Wednesday August 20, 2014 Search
Weather | Athens
29o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Economy needs to turn attention outside country’s borders

Hellenic Bank Association President Giorgos Zannias argued that after a period of stability in Greece’s economy, ‘its growth potential can be released – and it is huge.’

By Evgenia Tzortzi

Greece could be transformed into the playground of Europe and the broader region “and even something that could be compared to Florida or Silicon Valley,” according to the president of the Hellenic Bank Association’s Scientific Council, Michalis Masourakis.

Presenting a study titled “Competitiveness for Growth – Policy Proposals” in Athens on Wednesday, Masourakis argued in favor of the transformation of the Greek economy into one oriented toward internationally tradable goods and services.

Hellenic Bank Association President Giorgos Zannias said the transformation requires time, but noted that after a period of stability in the economy, “its growth potential can be released – and it is huge” – and would be capable of creating the conditions to improve “the welfare of the people.”

The group study includes specific policy proposals by more than 50 authors, aimed at releasing the economy’s major development potential and improving public administration.

Despite the optimistic messages about the economy’s transformation through the fiscal adjustment and structural reform program, intended to strengthen competition and lead to internal devaluation, the risk of a prolonged period of massive unemployment with social clashes and tensions is still possible, said Masourakis, who is also director of financial research at Alpha Bank. What could contain the adjustment cost would be the creation of a favorable development model with privatizations, investment in infrastructure and the attraction of foreign investors.

The country’s growth potential will come from a swing toward sectors of internationally tradable goods, which thanks to their exposure to international competition have incorporated developments in technology. Combined with the restoration of competitiveness, which has already been achieved, such a swing would allow for an increase in productivity to accelerate from 2014 onward thanks to reforms realized in the labor market and the public sector.

Greece, one of the study’s articles notes, does not need to compete with other countries in terms of low labor costs; the only thing needed is for salaries to be paid from revenues from the sale of competitive products and not from the constant increase in the country’s borrowing from abroad.

ekathimerini.com , Wednesday March 19, 2014 (23:21)  
Bank of Cyprus sells Romanian hotel stake
Only fraction of debtors declare bank accounts to avert confiscation
Russian sanctions seen giving EU 6.7 billion hit in ING estimate
Greek firms see 30 pct rise in PayPal payments from abroad in 2014
Dutch spend 461,000 euros to fence off King´s Greek holiday home
The Dutch government paid 461,000 euros ($615,000) to erect a fence around King Willem-Alexander’s seaside villa in southern Greece, RTL News reported on Wednesday, drawing media criticism a...
Police detain suspects over Kardamyli double murder [Update]
Police investigating the murder of two men whose bodies were found dumped on Monday night in a ravine on the outskirts of Kalamata in the Peloponnese said on Wednesday that they had detained...
Inside News
ATHLETICS
Long jumper Tsatoumas takes Greece´s second silver at European Championships
Greece won its second medal at the European Athletics Championships in Zurich, Switzerland, on Sunday with Louis Tsatoumas coming second in the long jump. Briton Greg Rutherford won the even...
SWIMMING
Silver for Greece in 5k team event at European Swimming Championships
Greece claimed the silver in the team 5 kilometer event at the 32nd European Swimming Championships in Berlin on Saturday. The Greek team of Spyros Gianniotis, Antonis Fokaidis and Kalliopi ...
Inside Sports
COMMENTARY
Logged out of reality
It is a global phenomenon, and we have yet to fully grasp its implications for democracy and the functionality of Western states. The Internet is a bottomless well of information and a vast ...
EDITORIAL
Manipulated institutions
Greece’s leftist opposition must not manipulate an institution as important as the President of the Republic for the sake of political ends. Regrettably, SYRIZA leader Alexis Tsipras appears...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Bank of Cyprus sells Romanian hotel stake
2. Dutch spend 461,000 euros to fence off King´s Greek holiday home
3. Police detain suspects over Kardamyli double murder [Update]
4. Only fraction of debtors declare bank accounts to avert confiscation
5. Russian sanctions seen giving EU 6.7 billion hit in ING estimate
6. Syrian chemicals were safely destroyed off Crete, says OPCW
more news
Today
This Week
1. Greek current account surplus widens in June
2. Two missing men found shot dead near Kalamata
3. Logged out of reality
4. Greek firms see 30 pct rise in PayPal payments from abroad in 2014
5. ECB in policy limbo, boxed in by its own plans
6. Greece to give children at primary school road safety lessons
Today
This Week
1. Carved sphinxes at Ancient Amphipolis tomb will not be removed
2. Samaras expects 'exceptionally important find' at Ancient Amphipolis
3. Rhodes villa built for Mussolini among properties Greek privatization fund is selling
4. Canada’s fiscal adjustment has lessons for Greece
5. Treating Amphipolis with care
6. Greece to offer law on restructuring bad loans next month
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.