Constantin Zopounidis, Financial Management professor at the Technical University of Crete, was admitted to the Royal Academy of Doctors (former Council of Elders) in Barcelona, Spain.
Zopounidis said that he feels honored since the council consists of eight Nobel prize winners such as Joseph Stiglitz and Robert Aumann.
The academy was founded in the Middle Ages when the Spanish Government appointed a Council of 100 Elders to deal with the establishment of laws in maritime law and commerce in Barcelona. In 1914, the Council of Elders was renamed Royal Academy of Doctors.
The theme of his speech, during the event marking the 100th anniversary of the Academy’s founding, was the way countries deal with their debts.
According to Zopounidis, every country borrows from the European Central Bank (ECB) or the International Bank and pays interest, but in order to recover, it is constantly asking for new loans, rather than put a limit and try to stand on its own feet.
Zopounidis claimed that Greece should stop depending on loans and start efforts to recover using the country’s strengths and resources.
He added that the Greek financial crisis was not due to lack of funds but lack of credibility, transparency and control. Meanwhile, cuts in wages, layoffs and heavy taxation are extending the problem.
Commenting on the burning issue of public education in Greece, he argued that the government has never considered education as a priority.