T
here will be no more austerity measures.
This is not a time for hesitation. This is
the time for decisively keeping on the
path of exiting the crisis. Efforts such as cracking
down on tax evasion, promoting structural
reforms –and there have been many such
reforms– and streamlining the public sector are
among our priorities, and I would say that this
strategy rests on two pillars.
Liquidity is the lifeblood of the economy. And we
are striving, under extremely harsh conditions, to
ensure the prerequisites for liquidity. First,
through the recapitalization of Greece’s banking
system, whose completion will guarantee the
banks’ viability. Second, through the restoration of
confidence, which enhances the flow of savings
back into Greek banks. A process that is already
underway. According to the latest available data,
deposits, which stood at approximately €135 bil-
lion when this government took office, are now
approaching €170 billion. This is a vote of confi-
dence that must be sustained. And, third, through
the repayment of the state’s debts to its citizens.
Since 2010, accumulated state debts to the pri-
vate sector have reached €9.6 billion. The effort
to repay these debts was launched in January,
using part of the loan tranche that was recently
disbursed.
Therefore, I believe that liquidity is gradually
being restored and, for this reason, lending to
both households and businesses must be
resumed. However, there are also other enter-
prise-enhancing procedures that breathe life into
the market; especially into small and medium-
sized enterprises, most importantly those fea-
turing a high degree of specialization and extro-
version.
And it is my belief that such enterprises do not
require huge funds, but are mainly based on the
expertise, knowledge and vision of the people
who are running them. I would say that Greece is
the country with the greatest proportion of busi-
nesses to population in Europe. Thus, our agree-
ment with the European Investment Bank will pro-
vide these enterprises with a total of €1.44 billion,
of which one billion will be disbursed in 2013.
Trade with Greece
6
This means a lot for both our
citizens, and the businesses that wish
to make investments. Obviously, this
required huge sacrifices from the part
of the Greek people.
But now we are on the final run.
Our country is currently
leaving the worst of the
recession behind
By Antonis Samaras,
Prime Minister of Greece
