Financial Times
February 22, 2012
Two leading Germans, including the head of the country’s manufacturers’ association, on Monday revived the call for a new Marshall Plan to be launched to reanimate the Greek economy, involving both private and public investment.
Hans-Peter Keitel, president of the Federation of German Industries, said the Greek population needed to have the prospect of a “new future”, on top of all the sacrifices they were being asked to make in exchange for debt relief.
German investors were ready to put money into practical projects to revive the economy, he said, but Greece first needed to create a reliable legal framework to protect their investments.
The same concept of a Marshall Plan – a reference to the US-financed programme that revived European economies after the second world war – was proposed by Werner Hoyer, former deputy German foreign minister, who has just taken over as president of the European Investment Bank.
“Greece needs a Marshall Plan alongside its unavoidable savings programme,” he said in an interview with Handelsblatt, a business newspaper. “Only that can succeed in renewing the structures of the country from the bottom up.”
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