Greek PM: Speeding up structural changes is a message to market

10:30, April 12, 2011      

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The speedup of structural changes in Greece sends a strong message to international markets, Greek Prime Minister George Papandreou said Monday during a presentation of a government program which allows entrepreneurs to start up new companies in a day.

"The 'one-stop-shop' program through a commercial register represents an example of our will and capability to change," said Papandreou during a visit to the Athens Industrial Chamber, accompanied by Greek Regional Development and Competitiveness Minister Michalis Chryssohoidis and other officials.

The success of the new program which was launched last week, is of national importance, since it will reduce bureaucracy, which has been a major factor hampering growth in Greece, noted Papandreou.

The new service, which reduces the time needed to set up a company to one day from 19 and the costs by 50-62 percent, will improve the competitiveness of the Greek economy and attract more investors, added Chryssohoidis.

Currently Greece ranks 149th in the World Bank's Starting Business list. Through the new program Greece aims to reach the 31st position. Exactly one week after the introduction of the program, 7 new businesses have been founded across Greece.

Debt-ridden Greece undergoes a painful and bold austerity and reform program over the past year aiming to overcome a severe economic crisis which led the country to the brink of default last spring.

Despite positive steps taken ever since, international markets and some foreign analysts remain skeptical of the short- term prospects of Greek economy.

Source: Xinhua
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