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Greece combines the right economic policy mix with political stability, Hatzidakis says

Featured Greece combines the right economic policy mix with political stability, Hatzidakis says

The government has "a unique political opportunity to push through all the changes that will raise Greece higher," National Economy and Finance Minister Kostis Hatzidakis said in an article published by the newspaper "Kathimerini" on Sunday, analysing the government's economic policy and performance.

"After the last elections, the right mix of economic policy is combined with political stability in Greece," he said, refuting criticism that the government was focusing on handing out benefits rather than dealing with the productive base of the economy.

Hatzidakis pointed to the good news for the economy in recent years, such as the reduction of the debt to GDP ratio or the drop in unemployment and the reduction in non-performing loans, among others. He pointed to an increase in investments and exports to record levels, including of technology, and other positive signs, while noting that the current accounts deficit was a source of concern but was reduced by one third in 2023.

Inflation remained a problem, the minister noted, but Greece was close to the EU average and the government was taking steps to address the problem.
Denying any loss in reform momentum, Hatzidakis pointed out that 50% of the economic programme was implemented immediately after the elections, including laws to increase competitiveness in the banking system and to restrict tax evasion.

The cost of borrowing had also plummeted after the elections, due to Greece regaining investment grade, he pointed out, while 10 privatisations and concessions had generated revenues of 7.1 billion euros, with some attracting strong investor interest. Meanwhile, growth rates remained five times the Eurozone average, in spite of an unfavourable environment and the effect of natural disasters.

He stressed that the government will push through with upcoming reforms, such as the integration of POS terminals with cash registers to restrict tax evasion, legislation introducing incentives for mergers and innovation, and reforms to increase the efficiency of the public investment programme

Hatzidakis also highlighted a bill for the Growthfund and its subsidiaries that will make it more developmental, a bill to protect the Capital Markets Commission and make the stock market more attractive and the Fiscal Structural Plan that outlines Greece's fiscal course in line with EU rules.