Greece’s finance minister

Greece’s finance minister, Euclid Tsakalotos presented Greece’s post-bailout Growth Strategy at a meeting of euro zone finance ministers in the Bulgarian capital. Post-bailout, Greece’s main objective according to the strategy are to ensure fiscal sustainability and foster inclusive, fair and sustainable growth, using available financing tools. It aims at “keeping primary fiscal surplus of 3.5 percent until 2022 and using the available fiscal space to reduce tax burden and increase social spending.” The plan also included a gradual increase in minimum wage, restoring collective bargaining and creation of a Hellenic Development Bank.
The strategy assumes real GDP growth above 2 percent supported by huge investment and substantial private consumption. Three options were given by the euro zone bailout fund ESM last May to understand Greece’s needs on returning to market financing after living off bailout funds in exchange for austerity for eight years. Under the first one Greece would not require help if it managed to keep its budget surplus above 3.5 percent of the GDP by 2032.