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Red tape still investment problem in Greece

ATHENS, Greece — The European regional policy commissioner says Greece has too much red tape to encourage business investment, and called on the country’s new government to tackle the issue “immediately.”

Johannes Hahn called Friday for the simplification of investment procedures, as well as a clarification of responsibilities between Greece’s ministries, as well as between the various levels of local government.

He also said unclear tax regulations and long delays in the judicial system contributed to keeping foreign investors away from the country.

Since May 2010, Greece has been dependent on billions of euros in international rescue loans without which it would go bankrupt. In return, it has tried to reform its economy and imposed austerity measures, including cutting salaries and pensions and raising taxes.

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