Deputy Premier Dragasakis: Gov’t reshaping outdated Greek economic practices

The year 2018 will be a recovery year for the Greek economy, with more job openings, fewer outstanding non-performance loans, and the end of economic supervision by Greece’s creditors, Deputy Prime Minister Yiannis Dragasakis said on Monday at a two-day annual Greek Economy Conference by the American-Hellenic Chamber of Commerce on “Reshaping Economy – Reviving Entrepreneurial and Business Dynamics”.

Dragasakis said that “overtaxation does exist, but Greece went bankrupt mainly because there was significant undertaxation. Therefore, we must now resolve the issue in its entirety, so we are promoting a new model for Greek production that relies on regional specialization.”

Examples of necessary reforms he gave are of exporting companies keeping their profits abroad instead of investing them in research and development in Greece, and the high cost of energy and transport despite the fact Greece is becoming a hub in those sectors.

“The country needs reshaping and revival through innovations and a new professional ethic, and the government aims at changes that will relate to the needs of the majority, rather than the few,” he said.