Market trends buoy optimism on Greek recovery
A second wave of Greece`s financial crisis is still possible but current market trends are encouraging, Russian Deputy Finance Minister Dmitry Pankin said.
"Talks about the second wave of crisis continue; there is still a risk. However, a support mechanism has been found and the reaction in the markets has so far been positive," Pankin said, adding that the signs are "encouraging."
Ministers from the 16-nation euro zone approved an 80 billion euro aid package for Greece, which has national debt of 300 billon Euros, during a meeting in Brussels in early May. The IMF will also provide the financially-stricken country with 30 billion Euros in loans under the three-year deal.
Mass demonstrations swept the Balkan state last week after the Greek parliament approved huge cuts in areas such as pensions and public sector salaries as part of an austerity program.
In Athens, thousands gathered in front of the parliament on Syntagma Square. Protests resulted in three deaths as rioters set on fire a bank which continued operating amid a general strike in the country.