Greece tells investors: ‘The worst is behind us’

Greece-Greek-Flag-700x450.jpg

Greece has launched a bid to re-attract investors, with officials saying “the worst” for the country is over and the likelihood of a eurozone break-up is receding.

The country is holding the two-day Greek Investment Forum at Manhattan’s Plaza Hotel in an attempt to highlight the reforms it has implemented and woo investors back to its shores.

Greek alternate finance minister Christos Stakouras told attendees at the event: “The worst is behind us and we have weathered it.

“Greek citizens have made huge sacrifices to achieve painful, but necessary, consolidation. We need your help, we need your support, but we also need your participation. This is the right time to invest in Greece.”

Speaking to the BBC, Stakouras added: “This year is about stabilisation, next year recovery and onwards sustainable growth.”

The International Business Times also reports American-Hellenic Chamber of Commerce president Yanos Gramatidis as telling delegates: “I can say with confidence, not simply with hope, that Greece has changed, that Greece is a great place to invest, that you should not pass up this opportunity.”

The most recent figures from European Union statistical office Eurostat show the Greek economy contracted by 5.3 per cent in the first quarter of 2013 when compared with the same period one year earlier.

However, Fitch Ratings last month upgraded the country from C to B-, noting that signs of rebalancing are starting to be seen.

Fitch Ratings lead Greece analyst Paul Rawkins told the Wall Street Journal: “Sentiment has just changed. This time last year, everybody thought Greece was going to drop out of the eurozone.”