Wednesday, May 25, 2011
Haris Pamboukis: Greece Needs Incentives to Expand Exports and Grow the Private Sector
Haris Pamboukis, Minister of State for Greece, told CNBC May 25: "Our aim is to take drastic measures," he said, to pull Greece out of its "depression."
Greece needs to make the public sector more competitive. Government spending, he claimed, has already been reduced 5 percent, which has been very painful, but more must be done.
Greece also needs new incentives to expand the private sector. "Our goal is to have an economy that produces more than it consumes," Pamboukis said. Exports have grown to represent 26 percent of growth. This export-led growth from the private sector is the way forward for Greece.