Greek PMs financial advisor Patelis in talks with three London banks for move to Athens

Greek PM’s financial advisor Patelis in talks with three London banks for move to Athens [13/11/2020]

And alex i have to ask you about one thing that i remember very vividly when miss attackis won the election he said i want to cut red tape and i want to make sure their companies are back in athens i know you’ve caught a big deal with microsoft how much are they going to invest and who else is you speaking to thank you so much and good morning to everybody it’s uh

Great to be here um you’re right microsoft has selected greece as a country to locate uh three data centers and note that moody’s actually referenced that in their decision to upgrade uh the country is rating amidst a pandemic they said this is another indication of greece’s improved prospects as for foreign investment we are very excited about this and of course

We want to attract more investment this is uh the platform that the government was elected on uh we’re currently in talks with uh with other players as well i cannot really divulge what i can tell you is that there’s also an opportunity with brexit we are in advanced conversations with three lenders from the city who are looking to diversify out of london as brexit

Comes into play at the beginning of next year okay so i want to pick up on that so so if i understand it correctly you’re in talks with three banks that are currently i guess based in in london and they’ll be interested in moving uh some staff into uh greece that’s basically where you’re hinting at yeah and uh remember that brexit hasn’t really happened we’re

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Starting on the first of january with a new potentially a new deal that’s being negotiated between the eu and the uk but note the the negotiations are mostly focusing on goods and on fisheries and uh we have a large uh pie that’s going to be services and we would like to be able to grab a share of that pie actually we also decided we’re going to be initiating

A new tax incentives for those who relocate to greece half of their income will be free of income tax that’s 50 of income without income tax for those who move their jobs to greece respective of the level of salary for any job and that will be for up to seven years so uh we’re very excited about these opportunities uh remember also yeah sorry guys and no one

Go ahead pick up remember that so you’re cutting uh taxes your account attack says when is that going to happen when is that going to become effective this is going to be effective as of the 1st of january 21 and it also fits into broader uh pallets of tax cuts that we have done to attract foreign talent we have a non-dom program now in place also a program for

Pensioners with a 7 flat tax rate and also a 15 flat tax rate for stock options and i will also remind you that the pandemic has uncovered another thing that technology advances means that we many of us can now uh choose where we where we live and work and so what we say is that greece is the sun uh we’ve been blessed with natural beauty so we want to attract

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More people we now have low taxes uh we’re improving on the technology and we uh this is the call to your viewers come to greece well right you definitely have good weather and and i take it from where you’re telling me that you’re also going very aggressive on cutting those taxes for for expats but i do wanted to ask you uh of course the big story for the greek

Economy was the credit rate in an upgrade from um that is sending almost your two-year negative now tell me about your financing needs for 2020. we know this is a year where of course the pandemic has really meant the government’s effect really had to take on a lot more debt so uh i would also highlight that uh part of the upgrade and part of the low yields

The 10-year yield in greece hit 80 basis points is of course that we have low gross financing needs of under 10 of gdp and that compares with uh most other developed countries which have gross financing needs of above 20 percent but what’s really important on the pandemic is of course to support the local economy jobs and companies but also to make sure that

The money is not wasted and we’ve also taken this opportunity to implement some of our medium-term structural changes lower social security contributions and elimination of the solidarity income tax surcharge and of course a lot of this will depend on the health situation we know that the numbers that uh come out of greece if you compare it to other countries

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Of course they’re way lower but we also know that the prime minister has been very aggressive in going into that lockdown what kind of impact is that going to have on the greek economy i know you focus on the health that’s something you keep repeating but of course that is to some extent detrimental for the economy what is what is the balance between the two of

Them at this point um we’re estimating that uh our first preliminary estimate is that gdp in 2020 will decline probably just shy of 10 we’re going to be coming up with a firm estimate of the budget on the 21st of november uh but we do believe that there is no uh contradiction between the economy and and health the faster we put the pandemic under control uh the

The faster we can go back into economic growth and of course for the medium-term prospects of the country it’s very important to preserve the credibility uh that has been built in uh recent months this is a global shock isometric shock that’s affecting all countries pretty much the same way for us for greece it’s an opportunity uh to to to put away the uh image

That we had as a country from the previous decade of the crisis and and move forward so uh what i say to your viewers is uh forget about grexit forget about brexit we have grantory now and uh we would like to attract more investment into the country

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Greek PM's financial advisor Patelis in talks with three London banks for move to Athens By AlphaX News