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“Investment in Greece quintupled in first 7 months of 2017,” says Economy minister

Foreign investors have brought more than one billion euros in Greece in the last seven months, deputy Economy and Development Minister Alexis Charitsis said. In the equivalent time period in 2016, the amount was €200 million. Another 5 to 6 billion euros are expected to come through the package of the European Commission President Jean-Claude Juncker and cooperation with the European Investment Bank.

Speaking to radio Sto Kokkino FM, Charitsis said that such investments create stable new jobs and ‘fair growth’.

The Minister attributed the investment increase to “very positive developments like the conclusion of the second review, the upgrading of the credit capacity and the first successful return to the markets” after a long time. “These factors have created an environment that also attracts investment both from domestic and foreign investors,” he said.

He added that “there are strong recovery trends in recent months” noting that “foreign direct investment has quintupled and exceeded one billion euros in the first seven months of the year.”

In corresponding period in 2016, investment was just over 200 million euros and in 2015, it was 150 million.

Charistis stressed that there was still “a long way to go, both quantitative and qualitatively” and that “policies to protect labor rights should accompany the wave of investment.” He refereed to the bill submitted by the Labor Ministry to the Parliament beginning of the week.

He added that Greece remains top on the list to absorb funds from the so-called  Juncker package, that European Funds would boost projects like the 4th Metro Line in Athens and the power connection of Crete with the mainland.

He revealed that an Investment Fund with the European Investment Bank is to be signed in autumn. 600 million euro will be used for very specific targets like the energy upgrade of public and private buildings, the creation of small touristic facilities in the mainland and on the islands and the creation of integrated business parks.

“The disinvestment the Greek economy suffered during the period 2010-2015 was truly unprecedented for a western country in times of peace,” Charistis stressed.

Ps How is is one billion euro?

Image result for how much in volume is one billion euro

So much 🙂

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One comment

  1. how much you wanna bet that these were part of some kind of ‘maching funds’ deals dripping with corruption?

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