The 2nd review of Greece’s programme would be completed before the end of the first quarter of 2017, the head of the Athens Chamber of Commerce and Industry (ACCI) and the Central Union of Chambers of Greece Constantine Michalos predicted on Monday.
Speaking at an ACCI event, Michalos said that target growth rates of 2.5 and 2.7 pct of GDP in 2017 were achievable, given that more than one billion euros will be injected into the market through the recently passed Christmas benefit for pensioners (617 million euros), the Marinopoulos supermarket chain agreement, which envisaged spending of 500 million euros to pay off arrears and for new stock purchases, and the launch of the Asteras resort investment, amounting to 200 million euros. Added to these sums, he said, would be additional inflows from the NSRF and EU funds, the investment law and others.
Michalos was critical of government delays in implementing major investments, however, such as improving the regional airports, and said that the state must reduce its arrears to businesses. He also called for more reasonable taxation rates and a reduction of the cost of money for Greek businesses to “competitive levels“.
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