point to tourism and financial services as the cash
cows of the Greek economy, optimists point to the
huge potential of the electricity sector.
As noted in one of the recent Economic Bulletins
of the Hellenic Federation of Enterprises (SEV),
“smart grids” for the distribution of electricity give
rise to spectacular investment opportunities for
Greek businesses.
The effort to meet the European targets for 20%
Renewable Energy Source (RES) participation in
final energy consumption by 2020 and 27% by
2030, as well as the corresponding energy sav-
ings, have created many new challenges. These
challenges can also be met through the evolution
of existing electricity distribution networks into
“smart grids”. “Smart grids” can meet the increased
needs of all users by improving the monitoring of
energy flows, thus enhancing the reliability of the
system, despite the increase in the number of
suppliers with multiple characteristics. “Smart
grids” can generate substantial energy-cost sav-
ings for consumers, also boosting efficiency by
optimising supplier inputs.
Within the new energy landscape, the role of
energy distribution network operators is critical for
the safe and efficient operation of the entire ener-
gy system, and network management is at the
heart of the electricity market’s operation.
In this context, many business opportunities are
expected to arise in various high-tech industries,
especially in the energy and ICT sectors, as busi-
nesses will be able to develop new “smart grid”
applications and lots of other solutions.
And, given that all the above represent just one
example, presented by a —highly reliable—
organisation and demonstrating the Greek econ-
omy’s dynamism, the conclusion is obvious:
During the years of the memorandums, Greece
failed to prepare and deliver a comprehensive
and realistic plan for exiting the crisis. Successive
governments took the easy road of extreme over-
taxation, given their constant inability to tackle tax
evasion. Across-the-board cuts were preferred to
the targeted and productive containment of gov-
ernment spending. There were very few efforts to
implement the necessary structural changes, and
no government gave emphasis to enhancing pro-
duction, innovation, and exports. Moreover, any
notion of social protection for the most vulnerable
social groups was eliminated (despite being a
stipulation of the first Memorandum) and, of
course, there was no climate of national unity,
since each government put off solving the prob-
lems, in order to avoid the political cost.
The day after
A normal economic life, a quiet political life, and
smooth financing flows: these are the key factors
that will bring the Greek stock exchange back to
the era of sound and dynamic growth.
After the tough 6-year period of the
Memorandums, the Greek economy can follow
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