Greece Determined to Stay in Eurozone

Greek Finance Minister Yiannis Stournaras speaks during the policy statement talks of the new government in the Greek Parliament, Athens, Greece. Photo by EPA/BGNES

Greece must remain in the Eurozone, the country's  Finance Minister Yannis Stournaras has declared.

"We have to stay alive and remain under the umbrella of the euro, because that is the only choice that can protect us from a poverty that we have not experienced," Stournaras told the Vima tis Kyriakis weekly, as cited by The Economic Times.

Stournaris reminded that Greece's stay in the Euro would be threatened if the country does not cut spending by about EUR 11.5 B in 2013-14 to qualify for the next installment of its EU-IMF bailout package.

"We have the most expensive welfare state in the eurozone," the Finance Minister pointed out. "We can no longer maintain it with borrowed money."

Greece needs to bring its deficit down to 3% of gross domestic product by the end of 2014, from 9.3% in 2011.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!