WEBVTT - Yanos Gramatidis on Founding New Greek Political Party (Audio)

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<v Speaker 1>Broadcasting live to New York Bloomberg eleven Brio to Washington,

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<v Speaker 1>d C. Bloomberg to Boston Bloomberg twelve hundreds, to San

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<v Speaker 1>Francisco Bloomberg nine six, to the Country's Joey's Exam General

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<v Speaker 1>one nine and around the globe the Bloomberg Radio plus

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<v Speaker 1>Appen Bloomberg dot Com. This is taking stock. I'm Caffeine

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<v Speaker 1>Hayes along with PIM Fox. It's not just the Brits

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<v Speaker 1>who are complaining about the European Union. Greece's central banker

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<v Speaker 1>is launching an attack against the EU, accusing of enough

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<v Speaker 1>fulfilling promise for a reliable, unsustainable Greek debt relief. We

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<v Speaker 1>have in studio with us today a Greek politician who

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<v Speaker 1>is going to talk to us about his view for

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<v Speaker 1>a new political party that will implement a new economic

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<v Speaker 1>model for Greece. Pim Yes, indeed, and right now, let's

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<v Speaker 1>go to Charlie Pellet to the Bloomberg Neuseroom for Bloomberg

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<v Speaker 1>Business Flash. All right you very much, PIM, thank you, Kathleen,

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<v Speaker 1>the DAL, the SMP, NEZDAK all declining. Right. House stocks

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<v Speaker 1>are on track for their longest losing streak since Februarrium

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<v Speaker 1>it growing uncertainty about the UK's future in the European Union. Also,

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<v Speaker 1>investors are awaiting tomorrow's Federal Reserve announcement, although traders are

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<v Speaker 1>pricing in zero chances of a rate move tomorrow, Chair

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<v Speaker 1>Janet Yellen's commentary afterward will be taken apart for hints

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<v Speaker 1>about the trajectory of borrowing costs. Matt Bosler covers the

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<v Speaker 1>Federal Reserve for Bloomberg News last quarter um in March,

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<v Speaker 1>the last time they submitted projections feels like a long

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<v Speaker 1>time ago. But they had two rate hikes in twenty

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<v Speaker 1>sixteen this year, but they still had four rate hikes

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<v Speaker 1>penciled in for both eighteen. So the big question is,

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<v Speaker 1>you know, given all this stuff going on, do they

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<v Speaker 1>bring that pace of rate hikes not only this year

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<v Speaker 1>but in the out years in next year, in eighteen

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<v Speaker 1>down as well. And we will have complete coverage tomorrow

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<v Speaker 1>right here on Bloomberg Radio. Federal Can Be Occations Commission

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<v Speaker 1>has won a major appeals court rulings supporting its efforts

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<v Speaker 1>to prevent broadband internet service providers from favoring some types

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<v Speaker 1>of web traffic over others. The Washington based court today

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<v Speaker 1>denied challenges to the federal government so called net neutrality regulations,

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<v Speaker 1>which were backed by President Obama. Sm P five hundred

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<v Speaker 1>index down seven to two thousand seventy one. That is

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<v Speaker 1>a drop of four tenths of one percent without down

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<v Speaker 1>seventy eight points. Also a drop of point four percent.

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<v Speaker 1>Now stackdown sixteen, a drop of point three percent, gold

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<v Speaker 1>of a dollar eighty anounce to twelve eighty eight a

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<v Speaker 1>game of point one percent, and two thirty two on

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<v Speaker 1>Wall Street. Now let's take a look at other news

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<v Speaker 1>from around the world. Thank you, Charlie from the Bloomberg Newsroom.

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<v Speaker 1>I'm June Gralso. This news update is brought to you

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<v Speaker 1>by Audi meadow Lands and Sconcus, New Jersey, powered by

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<v Speaker 1>with total transparency. Start your journey at Auti medal lands

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<v Speaker 1>dot net and define the way you drive. President Obama

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<v Speaker 1>is calling on Congress to enact tire gun regulations and

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<v Speaker 1>reinstate a ban on assault weapons in the wake of

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<v Speaker 1>the Orlando nightclub killings. Mr Obama also said the no

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<v Speaker 1>fly list should extend to bands on gun purchases, people

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<v Speaker 1>with possible ties to terrorism. Who aren't allowed on a

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<v Speaker 1>plane shouldn't be allowed to buy a gun. Doctors who

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<v Speaker 1>have been treating those wounded in Sunday shooting are talking

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<v Speaker 1>to reporters. Bloomberg's Michael Barr has more surgeons and patients

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<v Speaker 1>share their stories about the hours right after Sunday mornings

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<v Speaker 1>mass shooting. Dr Michael Cheetah with the Orlando Regional Medical

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<v Speaker 1>Center says, twenty seven patients are still in the hospital.

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<v Speaker 1>Of these patients, we have six patients remaining in the

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<v Speaker 1>hospital that are critically ill. One patient who survived the

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<v Speaker 1>attack also spoke to reporters about the horror that took place.

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<v Speaker 1>I look over and he shoots to go next to me,

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<v Speaker 1>and I'm just They're laying down. I'm thinking I'm next.

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<v Speaker 1>I'm dead. Ain't o Cologne says the gunman, Omar Matine,

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<v Speaker 1>aimed at him but somehow managed to miss his head

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<v Speaker 1>and instead struck him in the hand and hip. Michael

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<v Speaker 1>Barr Bloomberg Radio. A New York University student is among

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<v Speaker 1>those who were wounded in the Orlando shooting. Twenty year

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<v Speaker 1>old Patients Carter of Philadelphia was shot in the leg

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<v Speaker 1>during the attack. She's expected to survive global news twenty

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<v Speaker 1>four hours a day, powered by our two hundred journalists

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<v Speaker 1>in more than one fifty news bureaus around the world.

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<v Speaker 1>From the Bloomberg Newsroom, I'm June Grosso, Charlie, and we

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<v Speaker 1>thank you and again recapping a move floor for stocks

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<v Speaker 1>with the SMP five hundred index down nine points now

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<v Speaker 1>to two thousand seventy, a drop of four tenths of

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<v Speaker 1>one percent. I'm Charlie Peloton. That's a Bloomberg Business Flash.

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<v Speaker 1>This is taking Stock with Kathleen Hayes and Pin Fox

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<v Speaker 1>on Bloomberg Radio. So much focus on the u K

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<v Speaker 1>is its voters prepared to vote on Brexit, the question

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<v Speaker 1>about leaving the European Union next week. Greece remains in

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<v Speaker 1>a certain kind of crisis of its own, despite several

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<v Speaker 1>years since the economy bottom and rounds of debt relief.

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<v Speaker 1>More to come this week. In fact, Yanna's Gramatitis joins

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<v Speaker 1>us now in studio. He is a founder and president

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<v Speaker 1>of a new political party, New Course, New Greece. He's

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<v Speaker 1>here to talk about what the issues are the continue

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<v Speaker 1>to confront Greece and how his platform and his party

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<v Speaker 1>can fix them. Yana's welcome to taking Stock. It's good

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<v Speaker 1>to be here. Thank you very much for your limitation. First,

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<v Speaker 1>I just want you to briefly tell our listeners a

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<v Speaker 1>little bit about you. You fought in the Greek resistance.

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<v Speaker 1>Your father was a prominent politician. You have been ahead

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<v Speaker 1>of the Greek American Chamber of Commerce. You bring a

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<v Speaker 1>lot to this new political party. Um, you're right, that

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<v Speaker 1>goes there for a few years advising also the Greek

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<v Speaker 1>prime ministers about the economic quote that they should follow.

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<v Speaker 1>And because of the fact that they wouldn't listen to

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<v Speaker 1>the logic of changing the economic model of the country

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<v Speaker 1>and synchronize the country, synchronized the economy and make reforms everywhere,

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<v Speaker 1>that's why we decided to take the lead ourselves, the citizen,

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<v Speaker 1>and that's why we went to the people, you know,

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<v Speaker 1>the first of all to let them know what happened.

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<v Speaker 1>And we got into this massive situation who is responsible

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<v Speaker 1>for all these for decades and also what can we

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<v Speaker 1>do now in order to get to get the country

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<v Speaker 1>out of the mess and also gain regain our credibility

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<v Speaker 1>because this is really one of the major problems that

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<v Speaker 1>has no credibility to the markets, no credibility to the creditors.

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<v Speaker 1>So we have to do something like this UH in

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<v Speaker 1>order to show that there are strengths in the Greek society,

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<v Speaker 1>there are people who actually want to help the country

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<v Speaker 1>and want the economy to UH built again. Speak if

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<v Speaker 1>you can, if if you have any details about the

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<v Speaker 1>new economic moral that you are proposing for Greece. UM.

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<v Speaker 1>What we are saying is that we have first of

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<v Speaker 1>all to make radical reforms everywhere. We have to establish

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<v Speaker 1>a steady, a stable UH tax system, UH, combat corruption,

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<v Speaker 1>which is important UH institute initiate a government everywhere, because

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<v Speaker 1>when we initiate the government, then we make we put

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<v Speaker 1>a stop between citizen and the public administration because everything

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<v Speaker 1>is automatic. So this is really another way to combat

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<v Speaker 1>corruption and also regain the competitiveness of the economy by

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<v Speaker 1>opening the market. UM. The Greek economy today, I dare

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<v Speaker 1>say that it is the last Soviet type economy in

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<v Speaker 1>Europe and this has to change, and we have to

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<v Speaker 1>redirect our production to the production of internationally tradeable goods

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<v Speaker 1>and also attract investment. But how do you attract investment.

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<v Speaker 1>You attract investment only by creating the proper business environment.

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<v Speaker 1>Unemployment still at almost that's on par with the United

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<v Speaker 1>States and the Great Depression. So we could say that

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<v Speaker 1>in that way, Greece still is in a depression, still

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<v Speaker 1>struggling to take out of that hole. What where is

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<v Speaker 1>the Greek populace now? Because it was a very very

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<v Speaker 1>contentious issue one at the beginning of the crisis. In

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<v Speaker 1>order to qualify for debt relief, Greek government workers had

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<v Speaker 1>to work more, you know, not get the one or

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<v Speaker 1>two months off when the pension plans couldn't be as

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<v Speaker 1>rich and you had to retire sooner. Are people ready

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<v Speaker 1>to accept your new model? Yes, they are. It will

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<v Speaker 1>be a difficult task for the government to deal with

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<v Speaker 1>the employment issues. First of all, let me tell you

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<v Speaker 1>that already the salaries now are very low and they

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<v Speaker 1>make the economy competitive from the employment point of view.

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<v Speaker 1>The cost of the employment however, Um, the creditors are

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<v Speaker 1>asking far, far more than what we have done so far.

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<v Speaker 1>They are asking for flexibility in the labor market. Um.

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<v Speaker 1>But when we're talking about about depression, I have to

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<v Speaker 1>tell you that for us, in order to face the

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<v Speaker 1>unemployment is so we have to realize that we are

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<v Speaker 1>not only in a depression, we are in structural collapse. Uh.

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<v Speaker 1>And that's why I say that we need to create

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<v Speaker 1>new directions for our production line. We don't produce anymore,

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<v Speaker 1>and we need to produce in order to face the challenge.

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<v Speaker 1>We need also to have public infrastructure works all over

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<v Speaker 1>the country in order to create new jobs for the

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<v Speaker 1>people and after that incentivize the private sector by new incentives.

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<v Speaker 1>All this will definitely make unemployment lower. Uh. And this

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<v Speaker 1>is in full contradiction with the model that the Greek

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<v Speaker 1>governments follow the last six years. They are concentrating more

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<v Speaker 1>on fiscal consolidation than growth, and they sacrifice growth on

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<v Speaker 1>the temple of the physical consolidation. There should be a balance,

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<v Speaker 1>and I believe that I MF believes also this. It

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<v Speaker 1>has to be balanced. And of course we have to

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<v Speaker 1>see and put as a first priority, uh, the reprofiling

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<v Speaker 1>of the Greek debt, because if we don't deal with

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<v Speaker 1>the public debt first as a necessary condition for growth, UH,

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<v Speaker 1>then I think that we are building on the sound

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<v Speaker 1>just quickly. Um. The word economy actually comes from Greek

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<v Speaker 1>or economia, and that means household management. What would be

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<v Speaker 1>the one thing that you would like to see happen

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<v Speaker 1>in the next six months from the Greek government. I

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<v Speaker 1>believe that we should create a more logically orthologically operating

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<v Speaker 1>public sector. We have to make cuts and also changes

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<v Speaker 1>in the public sector not to make it um more

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<v Speaker 1>friendly uh and flexible, friendly to the society, friendly to

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<v Speaker 1>the business community. Thank you very much for joining us.

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<v Speaker 1>Jo's Gramma. Titc is the founder and the president of

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<v Speaker 1>New Course, New Greece, the political party you're listening to,

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<v Speaker 1>Taking Starckhan Bloomberg Radio Bloomer. Taking Stock is brought to

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<v Speaker 1>you by Bentley University. What your time of the finances

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<v Speaker 1>at converse of managing asset allocations at JP Morgan have

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<v Speaker 1>in common a business degree from Bentley University. Because business

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<v Speaker 1>is everywhere, prepare here