Tasos Anastasatos (Eurobank): Ukranian crisis not to overturn Greek economy’s potential

ΣΧΕΤΙΚΑ ΑΡΘΡΑ

Η παρέμβαση του Τάσου Αναστασάτου, επικεφαλής οικονομολόγου του Ομίλου Eurobank στη συζήτηση για το εθνικό χρέος, στο Φόρουμ των Δελφών

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The Greek economy, after a quick recovery in 2021, which allowed it  to reclaim the bulk of pandemic-induced losses, had entered 2022 with leading indicators signaling prospects for dynamic growth stressed Mr Tasos Anastasatos, Group Chief Economist  at Eurobank and Chairman of the Scientific Council of the Hellenic Bank Association speaking at the
23rd Annual Capital Link «Invest in Greece» Forum.

He added that the «Ukrainian crisis, as in the entire European economy, may temporarily cause a deceleration of growth and increase in inflation but it will not overturn realization of the Greek economy’s potential. The size of impact will depend on a multitude of factors, including the duration of war, nature and duration of EU sanctions and monetary and fiscal policy measures. The direct impact of the crisis will be limited as trade, tourism and financial links with Russia and Ukraine are relatively small. Yet, Greece has an exposure on Russian imports on its energy mix and increased uncertainty may affect consumption and investment in the short term. On the other hand, latest information points to unabated activity in a number of sectors and there are expectations of a strong tourist season, upon normalization of the Ukraine situation».

«In addition», Μr. Anastasatos suggested that «Greece will benefit from RRF (2^nd largest beneficiary in the EU as a percentage of its GDP), MFF 2021-2027, and EIB funds. These funds, along with mobilized private and banking capital, not only provide amble liquidity, but also assist in the transformation of Greece’s production model towards exports- and investments-driven sustainable growth. This can be achieved via channeling of resources in selected economic activities (green transition and digitization in particular), as well as via the structural reforms that accompany disbursement of funds. Economic prospects are supported by accommodative monetary policy -flexible reinvestment of expiring GGBs purchased under ECB’s PEPP up to end 2024-, continued fiscal support measures, a cash buffer in excess of €31bn, and greatly improved financial conditions (Greek banks’ radical reduction of NPEs, ample liquidity and capital adequacy).

Prime Minister Kyriakos Mitsotakis to address Capital Link’s «23rd Annual Invest in Greece» Forum