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The head economist of Eurobank EFG: Our bank in Bulgaria is stable

09 March 2010 / 15:03:22  GRReporter
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    -The fact that after the announced by the Prime Minister stricter measures two of every three Greeks is saying: “We agree go on” is very favorable. Two of every three means that these are not only the voters who voted for the PASOK government at the past elections, but are many more. There is a consensus in the Greek society that a change is necessary. Everybody has understood that reforms are needed in the pension system, that taxes have to be paid and that the public sector has to be efficient and they say: “Go on!” The government could go on because it has a huge majority in the Parliament and was elected with a difference of over 10 percent against the opposition. This is a great chance which happens very rarely. It happened in 2004, however it was not utilized by the right centrist government. Now the new government could make a change. You could compare what happened last year when the farmers went out on the streets with their tractors and what happened this year. Last year the previous government did not have a full majority in the Parliament and the Prime Minister had no chance to conduct the politics he wanted. Last year he went and gave 500 billion euro to the farmers knowing he has no money. He spent more than he had to. This year the government said that it won’t pay anything. And the strike ended. This is a lesson for everybody who believes that with a single strike the government will step back and pay them money. The society doesn’t want that anymore. The people understood them! And the government will be forced to do what the majority wants. It is politically strong and it will succeed. Now is the big chance because everybody wants a change – the people want it, the Europeans want it, the credit rating agencies want it, the markets want it and we could do it. This is a very good time for a new beginning for Greece so that it could have a growth rate of about 4 – 5 percent which it kept for 15 years and which it could have again in two – three years.

Tags: Eurobank EFG Gikas Hardouvelis economic crisis
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