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FinMin Tsakalotos: Investments in Greece to Become ‘Too Large to Absorb’

Greek Finance Minister Euclid Tsakalotos predicted that in the next two years Greece would be overwhelmed by foreign investment that could become difficult to absorb.
In an interview with private TV station ANT1 on Wednesday evening, Tsakalotos brushed aside concerns over the stalling of the Hellinikon and Eldorado Gold investments, saying that despite problems, investments in Greece increase year by year.
“All the contacts I have with foreign investors indicate there is a lot of interest,” Tsakalotos said.
“Greece’s problem over the next two years will be that there will be more investment than we can absorb.
“That is why we have to have filters for investments, targeting those which would have more impact on the economy, strengthening particular regions and providing skills and training for employees,” the Finance Minister said.
Stress tests for Greek banks
Tsakalotos claimed that the International Monetary Fund (IMF) will not insist on an Asset Quality Review (AQR), while stress tests for Greek banks have not been brought forward.
He expressed confidence that a compromise solution, in which the IMF will back down from its demands for an AQR, will be announced by Friday.
Following this, he added, no one would be able to doubt that Greek banks have a “good position”, and this will help boost liquidity in the economy.
Tsakalotos also denied that there had been any change in the schedule for conducting stress tests on Greek banks.
The stress tests would be held simultaneously for all European banks at the set time, he added, but the Single Supervisory Mechanism (SSM) would be “pushed” to issue the results slightly earlier, before Greece exits the programme, rather than in the summer.

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