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Gikas Hardouvelis: Five major reforms to jump start the economy and the role of banks

The interview was conducted by George Fidikakis of Liberal.gr

June 3, 2021

Greece attracts significant interest among international investors and its economy is expected to grow at a rate of 5% in the following years. However, the big question is whether the earlier pessimistic IMF forecasts of a long-term growth of 1% can be disproved.
“To achieve high growth, the country needs to go through major reforms,” explains Professor Hardouvelis, “in particular, he points to: digitization of the public sector, major transformation in the energy sector, radical changes in the labor market and the social security system, faster delivery of justice, and a substantial upgrading of the educational system, which lags far behind in international comparisons.”
The Professor of the University of Piraeus and Independent Non-Executive Member of the Board of Directors of National Bank of Greece highlights that “any obstruction or loss of trust can put us in a difficult position, exposing the wounds of the ten-year crisis and the pandemic.”
Despite the many challenges banks face, he expects them to reduce non-performing exposures to below 5% or even 3% of their total loans by the end of 2022. It will thus be easier for banks to finance the economy.

The interview in Greek is available at: Liberal.gr