Following a prolonged period of economic crisis, the Greek economy is about to return on a sustainable growth path. A necessary precondition is to create an environment of credibility and stability. In order to achieve this, the Greek government reached an agreement, after painstaking negotiations with the international lenders, on a new adjustment program. The latter, secured the country’s fscal position and debt sustainability in the short and near term.Until the end of 2015 the government implemented 48 reforms, which were preconditions to secure initial funding from the program. On the same time, Greek banks were successfully recapitalized, staving off systemic risk. Successful conclusion of the 1st assessment of the program’s implementation will mark the completion of almost 70% of the required measures and will initiate the debate on long run debt sustainability.
In this context, the Greek government is about to launch growth-promoting policies funded through fscal tools such as the new investment law and European Cohesion Funds as well as domestic and foreign private investments. The bulk of academic and empirical literature has demonstrated that a clear and predictable institutional framework is the principal prerequisite to attract credible and long term investment schemes. Investors seek prior knowledge of required license procedures and legal regimes that regulate their investment project throughout its life-cycle.
In this direction, the Greek government works in three different dimensions, which share two common features, i.e. regime stability and adaptation of international best practices. There is a close collaboration
with European institutions and international organizations, like the OECD, to achieve this goal.
The three dimensional national strategy involves:
a) A new Investment Law, which will offer foreign investors a stable tax regime over a 12 year time-span.
b) A new Law on public procurement that incorporates the latest EU directives on the issue (24/2014- 25/2014). The major idea is digitalizing the whole process to facilitate participation on equal footing for everyone willing to get involved. The new system secures competition along with transparency and encourages the participation of SMEs in public procurement.
c) Last but not least licensing facilitation, through the creation of one-stop centers, where foreign investors will be able to acquire information and submit applications through swift and speedy procedures.
In the framework described above, it is my frm conviction that the edition of “Greek Law Digest – The Offial Guide to Greek Law” will be a useful tool for foreign investors, wishing to exploit opportunities that the Greek economy offers, at a period when a new era of growth and prosperity is about to begin
