EBEA chief urges new policy for return to development rather than deeper recession

Athens Chamber of Commerce and Industry (EBEA) president Constantine Michalos called for a new policy that will lead Greece back to the path of development and not to deeper recession, as is the case today, in a letter to prime minister George Papandreou released  on Thursday.
"Unfortunately, it is commonly acknowledged, even by US President Barack Obama, that Greece continues to be targeted by the markets", Michalos said in the letter, adding that a change of the country's EU partners' stance is mandatory to put a halt to this targeting of Greece.
He added that the implementation of a new, far-reaching strategy is necessary that will eliminate all risk of bankruptcy which, Michalos warned, would be catastrophic for the entire eurozone and would also impact the operation of the credit system at global level.
Prompted by the upcoming EU summit on June 23, which will be attended by Papandreou, Michalos said that his letter conveys the desire of the business community to put again to the prime minister "the demand for a comprehensive redetermination of the terms of operation of the hedge funds and the wider credit market and, chiefly, that new solutions be sought for management of the Greek debt problems in the interests of not only Greece but of the eurozone and Greece's lenders in general, in order to avert a systemic collapse.

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