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The Commission highlights three broad areas where action taken by the Greek authorities during 2012, as part of the programme, can be expected to show promising results by the end of 2012. These are:
- Getting control over public finances and revenues so that public finances become sustainable over time;
- Getting lending flowing to the real economy by recapitalising the banks and helping SMEs to get affordable loans;
- Freeing business to drive growth- a major overhaul of the business environment is urgently needed so that Greece becomes once again a place where domestic and foreign investors have confidence to invest and create jobs.
The Communication provides detail on how EU funds will be used to provide loans and guarantees for SMEs in Greece (€ 4 billion is available) and the EU has changed its own rules to make them more flexible and easier to apply in the current conditions in Greece.
It describes measures need to free Greek business to drive growth, for example by facilitating and promoting exports, modernising and simplifying the regulatory environment, preparing state owned companies for privatisation and modernising sectors like energy and transport.
The Communication also explains how the Commission will work with the Greek authorities to tackle the social impact of the crisis and to modernise and reform public administration.
President Barroso said: "The people of Greece do not stand alone in their efforts to return the country to growth and jobs. The EU and the wider international community have shown solidarity with the people of Greece on an unprecedented scale. A package of grants, loans and debt forgiveness amounting to € 380 billion has been mobilised to help Greece. The sacrifices being made by the Greek people will bring rewards in the near future as Greece embraces the priority actions for 2012 identified by the Commission today."
For more information, please contact the London press office on 020 7973 1971.
All amounts expressed in sterling are approximate and will change with exchange rate fluctuations.
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