Provopoulos claims there is “no business plan” to tackle the crisis

The former Governor of the Bank of Greece Giorgos Provopoulos argued that there is no “business plan” in place in order to…

The former Governor of the Bank of Greece Giorgos Provopoulos argued that there is no “business plan” in place in order to address the Greek crisis.

Mr. Provopoulos, who made the statement during a book presentation on Tuesday evening, explained that the crisis in Greece is entering its eighth year, when it could have lasted about three years. He also argued that the GDP drop during the crisis could have been 10% to 15% (rather than nearly 30%).

According to the former central banker tax interventions should have only amounted to about a third of consolidation measures taken. Mr. Provopoulos added that these tax interventions should have aimed to increase the tax base and tackle tax evasion, rather than raise taxes. He also claimed that the crisis would be moderate if structural reforms had sufficiently been implemented.

During his speech Mr. Provopoulos estimated that a Greek bankruptcy – which would be triggered from a lack of European funding – would have untold financial and social consequences. The former governor concluded by underlining the need for modernizing the state and opening up the economy.

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