(συνέντευξη στην Katarina Kovacikova)
1. Greece exits its third
bailout programme today. What are the biggest changes compared to year 2010?
In economic terms the Greek economy -after an extreme
economic and fiscal adjustment effort- has corrected its “twin-deficits”
problem as fiscal balance has turned into surplus and the external sector is
near a balance. In parallel, a strong set of structural reforms has taken
place. However, there is much room let in the Greek economy for further reforms
in order to enter into a path of sustainable development and of prosperity for
all citizens.
2. The country was
strongly dependent on help by international creditors. Do Greek people at all
have the money to invest in business and thus boost Greece's economic growth?
Even after the end of the third bailout programme,
the Greek banking system remains and functions under capital controls. This
means that the Greek people are still reluctant to trust domestic banks and return
their deposits to the Greek banking system. Furthermore, there is a large stock
of non-performing loans in the domestic banking system that burdens the banking
intermediation process. In few words that is a significant domestic funding gap.
So, foreign direct investments, along with the EU structural funds and
financial instruments, are extremely crucial in order to enhance economic
growth in Greece.
3. Are you not worried
that international creditors would have to hit again? Do you think that fourth
rescue program is real?
With the conclusion of the third programme, the
bailout scheme is ended and what remained in place are the strong commitments
for the continuation of the current and agreed economic reforms and fiscal
consolidation for the years ahead. From now on, Greece has to fully regain
access to the international private funding in order to cover its financial
needs without the support of the official sector. It seems like a one-way task,
as a return to a new bailout scheme would be a “disaster” for the credibility
and the prospects of the country. As long as a post-bailout precautionary
credit line is not established, a failure of regaining full access to
international markets would be an extremely adverse scenario with major
negative impact to the economy and the society. So, such a failure should not
be an option.
4. What do you think is
the biggest lesson for the Greeks over the last 8 years?
The biggest lesson for the Greeks, following the
third bailout programme, is that there are no easy solutions for the difficult
problems. And a successful exit from this painful decade needs a lot and strong
effort from all. This means reforms, reforms and reforms.
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