VOLUME 12, ISSUE 1
AHI President’s Note: A good portion of policy formulation in Washington DC is influenced by analysts and academics of think-tank institutions. As a service to our membership and constituency, and to gain an understanding of the position of other entities on our issues, the American Hellenic Institute attends and participates at policy forums or roundtable discussions to ensure the policy positions of the Greek American community are represented.
Accordingly, AHI’s Capital Report is a timely synopsis of recent policy discussions in Washington to keep our members abreast of the latest developments. The content provided in AHI’s Capital Report is for informational purposes only, and does not necessarily reflect the position or opinion of AHI.
“Containing COVID-19: Greece’s successes and challenges ahead”
The Miller Center at the University of Virginia and the Brookings Institution hosted a webinar with Greek Prime Minister Kyriakos Mitsotakis on May 27, 2020. In a conversation-style format, the prime minister explained the early and decisive actions that Greece undertook to successfully contain the spread of COVID-19.. In addition, the discussion focused on the challenges and opportunities of reopening the Greek economy, particularly in attracting tourism and foreign direct investment. On the topic of Greece-U.S. relations, Prime Minister Mitsotakis noted, “…I think Greek-American relations are excellent right now, and I think they transcend the current circumstances.” Finally, the webinar briefly addressed broader European issues as well as the future of democracy.
Link to the event page and video stream: https://millercenter.org/news-events/events/containing-covid-19-greeces-successes-and-challenges-ahead
The German Marshall Fund of the United States (GMF) hosted an online webinar titled, “U.S. Strategic Engagement in the Western Balkans, Aegean, and Turkey during Coronavirus,” May 27, 2020.
The panel was moderated by GMF Senior Fellow Jonathan Katz, Frontlines of Democracy initiative and included:
Deputy Assistant Secretary Matthew Palmer, Bureau of European and Eurasian Affairs and Special Representative for the Western Balkans, U.S. Department of State
GMF Director Gordana Delić, Balkan Trust for Democracy
GMF Director Özgür Ünlühisarcıklı, Ankara Office
During the opening statements, Deputy Assistant Secretary Matthew Palmer commended the region for navigating the COVID-19 crisis and rising to the challenge. Further, he called the region a “success story,” and commented how Greece has effectively become the model for handling the coronavirus. He also restated the U.S. is committed to working in partnerships with countries of the region, and that it will continue to do so in the future.
Following opening statements, Gordana Delić posed various questions regarding U.S. support for European Union enlargement in the Balkans and U.S. investment in the region. In response, Palmer noted the U.S. strongly advocates for the process of enlargement. Additionally, on the topic of U.S. investment, Palmer said, “American business will go where there is opportunity,” and followed-up by saying the U.S. is assisting by supporting an environment in the region that is conducive to investment.
Özgür Ünlühisarcıklı asked Palmer about the current state of U.S.-Turkey relationship. In response, Palmer commented, “We think a strong Turkey is a strong partner for the United States.” He also explained the relationship faces a wide array of issues, such as Turkish involvement in Syria and Libya, but that the United States remains a committed ally with Turkey.
Finally, during Q&A, Palmer also addressed various other topics such as preventing democratic backsliding, competition with Russia and China for influence, and advancing transatlantic relationships. On the issue of tense Greek-Turkish relations, Palmer stated, “There is constant, ongoing dialogue with both Ankara and Athens about these issues, and the United States is actively engaged with our allies in trying to deescalate tensions.
The discussion concluded with all panelists giving their final thoughts about U.S. involvement and the current state of the region.
Link to more information about the event: https://www.gmfus.org/events/us-strategic-engagement-western-balkans-aegean-and-turkey-during-coronavirus
Link to view full event: https://www.youtube.com/watch?v=8lDx-WjevUQ&t=1492s
The American Hellenic Chamber of Commerce hosts: A roundtable discussion on the East Med Trilateral 3+1 Partnership and Energy Security
The American-Hellenic Chamber of Commerce, in partnership with the Atlantic Council, and with the cooperation of the Israel-America Chamber of Commerce and the American Chamber of Commerce in Cyprus, hosted a live virtual roundtable discussion, “East Med, the trilateral partnership (Greece, Israel, Cyprus) and its role in regional energy security and economic cooperation in the age of COVID-19 and beyond,” June 2, 2020.
The entire recorded session is available at the following link: https://www.youtube.com/watch?v=5Qp8FfOOCqY&feature=youtu.be
The session consisted of two panels. The first panel included: U.S. Ambassador to Greece Geoffrey Pyatt, Director of the Future Europe Initiative at the Atlantic Council Ben Haddad, Israel’s Minister of Energy Dr. Yuval Steinitz, Greece’s Minister for the Environment and Energy Kostis Hatzidakis, Cyprus’sMinister of Energy, Commerce and Industry Georgios Lakkotrypis, Assistant Secretary from the Bureau of Energy Resources in the U.S. Department of State Frank Fannon, and the founding Director and Chairman of the Global Energy Center at the Atlantic Council and former U.S. Ambassador to Azerbaijan Richard Morningstar.
Ambassador Pyatt stated,“We see Greece emerging as a major source of energy security across southeastern Europe with a whole variety of projects.” The overall stance from Secretary Fannon was that the U.S. will continue to call out provocative actions in the Eastern Mediterranean, such as the continued exploration of Turkey in Cyprus’ exclusive economic zone. The U.S. fully supports working with Greece, Israel, and Cyprus to develop the region and provide stability through cooperation on multiple fronts.
The second panel centered on Business Opportunities from the Trilateral Partnerships. The panelists included: Director of Noble Energy in Israel Binyamin Zomer, Director of IGI Poseidon Dimitrios Manolis, CEO of Energean Mathios Rigas, Chairman of DFA, Cygas, and Hyperion Systems Engineering Group Symeon Kassianides, and the CEO of AmCham Israel Oded Rose.
Energean CEO Mathios Rigas mentioned the commercial viability of the East Med natural gas pipelineciting sufficient supply coupled with competitive prices for consumers. Rigas stated,“We move fast, we develop resources, because we are committed to this region.” On the topic of the recent collapse of hydrocarbons prices during the COVID-19 pandemic, Kassianides suggested that we look with a long term lens. AmCham IsraelCEO Oded Rose mentioned the possibility of even more opportunities for collaboration between the East Med countries and in developing future “smart” cities.
Nikolaos Bakatselos, representing the American Hellenic Chamber of Commerce in Greece, gave opening remarks.Katerina Sokou, who is the Washington D.C. correspondent for Kathemerini and SKAI TV ,as well as a nonresident Senior Fellow with the Atlantic Council, moderated the discussion.
“The Emerging Landscape in the Eastern Mediterranean II” was a live talk at the 2020 Delphi Economic Forum that took place June 10 with the help of content partner Hellenic Foundation for European & Foreign Policy (ELIAMEP). Ioannis N. Grigoriadis, associate professor, Bilkent University and senior researcher, ELIAMEP, moderated the discussion. The entire talk can be viewed on YouTube: https://youtu.be/DEeh1-xmmhQ?t=17593.
Thanos Dokos, Alternate National Security adviser to the Greek Prime Minister of Greece stated,“There is too much disagreement, reflection, but little action on the part of EU.” He also believes, “Little U.S. leadership is expected in the Eastern Med.” Fighting has escalated over the past few weeks in Libya, and refugee migration from Syria continues to be a problem that Greece and the EU face. Dokos attributed a slowdown in business activity in the Eastern Mediterranean to a combination of low prices in hydrocarbons and due to the geopolitical tensions ongoing in the region. A recent delimitation of maritime zones with Italy was highlighted as a model of cooperation that has not been seen so far with other East Med neighbors, such as Turkey and Libya. He expressed a need to find ways to cooperate and integrate Turkey into the plans for the region, and the situation will remain incomplete if this conflicting relationship exists.
Regarding the prospect of direct U.S. involvement in the region, Nathalie Tocci, who is the director of the Istituto Affari Internazionali and an honorary professor at the University of Tübingen, Italy, stated it is “Not a question of the U.S. being opposed, it is far more a question of the United States being missing in action at the global level.” Tocci further highlighted how China in recent years has acquired commercial influence in the Eastern Med and what that means for globalization as it becomes more regionalized. When speaking on the conflict in Libya, she mentioned the difference between freezing and resolving conflicts as well as the prospects of a compromise between Russia and Turkey in the region.
Sinan Ülgen, who is the executive chairman of the think tank EDAM in Turkey, mentioned how there recently has been, “A proclivity for the Turkish leadership to shift to a mode of hard power.” He added that during this current situation, there is an opportunity for resolving conflicts to be closer to the EU. Furthermore, he highlighted the support of domestic public opinion in some of Turkey’s recent foreign policy directions. Going forward, he stated, “The implications for Europe are two-fold.” These two parts include a review of the framework of the EU and Turkey’s relations and how to make this ”… [a] time to rebuild this relationship into something more positive.”
Regarding the U.S. foreign policy outlook in general, Damon Wilson, who is the executive vice president of the Atlantic Council USA, stated, “The United States has historically been influential in the world because our society, the way we work, has been a source of inspiration. Our values, our commitment to freedom have been what have actually magnified our power.” He further discussed how political and economic systems retain legitimacy and what is the value of self-correcting institutions. Later, he discussed the historical precedent of U.S. involvement in the Mediterranean region going back to the Monroe Doctrine, NATO, and the Cold War. He paralleled these historic cases with recent developments in U.S.-Greecd relations: “Despite the perception of the United States not being there, we’ve actually seen a pretty remarkable apogee in U.S. – Greek relations over the past decade.” His closing remarks centered on bipartisan support for East Med Act, finding new solutions for Cyprus, and using multilateralism to facilitate economic and security cooperation with Egypt, Cyprus, and Greece. Regarding U.S. priorities going forward, he stated they should involve, “Stepping up coordination with Greece, the Republic of Cyprus, Israel, paralleled and accompanied with a real commitment to retaining and keeping Turkey as an ally and as part of the strategic west.”
The second part of the discussion centered around economic issues confronting all countries in the region. Alternate National Security Adviser Dokos mentioned looking specifically at the terms of the EU stimulus package and how Greece and Turkey could benefit tourism-wise from a calm summer. Ulgen again discussed how the pandemic is an opportunity for the EU to restructure its commitments and rebuilding leverage with Turkey. Tocci had closing remarks regarding the EU’s response to economic crisis involving bank and stimulus programs as well as the socioeconomic response to the current and developing situations.
“Pathways to Decarbonisation” was a live talk at the 2020 Delphi Economic Forum that took place June 10. Dimitris Kottaridis, who is a journalist with ERT Greece, moderated the panel. The entire talk can be found on YouTube: https://youtu.be/DEeh1-xmmhQ?t=34148.
Andreas Shiamishis, CEO of Hellenic Petroleum in Greece, mentioned how decarbonization will be involved in the transition of energy from coal and oil to natural gas and renewables. Specifically, he highlighted three key areas that decarbonization will address. These sectors included: energy usage, supply of energy, and overall power generation. Becoming more energy efficient was also a point he made clear, saying, “The cleanest part of energy is the energy you don’t need to produce.” In terms of his company’s portfolio, Shiamishis highlighted how they will be diverting investment into renewable energy for the future and natural gas for the transition. Regarding recent plans for more electric cars in Greece, he stated, “If we don’t change, if we don’t follow what makes sense from an environmental and business point of view, we will not have a future in 20 to 30 years.” Lastly, when asked about relations between Greece and Turkey, he stated it is “Difficult for us to comment,” but added, “Clearly, having resources in Greece is something which is positive, provided that the exploration and exploitation of these resources takes places in an environmentally cautious way.”
Kostis Sifnaios, who is the group energy director at the Copelozous Group, discussed how the high efficiency power plant in Alexandroupoli can bring competition and diversification. It will play, “A pivotal role in the energy security of Greece and Southeastern Europe,” he said. Sifnaios explained how funds through an EU recovery plan could provide up to 32 billion euros to transform economy with green energy and improved infrastructure. Strategic alliances with Italy, China, and Bulgaria for investment in energy projects alsowere mentioned. Several major wind projects were highlighted according to their MW capacities: 700 MW in Evia, 1000 MW in Crete, 220 MW in Thrace, and a 3000 MW wind energy partnership with Egypt.
Nicola Battilana, who is CEO of DESFA, stressed the importance of cost efficiency and social viability when exploring the energy solutions of the future. Mitigating greenhouse gas emissions is not only part of the EU’s environmental goals but it would benefit the shipping industry and distribution networks in Greece in being more cost effective in their operations.
Aristotelis Chantavas, the head of Europe Area for Enel Green Power, Greece, discussed how the energy transition will call for a “Structural transformation of our energy system.” A smooth phaseout of current fuels will involve natural gas as transition fuel in this long-term process. When discussing the real benefits for citizens of stable and efficient energy supply, he stated, “Countries that are pioneers bring these benefits to their citizens faster.” His closing remarks touched on national autonomy and ENL Green Power’s capacity to lead the future of energy in Greece. He said there is an “element of national security that is very important in these times,” and that ENL is helping worldwide by “leading the energy transition in all continents.”
The second part of the discussion centered on the ongoing development of the East Med gas pipeline project. Xifaras highlighted the importance of political support from Greece and Cyprus, and how the major funding from EU constitutes not only financial support, but political support as well.
Sifnaios emphasized the geostrategic role of Greece and added, “A project cannot stand on its own geopolitical and geostrategic substance. It needs a commercial aspect.” This commercial aspect includes having the right raw materials, technology to transmit them. Gas supply choices have been limited in Balkans and East Europe, and he believes the supply can be diversified through legislative, regulatory measures, and financial support. An integration of markets for Greece, Bulgaria and Serbia would require critical infrastructure to handle LNG for multiple suppliers. His final remarks included the role of Greece as entry point in the region and the unique advantage to have LNG facilitated by the Revethousa and Alexandroupoli terminals and planned underground storage unit in Kavala.
Lastly, Battilana commented on the expectation of unemployment from a shift in energy plans and that “Every time we face a disruption of one technology, of one business framework, there is a fear to lose jobs and to lose competitiveness at a national level.” He closed with the idea that policy needs to address these fears that can prevent progress and that digitalization of the economy is not an enemy if the transition can be led effectively.
Fireside Chat with U.S. Ambassador Geoffrey Pyatt
The Delphi Economic Forum hosted a fifteen-minute online “Fireside Chat” between Geoffrey Pyatt, United States ambassador to Greece and Alexia Tasouli, diplomatic correspondent, Open TV, June 10, 2020.. Despite the brevity of the event, Ambassador Pyatt commented on a wide array of topics, including: Libya, Russian influence in the Eastern Mediterranean, current events in the United States, energy, and other issues pertaining to maritime disputes. In the context of the United States’ interpretation of international maritime law, Ambassador Pyatt reiterated that the Turkey-Libya Memorandum of Understanding is “unhelpful and provocative” and that islands have the same rights as mainland territories. He also commended Greece on becoming a key regional energy hub and said, “Energy has been one of the real bright spots of the U.S.-Greece relationship over the past few years.”
EAST MED ENERGY: A POST-COVID OUTLOOK
The Delphi Economic Forum with content partner, the Institute of International Relations (IDIS), hosted an online event titled, “East Med Energy: A Post-COVID Outlook,” June 10, 2020.
Constantinos Filis, executive director, Institute of International Relations, Greece, moderated the panel discussion. Panelists included:
Matthew Palmer, Deputy Assistant Secretary, Bureau of Europe & Eurasian Affairs, U.S. Department of State
Dr. Mitat Çelikpala, Professor & Dean, Faculty of Economics & Social Sciences, Kadir Has University, Turkey
Dr. Charles Ellinas, Nonresident Senior Fellow, Global Energy Center, Atlantic Council, USA
In his presentation, Deputy Assistant Secretary Palmer explained how many actors, including the U.S., are competing for influence in the region. He continued by stating that the U.S. hopes the energy discoveries promote peaceful and productive developments. He also commented on how exciting the expanding energy architecture is for the region. Along these lines, Palmer praised the “3+1” framework, calling energy one of the most important topics in the framework. He also expressed his concern about Turkish drilling activities off the coast of Cyprus. In conclusion, he called for increased communication and cooperation between regional actors, especially Greece and Turkey, and commented, “As an ally, the U.S. is concerned that the increasing tensions between Greece and Turkey could result in an incident or accident that leads to unintended consequences.”
Dr. Mitat Çelikpala provided the Turkish positions on the energy developments, not on the behalf of the Turkish government, but rather from an academic perspective. He called the gas discoveries in the eastern Mediterranean a game-changer, but added regional challenges may downsize their effectiveness. Dr. Çelikpala recommended the other countries in the region bring Turkey into the various regional initiatives to suppress Turkey’s belief that it is surrounded by hostile actors and to reverse Turkey’s distancing from Western allies.
Dr. Charles Ellinas concluded the panel discussion and offered insight on market factors critical to future development of the region’s energy sector. Commenting on the current and future impact of COVID-19, Dr. Ellinas described how the oil and gas sectors worldwide have descended into crisis and low prices may be here to stay. As a result, he concluded that the future of the region is in green, renewable energy and eastern Mediterranean gas is in a regional market.
All panelists agreed that more cooperation and synergies are needed for the region to prosper, and there are still many unpredictable factors that will influence post-COVID developments.
Link to Full Coverage of Day 2 of the Delphi Economic Forum: https://www.youtube.com/watch?v=DEeh1-xmmhQ&t=23263s
“Sustainability & Impact investing in the Post COVID-19 era: Boosting the Transition to a More Resilient & Circular Economy” was a live talk at the 2020 Delphi Economic Forum that took place June 11. Kostis Tselenis, president of Hellenic Impact Investing, moderated the discussion. The entire talk can be found on YouTube: https://youtu.be/uZYfJDKFGYI?t=18050.
Mr. Tselenis’ opening remarks centered on the growing interest in sustainability and how investors are better accounting for environmental and social costs through impact investing. He defined impact investing as a “Methodology targeting balanced risk/return, maximizing environmental/social benefits” that also aligns with the UN sustainable development goals.
Jacco Minnaar, chair of the Management Board at Triodos Investment Management, highlighted the fact that the need for impact investing is in the trillions of dollars, but currently, it is less than 1% of total investments. Minnaar cited an inflow of investment in this sector during the first quarter of 2020 as a positive recent development. .
Antonis Schwarz, an impact investor and founder of Good Move Initiatives, said younger investors tend to care about the environment and social issues and these people, “Want to see assets go to work in a way that represents their values.” Further, he discussed the underestimation of environmental, social, and government factors by traditional portfolio theory and how metrics and guidelines make impact investing a more holistic approach to financing the world’s projects.
An important part of impact investing is having, “Risk parameters that are specific, clear, and measurable,” said Tina Mavraki, who is the managing director at Ingenios Ltd and on the NED Board of MYTILINEOS S.A. She explained how sustainable strategies have been outperforming traditional ones over time and that good governance helps to build confidence in investments. Lastly, she mentioned how even during the COVID-19 pandemic that “The renewable energy sector has definitely displayed great resilience.” Specifically, in Greece, she cited the extensive projects completed and underway in Crete and other islands contributing toward a greener energy mix. Regarding the current renewable energy regulations in Greece and across the EU, she remarked,“As the renewable legal framework continues to advance, I am sure we will manage to achieve a smoother and greener solution in energy supply.” Gas will be the transition fuel, but renewable energy will be another key step on the path to decarbonization and energy sufficiency for Greece, she said.
Mr. Schwarz closed by stating his belief that banks and the government could work together and help investors feel more welcome in Greece by reducing the amount of paperwork, stamps, and time involved with doing business in the country.
Fireside Chat XIX
The Delphi Economic Forum hosted a virtual “Fireside Chat” between Prime Minister of Greece Kyriakos Mitsotakis and Niall Ferguson, Milbank Family Senior Fellow, Hoover Institution, Stanford University.
On the topic of Greece’s response to COVID-19, Prime Minister Mitsotakis explained his decision to act quickly, aggressively, and with a clear message, and commended the Greek people for their response to the government’s actions.
The discussion turned to reopening the country and the economy. Prime Minster Mitsotakis emphasized the need to keep basic precautions and stated the gradual reopening of Greece has been an overall success. In addition, he addressed the country’s next big challenge of reopening for tourists. The prime minister explained the current plan and detailed the different “phases,” and stated that the approach may change based on developments regarding the pandemic. In response to other economic projections and the limited monetary and fiscal policy tools at Greece’s disposal, Prime Minister Mitsotakis announced his commitment to support employment and the real economy. In regards to policy responses, the prime minister stated how there have been exceptions to Greek fiscal restrictions for 2020, as well as how Greek bonds have been included in the purchasing program of the European Central Bank and on the international credit market.
The final topic addressed was the current state of European politics and other global geopolitical issues. Prime Minister Mitsotakis explained how COVID-19 was a symmetric shock that affected everyone which emphasized the need to protect the single-market. He added the crisis was a catalyst for change and increased the global relevance of the European Union. The prime minister also commented on the current tensions in the Greek-Turkish relationship and how EU support is crucial. He said, “This is not just about Greek-Turkish differences. It is about the whole context of the relationship between the European Union and Turkey, and if Turkey is thinking about violating the sovereign rights of the Hellenic Republic, not only will it get a response from Greece, but I am also pretty sure it will get a response from Europe.” Additionally, the prime minister reiterated his commitment to NATO, but also voiced concerns about the handling of Turkish provocations. He said, “I have also made it very clear to the NATO leadership that distancing itself from the problem is not always the best approach when you have a country that is clearly behaving in an aggressive manner…”
The discussion concluded on a more personal note with the prime minister describing how the pandemic has affected him and his family personally.
Investments: Navigating Uncertainty I
The Delphi Economic Forum hosted an online session titled, “Investments: Navigating Uncertainty I,” June 11, 2020. Stamatis Zacharos, Action 24 Channel, moderated the panel discussion. The panelists were:
Adonis Georgiadis, minister of Development and Investments, Hellenic Republic
Alex Patelis, Chief Economic adviser to Greece's Prime Minister,
Andreea Moraru, Regional Head for Greece & Cyprus, EBRD
Nikos Pappas, member of Hellenic Parliament, V3 Notiou Tomea Athinon
In opening statements, all panelists disagreed with Zacharos’ initial comment that the COVID-19 pandemic has caused the cancellation of investments or alterations in investment strategies in Greece. Minister Georgiadis stated there has been no cancellation of investments in Greece due to COVID-19, and all major investments are still moving ahead. Alex Patelis went a step further by stating there have been new investments in Greece, and political and economic reforms are also proceeding during the pandemic. Echoing these statements, Andreea Moraru commented that investments strategies have not changed, and there are increased efforts to invest in Greece, such as in renewable energy. Nikos Pappas concluded opening statements on a less optimistic note and explained there are alarming signals which call for public interventions and reforms.
The discussion ended with a brief “Q-&-A” segment where panelists responded to various topics, such as the Hellinikon project, small business in Greece, and possible nationalization of companies and/or industries.
Full link to Day 3 coverage of the Delphi Economic Forum: https://www.youtube.com/watch?v=uZYfJDKFGYI&t=7778s
“Investment in Greece: Equipping the Economy for Green Development and Technological Challenges” was a live talk held at the 2020 Delphi Economic Forum,June 12. Nektaria Stamouli, who is a journalist for Politico in Greece, moderated the discussion. The entire talk can be found on YouTube here: https://youtu.be/nBTA1nrR_wY?t=25302.
Christos Staikouras, minister of Finance, Hellenic Republic stated, “According to the preliminary estimates of the stability program, indeed, the Greek economy is expected to sink significantly.” More importantly, however, he stated his belief the economy was on sound footing going into the year, citing there was a significantly lower contraction of the Greek economy by comparison to the EU countries, in general. He believes the future still looks promising for the country, and to meet a promising future, Greece take advantage of the EU stimulus package, reform tax and business policies, and support internal growth through investments. He also mentioned the prospect of enhancing the quality and quantity of GDP through responsible public finances and by improving the productive capacity of the economy. A prudent financial approach, coupled with tax reforms, would help in this regard and in dealing with the currently high private debt, he offered. Asset development plans are also currently being supported through entities like DEPA, port authorities, and the Hellenikon Project. He highlighted the introduction of 25 draft bills in the Hellenic Parliament that have initiatives from “microfinance and corporate governance, to electric mobility and endogenous social growth, like education, research, and development.” Through these ambitious plans, Mr. Staikouras said, on behalf of Greece, that by “completing and implementing the national growth strategy, we will have the opportunity not only to recover but to enter a strong and sustainable upward trajectory.”
Sir Christopher Pissarides, who is the Regius professor of Economics at the London School of Economics, opened with how he believes technology has been neglected in Greece and Italy while manufacturing is automated and moving on to AI in northern Europe. He added, “The countries that are more technologically advanced … do have higher employment rates.” New technology does not necessarily indicate lost jobs that some people fear. He said comparing Greece to other similar countries, such as Netherlands and Denmark, might be a fairer point of reference. He called for a broader perspective of innovation and how it can create new and better opportunities for the people of a country. A positive change in the indices for innovation and efficient allocation of resources must occur for Greece and Cyprus is necessary. Service jobs and tourism will be easy to create, but to keep the human capital in the country he says it will take a greater commitment to digitalization and tech that will partner people with robots and artificial intelligence.
Andrew McDowell, vice president at European Investment Bank, offered his perspective on the price of policies instituted to keep the Greek economy stable and the sustainability of recovery. Two areas of assistance by the EIB include an influx of working capital to help Greece’s major industries and for the EIB to provide significant levels of guarantees to local financial intermediaries. He added, “We see Greece as being a priority country in that regard, given the particular exposure Greece has to the industries that have been hardest hit by COVID-19: tourism, shipping, and so on.” Equity and debt financing are also available to help Greece to fulfill its green development plants. More innovative firms and a private equity system can support the recovery and long-term growth of the Greek economy. In closing, he stated the intentions of the bank to expand its commitment and to work to make financing available for a strong recovery.
Jeffrey D. Sachs, who is the professor & director of the Centre for Sustainable Development at Columbia University, congratulated Greece’s handling of the pandemic. He also stressed the role of Europe having a better strategy in dealing with the virus and responding to the demand for safe tourism, and Greece’s reputation as friendly to tourists, as positives Regarding the role of Greece in implementing the EU Green Deal, he stated “Greece should play a very key role in this, it should be a recipient of a lot of these funds.” Sachs cited the great potential of wind and solar capacity in Greece as the reason. He later added that systematic investment in information technologies would support the overall energy and economic plans of Greece.