.5 billion euros it recognized. This is determined by the Troika of the European Commission, the European Central Bank and the IM F to Greece to investigate.
 
In addition to no increase in tax revenue, creating new financial difficulties mainly due to Greece's privatization plans frustrated and the deteriorating economic situation. Troika will travel to Greece again in early September, to investigate the specific amount of additional capital requirements.
 
With the advent of the financing gap, Greece again in need of external assistance has also increased the risk of The euro zone rescue currently trying to find a way to make up for Greece not to implement a new round of relief funding gap. The government led by Prime Minister Antonis Samaras had previously promised to take new austerity measures. But the Troika believe these measures are not enough. Information obtained in accordance with the Articles, the troika said in the report, even if asked Greece to cut expenditure of 11.5 billion euros, of which one-third also how the cuts have not yet implemented. In order to reduce the burden on Greece, the contributor is considering lowering interest assistance loans, or to allow Greece to deferred payment.
 
Greek Ministry of Finance announced on the 17th and the end of June, the Greek debt again, more than 300 billion euros mark, amounted to 303.5 billion euros, an increase of 23 billion euros more than three months ago. As a result, a large part of the end of last year, the debt write-down of results disappeared.



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