Greece needs to simplify the institutional framework to allow investments and remove the obstacles when investing in land and property, Vice Chairman for Global Capital Markets at Morgan Stanley Reza Moghadam said on Wednesday at an event organized by the Athens-based IOBE research institute.
Moghadam also said that it will be difficult to achieve high growth rate in Europe if the banking system doesn’t help, which will not happen unless the banks are not freed from their bad loan portfolios.
He also wondered if there is a point in establishing the same fiscal architecture for all member-states, regardless of their economic peculiarities in the Eurozone, while he noted that job creation at a European level is discouraging.
Taking his turn, Head of the Europe and Central Asia unit at World Bank Dirk Reinermann spoke about the need to bolster the net protecting society in Greece, adding that fiscal stability and growth are equally necessary preconditions that will send an optimistic message to the markets.
He also said that the crisis and recession in Greece were the biggest in the last century at an international level and pointed to the poverty indexes.
(source: ana-mpa)
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