Konstantinos Galiatsos

Konstantinos Galiatsos

Chairman and CEO, ETEAN

Economy / Greece

“99% of Greek companies are SMEs”

ETEAN, the national fund for entrepreneurship and development, is under the supervision of the National Bank of Greece and enables SMEs to access financing. Following the crisis, ETEAN continues to play a determining role says Chairman and CEO Konstantinos Galiatsos.

How can Greece bolster the new growth impetus?
According to the Ministry of Economy and Development, the new economic model should rely on investments, exports, innovative SMEs, digital education and assistance programs in the field of employment. A strong Greek economy is just a few steps away. What is now needed is a combination of debt relief, an ECB debt purchase agreement and an easing of capital controls.

What is the biggest challenge in the Greek economy?
Almost 99% of companies are SMEs and they are in need of external financing. This does not only happen through the banks, as there are alternative financing solutions, such as institutional investors through European funds as well as foreign investors.

What role can ETEAN play in this search for capital?
We cover the bank guarantees for the loans taken out by the companies and we are also able to co-finance these loans. Also, we can directly support SMEs through European investment funds. The Ministry of Economy is planning to set up a Greek investment bank in the future and this will offer an additional solution for investments into the country’s economy.