What's worked for tourism has not for exports

"Greece has gained some price competitiveness due to the sliding wages, which has helped the tourism sector, but this has not translated into a boost for exports, which face a set of more complex challenges", argues Christian Odendahl, the chief economist at the Centre for European Reform in London.

"Pure price competitiveness is a flawed concept: Companies also need to invest in innovation, marketing, technology and – yes – people in order to remain competitive," he told Kathimerini English Edition. "Tourism is more price sensitive and does not require as much investment, since Greece is spectacular as it is. This means that in tourism, the price effect could dominate. But in other businesses, prices cannot fall fast enough to compensate for the lack of investment and innovation."