Greek Industrialists Say SYRIZA Policies Limiting Growth

(Photo by Eurokinissi/Georgia Panagopoulou, file)

ATHENS – The organization representing Greek industrials, The Hellenic Federation of Enterprises (SEV), said the government’s 2019 draft budget that shows a rosy recovery from an 8 ½-year economic and austerity crisis won’t promote growth and isn’t business-friendly.
The ruling Radical Left SYRIZA-led coalition said it has brought the comeback with Prime Minister Alexis Tsipras taking the credit without mentioning a recovery would be spurred because he implemented austerity measures he said he would reject before surrendering to the country’s creditors to get a third bailout in 2015, this one for 86 billion euros ($97.84 billion) he swore he wouldn’t.

SEV said over-taxation has hurt business with a corporate rate of 29 percent scaring off potential foreign investors and that putting new taxes on previously exempt low-and-moderate income individuals and families would finance a mix of social security contribution reductions and an increase in tax rebates to families with children, said Kathimerini.

“The first enhanced surveillance report by the European Commission after the end of the bailout programs generates concern as well as worries in the capital markets, which Greece will have to resort to sooner or later to renew the low-interest loans of the creditors when they mature,” SEV noted.

SEV said the government must create incentives for well-paid labor, entrepreneurship, tax compliance, savings and innovation.