C. Mihalos: Greece’s political system needs to work together to draft a national strategic cooperation plan for the Greek economy

Greece’s political system needs to work together to draft a national strategic cooperation plan for the Greek economy, Constantinos Mihalos, president of the Central Union of Greek Chambers (KEEE) and of the Athens Chamber of Commerce and Industry (EBEA) told ANA on Friday.

“I got tired of saying it, but I will keep on saying it until I see it happen,” Mihalos told Praktoreio 104.9 fm radio station, while he mentioned the US President’s speech “who tried to relate economies based on the policy followed by the US in 2008 and he was absolutely right”.

Mihalos said there were recovery signs for some time now, but what it is needed to escape from a hostile economic environment, “to be able to preserve competitiveness, this cannot be done under the existing tax framework”. He expressed the hope “to reach an agreement with our partners and creditors the soonest possible” adding “we cannot struggle for ever walking on quicksand and that should be acknowledged primarily by our partners and creditors because an agreement reached with the previous Greek government must now be implemented”.

“Greek businesses are currently facing a nightmare. Those that have managed to remain afloat, proved the courrage and the ability to develop. But we have a very big number of enterprises, we mourn during this period of crisis, more than 265,000 enterprises have closed down and we finally need a stable and reliable environment in which we will be able to operate,” he noted.

Addressing an event on banks and loans, Mihalos called for drafting special management actions on corporate loans, depending on the size of enterprises and underlined the risk of transferring the control of a large part of the Greek economy to investment groups outside the country.

“Restructuring on corporate non-performing loans is a difficult, but necessary process, in order to free capital and to disburse new loans. As long as this issue remains pending, the market will suffer from liquidity crunch raising the number of enterprises that will be unable to meet their liabilities,” Mihalos said.