FEIR: we Would save 18 billion. euro if we made it on time reforms

About 18 billion less, would be the losses of the economy in the period 2008 – 2015, than the total of 66 billion. euro lost GDP, if we had applied…
in time the reforms.
This emerges from data collected by the general director of IOBE and professor of the Economic University of Athens, Nikos Vettas, reports the “Daily Κυρακής”.
According to mr Vette, the significant recession of the Greek economy was inevitable after 2009, because of past imbalances and systemic distortions in the Greek economy, which found expression in the twin deficits and the accumulation of debt.
But the head of the IOBE has made it clear that the “necessary” for the adjustment of the economy’s recession was significantly less than that in the end we had. “Depending on the individual calculations, we could have balance with a recession, cumulatively of the order of 15-16% since 2008. I.e. about 10 percentage points of GDP less than the one we had”.
Mr. Vettas focuses on the losses in the extreme uncertainty created by the prospects of the economy, the risk of Greece’s exit from the EU, but the lack of political and social consensus, which, together with the slow implementation of reforms away investments and prevented the increase of exports.
“If Greece had followed the path that had been hacked since the beginning of the crisis in front of the structural changes, the Greek recession is not much different from that of other countries of the Euro area periphery,” notes mr. Vettas.
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