There are no margins for laxity on rekindling the economy, Economy, Competitiveness and Shipping minister Louka Katseli warned on Monday, addressing the opening session of the two-day 20th annual American Hellenic Chamber of Commerce's (AHCC) "The Greek Economy Conference" at a central Athens Hotel.

   Katseli blamed the preceding New Democracy (ND) government for the condition of the economy, stressing: "There are no margins for laxity or inertia. The wager is not a governmental wager, but a national one. We are obliged, in a short time, to restore the country's credibility on the international markets, to move ahead with the necessary fiscal streamlining, and to create the conditions for rekindling economic activity."

   The minister noted that next week a bill will be tabled in parliament for channeling liquidity to small and medium size enterprises (including arrangements for the settlement of debts), while by March 2010 all the enterprises that have been incorporated under the investment law and in individual EU programs will be remunerated.

   Katseli further announced that the investment law will be changed in the first months of 2010.

   AHCC president Yanos Gramatidis noted that the US government will soon abolish the visa requirement for Greek citizens traveling to the US, while he also noted that the Greek economy was on the borderline, and it must either react with a comprehensive package of extraordinary measures or collapse.

   Prime minister George Papandreou is slated to address the Conference at 8:30 on Monday evening. Other speakers include finance minister George Papaconstantinou, US ambassador in Athens Daniel Speckhard, and Columbia University professor Graciela Chichilnisky, a lead author of the Intergovernmental Panel on Climate Change (IPCC), which was the co-recipient of the Nobel Peace Prize in 2007.

   This year marks the 20th anniversary of the Greek Economy Conference, a conference which has become the leading economic conference not only in Greece, but also in the greater region of Southeast Europe. The conference provides the ideal meeting place for representatives from the public and private sector for an exchange of views on proposals regarding development, investment and business policy.

   Caption: Economy, Competitiveness and Shipping Minister Louka Katseli addresses the opening session of the annual American Hellenic Chamber of Commerce conference in Athens. ANA-MPA/Pantelis Saitas