Giannis Marinos: A new beginning

OT is here again today. It was first published in 1926 as a weekly financial newspaper until 1944. It was republished in 1964 as a weekly financial review and again stopped circulating in 1996. It is revived as an electronic financial review by the successor of the Lambrakis Journalistic Organization, Alter Ego publishing company.

In fact, OT had never ceased , existing in the memory of its more than 100,000 readers with constant references to it and its views and as a school of economics especially for the thousands of students who had chosen it as a supplementary textbook.

With the strong memory and the need of a financial advisor, far from any partisan controversy and with the aim of valid financial information, OT.gr is once again active, with an elite staff of collaborators, the cooperation of the most important international sources, and the expected active participation of its readers.

Having been its director for 40 years, during the period when the magazine had become an institution, as described by the late DOL president Christos Lambrakis, I was asked to preface the revival of OT on an electronic network. In addition to the honor bestowed on me, I understand that the new site will follow the principles and ethics that governed the printed OT, thanks to which it has gained prestige, appreciation and wide acclaim.

It is worth mentioning these. Absolute independence from parties and business interests. Respect for democratic values ​​and the national interest. Welcoming all documented views. Fighting in support of positions that promote growth, smooth business, respect for applicable law, innovation, free flow of ideas, documented controversy.

As the director of OT, I never stopped emphasizing that the progress of the Greek economy should be based on the continuous strengthening of its international competitiveness and the extroversion of its companies through its open economy and its stable European orientation, for which it fought its battles which were persistent and intense in a climate that favored protectionism and ruthless voting, and which OT should continue fighting, now, as a website.

The launch of OT.gr coincides with a critical period for our country. Having just emerged from the economic recovery imposed on us over the past decade, the pandemic has derailed by threatening or leading to bankruptcy thousands of businesses, mainly small and medium-sized enterprises, while trying to support businesses and their staff facing unemployment, has burdened the budget resulting in a return – temporarily one hopes – to budget deficits and necessary borrowing, which raised public debt to 210% of GDP.

The hope of overcoming the epidemiological suffocation by summer with the better and faster utilization of the generous benefits of the Recovery Facility, if it works in time, creates the prospects not only of overcoming the misery of the pandemic, but also of a new healthier and safer path for a better tomorrow.

At this critical stage, the country’s political leadership has the responsibility and obligation not only to launch the new development path on a solid footing, but also to fight and eliminate the obstacles that prevent it from moving smoothly. Particularly the drastic reduction of bureaucracy and vested interests, imposed by party voting, the negative role of trade unionists and especially the infamous political cost. Also, the simplification of the legislation and the rapid administration of justice must prevail as key priorities for the government and the political parties.

As the Governor of the Bank of Greece, Giannis Stournaras, points out: “Many eurozone governments – including the Greek ones, I add – find it politically difficult to make the necessary reforms. But without these reforms, any effort and any financial sacrifice will be in vain.”

OT.gr is an advocate of these demands of history and the continuous dialogue with its readers, which reopens today, will consistently serve the principles and values, of which it has been an advocate during its almost 100 years of dynamic presence in the public life of the country . We are starting at a critical juncture for the exit from the pandemic and its economic consequences and the need for the gradual withdrawal of the support measures taken due to the coronavirus. If the withdrawal of these measures is not gradual and careful, then we will definitely have a series of large bankruptcies and the launch of non-performing loans.

However, to start optimistically, the International Monetary Fund predicts a recovery in the world economy and the World Bank and the international business giants converge in this forecast, believing that the way out of the crisis is ensured by the right policies in a spirit of international cooperation.

These right policies are also supported by the revived new OT.gr.