New York Times
June 19, 2011
A few months after Greece was seized by its debt crisis, Prime Minister George A. Papandreou had a grand idea to revive growth: sun-drenched islands would be dotted with solar panels and wind turbines to transform the country into a “green economy,” attracting badly needed investments and creating hundreds of thousands of new jobs.
So when George Peristeris, the chief executive of Gek Terna, a large energy company, wanted to plow funds into an offshore wind project, he thought he would be welcomed with open arms. But it turned out that the government decided it could run things better.
“Private investors with money in hand were shut out,” Mr. Peristeris said. “At first I thought it was a joke. But now we’ve lost an entire year that would have been crucial for the economy.”
With Greece essentially bankrupt, the country desperately needs to generate sustainable growth and lift competitiveness if it ever is to pay down its debt and disengage itself from a chain of international bailouts that is now threatening the stability of the European monetary union.
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