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Victoria Mindova

Someone should tell the Greek people the truth about the state of the local economy, told reporters the chairman of the Hellenic Federation of Enterprises Dimitris Daskalopoulos. "We failed as country a year ago. You may not feel it because the money from the Memorandum of financial support came, but the failure is a fact," stated clearly the businessman. He figuratively said that the light in the tunnel, about which the government talked a year ago, is actually the light from the headlights of the truck that brings the European support. This financial support created the false feeling in people that reforms are not necessary.

"After receiving the aid, some said that Greece could do without the Memorandum." With the typical pragmatic precision of the real business Daskalopoulos noted that if this logic was followed, Greece would have no funds today to pay pensions or wages, or old debts to creditors. Another truth that the businessman revealed is that the reforms slow down today and are not implemented to the Greek creditors’ benefit and not to improve the functioning of the state. Thus, he criticized the government, which often announces the changes (privatisation, structural changes and regulatory changes) as desired by the Troika, and not as changes necessary to improve the internal system.

The vicious practices of the political system of the past have no place in the period of crisis when the knife is resting to the bone and every initiative in the country is facing with a series of disorders and impediments. "The reforms are necessary. We all know that we have to make them to change the structure and the way of operation of the public sector and of the society. A way of operation that exhausted us and even is shaming today"

As for debt restructuring, Dimitris Daskalopoulos stressed that such a move would be chaotic, if not disastrous. He said the main problem is not the foreign debt, but the huge budget deficit. Greece is not ready to bear the consequences of any debt restructuring, because it has not put in order its internal finances. "When we learn to live with what we produce then we will be able to consider a controlled reform of the foreign debt so as to facilitate the repayment of our obligations." So, the most important task of the government now is to implement correctly and on time the planned recovery program.

The lack of political consensus and common understanding of the seriousness of the situation is also very alarming, according to the business. However, Daskalopoulos said that elections are not necessary. The political forces in Greece should focus their efforts towards the common goals that are accelerating the recovery program and stabilisation of the internal environment. Beyond that, if the government really wants to succeed in the fight against the recession and the decrease in the gross domestic product it should immediately remove the major administrative obstacles to private investment. They are the only way out of the spiraling collapse of the economy, which so far has been supported by public investment.
 
To facilitate entrepreneurship in the country in times of crisis, the Hellenic Federation of Enterprises made a road chart and an analysis of the opportunities for economic growth. The analysis was commissioned to the global consulting firm Mckinsey & Company, which will indicate the strongest sectors of the Greek economy. It will make a kind of a 10-year business plan that would show the country how it could achieve sustained economic growth after 10 years on the base of strong sectors such as tourism, manufacturing, agriculture and exports. The results of the analysis will be announced in late June 2011.