Greek enterprises see significant economic prospects in 2016‏

8 January 2016
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There are significant capabilities of supporting economic activity in 2016 through offering significant liquidity from the state to the private sector on the condition that the government strictly implemented its state budget, a privatisation programme and structural reforms included in a third memorandum, the Federation of Hellenic Enterprises (SEV) said in a weekly bulletin on economic developments in the country.

SEV warned that in any other case, 2016 could be an “annus horribilis” for enterprises and workers as an over-taxation trend would further compress available incomes in the country. “The good news and the bet for 2016 is that if reforms were to be accelerated, as expected, the inflow of money from creditors could reach around 17-18 billion euros this year, instead of 13 billion euros,” SEV said, adding that such a sum could allow the creation of cash reserves of around 5.0 billion euros and to repay almost all overdue debt to the private sector (currently around 7.0 billion).

The bulletin noted that accumulating cash reserves of up to 8.0 billion euros by August 2018 was crucial to allow the Greek state to resort to capital markets for borrowing.

SEB noted that funds from the bailout programme should help Greece towards an economic recovery through privatisations and boosting liquidity in the real economy.

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