Greek Industrialists Warn Economic Climate is Worsening



SEV’s chairman Theodore Fessas during a recent meeting with PM Alexis Tsipras

The chairman of the influential Hellenic Federation of Enterprises (SEV) said that the economic climate in Greece has worsened and issued a warning about the need for restraint in pledges that could derail growth.

Speaking on Thursday, Theodore Fessas stressed that “the climate has deteriorated” in relation to the period before the summer and that economic growth has slowed down to 2 percent.

The warning comes a day after the bank share massive sell-off and the sharp drop of the general index in the Athens Stock Exchange, which the government attributed το “speculative pressures.”

“The climate has deteriorated because we have entered a pre-election period and political parties instead of emphasizing the need to speed up reforms, they promise more spending,” Fessas said.

“There are not enough money to share around,” he warned.

Sev’s chairman stressed that although Greece should be able to attract foreign investment, after the exit from the bailout program, “it does not inspire confidence nor stability as it moves towards the general elections.”

SEV is the independent voice of businesses, representing a broad spectrum of the country’s economic activity, including manufacturing and services.