Athens News Agency: News in English, 07-04-26

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] FinMin presents gov't's main economic goals

[02] ASE head calls for common SE Europe bourse platform

[01] FinMin presents gov't's main economic goals

Addressing a conference on the future of Europe, organised in Athens by the economy and finance ministry, Alogoskoufis said more efforts were needed despite the very positive achievements made in reducing the country's fiscal deficit to 2.6 pct of GDP last year. "We must continue reforms to other directions as well," he said.

The Greek minister stressed that other main goals of economic policy were ensuring the long-term viability of the social security system in conditions of maximum social consensus and politics, a more efficient management of EU funds in the period 2007-2013 and exploiting the country's geopolitical position "which has already begun to bear positive economic results," he said.

Alogoskoufis said no country can copy others' experience completely in order to implement its own model of growth, while he stressed that a reform policy implemented in Greece was a "synthesis" of reform policies implemented in other EU member-states, although he expressed optimism that "in some years we could refer to a Greek model".

Former FinMin and current PASOK MP Nikos Christodoulakis (Alogoskoufis' predecessor) urged for a beginning of a debate in the country regarding a new wealth tax, such as on off-shore and corporate profits, along with new and higher tax factors.

Yiannos Papantoniou, who was Christodoulakis' predecessor in a previous PASOK government as well, emphasised the need to maintain economic growth rates above 4.0 percent for the 11th consecutive year, and to promote more structural reforms.

Finally, economy ministers from Malta, Portugal, Sweden and a government official from Ireland presented the economic models implemented by their governments.

[02] ASE head calls for common SE Europe bourse platform

Addressing an Economist conference in Athens, Capralos said financial markets have experienced significant structural changes in the last decades, mainly because of the technology boom and the continuing effort by investors for more transparency, better prices, lower costs and equal opportunities for all.

Stock markets will face increased competition, Capralos said, adding that this could lead to more consolidation in the industry with the aim to cut costs through scale economies and raising the number of their products and services.

Capralos said it was too early for any prediction over the winners in this race, but stressed it was more than clear that the industry was entering a new phase of consolidation. "Stock markets that will not invest in technology, won't improve their operations or timely decide on their strategy, will enter this new environment with a reduced negotiating power," he added.

He refered to the cooperation between the Greek and Cypriot stock markets through the introduction of a common platform project, which was fully successful. Capralos said the Athens Stock Exchange has already expressed interest to forge a cooperation with the Bulgarian Stock Exchange, including the purchase of a 44 pct equity stake expected to be offered to investors. Other markets have also expressed interest in buying this stake (OMX and the stock markets of Germany, Italy, Austria, Poland and the Czech Republic), while other smaller markets in the region were seeking alliances (such as the Slovenian market).

"We would like to invite stock markets in Southeastern Europe to participate in this common effort, through adopting the common platform project to acquire access fast and with low cost to international liquidity, to open their markets to new products by maintaining their operational independence and reducing their operating spending," Capralos said.

Caption: ANA-MPA file photo of Capralos.

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