MOSCOW, (Sputnik), Anna Liatsou — The Eurogroup approved the third bailout package for Athens, worth 86 billion euro ($95 billion at the current exchange rate) on August 14, in exchange for more austerity reforms that include tax increases and pension cuts.
"Because of the two previous agreements [with the international creditors] and the one that was signed by this government recently, Greece will face a quite prolonged period of non-development. We will have quite a prolonged period of low outcome of the Greek economy," Kouvelis, who is also a former Greek deputy foreign minister, said.
"That could also be a source of remittances for the Greek economy," Kouvelis concluded.
Greece is currently experiencing a deep economic crisis, struggling to repay its multi-billion debt to international creditors, including the European Central Bank, the International Monetary Fund and some eurozone countries.