Germany Comes To the Rescue of Greece

German Vice Chancellor and Economy & Technology Minister Philipp Roesler met number of top ministers of Greece government including Greek Prime Minister George Papandreou in a two-day visit to Athens. Papandreou said, “Investment in Greece is an investment in future”. Roesler praised the efforts and added that Greece will emerge out of the crisis. He assured that steps are being taken to encourage the investment in Greece. Government press release said two men discussed political situation, current situation of Greece and local economy.

Roesler discussed Euro crisis and about the German investment in Greece with Greek Vice President and Finance Minister Evangelos Venizelos when the two leaders met. Both stressed the importance of stability of Euro and Euro zone. Roesler cited debt and competitiveness problem as the cause of the Euro crisis. While honoring the German assistance, Venizelos said “We need to convince Greek citizens that their sacrifices are not going to waste and also comfort Germen citizens that their assistance to Greece is beneficial to them”.

Roesler also met Development, Competitiveness & Shipping Minister Mihalis Chryssohoidis. Roesler asked to use all the tools to restore the credibility in Greek economy. He also stressed that Germany is doing everything to pass on the message of stable Europe to market and assured that countries facing difficulties will be given assistance. He said that his visit was aimed at stimulating administrative actions to promote legal security to overcome funding difficulties. He was satisfied with negotiation going on and informed that both sides agreed on three basic axes to facilitate investment in Greece.

Technocratic assistance will be offered by The German Networks Agency, German Wholesale and External Trade Federation and German Competition and German Competition Federation. Greek Investment Bank will be set up to offer support to investors. Greek authorities are working hard to remove administrative hurdles. Roesler was excited to see the efforts seen from Greek government.

Several business agreements were signed over the course of two days. Fifty jobs are expected to be created in Kalamata from the 2.5 million Euro project between OlioBric and Klimis. 50 million Euros is expected to be invested for a golf course adjacent to a resort. Roesler also expressed interest in building pipelines worth 1.5 billion Euros. Memorandum of understanding was signed between the two countries covering 23 actions and five thematic sectors to promote administrative changes and attract investment in the country. Regarding the outcome of the Greek- German business forum and Roesler’s visit, Federation of Hellenic Industries stressed that German investors were willing and positive about the investment in Greece. German investors also expected a creation of friendlier business environment gradually and consistently. The Federation also reminded that similar initiatives will follow to achieve a cordial relationship between the business communities of the two countries and mutually beneficial partnerships and cooperation.

After meeting with German Vice Chancellor Roesler, main opposition New Democracy leader Antonis Samaras said that the intentions of the German Investors looking to invest in Greece should be seen as a significant development on the backdrop of Euro crisis. Samaras also stress that a common language was spoken by the two leaders which was unfortunately undermined by government’s economic policy.