PM: Investments are top priority

Tsipras talks of success at Eurogroup and urges ministers to pull their socks up and crack down on red tape

Describing last week’s Eurogroup as a success, Prime Minister Alexis Tsipras told his cabinet yesterday that the government’s main focus now will be on luring investments as a way of achieving the country’s ultimate goal of tapping international markets.

Tsipras made his remarks as it becomes increasingly clear to the leftist-led government that its goal of accessing international markets hinges directly on economic growth, which, in turn, relies on attracting foreign capital.

Tsipras also said that as a result of the government’s negotiation strategy that led to last week’s deal, Greece will be in a position to access bond markets “very soon.”

Moreover, as fears of another Greek brush with bankruptcy subsided last week, there has been a sharp fall in the yields of Greek government bonds. And Tsipras predicted that they would continue to fall.

He added that it is imperative now to build on the improved environment so as to reel in the foreign investment the country so desperately needs.

“This will mean liquidity and money that will flow into the market and the real economy,” he said, urging ministers to take a personal interest to make sure that bureaucracy and red tape do not continue, as they have done for so long, to stand in the way of investment.

“The ministries must coordinate in the best possible way to support and expedite the procedures needed to kick-start investment plans that have already matured without delays and excessive bureaucracy,” he said, adding that this should be done even if it means ministers clashing with interests.

“We must clash not only with petty interests, but also fight against the fear that comes with being responsible for the public sector,” he said.

To the end of boosting growth, he also referred to the plan to organize 13 regional growth conferences in order to assess the economic priorities of different regions in the country.

Meanwhile, it was reported yesterday that Parliament will debate the progress of the Greek economy and the outcome of the recent Eurogroup meeting on July 3.

The debate was requested by conservative opposition leader Kyriakos Mitsotakis so that “the Greek people can know the truth” about the deal.