"The next five years will be decisive for the future of Greece, which must transform itself into a strong economy by changing its productive structure," said Alexandros Exarchou, Vice Chairman of the Board of Directors and CEO of Intrakat Group, speaking at the 9th Delphi Economic Forum, during a discussion on investment and growth with journalist Nikos Filippidis.

REFORMS

Mr. Exarchou noted that Greece must create an economy with a serious productive base, aiming for the future and this is an effort that must start now. And he pointed out that the next 3 to 5 years are the ones that will determine the course of our country after 2032, when the grace period of the loans received during the previous decade will expire. The head of Intrakat Group stressed that if Greece does not change its production model, it will soon find itself in a difficult position again, and expressed concern that the country still relies heavily on tourism and domestic consumption and does not produce or export as much as it needs.

However, he stressed that the conditions for a change in the economy are now in place and that seriousness and political stability will be needed to support this effort. He also noted the need to have a stable set of basic economic governance principles that would encourage and accelerate foreign investment in the country. 

BANKING PILLAR

Mr. Exarchou called for reforms such as accelerating the administration of justice, the delay of which is a deterrent to foreign investment. While highlighting the problem of the difficulty of issuing letters of guarantee for the construction sector by Greek banks, he stressed the need to stimulate competition in the banking system, with new banks that will support small and medium-sized enterprises, which currently have reduced access to bank lending.

He continued, "In this direction, the merger of Attica Bank and Pancretia Bank, which is moving along very well and will have the support of Thrivest Holdings, in which Intrakat's main shareholders participate, is also implementing the vision for the 5th banking pillar. "The performance of the managements of the two banks is helping a lot in this process. If they merge, which I believe will happen within the year, and are capitalised - which I am sure will happen within the year - I believe that the new bank that will result from the merger will support Greek small and medium-sized entrepreneurship," Mr. Exarchou said.