Constantinos Michalos re-elected president of Union of Hellenic Chambers

Constantinos Michalos, president of the Athens Chamber of Commerce and Industry, was re-elected president of the Union of Hellenic Chambers on Tuesday.

In comments after his re-election, Michalos said: “These elections proved that the chamber and business community of the country can work with prudence, consensus and cooperation to contribute in the country’s exit from a recession as chamber representatives voted for a single ballot, putting aside ‘parties and colours’.”

He noted that the business community was a leader in a battle against the crisis and has contributed largely to the country’s GDP and the reduction of unemployment. It has also significantly strengthened the country’s extroversion despite the horizontal policies that have been imposed.

“The tenure of the new administration begins in a period when economic growth rates are accelerating, but a lot remains to be done in order to exit the memorandums and economic recession,” Michalos said. The country faced five major challenges, he added: high unemployment, high public debt, high non-performing loans reserves held by Greek banks, the need to attract significant foreign and domestic investments and the need to regain access to international capital markets on sustainable terms after the current bailout programme ends in August 2018.