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The Hellenic Radio (ERA): News in English, 08-11-22

The Hellenic Radio (ERA): News in English Directory - Previous Article - Next Article

From: The Hellenic Radio (ERA) <>


  • [01] Obama Hammering out Resurgence Plan
  • [02] Greek FinMin's Interview with NET

  • [01] Obama Hammering out Resurgence Plan

    World -


    President-elect Barrack Obama has stated he is hammering out an aggressive two-year resurgence plan, warning in parallel that immediate action should be taken to prevent a prolonged recession. He warned that if no swift action is taken, then millions of working positions will be lost and the American immense debt would rise. After resuming his duties, Mr Obama had said that he would sign a plan for the economy's resurgence that would lead to the creation of 2.5 million of working positions by January 2011.

    Meanwhile, Timothy Geithner, head of the Federal Reserve Bank of New York is to be the President's Treasury secretary, reported NBC Channel on Friday. 47-year-old Geithner and former Treasury secretary Lawrence Summers under the Clinton administration were considered the two main candidates for the post.

    Source: ÁNA, Reuters

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    Timothy Geithner Head of the Federal Reserve Bank

    News item: 15856

    [02] Greek FinMin's Interview with NET

    The 2009 state budget, which was submitted to Parliament on Friday, is believed to be the toughest, due to the global financial crisis. Outlining the budget, the Finance Minister said growth rate would be reduced to 2.7 percent, unemployment rates would stand at 7.5 percent, inflation would go down to 3 percent and deficit down to 2 percent. Revenues and the public debt, on the other hand, are forecast to rise. Because of the credit crisis, targeted provisions to boost low-income groups are forecast through the fund against poverty. However, speaking on NET television, Finance Minister Giorgos Alogoskoufis did not rule out additional provisions, which depend on the European Commission's proposal expected in the coming week.

    The first part of the heating oil benefit would be given at the end of 2008, said Alogoskoufis in his interview with NET television.

    According to information the said benefit will be granted along with the Christmas bonus, depending on the geographical positions, while those entitled to it will be the unemployed and single-parent families.

    The Finance Minister did not rule out extra provisions, which, however, are closely associated with the proposals the European Commission is expected to release in the coming week.

    The Finance Minister is working on measures meaning to protect employment and address the high cost of living.

    In the meantime, a survey conducted by Kapa Research and appears in the Sunday edition of VIMA paper has suggested that 65 percent of the respondents have not been convinced for the effectiveness of the government has taken to combat the crisis, while 59.2 percent is willing to make more sacrifices.

    News item: 15858

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