By Anastasios Kapnopolis*
Memoranda of Understanding are now behind us. But the struggle for economic recovery and stabilisation continues. The responsibility for its outcome lies solely on our shoulders and requires a spirit of consensus, cooperation, creative positioning and rigorous decision-making.
In the aftermath of a trying decade for the country, social and business solidity and hardiness have nearly reached their limits. The state of extreme uncertainty we have all experienced during the past few years, a state that many businesses continue to deal with to this day, provides for less than an optimistic outlook on the future. To envisage good prospects, however, as we all must do, a great deal of hard work and substantial effort is required.
* Anastassios Kapnopolis is president of the Thessaloniki Chamber of Small and Medium Sized Industries.
The Prime Minister and the Ministers of the new Government are aware that there is no room for tardiness. The present time is the only time for the introduction of substantial reform and new investments, aiming to speed up economic growth and to finally put an end to the ongoing financial crisis that has plagued the Greek economy. Greece is in need of a national reform and action strategies with a view to stimulate growth. It is critical that we do not re-enter certain faulty political practices of the past.
An essential condition for economic growth is taxation reduction, bolstered by containment of non-productive public expenditure and improvement of taxes and levies collection. The effort to relieve the Greek economy, businesses and citizens from the burden of over taxation cannot be possibly easy. However, it is a necessary step in the course of leading the country out of its current financial predicament, which requires strategic planning, responsibility and a daring disposition. Taxation reduction, combined with the rationalisation of social security contributions, comprise a difficult but, nevertheless, indispensable step towards exiting the current financial predicament. Markets are in expectation of great advancements from the new government in this respect. We hope that all necessary actions will be carried out with due speed, earnestness and adequate planning, so that the benefit for the economy and the citizens can become rapidly envisaged.
Since the essential precondition for growth is liquidity, it is also of the utmost importance that restoration of the functionality of the banking system be brought into effect. Most importantly, the speedy re-institution of granting credit to smallto-medium sized businesses with competitive interest rates. What the country’s business sector has been in need of for many years is a government with an economically rational disposition, administrative capability and managerial competence, a government able to exercise both regulatory and supervisory authority. A government that will not operate as a market overlord, but enforce conformity to the rules of competitive practice. A government that will give precedence to the expediency of businesses and bolster their competitiveness by minimising administrative expenditure. It is the hope and the request of the country’s business world that this new government implements a consistent and steady financial and fiscal policy, with a clear, development-oriented foresight.
