Letter to Elizabeth L. Littlefield, President and Chief Executive Officer, Overseas Private Investment Corporation - U.S. Actions to Boost Greece's Ailing Economy

Letter

Dear Ms. Littlefield:

As co-chairs of the Congressional Caucus on Hellenic Affairs, we write to you regarding the deep financial crisis Greece is currently facing. As part of a larger effort for U.S. support, we ask that you explore ways to help encourage and attract foreign investment to Greece. Given OPIC's mission to expand economic development and the great need in Greece for increased access to capital, we believe Greece is a worthy candidate for OPIC engagement. Following the third bailout deal between Greece and its creditors and the weak economic situation Greece finds itself in, access to private capital through an OPIC Mission would greatly benefit the Greek economy. Foreign investment will go a long way in helping expedite Greece's financial recovery.

As you know, since the crisis began, the Greek economy has shrunk by over a quarter, and unemployment stands at 25%. As it continues negotiations with its European creditors, the Greek government is set to consider an array of reforms to raise revenue and stimulate economic growth. Regardless of what bailout conditions are set by European leaders, we believe that establishing an OPIC presence in Greece will enhance its future economic stability, and presents an opportunity for the U.S. and Greece to strengthen their economic ties. While Greece may not have the typical profile of other countries in which OPIC operates, we hope that you will take into account the special circumstances being faced in Greece, the human suffering created as a result of these conditions, and the positive impact increased private investment could have on the long-term stability of a strong U.S. ally. We understand that OPIC's past operations in nations experiencing temporary financial fallout, such as Portugal, have proven successful.

Ensuring a strong Greek recovery is of great importance inasmuch as Greece is a key NATO ally and geostrategically located in the Eastern Mediterranean. OPIC engagement in Greece would greatly contribute to the country's economic stability and thereby U.S. interests. Thank you for considering this request, consistent with all applicable rules and regulations.

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