In addition, putting idle public property to good use and speeding up privatisation processes are strong tools not only to boost investment activity and foster sustainable growth, but also to support fiscal adjustment, insofar as they reduce public debt. The Greek State, for historical reasons, owns real estate, the development of which could attract investment and reduce public debt.
This is an opportunity, which has not been exploited yet, but necessitates appropriate legislation for land use. Alongside structural reforms, and in order to facilitate the current euro area recovery through a stronger pick-up in lending, it is urgently needed to address the private debt overhang problem.