21 May 2013 | 23:12
Latest headlines:
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Greece is currently in talks with the European commission in the hopes that it can convince the institution to allow it to establish 'China-style' economic zones, papers report.
The country is now in its fifth year of recession and hopes that the zones, which would have special tax breaks and administrative freedoms, will help to kick-start their struggling economy, the paper says.
According to the FT, Costis Hatzidakis, Greece’s development minister, said, "We think these special zones would boost the real economy by operating under a special regime to attract investment and increase exports."
However, he conceded that the plans are likely to face some objection from member states as "the creation of such zones would give the country a comparative advantage".
Greece has received some support from Brussels with EU president Herman Van Rompuy telling reporters that Greece's presence in the eurozone is "irreversible", Deutsche Welle reports.
Rompuy added, "If Greece leaves or anyone else leaves the eurozone, it would be a collective failure of Europe."
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