13 May, 2011
Main opposition New Democracy (ND) Party announced its plan to restore growth in Greece. Its guidelines consist of seven steps which will generate a "creative shock" and reset the Greek economy. The idea is to reduce corporate and income taxes while simultaneously settling all pending irregularities and instituting further penalties to eliminate loopholes that allow tax evasion and illegal unemployment.
Furthermore, ND suggests incentives for capital repatriation, legalization of unlicensed buildings and further boost of the construction sector, while securing satellite photo-mapping of Greece to prevent further infringements. In the same context, ND calls for a settlement of the public sector’s debt to contractors and suppliers to jumpstart their activity.
Finally, banks are to be conduced to channel 30% of state guarantees into the market to make money circulate; European Union funds must be absorbed at a higher pace and foreign investors ought to be provided with a simpler and consistent environment. The EU-IMF memorandum should be renegotiated and purchase of Greek debt in the secondary bond market should be seriously considered.
Source: GREEK NEWS AGENDA issued by the Secretariat Genera