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Yanos Gramatidis on Founding New Greek Political Party (Audio) · Bloomberg Intelligence

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  Speaker 1: Broadcasting live to New York Bloomberg eleven Brio to Washington,
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  Speaker 1: d C. Bloomberg to Boston Bloomberg twelve hundreds, to San
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  Speaker 1: Francisco Bloomberg nine six, to the Country's Joey's Exam General
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  Speaker 1: one nine and around the globe the Bloomberg Radio plus
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  Speaker 1: Hayes along with PIM Fox. It's not just the Brits
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  Speaker 1: who are complaining about the European Union. Greece's central banker
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  Speaker 1: is launching an attack against the EU, accusing of enough
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  Speaker 1: fulfilling promise for a reliable, unsustainable Greek debt relief. We
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  Speaker 1: have in studio with us today a Greek politician who
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  Speaker 1: is going to talk to us about his view for
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  Speaker 1: a new political party that will implement a new economic
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  Speaker 1: model for Greece. Pim Yes, indeed, and right now, let's
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  Speaker 1: go to Charlie Pellet to the Bloomberg Neuseroom for Bloomberg
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  Speaker 1: Business Flash. All right you very much, PIM, thank you, Kathleen,
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  Speaker 1: the last time they submitted projections feels like a long
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  Speaker 1: time ago. But they had two rate hikes in twenty
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  Speaker 1: sixteen this year, but they still had four rate hikes
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  Speaker 1: penciled in for both eighteen. So the big question is,
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  Speaker 1: you know, given all this stuff going on, do they
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  Speaker 1: which were backed by President Obama. Sm P five hundred
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  Speaker 1: index down seven to two thousand seventy one. That is
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  Speaker 1: a drop of four tenths of one percent without down
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  Speaker 1: Wall Street. Now let's take a look at other news
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  Speaker 1: from around the world. Thank you, Charlie from the Bloomberg Newsroom.
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  Speaker 1: Of these patients, we have six patients remaining in the
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  Speaker 1: hospital that are critically ill. One patient who survived the
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  Speaker 1: From the Bloomberg Newsroom, I'm June Grosso, Charlie, and we
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  Speaker 1: thank you and again recapping a move floor for stocks
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  Speaker 1: with the SMP five hundred index down nine points now
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  Speaker 1: to two thousand seventy, a drop of four tenths of
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  Speaker 1: one percent. I'm Charlie Peloton. That's a Bloomberg Business Flash.
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  Speaker 1: This is taking Stock with Kathleen Hayes and Pin Fox
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  Speaker 1: on Bloomberg Radio. So much focus on the u K
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  Speaker 1: is its voters prepared to vote on Brexit, the question
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  Speaker 1: about leaving the European Union next week. Greece remains in
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  Speaker 1: a certain kind of crisis of its own, despite several
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  Speaker 1: years since the economy bottom and rounds of debt relief.
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  Speaker 1: More to come this week. In fact, Yanna's Gramatitis joins
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  Speaker 1: us now in studio. He is a founder and president
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  Speaker 1: of a new political party, New Course, New Greece. He's
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  Speaker 1: here to talk about what the issues are the continue
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  Speaker 1: to confront Greece and how his platform and his party
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  Speaker 1: can fix them. Yana's welcome to taking Stock. It's good
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  Speaker 1: to be here. Thank you very much for your limitation. First,
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  Speaker 1: I just want you to briefly tell our listeners a
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  Speaker 1: little bit about you. You fought in the Greek resistance.
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  Speaker 1: Your father was a prominent politician. You have been ahead
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  Speaker 1: of the Greek American Chamber of Commerce. You bring a
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  Speaker 1: lot to this new political party. Um, you're right, that
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  Speaker 1: goes there for a few years advising also the Greek
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  Speaker 1: prime ministers about the economic quote that they should follow.
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  Speaker 1: And because of the fact that they wouldn't listen to
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  Speaker 1: the logic of changing the economic model of the country
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  Speaker 1: and synchronize the country, synchronized the economy and make reforms everywhere,
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  Speaker 1: that's why we decided to take the lead ourselves, the citizen,
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  Speaker 1: and that's why we went to the people, you know,
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  Speaker 1: the first of all to let them know what happened.
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  Speaker 1: And we got into this massive situation who is responsible
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  Speaker 1: for all these for decades and also what can we
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  Speaker 1: do now in order to get to get the country
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  Speaker 1: out of the mess and also gain regain our credibility
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  Speaker 1: because this is really one of the major problems that
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  Speaker 1: has no credibility to the markets, no credibility to the creditors.
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  Speaker 1: So we have to do something like this UH in
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  Speaker 1: order to show that there are strengths in the Greek society,
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  Speaker 1: there are people who actually want to help the country
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  Speaker 1: and want the economy to UH built again. Speak if
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  Speaker 1: you can, if if you have any details about the
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  Speaker 1: new economic moral that you are proposing for Greece. UM.
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  Speaker 1: What we are saying is that we have first of
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  Speaker 1: all to make radical reforms everywhere. We have to establish
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  Speaker 1: a steady, a stable UH tax system, UH, combat corruption,
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  Speaker 1: which is important UH institute initiate a government everywhere, because
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  Speaker 1: when we initiate the government, then we make we put
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  Speaker 1: a stop between citizen and the public administration because everything
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  Speaker 1: is automatic. So this is really another way to combat
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  Speaker 1: corruption and also regain the competitiveness of the economy by
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  Speaker 1: opening the market. UM. The Greek economy today, I dare
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  Speaker 1: say that it is the last Soviet type economy in
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  Speaker 1: Europe and this has to change, and we have to
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  Speaker 1: redirect our production to the production of internationally tradeable goods
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  Speaker 1: and also attract investment. But how do you attract investment.
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  Speaker 1: You attract investment only by creating the proper business environment.
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  Speaker 1: Unemployment still at almost that's on par with the United
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  Speaker 1: States and the Great Depression. So we could say that
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  Speaker 1: in that way, Greece still is in a depression, still
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  Speaker 1: struggling to take out of that hole. What where is
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  Speaker 1: the Greek populace now? Because it was a very very
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  Speaker 1: contentious issue one at the beginning of the crisis. In
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  Speaker 1: order to qualify for debt relief, Greek government workers had
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  Speaker 1: to work more, you know, not get the one or
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  Speaker 1: two months off when the pension plans couldn't be as
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  Speaker 1: rich and you had to retire sooner. Are people ready
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  Speaker 1: to accept your new model? Yes, they are. It will
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  Speaker 1: be a difficult task for the government to deal with
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  Speaker 1: the employment issues. First of all, let me tell you
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  Speaker 1: that already the salaries now are very low and they
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  Speaker 1: make the economy competitive from the employment point of view.
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  Speaker 1: The cost of the employment however, Um, the creditors are
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  Speaker 1: asking far, far more than what we have done so far.
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  Speaker 1: They are asking for flexibility in the labor market. Um.
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  Speaker 1: But when we're talking about about depression, I have to
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  Speaker 1: tell you that for us, in order to face the
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  Speaker 1: unemployment is so we have to realize that we are
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  Speaker 1: not only in a depression, we are in structural collapse. Uh.
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  Speaker 1: And that's why I say that we need to create
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  Speaker 1: new directions for our production line. We don't produce anymore,
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  Speaker 1: and we need to produce in order to face the challenge.
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  Speaker 1: We need also to have public infrastructure works all over
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  Speaker 1: the country in order to create new jobs for the
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  Speaker 1: people and after that incentivize the private sector by new incentives.
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  Speaker 1: All this will definitely make unemployment lower. Uh. And this
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  Speaker 1: is in full contradiction with the model that the Greek
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  Speaker 1: governments follow the last six years. They are concentrating more
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  Speaker 1: on fiscal consolidation than growth, and they sacrifice growth on
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  Speaker 1: the temple of the physical consolidation. There should be a balance,
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  Speaker 1: and I believe that I MF believes also this. It
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  Speaker 1: has to be balanced. And of course we have to
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  Speaker 1: see and put as a first priority, uh, the reprofiling
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  Speaker 1: of the Greek debt, because if we don't deal with
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  Speaker 1: the public debt first as a necessary condition for growth, UH,
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  Speaker 1: then I think that we are building on the sound
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  Speaker 1: just quickly. Um. The word economy actually comes from Greek
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  Speaker 1: or economia, and that means household management. What would be
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  Speaker 1: the one thing that you would like to see happen
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  Speaker 1: in the next six months from the Greek government. I
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  Speaker 1: believe that we should create a more logically orthologically operating
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  Speaker 1: public sector. We have to make cuts and also changes
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  Speaker 1: in the public sector not to make it um more
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  Speaker 1: friendly uh and flexible, friendly to the society, friendly to
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  Speaker 1: the business community. Thank you very much for joining us.
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  Speaker 1: Jo's Gramma. Titc is the founder and the president of
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  Speaker 1: New Course, New Greece, the political party you're listening to,
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  Speaker 1: Taking Starckhan Bloomberg Radio Bloomer. Taking Stock is brought to
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  Speaker 1: you by Bentley University. What your time of the finances
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  Speaker 1: at converse of managing asset allocations at JP Morgan have
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  Speaker 1: in common a business degree from Bentley University. Because business
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  Speaker 1: is everywhere, prepare here