OPINION

Opinion

. ..Several factors enable Greece to face the present crisis from a much better position than it would have in the past. Greece now enjoys the monetary stability of the eurozone. Monetary stability has a decisive effect on other parameters of security and confidence. Another positive factor at the present conjuncture is that Greece’s economy is on an upward trend. This is due to several specifics: First, there is the economic momentum generated by the effort to meet the strict criteria of monetary and fiscal stability for EMU entry… Second, is the indirect, albeit positive, influence via the rules of economic integration… such as the reduction in interest rates and funds from the EU. An additional benefit of Greece’s eurozone entry is related to the absorption of the much-needed community funds which act as a substitute for the international investments that we are unable to attract while they put a brake on public deficits created by systematic investments on infrastructure. There is, finally, a last but very important factor which helps Greece protect itself against the nascent crisis. Our country has lagged behind in modernizing the rules pertaining to the function of its economy. The deregulation of crucial sectors (energy, telecommunications, administration) and the consolidation of greater entrepreneurial flexibility create not only a strong shield but also a weapon in any potential upswing.