Alexis Patelis: It is possible to recover the investment level in 2023

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Alexis Patelis: It is possible to recover the investment level in 2023

The chief financial adviser of Prime Minister Alexis Patelis described the recovery of the investment level in 2023 as possible, despite the effects of the Russian-Ukrainian crisis, speaking at the Greek Cypriot investment conference of the Economist in London.

As he said, the Greek government can only continue to do its job, regardless of external factors, meaningfully noting that the Greek economy has been upgraded twice during the pandemic period.

“If the government continues the reforms, if the banks continue to do their job, and on the condition of political stability, then I do not find the reason not to regain the investment level in 2023,” said Mr. Patelis.

“High debt is a problem in the long run only if you can not reduce it,” he said, adding that the Greek government is boosting growth and thus will reduce debt.

Asked about this, Mr. Patelis said that Greek tourism may lose revenue of 400 million euros this year, which is the annual share from Russia.

He expressed the assessment that, through the green transition, and due to the favorable weather conditions, Greece can be transformed from an importer to an exporter of energy, emphasizing that the new geopolitical uncertainty affecting Greece, mainly through the commodity market, does not stop its reform effort.

Mr. Patelis spoke about 250 legislative interventions – reforms in Greece since the summer of 2019 and stood on the one hand in the reduction of taxes and insurance contributions, on the other hand in the legislation on insolvency for private debt.

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