Athens Macedonian News Agency: News in English, 16-11-15

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

CONTENTS

[01] Greek economy needs 'space' to recover, says Obama

[01] Greek economy needs 'space' to recover, says Obama

He noted that the Greek economy needs 'space' in order to recover and that austerity cannot be a "formula" for growth.

The U.S. President praised Greek compassion for refugees and promised that U.S. will continue to help in coping with refugee crisis.

Replying to a question on his country's unemployment and GDP as compared to the results in Greece during the years of crisis, Obama noted that the two economies were not strictly comparable though both had experienced economic contraction and lost jobs.

He noted that Greece had had to endure some difficult measures but was on the right path, making its economy more competitive and attractive to investors by carrying out the structural changes necessary in a globalised economy.

Obama noted that the U.S. had also taken measures that stabilised its economy and learned from its mistakes, noting that one of these lessons was the importance of fiscal stewardship with growth policy.

"The main lesson we learned was that especially when the economy is trying to recover, to create jobs and stimulate economic activity - this is the factor that reduces structural deficits and debts."

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