Draft law for the Greek capital market aimed at making the Greek Stock Exchange more attractive will be presented until the end of the month in the Council of Ministersannounced the Minister of National Economy and Finance Kostis Hatzidakis speaking tonight at the conference on “Public Debt: Lessons of the Past, Challenges of the Futureorganized by the Bank of Greece.

Mr. Hatzidakis, participated in a discussion with commander of the TtE Giannis Stournaras and the general director of IOBE Nikos Vetta. Answering a question about how populism prevailing in various regions of the world can be dealt with, he said he was optimistic about our country. “In Greece, he emphasized, we had the negative experience of the previous decade. New Democracy won two election contests despite not having a populist approach and making fewer promises than the other parties. This is an indication of the maturity of the Greek citizens which is probably based on this negative experience. Politicians, however, should not forget that they are not only addressing the minds but also the hearts of the citizens».

To a question about the ascendancy of Donald Trump and the consequences for Europe, the minister said: “My experience of the European Parliament is that Europe does not act, but mainly reacts to certain developments. I think developments in the US may inspire or compel the EU to act. Otherwise, we are doomed and the EU’s role internationally will decline. We have to deal with the competitiveness deficit and the political deficit, especially in the field of defence. We do not want to be an international tourist destination but to have a strong, competitive economy with a political identity and presence in the world».

In the context of the discussion, Mr. Hatzidakis reiterated the government’s commitment to fiscal seriousness combined with a pro-investment policy that leads to growth and rapid debt reduction, as was done in previous years. “It is a policy of common sense, but there is always the temptation of populism“, he said.

In question about the current account balanceHe emphasized that despite the progress and the great increase in exports in the last five years, it remains the most important problem today and is burdened, among other things, by the high prices of energy products. “For this reason, he stressed, we emphasize the areas where Greece has a competitive advantage and at the same time adopt initiatives such as incentives for mergers and innovation, in order to further strengthen competitiveness and exports».

The minister noted that from now on, after the fiscal stabilization, the emphasis will be on increasing investments and exports. He pointed out the initiatives that have already been undertaken, among others for the simplification of legislation, the reduction of taxes and insurance contributions, while the upcoming legislative intervention for the capital market is part of the same framework.

Finally, in a question about the environment, Mr. Hatzidakis referred to specific policies implemented by the government, which include:

  • The decarbonisation of power generation, not only for environmental reasons but also for economic reasons as coal is now very expensive.
  • Increasing the share of renewable sources, a sector in which Greece is making impressive progress.
  • The promotion of electric mobility by adopting a series of incentives.
  • Saving energy by implementing programs that have proven to be particularly popular.
  • The electrical interconnection of the islands with the mainland grid which has both an economic and an environmental dimension.
  • The most modern waste management.
  • The national reforestation plan.

“It is clear that the environment is a priority for both Greece and the EU. We want to be a ‘green’ government, for environmental as well as economic reasons and we have already made progress that is visible“, concluded the minister.