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PRESSBRIEFINGSHEET
PriorityactionstoreturnGreecetogrowthandthecreationofjobs
17April2012
(el)
On
18
April2012,theCommissionadopted
a
Communicationonpriorityactionstobeundertakenin2012toreturnGreecetogrowthandthecreationofjobs.Itisfullybasedonthe2
nd
EconomicAdjustmentProgramme.
TOPLINEMESSAGE
Greececanbecomeonceagainaneconomycapableofgeneratingsustainablegrowth,creatingjobsandprovidingefficientsocialservices.Theeffortsthatarebeingmadenowwillyieldresultsinthenearfuture.ItrequiresdeterminationonthesideofalltheGreeks,andthefullsupportoftherestoftheEU,andisindeedwhatishappening.Together,wecandoit.
GENERALLINE
h,
createtoesultsarepletethefull
Message1.
Wearepresenting30specificactionsthat,ifimplementedbyauthoritiesbytheendof
2012,
withoursupport,shouldquicklyunblockjobsandmitigatethesocialimpactofthecrisis.Itfocussesoneffic'implementtheSecondAdjustmentProgrammeandshowsthatexf,)possibleintheshorttermeveniftheprogrammewilltakelongetransformationoftheeconomy.
Message2.
ImportantprogresshasbeenmadeinGre~eblicdeficitwassubstantiallyreducedandthecrisissituationhasbee
i'
o.
ThiswaspossiblethankstotheGreekpeople'smajorefforts,togovernformsandtoanunprecedentedfinancialsupportfromtheEUanfinainstitutions(equivalentto177%ofGreekGDP,farexceedingtheMarshalPian).Trioritymeasures,ifimplemented(withthesupportindifferentareasprovided
by
thesion),
will
permitGreecetobuildonrressandotentialthatwererliseduiandtoavoidrecurrenceofproblems.
IS
inplace,andfurtherstructuralreformsanes,getlendingflowingtorealeconomy,freeadministration,andtacklethesocialimpactof.....................,"'-'IIi~e=k"--"""""i........
s:
theoutlookoutlinedbytheCommissionshowthatamorefair,.e,trustworthyandefficientgovernanceandeconomysystemcanshortlyhecrisisandthatthesacrificebeingmadewillyieldrealresultsintheaquestionofnationalwill.rekoliticalleaersandinstitutions:followingtheadoptionoftheSecondAdjustmentProgramme,thecontinuityaftertheGreekelectionsearlyMayisrequiredtounderpinandtofastertherecoveryprocess.--ToEUmembersandotherinternationalpartners:theirunprecedentedsupporttoGreeceisbeingputtogooduse.
1
 
EN
EUROPEANCOMMISSION
Brussels,XXX
COM(2012)183COMMUNICATIONFROMTHECOMMISSIONCOMMUNICATIONFROMTHECOMMISSIONTOTHEEUROPEANPARLIAMENT,THECOUNCIL,THEEUROPEANCENTRALBANK.THEEUROPEANECONOMICANDSOCIALCOMMITTEE.THECOMMITTEEOFTHEREGIONS,TH);EUROPEANC);NTRALBANKANDTHEEUROPEANINVESTMENTBANKGrowthforGreeceTitle
.8
heDddedIDteF
EN
 
COMMUNICATIONFROMTHECOMMISSIONCOMMUNICATIONFROMTHECOMMISSIONTOTHEEUROPEANPARLIAMENT,THECOUNCIL,THEEUROPEANCENTRALBANK,THEEUROPEANECONOMICANDSOCIALCOMMITTEE,THECOMMITTEEOFTHEREGIONSANDTHEEUROPEANINVESTMENTBANK
..GrowthforGreece
1.
INTRODUCTION
GreeceisgoingthroughaneconomicandsocialcrisiswhichisunprecedentedinEuropeinmodemtimes.Togetthrough
it
andtorebuildasuccessfuleconomywillrequireaunitednationalcommitmentbythepopulationandtheirpoliticalleaders-onlyGreececanputitselfonadifferentpathforthefuture.Theunderlyingcausesofthecrisishadbeenbuildingupforseveralyearsandreversingthesenegativetrendswilltaketime.Acrisisofsuchmagnitudecallsforfar-reachingchangesinGreecesothatanew,dynamic,competitiveGreekeconomycanemerge,onethatiscapableofgeneratingsustainablegrowth,creatingjobs,supportingsocialcohesionanddeliveringontheexpectationsofGreekcitizens.Greecedoesnothavetofacethishugechallengeonitsown.ItcandrawstrengthandconcretesupportfromitsmembershipoftheEuropeanUnionandoftheEuroarea.SupportingGreeceintheeffortthatliesaheadrequireslongtermsolidarityfromtherestoftheEU.OtherMemberStatesandtheEUinstitutionshavemadecleartheirdesiretohelpGreeceandtokeepGreeceintheEuro-byprovidinghelponascalethatwasunthinkableevenafewyearsago.ThetotalpackageofassistancetoGreece,includingloansfromEUandfinancialinstitutions,write-downsonprivatesectordebtholdings,andgrantsfromtheEUstructuralandotherfunds,addsuptoabout
€
380billion.Thisisequivalentto177%ofGreekGOP..Thislevelofassistanceisunprecedented(theUS.MarshallPlanforpost-warreconstructioninvolvedtransfersequaltoaround2.1
%
ofGOPofrecipientcountries).Table
1.
EUandinternationalsupporttoGreeceinrecentyearsVariousformsofEUandinternationalTheeguivalentof'\':81:comearison:SUI!l!ort;::;:380bn.3%ofEUGDP
•
TotalUSMarshallFinancialassistance(loans):€240bnplan1948-1951:•177%ofGreekGOP-;::;:USD13bn(85%Privatesectorinvolvementgrants,15%loans)(debtwrite-downs):€100bn•€33600perGreekinhabitant-;::;:%ofUSGDPEUfundingfortbeperiod2007-2013-;::;:2.1%ofGOPofgrants):
>
€40bn(including€20bnfromEUstructuralandrecipientcountriescohesionfundsand€20bnundertheCommonAgriculturalPolicy)
*
2011data
EN
2
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U_"_u••••••,••,_u_uu•••,••uOU••,•
i_.~~_:_~~~I~~~.(.~_:9._._.'
EN
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