Skopje, 27th October 2011 (MIA) – The deal agreed by the European leaders pertaining to the debt crisis in Greece, writing down the country’s debt by over 50%, according to Vice Prime Minister and Minister of Finance, Zoran Stavreski is a decision not solving all problems for Greece, but rather representing a step forward for overcoming the so-far situation.
Greece’s default was made official by the deal to write down the debt by over 50%, along with the inability of the country to repay its debts and this is still a better option than the one for the bankruptcy to occur without a deal. In any case, it is hard to believe this will be the final solution for the situation in Greece, as well as in the other indebted countries since now, the question is what would happen if there are similar developments in Italy, Spain as bigger countries, where investors will not be able to sustain the debt reduction or where there are no sufficient funds for bank recapitalization, Minister Stavreski said.
According to him, as far as Greece is concerned, this decision will not solve all problems. According to the deal, as Minister said, Greece will obtain temporary aid and support so as to avoid complete default, however, this generally means that the country will face serious problems in future as well, since the level of the government debt will still remain high.
As regards Macedonia, what was positive was the offer of certain package by the European countries, to the end of overcoming the present situation and providing greater security among creditors and investors. It is important to move forward and break the constant focus on countries, lacking discipline and having debt problems, and to rather focus on countries with sound policies and prospects for achieving progress and moving forward. Therefore, the less this situation is prolonged in Europe, the better for Macedonia, since European countries and investors will be able to gradually return to the old trends of economic growth. This is the only way, where Macedonia can benefit from the entire situation, Minister of Finance pointed out.
When asked about the Budget of the Republic of Macedonia for the next year, he said that its preparation is in the final stage and that it should be considered by the Government in the next several days.