Greece Faces Non-Development Period After Bailout - Business Council

Greece faces a prolonged period of low economic development due to the bailout programs signed with its international creditors, President of the Greek-Eurasian Business Council Spyros Kouvelis told Sputnik.

MOSCOW, (Sputnik), Anna Liatsou — The Eurogroup approved the third bailout package for Athens, worth 86 billion euro ($95 billion at the current exchange rate) on August 14, in exchange for more austerity reforms that include tax increases and pension cuts.

"Because of the two previous agreements [with the international creditors] and the one that was signed by this government recently, Greece will face a quite prolonged period of non-development. We will have quite a prolonged period of low outcome of the Greek economy," Kouvelis, who is also a former Greek deputy foreign minister, said.

Kouvelis explained that Greece could overcome the crisis by supporting new ideas. The ex-deputy minister stressed that now there are many young Greek people who are eager to collaborate with other countries, especially those of the Eurasian Economic Union. The new generation of Greek entrepreneurs is ready to take their ideas outside the country, and launch production abroad.

"That could also be a source of remittances for the Greek economy," Kouvelis concluded.

Greece is currently experiencing a deep economic crisis, struggling to repay its multi-billion debt to international creditors, including the European Central Bank, the International Monetary Fund and some eurozone countries.