• Crisis is caused by inefficiencies in the state
• Greek economy will have shrunk by 25% by the end of 2014, since the crisis began
• 2012 Budget will meet deficit target set by the ‘troika’
• Need to step up measures to combat tax evasion
• Unit labour costs have fallen 15% since 2010
• Greece has regained much competitiveness
• Talks with ‘troika’ are difficult