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Politics

Mitsotakis Expresses Optimism for Greece’s Economy in Greek Roadshow Message

September 17, 2020

ATHENS — Prime Minister Kyriakos Mitsotakis asserted that Greece will be among the countries that will draw from global investment funds after the coronavirus pandemic, while addressing the 15th annual Greek Roadshow on Thursday, organized by the Athens Exchange Group, held in London on September 17-18 & 21.

The Greek Premier also observed that "the pandemic's course is so far better in Greece than in other countries. I am cautiously optimistic, as we look towards spring, in view of the release of a vaccine that will provide us with greater certainty and predictability."

Referring to the government's plans to support the reduction of non-performing loans (NPLs) of Greek banks by granting a guarantee on securitized non-performing loans – known as the "Hercules" plan – he said that he expects the participation of all four major banks by year's end. The program, he said, is "moving within targets" to see NPLs reduced to half.

He then spoke of supplementary pensions, which may have to transition from a system of defined benefits to a capitalization system, which will be based on the social insurance contributions of each insured person.

"In the summer we successfully completed the negotiations in the European Union for the Recovery Fund of 750 billion euros," he said, while "Greece is expected to receive about 32 billion euros, an amount that corresponds to slightly over 17 pct of Greek GDP, over a six-year period."

The prime minister then underlined that the priorities of the government's national development plan are: "Green, digital, and private investments, and economic transformation, employment, skills and infrastructure."

"The plan includes both reforms and investments and is based on economic principles that are reflected in a report we requested from a group of advisors under Christoforos Pissarides, the Nobel Prize winner," the prime minister said. A draft of the report was first announced on August 3, and which includes fourteen proposals for a development policy.

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