T
he year ahead will not be an easy one.
2013 is the year our ministry must inten-
sify its efforts in three distinct sectors:
reinforcing liquidity in the market; restarting a
string of major infrastructure projects; and push-
ing ahead with all necessary structural reforms
that will help make our economy competitive and
our country investment-friendly, and promote
entrepreneurship.
The agreement reached with the Eurogroup is of
key importance in regard to the first objective, liq-
uidity, as it leads to the recapitalization of the
banking system and helps bring back savings. At
the same time, it allows the government to repay
outstanding debts to private enterprises amount-
ing to €9 billion, €7 billion of which will be paid by
June and are expected to boost the retail market.
Our ministry, on the other hand, strives to utilize
all available means for promoting liquidity. In
cooperation with the EIB we have introduced
€1.44 billion worth of SME support projects; and
guarantees of up to €500 million to strengthen
imports and exports. We have announced specific
action to release frozen assets of approximately
€700 million from the state SME guarantee fund
(ETEAN) and we are actively trying to simplify
procedures and improve the absorption rate
(already well above the EU average) of EU
Structural Fund aid. Another €456 million have
been earmarked for boosting enterprises in trade
Trade with Greece
10
Greece is going
to make it
By Kostis Hatzidakis,
Minister for Development,
Competitiveness,
Infrastructure, Transport
and Networks
2012 was the year Greece stood on its own
two feet. Following the June election and
the formation of a viable government,
strong political will, the agreement reached
with our Eurogroup partners and the IMF,
and the sacrifices made by the Greek
people precluded the so-called “Grexit”.
Our deficit now ranks as the 6th or 7th
lowest in the Eurogroup. At the same time,
a multitude of reforms and structural
changes in labour, the markets and the
state, demonstrated the government’s
resolution to move into a new chapter.
