YOUR FRIENDS' ACTIVITY

    Greece needs growth to get out of crisis, France's Hollande says

    ATHENS (Reuters) - French President Francois Hollande used a visit to hard-hit Greece on Tuesday to press his pro-growth agenda, saying fiscal reform could not be achieved by austerity alone.

    He offered to help the twice bailed-out country - in a deep economic depression - with privatizations, tourism and a public sector overhaul.

    "We must make sure that growth and jobs come back in Greece," Hollande said. "We need more growth in Europe. That's how we'll reach our public deficit reduction goals."

    Athens, whose euro zone partners and the International Monetary Fund unlocked bailout aid in December after a six-month stalemate, hopes Hollande's one-day visit will spur badly-needed investments to ease record-high unemployment.

    "I didn't come to sell weapons ... we have to show the Greeks solidarity, support and also confidence that will allow growth to come back," Hollande said in a joint news conference with Prime Minister Antonis Samaras after talks.

    Samaras praised Paris for having helped Greece stay in the euro zone, despite its debt crisis.

    "France has given us vital support over the past few months to stay in Europe and is supporting us today to exit the crisis," he said.

    Greece's economy has shrunk by about 20 percent since the recession began in 2008, with its downturn exacerbated by fiscal austerity demanded by its international lenders to shore up public finances and attain a primary budget surplus in 2013.

    Unemployment hit a euro-area record 27 percent in November.

    "Greece should make efforts, it should meet its commitments, but its efforts have been considerable," said Hollande. "No people in Europe have undergone such a test, so we must be at the side of Greece", he added.

    Greece's deteriorating economy and fears of a euro zone exit prompted French banks Credit Agricole and Societe Generale to sell their Greek units to local peers.

    But Hollande said on Tuesday he expected French companies to return to Greece and bid for state firms being sold as part of the country's multi-billion euro privatization plan.

    The two leaders also signed an agreement to boost the flow of French tourists to Greece. Tourism is the country's biggest money spinner but French visitors were less than 7 percent of total arrivals last year, half as many as from Germany.

    French civil servants are advising Athens on how to reform its inefficient state machine and how to draw up a national land registry - a task Athens has failed to complete for decades despite dozens of millions of euros of aid from the EU.

    With Greek journalists on a 24-hour, anti-austerity strike, Hollande's visit was not getting extensive local coverage.

    (Writing by Harry Papachristou. Editing by Jeremy Gaunt.)

    Loading...
    • Steve Jobs widow: How is Laurene Powell Jobs spending her wealth?

      For most of her 20-year marriage to Steve Jobs, Laurene Powell Jobs was content to be a behind-the-scenes philanthropist.

    • What We Know About the Record Breaking Powerball Jackpot's Mystery Winner

      The frenzy for last minute tickets is over. The numbers have been picked out. Somewhere, a single person is $590.5 million richer. Last night's record Powerball jackpot has a winner but we have no idea who that person is yet. 

    • Why Facebook makes breaking up even worse

      Don't underestimate the emotional pain of going from "In a Relationship" to "Single"

    • Widow Is Stung By Beau's Exclusion From Weddings

      DEAR ABBY: I took care of my husband for 10 years before his death from early-onset Alzheimer's. I am in a relationship now, and I'm finding that a widow's status is far different than that of a wife.Not long ago, I was invited to a friend's daughter's wedding. When I asked if I could bring "Sam," I was told, "No, we don't know him and there are a lot of other people we would like to invite." I got the same response from my first cousin when I asked if I could bring Sam to her son's wedding: "No, we don't have room for him and we don't know him. ...

    • After nearly 30 years, Camp Lejeune coming clean

      CAMP LEJEUNE, N.C. (AP) — Purple wildflowers sprout in abundance around the bright-yellow pipe, one of several jutting from the sandy soil in this unassuming patch of grass and mud. A dirty hose runs from the pipe to an idling truck and into a large tank labeled, "NON-POTABLE WATER."

    • This Child Made a Film About His School Lunch—and He Titled It ‘Yuck.’ (VIDEO)

      When fourth grader Zachary Maxwell started nagging his parents to let him bring his own lunch to school, they knew something was up. Zachary was served lunch every day in his New York City public school and because it was a hot lunch, his parents were insistent he take advantage of it.

    • Marine daughter seeks dignity for 'Devil Dog pups'

      JACKSONVILLE, N.C. (AP) — As she flipped through the cemetery register, Mary Blakely's eyes filled with tears. On line after line, the entry read simply "Baby Boy" or "Baby Girl," followed by a surname and a burial date.

    • British man in France admits slitting his two children's throats

      LYON, France (Reuters) - A British father living in France has admitted to killing his two children by slitting their throats, blaming a rocky divorce from his wife, prosecutors said on Sunday. Police arrested the 48-year-old unemployed man on Saturday after the bodies of his 5-year-old daughter and 10-year-old son were found at his apartment in a suburb of the eastern city of Lyon. "He offered explanations linked to the children's custody," an official from the Lyon prosecutor's office told Reuters. ...

    Loading...

    Follow Yahoo! News

    Brought to you byYahoo! Finance