Greeks head to the polls on May 6 in its first general elections since the start of the country's debt crisis.

NYU Stern School of Business Professor Nicholas Economides has occasionally advised the Greek government.

He received an exclusive interview with CNC to talk about Greece's economic future.

Economy Report has his words.

Professor Nicholas Economides says Greece's new government will face tremendous economic difficulties.

According to the country's central bank, Greek economy contracted 5 percent this year.

After two EU bailouts, the debt-laden country is still in its fifth consecutive year of recession. The economic climate is full of uncertainty.

It is unclear if the new Greek government will continue to implement the austerity measures as forcefully as required by the international lender.

SOUNDBITE(ENGLISH): NICHOLAS ECONOMIDES, NYU STERN SCHOOL OF BUSINESS
"The present coalition will have a hard time after the election. And the policies that are in my opinion correct, to stay in the Euro are going to suffer. Either they are not going to be implemented a hundred percent, or they might not even be implemented at all. So that's in my opinion a very serious problem for Greece in the months after the election."

Economides says that whoever wins the elections will have to pass additional spending cuts of 5.5 percent of the GDP worth about 11 billion Euros for 2013 and 2014.

He believe that the new Greek government might try to re-negotiate these requirements set by the EU bailout.

SOUNDBITE(ENGLISH): NICHOLAS ECONOMIDES, NYU STERN SCHOOL OF BUSINESS
"I think the new government is going to say: Oh, we really want this, we really want to stay in the Euro but look, look at all these angry people who elected our opponents, we really need to find a new compromise. So the new Greek government, I believe, is going to come to the European Union and ask for some renegotiation. Now, I'm not sure what reception they will get, I'm not sure the extent to which re-negotiation is feasible or substantial. But the fact that there is going to be such a re-negotiation attempt for sure, this is going to happen."

Meanwhile, EU residents in troubled Euro countries like Greece, Spain or Portugal are becoming increasingly skeptical if austerity measures are an effective recipe for economic recovery.

Experts see a shift of public opinion.

SOUNDBITE(ENGLISH): NICHOLAS ECONOMIDES, NYU STERN SCHOOL OF BUSINESS
"It's becoming more clear over time that the austerity only plan for Europe, not just for Greece but for all Europe, is not a solution. I think, people by now have understood that. And they're trying, being politicians, they're trying to go away from it without saying we're really going away from it. Also, the election of a new person, if Mr. Holland gets elected in France, could make a difference in creating a new environment in Europe."

Economists also emphasize that the new government should create a climate  to attract public and private lenders to invest in Greece.

However building investors' confidence will take time.

SOUNDBITE(ENGLISH): NICHOLAS ECONOMIDES, NYU STERN SCHOOL OF BUSINESS
"Greece needs investment and it needs to create the climate that will make investors feel comfortable coming and investing in Greece. And in my opinion, the best way to go there is to have bilateral investment programs between different states and the Greek state. Start with these joint programs and that would create a sufficient change of climate so that private investors would also feel like it’s the right time to come in."

According to Eurostat, unemployment in Greece has climbed to nearly 22 percent.

Angered by economic difficulties, public may push policy makers into a confrontation with EU and IMF lenders in the upcoming months.