Monday October 20, 2014 Search
Weather | Athens
24o C
16o 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)  
Greek toy retailer Jumbo lifts Q1 sales 11 percent
Greece must stick to reforms, says Schaeuble
European leaders pivot back to debt crisis after wake-up call
Hardouvelis does not see ´big surprises´ in ECB stress tests
Turkish vessel enters Cypriot Exclusive Economic Zone
A Turkish research vessel entered Greece’s Exclusive Economic Zone (EEZ) on Monday morning, according to the government in Nicosia. The Barbaros, accompanied by two support vessels, entered ...
Samaras to visit Cyprus on November 7, ahead of Egypt talks
Prime Minister Antonis Samaras is to make an official visit to Cyprus on November 7, it has been announced. According to Cypriot government spokesman Nicos Christodoulides, the meeting is ta...
Inside News
BASKETBALL
Reds lose to Nea Kifissia, search for new coach
Nea Kifissia recorded the biggest win of its short history in the top flight defeating Olympiakos 68-67 on Sunday, in a Basket League weekend marred by the abandonment of the Thessaloniki de...
SOCCER
OFI stuns Panathinaikos, Mitroglou hits twice
OFI Crete produced the upset of the week in Greek soccer beating Panathinaikos in Athens for only the second time in its history on Sunday, while PAOK stayed on top beating Atromitos at home...
Inside Sports
Greece’s closed society is central to its current malaise
I started writing my book “The Thirteenth Labour of Hercules” a couple of months after the June 2012 elections in Greece. In that nail-biting showdown, a bruised and battered electorate narr...
COMMENTARY
Between West and East
The crisis that has been buffeting Greece in recent years has perforce turned the focus of domestic politics to developments in Europe. The nation’s attention, thoughts, relationship-buildin...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greek toy retailer Jumbo lifts Q1 sales 11 percent
2. Turkish vessel enters Cypriot Exclusive Economic Zone
3. Samaras to visit Cyprus on November 7, ahead of Egypt talks
4. Greece must stick to reforms, says Schaeuble
5. European leaders pivot back to debt crisis after wake-up call
6. Bakers encircle Thessaloniki´s White Tower with giant ´koulouri´
more news
Today
This Week
1. Hardouvelis does not see 'big surprises' in ECB stress tests
2. European leaders pivot back to debt crisis after wake-up call
3. Bakers encircle Thessaloniki's White Tower with giant 'koulouri'
4. Greece must stick to reforms, says Schaeuble
5. Samaras to visit Cyprus on November 7, ahead of Egypt talks
6. Turkish vessel enters Cypriot Exclusive Economic Zone
Today
This Week
1. Possible third figure in Amphipolis mosaic may be uncovered shortly
2. Less haste, more focus
3. Greece to contribute 1 mln towards Gaza reconstruction
4. Greece nearing bailout exit, says gov't spokesperson after IMF talks
5. Istanbul skyscraper casts shadow over Greece's banking ambitions
6. Coalition shooting itself in the foot
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.