Hellenic Federation of Enterprises
Hours after Canadian mining company Eldorado Gold said it planned to suspend investment at its mines in northern Greece following what it said are government delays in the issuing of permits and licenses, the chairman of the Athens-based Hellenic Federation of Enterprises (SEV), Theodoros Fessas, called upon the left-led government to find a "political solution" to the problem.
Retail sales may be on the rise, contributing to an increase in gross domestic product, as Hellenic Statistical Authority (ELSTAT) second-quarter figures are expected to confirm on Friday, but analysts warn that Greeks are eating into their savings for this spending - which is not a good omen at all for the return of growth on a solid basis.
The slow pace of justice in Greece is one of the main obstacles to economic growth, according to the Hellenic Federation of Enterprises (SEV).
On Wednesday SEV presented a European Commission report showing that the time needed for first-degree civic and commercial cases averages at 378 days in Greece, against an average of 242 days in the European Union.
The problematic slide in private consumption, on which Greece's economy continues to rely, is not only unsustainable but also poses a serious threat to the economy. Instead of Greece increasing its export and production activity and attracting investment, the contribution of constantly shrinking consumption toward gross domestic product is growing as a percentage, in a vicious cycle.
Greek enterprises are particularly worried about the state of the electricity market, the uncertainty over the sustainability of Public Power Corporation (PPC) and the government's unrealistic plans for enhancing competition, as statements by the head of the Hellenic Federation of Enterprises (SEV) illustrated on Wednesday.