Galery

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Does this mean that the government policy towards capital markets is wrong?

I'm not saying that it is wrong. I am saying that capital markets should be demonized, so we can objectively evaluate the information that reaches us and make our strategy based on this information. This means that if we live with the markets we can not take them into account or ignore their attitudes. There is a problem with the evaluation of the Greek economy. Markets require concrete measures to give us the relevant positive evaluation. These measures are clear and we mentioned them above: to cut the public sector and its spending, to relate the changes in revenue with the fight against tax unfairness. This is the way to restore our positive image abroad. All this will lead to the production of primary budget surpluses.

Today, there are different scenarios for the default of Greece. What is your position on the issue?

Default is a very bad thing. We should be very careful when we speak of controlled default or uncontrolled one. I think in this situation the most important thing now is to implement the measures agreed on July 21, 2011 very carefully and decisively. This is the goal.

Maybe that is the goal, but as we see, it is a problem for Greece to achieve the set goals. There is always a delay or incomplete execution of tasks. How would Greek merchants and companies respond if the measures EU leaders agreed at the summit on July 21 are not applied and bring some form of default?

In this case, about 50% haircut of the debt could be applied which will lead to serious liquidity problems of banks, social security funds and the market opportunities available to consumers. The crisis will become even more complicated if the default is uncontrolled and then the financial system will be in a very difficult situation. It will lead to massive nationalization of banks and other difficulties. In this case, the banking system should inevitably be supported because it is the only tool to provide financing on the market.

Unfortunately, I would say that banks are victims of state in the case of Greece. There are no free money, no liquidity for the households and for the companies. Whatever stocks there were they are almost exhausted. The companies are about to exhaust every possible source of funding and savings accumulated in the past, so that reforms could not be delayed further.