Greek Minister: Slash Red Tape To Encourage Private Investment

Bureaucracy and corruption are the country's national hobbies, and a bit of a deterrent to business

Greece needs to cut bureaucracy and push through languishing investment projects, not sell its islands to attract funds crucial for its struggling economy to return to growth, a Deputy Development Minister told Reuters on Wednesday.

Seven major investment projects, ranging from tourism to energy and worth half a billion euros in total, have been stuck for months awaiting parliamentary approval instead of drawing cash into an economy stuck in its fifth year of recession.