Kostis Hatzidakis gave interviews to the Bloomberg and CNBC television networks, pointing out that the key word for Greece and Europe is competitiveness.
In the interviews, granted on the occasion of his visit to Washington, where he participated in the work of the Spring Session of the International Monetary Fund and the World Bank, the minister presented the progress achieved by the Greek economy in terms of development, investments, reduction of public debt. He also noted the investments of American companies in the country, as well as the success of the disinvestment procedures of the State by the banks, while he underlined the need to improve international competitiveness both for Greece and for EU.
Among others, Mr. Hatzidakis highlighted the following, according to the protothema:
For Europe: We need a more effective Europe. The key word is ‘competitiveness’. For this reason we should take seriously the Leta report, the Ntragi report that will be published in the coming months, proceed with the third pillar of the banking union, improve the mechanisms of the single market and consider alternative mechanisms concerning joint procurement in specific sectors to boost competitiveness in the EU.
For the development: Greece’s growth rate is 5 times the eurozone average, despite the effects of international developments and the major natural disasters that hit our country. And this underlines the success of our policy mix, which has been based on two pillars. Fiscal discipline on the one hand and a pro-investment approach on the other.
For debt: There is an impressive reduction in Greece’s public debt. Public debt as a percentage of GDP has recorded the largest reduction in the entire European Union. Our goal is to continue on the path of fiscal seriousness in order to achieve even better results. If one looks at the studies by the European Commission, the OECD and other international organizations, it seems that they accept that there is visible progress in the Greek economy and of course a reduction in the country’s public debt in the last 4.5 years during the administration of K. Mitsotakis.
For the financial crisis: The country in the last decade had a very dramatic experience, but we learned our lesson. This government is determined to follow suit in order to attract more investment and further reduce unemployment. We will continue to be reliable and achieve visible results. Of course there are lessons for Europe to learn.
However, our priority is the Greek economy. For this reason, during the discussions we had regarding the new European Stability Pact and the flexibility given to specific member states, I emphasized that regardless of the regulations, Greece will continue on the path of fiscal stability. And this is because, apart from the surveillance of the European Commission, we also have surveillance from international markets and investors.
For banks: Our banks have paid for the state’s mistakes in the past but are now moving forward. We recently had four divestment procedures in the country’s four systemic banks that were completed with particular success. It was a vote of confidence from international investors and the market in the Greek economy and banking system.
For defense spending: Greece already spends 3% of GDP on defense and is in second place in the ranking of European NATO member countries, following Poland. So we have reached the goals that were set and I think that all member states must comply with the regulations.
On the possibility of Mr. Trump’s re-election: As Europe we cannot intervene. We will respect the decision of the American voters and try to work with the other side of the Atlantic. I really believe that, given the international turmoil, the EU and the US are “doomed” to work together. Of course there are different perspectives, I do not underestimate that, however we have a lot in common, shared values and to some extent the same interests. So we have to work together and I believe we will succeed.
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