Challenges Persist for Entrepreneurs in Greece Despite Economic Reforms

Iphigenia Zachou’s entrepreneurial journey in Greece reflects the ongoing challenges facing business owners in the country. Opening a café and bakery involved navigating bureaucratic hurdles, including upgrading power lines and obtaining licenses from the culture ministry. Such complexities added seven months and $7,000 to Zachou’s startup costs, highlighting the need for reforms in Greece’s bureaucratic and politicized state.

Prime Minister Kyriakos Mitsotakis, in office since 2019, has aimed to revive entrepreneurship and attract back those who left during Greece’s economic downturn. However, bureaucratic inefficiencies and political influences still pose obstacles. Recent incidents, such as a train collision involving a fast-tracked stationmaster, underscore the challenges of addressing deep-rooted issues within the public sector.

While the New Democracy party claims progress in fiscal management, tax reductions, and economic growth, critics argue that the recovery relies heavily on real estate investments and tourism rather than sustainable job creation. Former Prime Minister Alexis Tsipras’s Syriza party criticizes the government for prioritizing growth without effectively managing wealth distribution.

Large companies, such as Sunlight and Gastrade, express confidence in Greece’s future and plan significant investments. However, the majority of Greek employment relies on small businesses and the self-employed. The government’s efforts to encourage mergers and co-operatives face challenges, particularly with rising energy costs affecting sectors like farming.

Despite progress, entrepreneurs like Zachou emphasize the need for the government to be an accelerator rather than an obstacle. The path to a more supportive business environment in Greece requires ongoing efforts to streamline bureaucracy, address energy inflation, and promote sustainable economic growth that benefits all sectors.

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