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Politics

Greeek-American Jamie Dimon Says Greece On Way Back, Needs Foreign Investors

November 26, 2019

One of the most prominent Greek-Americans, JPMorgan Chase CEO Jamie Dimon, said Greece is finally recovering from a near decade-long economic crisis but needs foreign businesses that Prime Minister and New Democracy leader Kyriakos Mitsotakis is chasing.

In an interview with the newspaper Kathimerini, Dimon – who had contemplated running for President and is one of the world’s most influential bankers – said after meeting with Mitsotakis that that the investment climate in Greece is “surprisingly good, but unknown to most investors.”

Mitsotakis wants to change that with many prospective foreign companies scared off by the former ruling anti-business Radical Left SYRIZA that raised the corporate rate to 29 percent and had a hard-core element that stymied major projects that the Conservatives leader is starting.

“Greece has gone through a lot and made a tremendous amount of change. When you look at its surplus and its taxes, those are all good. The world is just learning about it and you’re starting to see it in lower bond rates and things like that. If  (the government does) all the right things policy-wise, I think that you can see Greece turn and get stronger and stronger,” said Dimon.

With Greece having lost scores of thousands of people who fled to other countries during the crisis he said that the country needs to keep its best and brightest, youngest and entrepreneurs who often feel blocked by governments who make decisions based no politics.

“Greece educates a lot of very smart people. So if they can attract people like that, you can have foreign companies come in that start great technology centers. So there are always opportunities, if they’re properly addressed by the government and the people of the country,” said Dimon.

Three international bailouts of 326 billion euros ($359.04 billion) expired on Aug. 20, 2018 but Greece still hasn’t been able to make a full return to the markets and the economy will be monitored for years by envoys from the creditors, including the Troika of the European Union-European Central Bank-European Stability Mechanism (EU-ECB-ESM) to make sure fiscal goals are hit to prevent triggering automatic spending cuts and more reforms.

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