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Greece needs growth vision: Austrian economist

(Xinhua)

10:25, May 26, 2012

VIENNA, May 25 (Xinhua) -- Greece needs a growth vision and an acceleration of available programs in order to be able to focus on investment, said a renowned Austrian economist Friday.

In an interview with the Austrian broadcasting radio ORF, Karl Aiginger, director of the Austrian Institute of Economic Research (WIFO), said it was important for Greece to "accelerate" the previously available programs and "pick up" the available money.

"If Greece has a program, we will also help them. It would make sense if Greece opens 220,000 companies and we can help them," he said, adding that the reduction of youth unemployment should be given priority.

The willingness to stimulate growth, new production and new services will make "the decline of economic performance to be lower and young people will see that they have a chance," he said.

The general aim was to develop growth programs, which cost relatively little, he said. But, of course, a shift of the tax system and the administration in Greece is needed, he added.

Aiginger also stressed that, compared to euro bonds or new money, the breakdown of Greek economy is "the most expensive solution." He described the discussion on euro bonds as "useful," which aims to "change the country's economy fundamentally within five years."

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