Greek Capital Market Commission will launch new funding tools aimed to support Greek enterprises, Charalambos Gotsis, president of the Commission said in an interview with ANA on Tuesday.
Gotsis said these tools included the Fund of Funds, with an initial capital of 200 million euros –coming from abroad and the private sector- which is expected to begin operations soon offering capital to small- and medium-sized enterprises (mostly startups and easy stage) needing see capital for their development. Another tool is the transformation of ETEAN into a development bank aimed to offer to healthy SMEs access to capital. This proposal has been made to the institutions and the government was expecting their response.
The Capital Market Commission has set as priority the creation of a regulatory framework for the introduction of new alternative products in the Greek capital market. A new law, voted in Parliament in September 1st, deregulates the market for the issuance and trading of corporate bonds. Healthy enterprises will be able to issue and to trade in the Greek capital market bonds with a stable yield (coupons). This is something that the market, large and medium enterprises, have been asking for many years, Gotsis said.
For smaller companies and mostly startups, the market introduces crowdfunding procedures, Gotsis added. Crowdfunding is a significant alternative funding tool, offering solution to the plans and dreams of several new businessmen with innovative ideas and proposals, he noted.
Gotsis said that the Greek economy was in a transition from stabilization to recovery, which is expected to be significant in 2017, but needs timely completion of a second review of the program to be continue –a development which would allow Mr. Draghi to include Greece in a QE program and the Greek government to begin debt relief negotiations. Everything shows that 2016 will be the last year of a prolonged crisis. The stock market shows signs of stabilization moving in line with the course of the Greek economy.
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