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PPC case a ‘criterion of success’, deputy econ minister says

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The case of the Public Power Corporation (PPC) is a “criterion of success”, Deputy Economy Minister Stergios Pitsiorlas said on Tuesday.

Addressing an American-Hellenic Chamber conference, Pitsiorlas said: “We touch on very difficult issues with deeply routed perceptions. For example, PPC, a taboo issue for the political system. By touching on this we trigger strong reactions and resistance. A successful resolution will be a test and a criterion of whether we can make the next step.”

According to Pitsiorlas, it would be a mistake to say that Greece has reached the point of overcoming its problems, noting the government still needed to complete a very significant effort. He added that a successful bond swap programme was very important, while resolving the issue of non-performing loans required courage and came at a cost for the government, urging the rest of the political system to support this effort. Pitsiorlas called for consensus from the political forces that supported investments and development.

Odysseas Athanasiou, Lamda Development’s CEO, addressing the conference, said the Hellinikon project was expected to double tourism to Athens, adding that the scheduled height of buildings ensured a greater amount of free space. He pointed out that a solution similar to the one reached at the Monastiraki metro station could be reached with archaeological authorities.

G.Linatsas, an executive of Axia Ventures Group, said the Greek economy needed growth rates of 3-4 pct for one decade, something not compatible with targets set for high primary surplus by the country’s
creditors.

A.Kerastaris, Intralot’s CEO, said a clean exit from the programme meant that the country could face borrowing interest rates of 5.7 pct and noted that the government could not control agencies raising hurdles to investments.

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