Monday November 24, 2014 Search
Weather | Athens
14o C
10o 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)  
Athens deserves slack from creditors
Transfer tax to be based on actual property cost, not objective value
Key general meeting at OLP on Tuesday
Agenda
Cyprus on agenda in Biden visit to Istanbul
The prospects for the resumption of stalled peace talks on Cyprus and the issue of energy security were among the matters discussed on Saturday by US Vice President Joe Biden and Turkish gov...
PASOK nixes Papandreou leadership challenge
The junior coalition partner PASOK rejected over the weekend a proposal by the party’s former leader and ex-premier George Papandreou for the party to call an emergency congress and a subseq...
Inside News
BASKETBALL
Olympiakos ends PAOK´s unbeaten run in Basket League
Olympiakos put an end to PAOK’s unbeaten run in the Basket League with an emphatic win at the Peace and Friendship Stadium, leaving Panathinaikos as the only team with a perfect record so fa...
INTERVIEW
Tokyo hopes to change the world
The 2020 Summer Olympic and Paralympic Games in Tokyo will serve as a springboard for the rebuilding of Japan’s image and economy following the triple blow of the earthquake, tsunami and nuc...
Inside Sports
COMMENTARY
Extremism from a bygone era
There are times when we seem to be overcome by self-destructive madness. I hear various commentators and politicians speaking in extreme terms of a junta, of defections, gallows, collaborato...
EDITORIAL
No call for more games
Psychological warfare has been a part of the negotiations between the troika and Athens from the very start of the crisis. But the situation is much different now and troika decision-makers ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Olympiakos ends PAOK´s unbeaten run in Basket League
2. Athens deserves slack from creditors
3. Transfer tax to be based on actual property cost, not objective value
4. Key general meeting at OLP on Tuesday
5. Agenda
6. Carlsberg to use Greece as regional junction
more news
Today
This Week
1. Extremism from a bygone era
2. No call for more games
3. Carlsberg to use Greece as regional junction
4. Transfer tax to be based on actual property cost, not objective value
5. Athens deserves slack from creditors
6. Key general meeting at OLP on Tuesday
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Biden heads to Istanbul amid tension over Cyprus EEZ violation
3. Anti-junta uprising anniversary to be marked amid tight security
4. Every age has its collaborators
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Give Greece a chance
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.