BUSINESS

BoG chief calls for reforms, move to new growth model

Central Bank Governor Giorgos Provopoulos stressed that a string of reforms must be implemented while the country must move toward a new growth model. At the same time he underscored that it is becoming clear that Greece is emerging from the crisis.

“Everything now points clearly to the prospect of an exit from the crisis after a long and deep recession,” the Bank of Greece chief told an event at the American-Hellenic Chamber of Commerce.

He emphasized the progress recorded and referred to the restructuring of the credit sector and the fiscal adjustment that “has gone a long way over these years to get to a primary surplus.”

However, he stated that Greece has to capitalize on the new conditions it has created for itself and generate growth by working toward the productive restructuring of the business sector. Provopoulos said this requires an efficient public sector with a structure that is friendly both to citizens and growth, smooth market operation and healthy competition, along with the lower and more rational taxing of enterprises, the lightening of non-salary labor costs and privatizations that will attract foreign investments.

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