Greece needs to put in more effort to grow local entrepreneurship - column

By Rizza Sta. Ana

Nov 02, 2013 10:33 AM EDT

According to a column article at Reuters, the government of Greece must actively take part in pushing for the creation of more local startups. The article said Greece's economic growth numbers had been seen dipping to all-record lows ever, and would need to step up their efforts to turn their numbers up.

The column quoted Deutsche Bank's Antje Stobbe and Peter Pawlicki, who said, "Since Greece can't improve its competitiveness through external devaluation, it must focus on boosting productivity. GDP growth would help the country reduce its debt burden and return to a manageable public debt-to-GDP ratio."

The Greek government was not blind to this suggestion. The article said in the last four years, Greece had tied up with the European Union to provide investment in local startups through the Joint European Resources for Micro to Medium Enterprises or JEREMIE initiative. Four firms who had benefited from the investment program were First Athens, Odyssey Venture Partners, PJ Tech Catalyst and Openfund.

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