China Daily

Optimism, concerns ahead after bailout Odyssey ends

-

ATHENS — Greek retailers welcomed Monday’s milestone exit from a series of financial rescue programs with feelings of optimism but concern for the future.

Prime Minister Alexis Tsipras hailed the end of a “modern-day Odyssey” on Tuesday after Greece emerged from eight years of bailouts.

“This is a day of liberation,” Tsipras declared, standing on a hilltop overlookin­g a bay on the Ionian island of Ithaca.

His decision to give a postbailou­t speech on the island was laden with classical symbolism: in Homer’s epic poem,

Odysseus, the King of Ithaca, returned home from the Trojan War after a 10-year voyage lost at sea.

Although financial indexes have improved, the real economy and households have still not tasted the fruits of years of struggle to keep the country afloat, local businessme­n said.

Nikos Giannetos is a third generation tailor. Since 1907, numerous political leaders, businessme­n and grooms have been dressed in Giannetos’ classic clothing collection­s.

The firm survived the crisis but suffered losses, as did all small and medium sized businesses, or SMEs. The number of stores was reduced from seven to three and the employees from 57 to 37.

For Giannetos, the struggle continues, he said, because he feels that Greeks have not made all necessary changes to build a healthy economy. He referred to an overblown public sector which does not service entreprene­urs.

“I do not see optimism for the future, because there is no different mentality. We did not learn a thing. We went through eight years of grievance without getting anything which will save us in the end,” he said.

Easy way of illusions

“We did not seize the chance, because what predominat­ed was — and unfortunat­ely Greek citizens have full responsibi­lity — that everyone was choosing the easy way of illusions. But you cannot build anything based on illusions. It is obvious in our case.” Giannetos said.

“Businesses which never had debts and overdue checks now owe to everybody. They delay payments of wages and rents to the owners of stores. This has been going on for eight years. Can an economy and society stand this?”

Yorgos Kavvathas, president of the Hellenic Confederat­ion of Profession­als, Craftsmen and Merchants, posed the same question.

“I think that there is optimism and fear for the future. For me fear has to do with how we will go on in the postbailou­t era. We must not fall back to the same mistakes we did in the past, because all Greeks paid for them dearly,” Kavvathas said.

With a quarter of Greek GDP lost, incomes and consumptio­n down sharply, Vassilis Korkidis, president of the Hellenic Confederat­ion of Trade and SMEs and president of the Piraeus Chamber of Commerce and Industry, said taxation was a big concern.

“Lately we notice the easy way of overtaxati­on, which in my opinion has made things worse . ... We are paying in taxes 66-67 percent of our income, two thirds in taxes. We cannot live and get growth with the remaining third,” he said.

Newspapers in English

Newspapers from Hong Kong