FinMin Staikouras at Capital Link forum: Greek economy returning to normalcy

he dynamic restart of the Greek economy was the main focus of Greek Finance Minister Christos Staikouras’s address to American investors at Capital Link’s 21st Annual Invest in Greece Forum in New York City.

The government is restoring normalcy in the economy based on a cohesive plan, he said, and he reviewed its achievements after winning elections in July 2019.

He included, among others, the following: closing fiscal gaps; achieving fiscal targets; reductng property tax; abolishing the remaining capital controls; overturning ineffective labor market laws; promoting a systematic solution to NPLs in banks; restarting major infrastructural works and privatizations; paying off the most expensive part of the IMF loan; passing a law to improve the investment climate; regulating the e-games market; and passing a comprehensive taxation reform that will accelerate economic development.

The positive outcome of these actions, Staikouras said, were reflected in several aspects, including the fourth post-surveillance report and upgrades by credit rating agencies.

“Undoubtedly, Greece has gone through a lot in the last decade, and now is returning to normalcy,” he noted.

Future steps the government plans to take include guaranteeing the stability of the financial system, boosting liquidity in the real economy and introducing a framework to manage private debt, among others, he added.