Yanos Gramatidis on Founding New Greek Political Party (Audio)

fulfilling promise for a reliable, unsustainable Greek debt relief. We have in studio with us today a Greek politician who is going to talk to us about his view for a new political party that will implement a new economic model for Greece. Pim Yes, indeed, and right now, let's go to Charlie Pellet to the Bloomberg Neuseroom for Bloomberg Business Flash. All right you very much, PIM, thank you, Kathleen,

the DAL, the SMP, NEZDAK all declining. Right. House stocks are on track for their longest losing streak since Februarrium it growing uncertainty about the UK's future in the European Union. Also, investors are awaiting tomorrow's Federal Reserve announcement, although traders are pricing in zero chances of a rate move tomorrow, Chair Janet Yellen's commentary afterward will be taken apart for hints

about the trajectory of borrowing costs. Matt Bosler covers the Federal Reserve for Bloomberg News last quarter um in March, the last time they submitted projections feels like a long time ago. But they had two rate hikes in twenty sixteen this year, but they still had four rate hikes penciled in for both eighteen. So the big question is, you know, given all this stuff going on, do they bring that pace of rate hikes not only this year but in the out years in next year, in eighteen

down as well. And we will have complete coverage tomorrow right here on Bloomberg Radio. Federal Can Be Occations Commission has won a major appeals court rulings supporting its efforts to prevent broadband internet service providers from favoring some types of web traffic over others. The Washington based court today denied challenges to the federal government so called net neutrality regulations, which were backed by President Obama. Sm P five hundred

index down seven to two thousand seventy one. That is a drop of four tenths of one percent without down seventy eight points. Also a drop of point four percent. Now stackdown sixteen, a drop of point three percent, gold of a dollar eighty anounce to twelve eighty eight a game of point one percent, and two thirty two on Wall Street. Now let's take a look at other news from around the world. Thank you, Charlie from the Bloomberg Newsroom.

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This is taking Stock with Kathleen Hayes and Pin Fox on Bloomberg Radio. So much focus on the u K is its voters prepared to vote on Brexit, the question about leaving the European Union next week. Greece remains in a certain kind of crisis of its own, despite several years since the economy bottom and rounds of debt relief. More to come this week. In fact, Yanna's Gramatitis joins us now in studio. He is a founder and president

of a new political party, New Course, New Greece. He's here to talk about what the issues are the continue to confront Greece and how his platform and his party can fix them. Yana's welcome to taking Stock. It's good to be here. Thank you very much for your limitation. First, I just want you to briefly tell our listeners a little bit about you. You fought in the Greek resistance. Your father was a prominent politician. You have been ahead of the Greek American Chamber of Commerce. You bring a

lot to this new political party. Um, you're right, that goes there for a few years advising also the Greek prime ministers about the economic quote that they should follow.

And because of the fact that they wouldn't listen to the logic of changing the economic model of the country and synchronize the country, synchronized the economy and make reforms everywhere, that's why we decided to take the lead ourselves, the citizen, and that's why we went to the people, you know, the first of all to let them know what happened.

And we got into this massive situation who is responsible for all these for decades and also what can we do now in order to get to get the country out of the mess and also gain regain our credibility because this is really one of the major problems that has no credibility to the markets, no credibility to the creditors. So we have to do something like this UH in order to show that there are strengths in the Greek society, there are people who actually want to help the country

and want the economy to UH built again. Speak if you can, if if you have any details about the new economic moral that you are proposing for Greece. UM. What we are saying is that we have first of

all to make radical reforms everywhere. We have to establish a steady, a stable UH tax system, UH, combat corruption, which is important UH institute initiate a government everywhere, because when we initiate the government, then we make we put a stop between citizen and the public administration because everything is automatic. So this is really another way to combat corruption and also regain the competitiveness of the economy by

opening the market. UM. The Greek economy today, I dare say that it is the last Soviet type economy in Europe and this has to change, and we have to redirect our production to the production of internationally tradeable goods and also attract investment. But how do you attract investment. You attract investment only by creating the proper business environment. Unemployment still at almost that's on par with the United

States and the Great Depression. So we could say that in that way, Greece still is in a depression, still struggling to take out of that hole. What where is the Greek populace now? Because it was a very very contentious issue one at the beginning of the crisis. In order to qualify for debt relief, Greek government workers had to work more, you know, not get the one or two months off when the pension plans couldn't be as rich and you had to retire sooner. Are people ready

to accept your new model? Yes, they are. It will be a difficult task for the government to deal with the employment issues. First of all, let me tell you that already the salaries now are very low and they make the economy competitive from the employment point of view. The cost of the employment however, Um, the creditors are asking far, far more than what we have done so far.

They are asking for flexibility in the labor market. Um. But when we're talking about about depression, I have to tell you that for us, in order to face the unemployment is so we have to realize that we are not only in a depression, we are in structural collapse. Uh. And that's why I say that we need to create new directions for our production line. We don't produce anymore, and we need to produce in order to face the challenge.

We need also to have public infrastructure works all over the country in order to create new jobs for the people and after that incentivize the private sector by new incentives. All this will definitely make unemployment lower. Uh. And this is in full contradiction with the model that the Greek governments follow the last six years. They are concentrating more on fiscal consolidation than growth, and they sacrifice growth on the temple of the physical consolidation. There should be a balance,

and I believe that I MF believes also this. It has to be balanced. And of course we have to see and put as a first priority, uh, the reprofiling of the Greek debt, because if we don't deal with the public debt first as a necessary condition for growth, UH, then I think that we are building on the sound just quickly. Um. The word economy actually comes from Greek or economia, and that means household management. What would be the one thing that you would like to see happen

in the next six months from the Greek government. I believe that we should create a more logically orthologically operating public sector. We have to make cuts and also changes in the public sector not to make it um more friendly uh and flexible, friendly to the society, friendly to the business community. Thank you very much for joining us. Jo's Gramma. Titc is the founder and the president of New Course, New Greece, the political party you're listening to,

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