Hardouvelis: We must not cultivate unrealistic expectations

"Citizens must understand that there is no autopilot. The country will not find itself from 'hell' to 'heaven' from one day to the next, without an effort. We cannot cultivate unrealistic expectations that we will meet all sorts of demands," Hardouvelis said at the Capital + Vision conference, titled "Innovation and Enterpreneurship: The next step."

The minister also said the 11.4 billion euros still available at the Hellenic Financial Stability Fund (HFSF) could be included in the country’s "capital reserve" to boost the confidence of the markets after the exit from the bailout programme - if Greece’s international lenders agree.

Describing Greece’s new relationship with its partners, Hardouvelis said it will be specified by the beginning of 2015 and will be based on the following factors: the country’s ability to raise funds from the international markets, the existence of a capital reserve that would enhance confidence towards the country, and on the new reform plan.

According to the finance minister, the new reform programme will include the improvement of the business environment, the efficiency of the public sector, boosting the institutional role of Justice and the system of education and the implementation of tax cuts which would threaten fiscal consolidation.
Hardouvelis also urged the banks to play a leading role in the Greek economy and finance businesses.

"Day by day, it becomes more acceptable that the country’s private sector is where we must give the battle for the restructuring and recovery of the Greek economy. Greek society understands we cannot create jobs in the public sector. So the main issue now is for the private sector to star creating jobs," Hardouvelis said.

This means, he added, that banks have to return to their primary role or funding the real economy.
Commenting on the country’s planned privatisations, Hardouvelis said the privatization fund (HRADF) has significantly accelerated the programme and the target is to secure revenues of 9.6 billion euros until the end of 2016.