The Greek budget crisis will be the catalyst for economic recovery and improvement of competitiveness, said Monday the governor of the Bank of Greece (BOG), George Provopoulos. I firmly believe that the current crisis will become a catalyst to address the problems of the economy, turning Greece into a competitive and prosperous member of the euro zone, Provopoulos said at a conference on the financial crisis held in Athens by the Onassis Foundation. For Mr. Provopoulos, using recent IMF-EU granted the country to meet its huge debt is a unique opportunity to correct the problems of the economy. The aid includes a plan to correct fiscal imbalances considerably and conduct structural reforms. It will also help boost growth and bring down the ratio of public debt to Gross Domestic Product (GDP), he said. To cope with its serious fiscal crisis, Greece has benefited from early May EU-Fund mechanism, which provides loans of 110 billion euros over three years in exchange for a strict austerity program, accompanied by drastic measures to limit public spending. Mr. Provopoulos said he was confident that the Socialist government would take all measures necessary to achieve its budget target, and reduce the public deficit from 13.6% of GDP now to 8% by the end of the year and below 3% by 2013. However, the governor said qu'cela would take some time for markets to be convinced of the Greek government's determination to fulfill its commitments. The decades of fiscal mismanagement and tax evasion have led markets to adopt the motto of St. Thomas Aquinas: + I expect to see it to believe it +, he added. Tags: Central Bank, Budget, catalyst, crisis, fiscal imbalances, debt, huge debt, tax evasion, IMF, Onassis Foundation, George Provopoulos, the Greek government, Governor of the Bank of Greece (BOG), serious budgetary crisis, Greece, limit public spending, fiscal mismanagement, the strict austerity program, boost growth, EU.

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