Mytilineos: The Draghi report has no chance of succeeding

The Draghi report has no chance of succeeding, said Evangelos Mytilineos, President and CEO of Metlen Energy & Metal as well as President of the Pan-European Association Eurometaux.

As he said, it is “transcendental. When Draghi demanded 800 billion euros in additional investment each year, he received a negative response by the German Vice Chancellor. Because without money nothing happens. Almost everything he said is what we, who are friends of Europe, say have little or no chance of happening, because the political union of Europe is necessary, as for every issue there must be unanimity of 27 member states.”

Regarding the Greek economy, he estimated that its future will be determined by the current account balance, stressing that the fiscal deficit “has not only been reduced, but it has performed well with the help of inflation.”

Unfortunately, as he explained, the current account deficit is worsening and this means that the general economy, despite the memoranda, the strict discipline imposed on us and the sacrifices of the Greek people, is still not competitive and therefore imports much more than it exports. He added that when balanced it will mean that Greece’s productivity will be equal to the other EU countries. “This worries me more than anything else,” he noted.

Greek entrepreneurship is applauded, Mytilineos stated, because it has survived the extremely difficult conditions of the beginning of the previous decade.

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