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I do not want to make predictions. It is important to continue the efforts that we are making at the moment. Improving and correcting mistakes or speeding up issues that are delayed. For example, currently there is a big catalyst. These are the state properties. They can be used for the repayment of debt, attracting investment and creation of new jobs. We have not used this tool as we would like so far.

And how could we?

By acceleration of privatization of the state agency for private property and using properties of the state. The Prime Minister himself has made enormous efforts in order to coordinate this project and is now looking for ways in which we may use properties besides those of the Agency in order to repay the debt.

Which properties are we talking about?

Mainly about properties that are currently owned by the State Real Estate Company, as well as real estate of other ministries that have not even been transferred to it. For example, the Ministry of Defence.

And what will happen to them? Will they be sold or included in certain companies?

We are considering various options now, I cannot tell you the final decision - it is important to proceed with the description of this property. The size of this property does not matter now because it depends on the usage. The question now is to move on to solutions that do not lead to a new debt and new bonds, but to the development of land.

Will all revenues gained from it go towards the debt reduction?

Not necessarily. Projects with shareholders could be created and not by taking new loans in order to use the land.

Why are we proceeding to this – doesn’t the Agency for Private Public Property have enough properties that could be used for debt reduction and growth?

But it is not only that. There are significant properties outside the Agency, many ministries. The Agency has a specific programme for the privatization of about 23 billion euro by 2020.

And this new package can be used as part of a new solution for the debt?

It's not just the repayment of debt; the usage of properties generates investment, jobs, attracts foreign capital, and ultimately leads to a reduction of the debt or the deficit, or both. I have always said that we have a powerful tool in our hands – state-owned properties are an undeveloped sector which is often underestimated.

Is there a technical formula that can be adopted by all our partners and in Greece, by which a change in the regime, for example in the Agency for Private Public Property will automatically lead to a large reduction of the debt?

We are not talking about changes in the status of the Agency. Everything that is written about the SPV (the Special Purpose Vehicle - a company with special purpose entities) abroad, about management outside Greece, is in the realms of fantasy. We are examining new forms, but always under Greek control and in Greece. An SPV abroad cannot sell real estate in Greece.

However, privatization is delayed...

I do not think that we have significant delays. The state's natural gas company is the only delay, but as you know, this is not just our fault.

They criticize you for not paying great attention to the creation of a new development plan, with the assumption that the most important pledge is not the launch of the Memorandum, but the creation of development that will stand the test of time...

I was the first person who talked about a new model of development in 2008. Obviously Greece needs a new growth model which will not be funded by the government - an increase of exports and fewer imports. This will be the difference. Now, for some time, we have ordered the Foundation for Economic and Industrial Research, the Centre for Development and Economic Research and McKinsey to present which sectors will have a major role in the economy over the next ten years - sectors that will bring added value based on employment. A presentation will be made in a few weeks. We will have quantitative estimates of the growth that can occur over the next ten years if these sectors fail to exploit their comparative advantages. And the new ESPA programme will be based on these three studies.

Speaking of development, do you plan to provide new financial incentives in order to attract investors?

There is a team that deals with this issue. We want to attract capital and mainly rich people who have tax residence in Greece and are consistent with tax legislation.

Will a new bill be submitted?

We are trying to gather all provisions on tax relief in one frame in order to make tax laws clear for investors.

Are you worried by the trend of companies to leave the country and go to countries with lower taxes?

We have reduced tax rates for companies to 26% and this is the lowest compared to countries of the Organization for Economic Cooperation and Development. We are trying to simplify the tax system. With the code of the Income Tax Code and tax procedures, we have reduced tax provisions by 1/3. We foresee that companies will come back and will not leave Greece.

The Prime Minister announced the implementation of a new 15% single tax ratio (flat tax) for all companies. When will it be applied?

This is a medium term vision, we are not ready yet. When we are able stand on our own two feet financially and enter markets on our own, then we can proceed to horizontal cuts in taxes. But it is still very early.