Greece was not the focus of (negative) media interest, as it was a year ago, during this year’s annual IMF/World Bank summit here, most analysts and financial reporters agreed.

While Greece looks like it is overcoming the crisis, with worries over the impact of a Greek fiscal crisis on Eurozone almost extinct following the creation of a support mechanism by IMF/EU and ECB, it was expected that the country gradually lost international media’s intense interest.

The media turned their attention to more global issues this year, such as the so-called foreign currency war, a growing lack of balance between rich and emerging economies, recovery rates, the fear of a double dip, a chronic issue of job creating growth, etc.

The message coming from a series of high-ranking meetings between Finance Minister George Papaconstantinou with his foreign counterparts from USA, Russia and China, the head of IMF and institutional investors, clearly stated in public comments was that Greek economy has made significant progress adopting all measures envisaged in a memorandum to exit the crisis.

The Greek finance minister repeatedly expressed his satisfaction over the fact that Greece was gradually regaining its lost credibility and markets’ confidence, something clearly seen in a gradual shrinking of Greek state bond spreads. He added, however, that “nothing has been gained yet, nothing is finished”, sending a message against complacency.

Papaconstantinou reiterated that the government had no “hidden agenda” of new measures and stressed that the government’s economic policy was not dictated by forthcoming local elections early next month.
IMF’s head, Dominique Strauss-Kahn, acknowledged the significant progress made by the Greek government.

He said that the IMF was ready to extend the time of repayment of loans offered to Greece, in the framework of a 110-bln-euro support package- if European Union countries agreed to such a move, although he stressed that such a decision would depend on the condition of the global economy.