ECONOMY

Warning on low revenue growth

The low levels of public revenues are likely to create serious problems for the state budget next year, warned Professor Yannis Stournaras (center), director general of the Foundation for Economic and Industrial Research (IOBE), and Boston Consulting Group managing director Nikos Vrettos (right) at a press conference yesterday organized by the American-Hellenic Chamber of Commerce in Athens. They said revenue growth, at 7 percent, is far below the target (13.5 percent) and cannot be offset next year by another reduction in public investment. The chamber’s chairman, Yanos Gramatidis (left), said the government’s work is in the right direction but stressed the need for continuation and consistency in this work as well as handling political costs. He also hailed the attitude of main opposition party New Democracy for its proposals that contribute to overcoming the crisis, allowing for some consensus.