German minister backs investment in Greece

October 7, 2011 - 5:10 AM

ATHENS, Greece (AP) — Germany's economy minister backed calls to get German companies to invest in Greece to get the debt-drowned country's economy growing again.

Philipp Roesler, who met with Greek Development Minister Michalis Chrisohoidis and Prime Minister George Papandreou, is on a two-day visit to Greece with a delegation of dozens of German businessmen.

"We are all impressed by the great commitment that the Greek government has taken ... to revive, to give a boost to the development of the Greek economy," he said Friday after a breakfast meeting with Chrisohoidis. "Our presence here is a part of the strategy for the support of precisely these investments and development in Greece."

Greece's economy is projected to shrink by 5.5 percent this year as the country struggles to meet austerity targets set as a condition for it to continue receiving funds from vital bailout loans that are preventing it from defaulting on its debts.

"It is our decision to move forward with all the necessary reforms so that we can change Greece, create a country that is attractive for investments, a country with a competitive economy, that is productive and outward looking," Chrisohoidis said.

The two are to sign an investment agreement later in the day.