New Democracy has been saying it all along and SYRIZA, eventually, adopted the same view: In order to kickstart a sluggish economy, you need three things – investments, investments and investments.
Tax reductions are essential, but they are not enough unless combined with far-reaching structural reforms. Greece needs to speed up the administration of justice, tackle bureaucracy and complete the land register. Tax cuts are easy, a matter of drafting a law or an article.
What is encouraging is that the newly installed conservative government appears to be prepared to face the difficult issues as well. Its ministers do not seem to be planning to improvise as they go along. They already have specific goals and timeframes. Each one has their own plan on which they will be judged.