国际英语新闻：Greece could tide over economic crisis through speeding up reforms

According to the 2011 budget draft presented this week, unemployment is estimated to reach up to 15 percent next year.

The Greek government reassures that the review of the budget deficit of 2009 by the EU, according to sources it will be announced in the coming future that actually stood at 15 percent of GDP in 2009, will not have a significant impact on the current plan to face the crisis and Greek citizens will not have to make more harsh sacrifices in the near future.

Apart from the cutbacks on state expenses, and tax hikes, the eventual positive outcome of the efforts under way will largely depend on the battle to erase wide spread tax evasion and implement structural reforms to boost investments, the competitiveness of the Greek economy and development, Greeks analysts Loukas Karabarbounis, Assistant Professor of Economics at the University of Chicago, stressed.

Greece has lost precious time in the past three decades due to "curses" such as mismanagement, corruption and nepotism, but still has valuable resources, strategic advantages and examples of success stories in the shipping sector for instance that could form the basis for the "rebirth" of the country.