Cutting red tape is essential to reviving Greece's anaemic growth
at Hellinikon, a few miles south of Athens, closed in 2001. Planes belonging to Greece’s now-defunct national carrier still litter the runway. Nearby a stadium built for the Olympics in 2004 gently crumbles. In the distance, a marina borders the glistening Aegean. In 2011, when Greece was in the throes of a sovereign-debt crisis, the government put the site, which is three times as large as Monaco, up for sale.
Kyriakos Mitsotakis, the prime minister, wants to transform Hellinikon into a symbol not of the hurdles to doing business in Greece, but of the country’s new openness to commerce. Permits have been fast-tracked, and the developers hope to bring in the bulldozers next year. But it will take much more than the approval of one big project to revive Greece’s economy. Mr Mitsotakis must deal with twin legacies of the crisis: paralysed banks and cripplingly tight fiscal policy.
The first hurdle businesses face is registering property, which, according to the World Bank’s “Doing Business” report, is as complicated in Greece as in Somalia. Some of the delays at Hellinikon, for instance, were because of uncertain land-use designations. The country has begun work on a land registry. But it is already delayed, and resolving any ownership conflicts uncovered along the way will take years.
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