In an interview with CNN on Wednesday in London, where he was on an official visit, Dimitris Avramopoulos said that the Greek economy was “back on track” thanks to a number of painful but necessary structural reforms.

“The Greek people have gone through many sacrifices, but we have started delivering,” Avramopoulos said.

He said the government has made significant steps toward restructuring Greece's dysfunctional public administration, reducing the deficit and curbing bureaucracy thus creating a more hospitable environment for businesses.

“Before it was the red tape, now it is the red carpet,” Avramopoulos told CNN expressing his optimism about the country's recent campaign to attract international investors.