Solidarity is key as businesses enter uncharted waters

Up until a few weeks ago, 2020 was seen by everyone as a year of high growth, when the presence of Greek companies was being consolidated in the markets, which would finance their investment programs at low cost.

However, within just a short period of time, it turned into a nightmare. The future is uncertain. The economy is in uncharted waters, says one of the businessmen who spoke to Kathimerini.

The impact will be strong for everyone: the state, workers and businesses. How deep it ends up being depends on the duration of the pandemic. For some sectors, such as tourism, 2020 will, more or less, be a lost year, and to some extent the effects will also be tangible in 2021. The most important thing for all businesspeople now is, firstly, to tackle the pandemic by all means and to limit human casualties.

There is general agreement that the measures taken so far to contain the spread of the coronavirus are in the right direction, as are the interventions to mitigate the immediate economic impact. The preparations for the day after must begin with planning policies to get the country back on a track of growth. The cooperation of the state, businesses, banks and institutions is a prerequisite.

“We – the state, businesses and employees – must outdo ourselves so that with an intense and persistent effort, even greater than usual, we will reduce the financial impact of the crisis. It is incumbent on all of us to prepare now for a dynamic relaunch of the Greek economy,” says GEK Terna Group Chairman Giorgos Peristeris.

The role of banks will be particularly critical, as “the period immediately after the acute phase of the pandemic will require a massive response – i.e. a massive liquidity boost for the economy to heal the wounds that are sure to be created, as soon as possible,” said Fokion Karavias, chief executive at Eurobank.