law for subverting business in Greece.
“Opening a new business in Greece is well nigh impossible; closing one is somewhat easier”, it said.
The article refers to the comments of the head of Greek Foundation for Economic and Industrial Research Yannis Stournaras, who pinned the state-heavy economy with excessive and contradictory legislation that is strangling the private sector on the pendulum of Greek politics swung to the left after the end of the military dictatorship.
Greek companies are constrained by a raft of what locals call “counter-incentives”—laws and bureaucratic hurdles that make it hard to do business, according to the Economist.
However, the magazine credited the Greek government for opening a closed economy against resistance from a myriad of vested interests.
IOBE estimates that freeing up all the closed professions could boost Greece’s GDP by up to 17%.
source: CAPITAL
