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Victoria Mindova 

Do not try to satisfy the markets or credit agencies. Play your game, apply the right policies and make it clear to the markets what your goals are. This is the right path for Greece, said Secretary General of the Organization for Economic Co-operation and Development (OECD) Angel Gurria. He visited Athens to present the report of the organization for economic development for Greece this year. 

For almost two years it is the focus of international interest, as the weak spot in the finances of the eurozone. High external debt, large deficits and the disparities in wages to productivity in Greece are at the heart of the crisis which has sparked. After detecting the problem international investors identified country as too risky to continue to credit it and Greece fell into the hands of the International Monetary Fund and EU countries, until it manages to regroup its internal finances and recover its competitiveness. The process, however, proved much more difficult and longer than was hoped by local leaders and European partners. 

Fiscal consolidation measures undertaken in the Memorandum of assistance proved insufficient to deal with the longstanding imbalances. Furthermore, during the first stage the government was powerless to restructure its public sector, which for now remains the main source of costs. During the reform the credit rating of Greece headed sharply down and after the voluntary involvement of private investors in the reduction of foreign debt it hit rock bottom with a credit score "partial bankruptcy". 

Very few countries in the world can get away without serious consequences from high macroeconomic imbalances of credit agencies as that of Greece said the Secretary General of OECD. These are USA, Germany and perhaps Japan, which has about 200% of GDP debt, he said and stressed that Greece is imminent for serious reforms that will take decades. The most important changes that cannot be delayed are the implementation of the planned mid-term plan for rehabilitation measures. However, OECD estimated that the current tax system still has many irregularities. 

The report notes that tax levels should be reduced in order to stimulate entrepreneurship. To further reduce the minimum non-taxable income, which is now 8,000 euros from last year’s 12,000 euros and take more effective action to combat tax evasion. International analysts suggested that Greece should learn from the British and create a public list of tax evaders who owe the state an amount exceeding 17,000 euros, instead of the final decision to include them in blacklists as people who owe the state over 5,000 euros. 

Greece must hurry privatization and to utilize its free assets to reduce the burden of external debt. Privatization will bring much better performance for many businesses, attract new direct private investment and contribute to improving competitiveness, the report said. "It is fundamental for Greece to strengthen the structural reforms, to improve labor market conditions in the private sector for greater competitiveness, which will increase social security and income," said for the Greek public Angel Gurria. He made it more than clear that structural reforms are unshakable basis for the return of steady economic growth. They will increase exports and investments. 

Reforms and hard work will give positive results in the long run. "The program, which is now on the table, contains both structural and financial reforms that will stimulate growth. Combined with privatization and better management of real estate property, which are also crucial for growth and will reduce public debt from 140 percent of GDP today to less than 60% of GDP in 2035," said the Secretary General of OECD. He stressed that this is the next generation which defines today's efforts as a decisive and sustained rise of the Greek economy tomorrow. 

The measures initiated today will bear fruit in the upcoming years and should be implemented with rigor and should be valid in the long run. Moreover, the government should provide better ways to communicate with public organizations and the people in order to be able to obtain the necessary support. Statistics must be accurate and understandable. People should accept that the measures implemented today are vital, not aimless and the short-term problems which they cause are in the name of the establishment of long-term stability, said Angel Gurria. "Give the exact results of the liberalization of the sector, how many new businesses were opened and how many jobs have been established," gave an example the economist. 

I am Mexican and economic crises are not foreign to me, acknowledged Angel Gurria. He was a Finance Minister at the time of the Mexican economic woes and was chief negotiator in the healing period of the country. The work is long and difficult, and the challenges never end, the economist said, but with a positive conclusion: "There is life after dept!"