NEW YORK (TheStreet) -- Greece's 2017 budget plan calls for a strong rebound following a seven year decline. The country's government is trying to balance demands from international creditors with promises to voters that it would cut back on austerity measures, Bloomberg reported.
While Greece's outlook for its future looks positive, not everyone is convinced the European nation will be able to pull it off.
NYU Stern School of Business professor Nicholas Economides appeared on BloombergTV's "What'd You Miss" on Tuesday evening to discuss his pessimistic view on the Greek turnaround.
"I'm still pessimistic, things need to change," Economides said. "Greece is still under capital control, these are severe constraints on economic growth. The reforms that could bring Greece out of the present situation have not happened yet."
Just looking at the fiscal numbers the situation looks good from a European standpoint, but not for the whole economy, he said.
"There is need for reforms and there is need for a structural program that will bring Greece out of the present recession. It needs to reduce the amount of primary surplus that is required," Economides said.
In Economides' point of view the most important thing for Greece to do is restructure its state sector. The state sector employs a large number of people that "don't do much," according to the professor. Greece needs to ensure the right people are doing the right things and make the state sector smaller.