The Greek economy is not expected to return to growth rates before the end of 2013 as the impact of government measures on citizens and enterprises are extremely heavy and have led the real economy to a deep recession, Yannos Grammatidis, president of the American-Hellenic Chamber of Commerce, said on Thursday.

Addressing an event on “The Truth and its Consequences: Counter-Incentives to Growth and Particularly in Attracting Foreign Investors”, Grammatidis said, adding: “the situation is very difficult in dealing with, a synthesis of action and balancing act, a crossword for serious players”, while he reiterated the Chamber’s proposals for a modern Greece by 2020.

A privatisation programme promoted by the government should be catholic and not fragmented.

“With a system and a plan and not with instinctive improvisations such as prohibiting land sale. This kind of improvisations reduce the credibility of any other useful measure and maintain disbelief and doubts among the Greek and international investment community,” he said.

Grammatidis added that political courage and determination was need, confronting vested interests and views. “Our society is ready to accept any radical change as long it hears the truth and it is informed over where and how this country is going,” he added.