A slowdown of the European economy will continue at least until the first half of 2009, when the first signs of a recovery will be seen, Greek Economy and Finance Minister George Alogoskoufis said here on Tuesday.
Addressing the Greek Parliament's Economic and European Affairs Commissions, Alogoskoufis said the slowdown in European economy was affecting the Greek economy, with slower growth rates between 3.3 percent and 3.4 percent, although he stressed that the situation would have been much harder if the government had not introduced timely its reforms on taxation and investments.
The Greek minister announced a new legislative initiative this summer, which aimed at rationalizing public spending.
Commenting on surging prices across Europe, he said that he presented a Greek government proposal to intensify efforts towards stronger competition and more efficient market operations.
Source: Xinhua
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