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Greek economy risks entering a "danger zone"

25 February 16 | Fessas Theodore
Fessas Theodore

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“In a few days we are entering the danger zone for the Greek economy,” Theodore Fessas, president of the Hellenic Federation of Enterprises said on Thursday.

 

Addressing the annual general assembly of the Bank of Greece, Fessas noted a dangerous delay in the Greek economic programme review and said that the country is balancing on a tight rope.

He recommended that the government should tax everyone “from the first euro in a progressive and socially fair way” and repeated his objections to an over-taxation of consistent taxpayers which increased the incentives for tax evasion.

“Incentives for employment are slowing dangerously, leading the productive base of the Greek economy to contract even more.

It is obvious that in such a framework of over-taxation it is impossible to attract capital and people of high expertise, who are moving to foreign countries,” Fessas said, adding that authorities should implement an obligatory electronic pricing between enterprises and transactions with the state,

a move which could offer annual benefits of up to 1.5 billion euros to enterprises, reduce forged bill documents by 80 pct and boost VAT revenues by up to 1.0 billion euros each year.

He underlined the need for a proper management of non-performing loans to free banks and to restructure the productive sector of the country.

“Moral hazard threatens to undermine what remains of the confidence in the banking system and an end must be put immediately to a regime that rewards the delinquent,” he said.

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