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Greek Economy Minister is Certain of Economic Growth by End of 2016

stathakisGreece will not become a tax haven. We will follow the road of European countries which maintain high tax rates,” Economy Minister George Stathakis said on Tuesday, addressing a conference organized by the American-Hellenic Chamber of Commerce.
“We will not transform the Greek economy into a low labor cost economy, as in other neighboring countries, tax and social security rates will be around the EU average rates and this is a condition for our economic growth,” Stathakis said, adding that the model adopted in the country since the first memorandum was signed for a rapid shrinking of state spending and wage reduction to the levels of neighboring states has been tested and was leading to risky paths.
He stressed that Greece could exit the crisis in a sustainable and socially cohesive way, adding that the economy will return to positive growth rates sooner than expected, probably in the first quarter of 2016, but surely before the end of the first half of 2016.
Stathakis said the government has positively handled the imposition of capital controls and noted that sectors such as tourism and manufacturing remained unaffected. The Greek minister said the government will present a new growth model by May 2016.  Adding that the adoption of the 48 milestones agreed upon with creditors last summer and a successful completion of a bank recapitalization plan will bring stability back to the economy. He also mentioned that a completion of the first review of the Greek adjustment programme in December will offer an additional boost.
Stathakis said that a reprofiling of the Greek debt for the period after 2022 as envisaged in an agreement signed with creditors will ensure that Greece will not face any debt crisis in the future. He noted a series of interventions and reforms such as the simplification of licensing procedures, creating an investor-friendly environment; adopting a new e-procurement system, a new tax system, and adopting measures to attract foreign direct investments, will be included in a new development legislation. “Greece could become a pole of stability and growth”.
(Source: ANA-MPA)

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