Greece's finance minister believes worst is over for his country

PanARMENIAN.Net - Greece's finance minister believes that the worst is over for his country, according to BBC News.

"There is definitely a glimmer of hope; light at the end of the tunnel," Yannis Stournaras said.

As reforms were rushed through and a massive austerity package passed late last year, Greece secured a huge slice of bailout money from its international creditors.

"The probability of Greece leaving the euro - Grexit - is now very small", he told the BBC.

"We have managed to turn the economy around. From the markets, there's much more optimism. Deposits are coming back to banks, the government is paying its arrears to the private sector and there is a change in how Europe sees us. So all the leading indicators are positive. We are two-thirds of the way towards our target. So people can have hope."

Unemployment is now Europe's highest at 26.8%. Homelessness and poverty have soared. And the recession, the worst of any country in modern history, is in its sixth straight year.

However, the finance minister said that he thinks the bad times are coming to an end.

"Towards the last quarter of 2013, we are going to have recovery," he said.

He is adamant that growth will come next year, even if the economy contracts in 2013 by an estimated 4.5%. "I feel sure, 100% certain that this will be the last year of Greece's recession."