Sponsored Report GREECE The Odyssey to Reinvention Photo: Shutterstock / Nick Pavlakis

GREECE The odyssey to reinvention

After a successful conclusion to the Eurogroup’s second review of Greece’s current bailout program, coupled with a major economic transition and substantial regulatory reforms, the country is rapidly reinventing itself. Everything points towards 2017 being the year of the ‘Hellenic Turnaround’ Photo: Shutterstock / Olimpiu Pop

All signs suggest that the Greek kets,” according to Minister of Fi- politically.” preneurship, foreign investment economy is on its way back to nance Euclid Tsakalotos. When President Barack Obama and a productive model that adds growth, after seven years of reces- visited Greece in 2016, he said “the value and is export orientated. In sion, during which the country lost Wide-ranging reforms world, I don’t think, fully appreci- 2016, exports grew by 10%, while more than a quarter of its GDP. As part of the original 2015 bailout ates the extraordinary pain these investments increased 12% and, 2017 has already seen its economy program, the Greek government reforms have involved, or the tre- according to Odisseas Athanas- grow by 0.4% in the first quarter recognized that it had to restore mendous sacrifices that you, the siou, CEO of property developer and the country’s government is and safeguard fiscal sustainability, Greek people, have made,” a senti- Lamda Development, “there has forecasting increases of close to 2% implement structural policies for ment echoed by Greek Prime Min- been a substantial shift in mental- for both this year and the next – a competitiveness and growth, and ister Alexis Tsipras, who has called ity in the country with regards to the Eurogroup bailout review “an foreign capital.” “We have completed the most difficult reforms, not only agreement that recognizes the sac- The Deputy Minister to the in technical terms, but also politically.” rifices of the Greek people.” Prime Minister, Dimitrios Liakos, Nikos Pappas, Minister of Digital Policy, Telecommunications and Media The country still has major chal- confirms that foreign investment lenges ahead, though. The biggest and international investor confi- target the European Commission modernize the state and its admin- of which is unemployment that, dence are seen as key to creating sees as realistic and which became istration. Greece has moved quick- while seeing recent improvement, the ‘Hellenic Turnaround.’ As part even more so with the Eurogroup’s ly, with a massive reform process is still significant at 22.5%. of the large-scale reforms, the gov- recent completion of Greece’s bail- already implemented. Public and private sector debt ernment has put “special empha- out program review. For example, new pension, are also high, with the latter ham- sis on creating a friendly invest- Not only does the latest agree- income tax and indirect tax leg- pering the banks’ ability to sup- ment environment that guarantees ment mean an immediate dis- islation is in place, coupled with port recovery through the granting fair terms for all economic agents, bursement of €8.5 billion, it also measures for increased public of new credit. And there are still a stable tax environment, modern brings the country a step closer sector transparency, the tackling of difficult reforms in the pipeline, liquidity instruments, and invest- to medium-term debt relief mea- non-performing Greek bank loans, such as the achievement of privat- ment incentives,” he says. sures and entry into the European privatizations and increasing tax ization targets, set at €2.15 billion In his view, Greece, which al- Central Bank’s quantitative easing revenues by broadening the tax for 2017. ready offered many competitive program. base. advantages, not least its high- It provides a signal to the world These, as Nikos Pappas, Minis- Light at the end of the tunnel ly-skilled workforce and geostrate- that Greece is returning to eco- ter of Digital Policy, Telecommuni- But Greece appears to be coming gic location at the southern tip of nomic normality and guarantees cations and Media explains, were out of its crisis as a much stronger both Europe and NATO, is rapidly “much greater clarity for both “the most difficult reforms, not and more competitive country, turning “from being attractive, to Greek people and financial mar- only in technical terms, but also that has a greater focus on entre- being ideal for investments.”

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The man at the helm: Prime Minister Alexis Tsipras

Alexis Tsipras gives his view on investment opportunities in Greece and his broad take on EU, as well as Mediterranean, relations

AT During my time in office, we have never failed on our targets. On the con- trary, we are consistently overachieving, Photo: Office of the Greek Prime Minister and I think this will continue for 2017 and 2018 as well. Our first priority is to attract direct foreign investments. After the completion of the second review and the agreement on the measures that will make our debt sustainable, we are now on a clear path to put an end to a tremendous crisis and achieve growth and prosperity. The idea of “Grexit” is now put to rest once and for Prime Minister Alexis Tsipras all, which for me was and always will be a no-go scenario. stability pact, and have deficits, while are expanding relations with France, Ita- So, we are now in a position to support Germany is having a current-account ly, China, the UAE, our Balkan and Black our production, to attract investments, to surplus of about 6%. But I think we are Sea partners, as well as bilaterally and encourage new forms of cooperation, in a position to turn the page and find vi- trilaterally – together with Cyprus – with to revitalize our industries, to boost our able solutions for Europe. The election of Israel, Egypt, Jordan and other countries exports, and, all in all, create new jobs Emmanuel Macron – a strong supporter of the Middle East. and significantly reduce unemployment of the EU’s core values – is great news Of course, we are actively supporting FP Is this the year of the ‘Hellenic at the height of the EU average [...]. One for the progressive and pro-European talks for a just and viable solution, on Turnaround’? of our main goals and – I am deeply community [...]. the basis of UN Security Council Reso- AT Yes – we are completely focused convinced that we can achieve this – is lutions, regarding the issue of Cyprus. A on making this happen. Last year, our that Greece can become a global hub for FP Do you see Mediterranean solution to the benefit of all the Cypriot economy performed above all expecta- energy, transportation, new technologies countries collaborating more? people, that will unlock the huge poten- tions. We had a primary surplus of over and innovation and, of course, tourism. What is your strategic vision for tial for peace and development in the 4% – 8 times higher than the projected the regional and international role region. target of 0.5% – and the projections for FP What is the way forward for of Greece? One of the biggest challenges that we a 0.4% recession were proven wrong Europe? AT We took a lead – along with faced were the negotiations regarding the because we managed to end the year AT We have to learn a lesson from France, Spain, Italy, Portugal, Cyprus refugee crisis that led to the EU-Turkey with a positive growth rate. Furthermore, the founding principles of European and Malta – in establishing the summit agreement. Despite all the challenges in the first results of 2017 – with a 0.4% unification and, specifically, the need to growth rate for the first quarter of the year focus towards human needs, solidarity, “Greece can become a global hub for energy, – are showing that the Greek economy is growth, education, employment and so- transportation, new technologies and innovation, and of already on the path of growth. And now cial justice. course, tourism.” we are in the process of regaining trust I believe that the time is right to make Alexis Tsipras, Prime Minister – of our partners, creditors, markets and some crucial decisions. I am aware that investors. there are members of our European fam- of Southern EU countries – an initiative our relations, I went to Turkey three times Our results are, first and foremost, due ily that do not share this view and, to be that was long overdue [...]. As underlined [...], also because I knew that the only to the sacrifices and hard work of the precise, the prospect of European unity in the context of the Athens Summit, way to resolve a huge crisis – that affects Greek people. They need to see the ef- and further integration. Nevertheless, we there can be no new vision for Europe the whole European continent – was to fects of our recovering economy, in their have to act decisively and collectively. without a vision for peace, cooperation communicate and to cooperate with our lives, their jobs, their healthcare, their in- Meaning that if the majority believes in and development in the Mediterranean. neighbor, building a positive agenda on come, for example – not only in figures. the principles of solidarity, democracy, In this context, Greece is increasingly the basis of mutual respect and interna- That is why our main focus is now on the freedom and social cohesion, we have to strengthening its role as a pillar of stabil- tional law. growth agenda. My main objective is to keep going. ity in a region of instability [...]. Our roots This will continue to be my goal. But be the prime minister during whose term Most importantly, we have to make a are deep, historically, in the development the key factor in making sure that this Greece returns to normality and stability, decision to overcome endless austerity, of Western civilization and today as an migration crisis did not become an un- with substantially decreased unemploy- because it creates divisions in Europe, active EU and NATO member [...]. We are controllable humanitarian one, were the ment. and poses a threat for the European strengthening our strategic cooperation Greek people, who, despite their financial Union as a whole. It’s impossible to have with the United States to confront re- difficulties, supported the refugees and FP How will you achieve Greece’s a balanced EU when some countries are gional challenges, attract investment and protected international law and European 2018 GDP growth target? obliged to stay in the framework of the restore growth. At the same time [...], we values.

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A pillar of stability for the wider region

Greece’s geostrategic position and proactive foreign policy are tiative, the European Union is creating Afghanistan and Pakistan. In the future, new programs for them. For example, migrants will mostly come from Africa, key for EU border security and the countering of terrorism we have put together a new project for due to climate change. We need an five zones in Jordan, where Jordanian international development plan and a FP Greece is now recognized citizens along with refugees can settle project like our Jordan one, but much as a regional “pillar of stability”. and plan their lives in the long term. bigger. We need to implement treaties How are you redefining foreign Through these relations and the Rhodes and offer monetary assistance to these relations? Conference on Security and Stability countries to control refugee flows. In NK We find ourselves in a triangle in the Eastern Mediterranean, we have my opinion, you can’t build walls. We resulting from instability. Its corners tried to create a positive regional agen- have to find long-term solutions. Now, are defined by Ukraine, Libya and Syr- da. That means not having always to we have a very specific situation in ia. Our duty is to find ways to transmit discuss how we can find a solution to Syria. We have to find a solution for the waves of stability along this triangle. We a war-crisis, but, instead, to discuss refugees, but at the same time to fight have created very specific relations with how we can create a plan of coopera- against the war in Syria. some countries which are very import- tion for promoting stability and security, ant for the security of the whole region. building a positive agenda and reaching FP Obama chose Athens as one As an example, a cause of concern of out to young people. We have to create of his last stops as president. Nikos Kotzias mine is Egypt, a country of 97 million Minister of Foreign Affairs positive conditions for the young in What is the future of US-Greece people. South of Egypt are Sudan, their homelands and ensure they can relations? South Sudan and Somalia. If Egypt easily create start-ups. Our cooperation NK It was very important for him were destabilized, millions of refugees FP How is Greece providing re- with Israel, for example, is doing this to speak in Athens about democracy, or immigrants would have easier access gional stability? sort of thing. and he stood up for the country where to Greece. Human rights are extremely NK Our relations with Lebanon and democracy was born and protested important, but we also need stability Jordan, for example, are not only fo- FP How can the EU tackle migra- against those who only think in terms of and security in that whole region. An- cused on economic diplomacy, but also tion? economics. I had established channels other example is Syria. For its sake, on educational and cultural diplomacy. NK It has to have more courage of communication with the Trump ad- security and stability in the Eastern They host the largest number of refu- and face the real problem of migration. ministration before the elections. I hope Mediterranean are very important. We gees in the world, compared to their Migrants are coming not only from and wish that we will have good cooper- cannot “play” with the lives of people. population. With Greece’s help and ini- Syria, but also from Northern Africa, ation with the new administration.

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Financial oversight

Framework for change

must address all sectors Photo: Shutterstock / Samot Open door to investors

Dimitrios Liakos as reforms roll ahead Deputy Minister to the Prime Minister A naturally attractive destination for investment, Greece Hellenic Corporation of Assets and Participations (HCAP), to now has programs in place adding structure and substance manage, exploit and enhance the value of its assets. Some deals have Attracting foreign investment while a public procurement law already happened, like the selling is vital for sustainable growth in means the buying process will be of 67% of the Piraeus port, to Chi- Greece and so the government has transparent and open to anyone. na’s COSCO for €280.5 million. Euclid Tsakalotos prioritized reforms to provide the One-stop licensing centers are also Upcoming opportunities include Minister of Finance perfect business climate. These being opened, where investors can liberalization of energy and the are already having an effect – in- get information and submit appli- state’s real estate portfolio. FP How is the Greek economy flows were almost €2.8 billion in cations quickly. According to Liakos, the stock performing? 2016, the highest since 2010, and Besides traditional invest- market also “has great investment ET It’s very promising, especially at Dimitrios Liakos, Deputy Minis- ments, Greece is prioritizing capacity,” and gaming compa- the micro level. Industrial production ter to the Prime Minister, is “re- public-private partnerships and ny OPAP recently completed a rose in March by 8.7% year-on-year, ceiving signals that there is great a privatization program. The landmark €200-million bond is- the sixth consecutive month of positive interest in investing.” implementation of this program sue. Whichever market segment growth. Manufacturing is particularly But what’s in it for investors? was complicated and slow, but in investors choose to tap into, the strong, retail sales are up 4.6%, car Perhaps foremost is its location, 2016 the government set up the first-mover advantage applies. registrations by 22% and unemploy- which Liakos describes as “at the ment is beginning to fall. Exports rose crossroads of three continents, ful- by 6% in 2016. ly interconnected with the major European ports and the gateway to FP What actions should take pri- Europe for Asian economies.” As a ority to unlock the economy? member of the EU and Eurozone ET It’s not going to be one big idea, as well, Greece offers barrier-free “invest in infrastructure” or “invest in access to over 140 million people. agriculture.” We want a differentiated The highly skilled workforce and development strategy with a coherent competitive labor costs are also framework, where small- and medi- major assets. um-sized enterprizes have a crucial Other advantages Liakos high- role to play in creating jobs. That could lights are infrastructure, funding mean, for instance, new financing tools, for investments, agricultural prod- or creating production clusters. We uct quality, important shipping need to sell our strengths better – very and tourism sectors, and research few people know how many structural expertise. He believes it’s a nat- reforms Greece has implemented. urally attractive destination for investments, that is now adding FP How can privatizations con- “political and financial stability, tribute to the recovery of the along with an extensive set of sec- Greek economy? tor-wide reforms” to make it “In- ET We have a strategy of both pri- vestment Friendly.” vatizing and also restructuring Greek These reforms, plus new invest- firms. Privatizations are associated ment-promoting programs, have with foreign investment. Additionally, been introduced in collaboration you can bring in international know- with all economic stakeholders, how and those international firms will including European institutions. use Greek suppliers and they will help They are designed to give inves- to increase the skills of Greek workers, tors “the confidence that they have and that’s what we consider a win-win a clear runway in front of them,” as privatization. The worst kind of privat- Minister of Finance Euclid Tsaka- ization is just privatizing and taking the lotos puts it. A new investment profits out. law offers 12 years’ tax stability,

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Greek banks, restructured and well capitalized

The recapitalization, consolidation and reform of the banking sector has seen short-term obstacles, but the picture is becoming increasingly positive

The Greek banking sector has Chairman of Piraeus Bank, says things,” says Panayotis Thomo- totally transformed as a result of that “the banks have managed to poulos, Chairman of NBG. the financial crisis. Legislation, sustain themselves, stand on their About €30-35 billion is tied restructuring and recapitalization feet and they are gradually register- up in the large NPLs of some have led to a sector that is now ing profits.” 100 companies, who are on the Greece’s banking internationally recognized for But while it’s made advanc- books of all the systemic banks. sector in numbers its high capitalization levels and es, the sector still has problems. The Hellenic Financial Stability for substantial improvements in “The question of non-performing Fund (HFSF), which manages the stability, governance and trans- loans in the Greek banking sys- state’s bank shareholdings, is step- Following consolidation and the parency. As Professor Nikolaos resolution of 14 credit institutions, Karamouzis, Chairman of EFG “The question of non-performing loans in the Greek banking system is a crucial one” the sector comprises 4 systemic Eurobank and Chairman of the banks and several smaller, non- Hellenic Bank Association, states, Panagiotis Roumeliotis, Chairman, Attica Bank systemic banks. “we have been through four stress tests – no other system has been tem is a crucial one,” says Attica ping in here by getting banks “to The 4 systemic banks have stressed as much.” Bank Chairman, Panagiotis Rou- sit down together and facilitating undergone 4 stress tests and 3 Consolidation from about 60 meliotis. The government has an optimum resolution – for every rounds of recapitalization since banks has resulted in four sys- introduced a new legal framework case, every loan,” says George Mi- 2010, for close to €65 billion. temic banks – National Bank of to reduce this, “which allows the chelis, the fund’s Chairman. Greece (NBG), Alpha Bank, Eu- sale of loans, out-of-court settle- In a first for the country, Atti- HFSF manages the state’s bank robank and Piraeus Bank – and a ments, faster loan restructuring, ca Bank recently securitized €1.3 shareholdings: 40% of NBG, 26% few non-systemic ones, the biggest the formation of specialist NPL billion of its bad loans. A move of Piraeus Bank, 11% of Alpha being Attica Bank. Despite the dis- management companies and sim- that could be copied by others and Bank and 2% of Eurobank. ruption, George Handjinicolaou, pler bankruptcies, amongst other which its Chairman, Panagiotis Roumeliotis, says will make it “one Greece has about 10% of the of the healthiest banks in Greece.” EU’s total NPEs (based on FY16 Initiatives like this mean that the data), representing 45% of total country’s targets for reducing domestic loans, or €105 billion. NPLs are being met or exceeded. Another big challenge is recov- The ECB has set targets for the ery of deposits, which flew out of Greek banking system to reduce the country until restrictions were NPE volume to €67 billion, by the put in place in 2015. Since then, end of 2019. €8.5 billion has been repatriated. Alpha Bank Chairman Profes- Capital ratio is amongst the sor Vassilis Rapanos thinks it’s highest in Europe (aggregate “important to lift capital control CET1 around 16% in 2016), measures to restart confidence.” comfortably above the EU average All banks are calling for Greece to of 13.6%. enter the European Central Bank’s quantitative easing scheme quick- Between June 2015 and ly, so that the country can reenter February 2017, €8.5 billion of international finance markets. In funds that had moved abroad, the meantime, they are increas- have been repatriated. ing foreign investor confidence by improving their internal man- agement, efficiency, profitability, corporate governance and trans- parency. Unlike the subprime banking crisis of other countries, the crisis in Greece wasn’t due to any partic- ular problem in the sector. Rather, it was a consequence of the Greek sovereign debt crisis that created contagion. Coming out of that crisis, though, the sector has been www.atticabank.gr transformed.

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Top chairmen’s point of view

What needs to happen for Greece to return to the financial markets and what is your bank’s strategy for growth?

I think that the markets are closely moni- The key is the reduction of Greek political toring the Greek economy. It’s worth not- risk. Markets must be convinced that there ing that once the legislative requirements for are credible, concrete, stable steps being pushed the second bailout review were passed in our forward. The conclusion of the bailout negotia- parliament, the yield on the Greek 10-year tions will unleash a new wave of economic activ- benchmark fell below 6%, from above 8%, a ity by increasing consumer and investor confi- level similar to 2014 when the country and the dence. The greater the return of confidence, the banks last accessed the markets successfully. I faster all the good things will take place – it’s believe that now the second review is behind the so-called virtuous cycle and when it gets go- us, things will look more favorable, especially ing, it will surprise a lot of people. if a viable debt restructuring deal and quantita- Why would an investor invest in one bank Nikolaos Karamouzis tive easing participation are agreed. In any case, George Handjinicolaou over another? International investors have set Chairman under current conditions, banks today are able Chairman high standards and demands regarding trans- EFG Eurobank to repo in the international markets close to Piraeus Bank parency. If I’m going to put my money in an €25-billion worth of assets, while several Greek corporate entities have investment, I need to have confidence that my money is properly de- tapped the international debt markets at attractive rates. ployed, that it is not abused or channeled into non-transparent activities. After becoming wholly nationalized in 2013, we currently have the So transparency is fundamental, expressed through proper corporate lowest HFSF shareholding among all Greek banks, which underlines governance and an independent board that works for the shareholders. our firm commitment to return to full private ownership. We have And then holds management accountable, whilst putting mechanisms implemented best practices in our corporate governance, resulting in in place to ensure that the board, while it trusts the management, has modern, accountable and transparent decision-making. Going forward, the ability to monitor and verify its actions. We aspire to make Piraeus we believe that the steady and outstanding cooperation that now ex- Bank an exemplary bank in these terms and in performance metrics, that ists between our shareholders, board of directors and management is will be comparable or better than other European banks – to me this is a competitive advantage and a key to the bank’s success. That success essential, because we need to stand by our metrics in terms of profitabil- will become all the more apparent if Greece returns to a sustainable ity ratios, cost ratios and capital ratios, for example. These are the growth path and regains full access to international capital markets. yardsticks which we need to achieve.

I don’t know how long it will take for Greece to be able to access international credit, but the sooner the quantitative easing program of the European Central Bank incor- porates Greek sovereign debt, the stronger the message to market players to start investing in Greece will be. If banks move faster on, for ex- ample, loan restructuring, write offs and selling bad loans, we will give a signal that the sector is willing to do what is necessary to regain trust, fulfill its obligations and become an active ac- Panayotis Thomopoulos tor again. Chairman I think that fewer than four banks might be- National Bank of Greece come an oligopoly. The four banks can stand on their own, they have the right market share to create economies of scale and eventually start competing amongst themselves more. Com- petition is on hold at the moment, as our attention is on the non-per- forming loan problems. All banks are introducing new technology and will compete more in the field of products and services that they can offer to their clients in the near future. As in the rest of the European Union, banks are turning their attention to the younger generation of IT users. The first thing that NBG has to do is reassure its clients and share- holders that the bank remains, not only a safe bank, but its return to profitability underlines its strong potential. Because of its 175-year history, people trust NBG and see it as a strong pillar of the Greek economy. We have to reassure shareholders that they are going to make a profit over the long run and, for this to happen, we are trying to make an efficient bank, able to meet the challenges of the future and stronger competition from abroad. New technologies will boost productivity, fa- No.1 Bank in Greece cilitate client-bank relationships and reduce the cost of transactions, as well as increase product range. NBG wants to continue being in the first row of progress and the first rank of Greek banks.

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Reengineering growth: Greece 2021

The country’s new growth model is based on developing

exports and value-added market sectors Photo: Pharmathen

The Greek government has de- an important pillar of the plan. notes Stergios Pitsiorlas, Deputy startups. vised a five-year action plan for Recently introduced reforms will Minister of Economy. The Athens Chamber of Com- sustainable economic growth also encourage investor interest, Another key to Greece 2021 merce and Industry (ACCI) is called Greece 2021. It represents he believes, particularly a ‘Fast is the creation of a strong brand doing its part by setting up an the fundamental changes that are Track Law’, that accelerates in- name for Greek products, one incubator for young entrepre- being made to the Greek econo- vestments licensing and the es- associated with quality and inno- neurs that has helped forty-seven my, which was historically ineffi- tablishment of an investor om- vation. Staikos says this will help schemes to date. Seven are now cient and consumption driven. budsman. his organization support busi- fully-fledged businesses and two The plan is based on promoting Papastratos, subsidiary of Phil- nesses to reach new international have been sold to foreign com- exports and developing high val- ip Morris, recognized the advan- markets and partners. The Amer- panies. “One of our startups has ue-added sectors, such as real tages and announced in March ican-Hellenic Chamber of Com- been nominated for the €1.5-mil- estate, information and commu- 2017 that Greece would be the merce is also active in this area, lion European new business nication technologies, energy, award,” says Constantine Micha- food, agriculture, logistics and life “We chose Greece for three reasons: its geographic location los, ACCI’s President, “a tremen- sciences. that is critical for exports, its talented human capital and its dous invention that reduces vehi- It aims to achieve fair econom- proximity to tobacco.” cle fuel consumption by almost ic growth, by building a produc- 40%.” ACCI has also introduced tive and specialized economy, Christos Charpantidis, Chairman and MD, Papastratos a business angel funding mecha- widening production range and nism, which has received interest steering entrepreneurship to cre- location of its new smokeless to- enabling Greek companies to from Greek and international in- ate sustainable jobs, according bacco sticks factory. “We chose compete in the US through initia- vestors. to Christos Staikos, Chairman Greece for three reasons: its geo- tives like ‘Trade USA’. President Local pharmaceutical com- of Enterprise Greece, the invest- graphic location that is critical for of the Chamber, Simos Anastaso- pany Pharmathen, which makes ment and trade promotion body exports, its talented human capi- poulos, believes “Greeks are great 95% of its profits from exports, responsible for driving Greece tal and its proximity to tobacco,” business people, very innovative shows what Greek businesses are 2021. Christos Charpantidis, Chairman and quite extroverted in reality. capable of. Based on a strategy of He says that attracting invest- and MD of Papastratos says. “It’s Given the right environment, I “innovation, internationalization ments, leveraged by the coun- a €300-million investment, in the am sure they and the country will and investments,” according to try’s competitive advantages like port of Piraeus. With this factory, thrive.” Vassilios Katsos, its President and its skilled workforce, geographic they are planning to have many The Greek people are well CEO, it doubled its workforce, location and infrastructure, is different investment projects,” known for their entrepreneurial profitability and turnover during spirit and enabling new Greek en- the financial crisis, and made trepreneurs is a strategic priority. investments of almost €200 mil- The government has made €260 lion. Proof that Greek companies million – which it expects to trig- are becoming more internation- ger a total of €1 billion – available ally competitive and extrovert, for innovative Greek SMEs via its and that they have the potential Fund of Funds Initiative. There is to come out of the crisis stronger also a €120 million program for and more fortified.

“One of our startups has been nominated for the €1.5-million European new business award.” www.papastratos.gr www.acg.edu Constantine Michalos, President, the Athens Chamber of Commerce and Industry

[email protected] www.enterprisegreece.gov.gr

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Tackling the Achilles heel: unemployment and ‘brain drain’

Initiatives are in place to help young people build a long- term future for themselves and their country Jobs have been hard to come by in in Greece and have a genuine long- Greece. 22.5% of the population is term career,” Cope explains. The out of work and there is 48% youth startups involved cover a diverse Photo: Ersi Drosou unemployment. But beyond their mix of sectors, “we’ve got every- Deree – The American College of Greece skillset and talent, Greece’s young thing from a beer manufacturer, people aren’t willing to sit idly by to online doctor services, to scuba Greece’s biggest asset and thanks to a ‘make it happen’ diving businesses,” Cope enthus- attitude, many have been mov- es, “and we want them to become is its human capital ing abroad to seize opportunities strong businesses that can pro- where they are readily available. mote and sell their products both A major challenge the country in Greece and abroad.” Public and private education organizations are making faces is turning this ‘brain drain’ The Coca-Cola Company chose sure tomorrow’s workforce is as skilled as today’s into a ‘brain gain’. To limit the loss Athens as a regional hub due to its of young scientists, the govern- location and talent, notes Melina ment is prioritizing research and Androutsopoulou, Public Affairs Greece’s biggest strength is prob- organization, also has a plan for innovation-based sectors. While and Communications Director, ably its highly skilled workforce. education: ‘ACG 150...Advancing some companies are playing a key Central and Eastern Europe. Unfortunately for the country, if the Legacy, Growing Greece’. role, not only by creating employ- “Greece has always been a market not employers, that workforce is The $75-million plan includes ment opportunities, but most im- that has been very successful and currently underutilized. In 2015, setting up an institute for eight portantly, by empowering young very keen to innovate, whether the IMD ranked Greece second for applied research centers of excel- people and incentivizing entrepre- it’s for a product or other areas of readily available skilled labor. lence, in areas of strategic impor- neurship. Market-leading gaming the business,” she adds. For each Greece has Europe’s second tance for Greece, as well as a cen- company OPAP is a shining ex- of their employees, it supports highest percentage of Masters and ter for technology-based economic ample. It already employs around another 11 jobs in, for example PhD students as a share of its pop- 1,000 people directly and 17,000 supply and distribution, making it ulation, with science, technology “Private institutions indirectly, via 4,500 franchised responsible for 21,300 Greek jobs. and engineering being specialisms. can be complementary shops. After its recent successful It supports numerous initiatives Government and private sector to the public system in €200-million bond issue, it has to help young people in Greece. It want to further strengthen edu- contributing to Greece’s a new investment program that has an ‘Enterpreneurships Schools cation and the ‘triangle of knowl- should create thousands more in Greece’ scheme, to inspire edge’: the connections between revitalization.” jobs, says CEO Damian Cope. new startups, as well as programs entrepreneurship, education, and Dr. David G. Horner, President As part of its corporate social focused on skills, development, research and development. The American College of Greece responsibility program, it’s ‘Busi- employment and internships. And “We’ve increased student ness Growth by OPAP’ scheme is 300 graduates have found jobs numbers by 1,000 and created development and employment, providing mentoring and financ- through its internship program, 250 post-doctoral posts,” says with links to 170 US research uni- ing to twenty fast-growing SMEs. which has an 80% success rate. As Kostas Gavroglu, Minister of versities. “Private institutions can OPAP wants to enable them to far as Coca-Cola is concerned, says Education, Research and Re- be complementary to the public reach their full potential and gen- Androutsopoulou, “you can’t take ligious Affairs. The American system in contributing to Greece’s erate employment. “What we advantage of the opportunities in College of Greece, a leading in revitalization,” explains Dr. David are trying to do is prove that it is Greece without investing in its dependent, non-profit educational G. Horner, the college’s President. possible for young people to stay young people.”

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The new Greek digital economy Point of view Nikos Pappas

FP How do you see Greece’s digital future? NP Greece can become a regional hub in many ar- eas, including transport, energy and communications. How? We have to build credible networks. The major initiative on which most applications will be built is new generation access networks (NGAs), such as fiber optics. Already, we have €400 million available from the EU to start working on this. Greece is near the bottom of the EU in development of these networks. Our administration has faced this reality with actions and numerous initiatives. We have brought Nikos Pappas in cost-reduction legislation. This obliges every compa- Photo: Shutterstock / NicoElNino Minister of Digital Policy, ny developing a network to allow other networks, such as Ongoing investment in new communications networks Telecommunications and Media fiber optics, to pass through. This ultimately reduces the total cost of NGAs by around 60-80%. Using fiber optics, we are going to triple or even means that Greece’s digital economy will be a tool for quadruple network speed, multiplying Greece’s attractiveness to investors. sustainable economic growth The distance between the countries that take advantage of the technological rev- olution and those that don’t will grow dramatically. The government is commited to making this digital transition take place and maximizing its effects for our country The information and communi- the department’s minister, says and our citizens. cation technologies (ICT) sector “Greece is experiencing a signifi- is already important to the Greek cant technological revolution.” FP Why do you see Greece becoming a communications hub? economy and the country’s geo- The updated strategy’s first pri- NP Greece is so close to many countries in the EU, as well as North Africa. Any strategic location means it has the ority is deploying new generation product can come here, get an EU stamp and travel in a matter of a day, practically to opportunity to become an ICT access (NGA) network infrastruc- everywhere. But investors look for stability and effectiveness, which is why one of the hub for the wider region. That’s tures. Fixed high-speed broadband keys to Greece’s future is a first-class NGA network. the government’s aim and it’s fo- access is only 7% and it’s “the only cused on urgently digitizing the European country with one tele- FP What do you aim to achieve by opening a Greek Space Agency? country and developing a strong com access network, an old copper NP Our country lacked an agency that could unite research centers, universities digital technology industry. one.” points out Panos Papado- and entrepreneurs intrinsic to space-related business activities and policy. For years, poulos, CEO and Vice Chairman “Greece is experiencing a Greeks have been present in international space agencies, including NASA, and you of internet and telecommunica- can find us in essential space projects, even missions, but our flag is nowhere! There significant technological tions services company Forthnet. is a Greek professor that worked on the first mission to Pluto. There is a Greek busi- revolution.” European funds have been allo- ness that develops sensors enabling flying objects to locate their position on their cated to broadband networks and Nikos Pappas own, without the need to communicate with any radar or satellite. Hellas Sat 3 was other substantial investments are recently launched into the Greek orbital position of 39 degrees East. Minister of Digital Policy, planned. Expectations are set for Telecommunications and Media The question is how you persuade people to move towards using technology for the EuroAsia Interconnector, link- their advantage in their businesses. We have the applications and the products, we “Adopting digital technology as ing the electricity systems of Isra- are not lacking in ideas or entrepreneurship, but we are lacking in the coordination a fundamental strategic pillar can el, Cyprus and Greece, to include of forces. These are the kind of problems that we are trying to solve with the Hellenic and will reshape the wider Greek fiber-optic cables, for example. Space Agency. economy, driving innovation, The private sector is also invest- growth and job creation,” asserts ing in Greece’s networks. Forthnet Anastasios Tzikas, President of is putting money into fiber-optics. One way Greece intends to cre- support network include Taxibeat, the Federation of Hellenic Infor- OTE Group, Greece’s largest ate a stronger ICT industry is by a cab-hailing application recently mation Technology and Commu- telecommunications provider, has nurturing startups and research sold to Daimler for €40 million, nications Enterprises. already spent €2 billion on NGAs centers. Incubators have been set and Upstream, a mobile com- There is now a Ministry for Dig- and plans to invest another €1.5 up, plus venture-capital schemes, merce platform, which has €25 ital Policy, Telecommunications billion by 2020. Vodafone Greece accelerators and technology clus- million in European Investment and Media, as a central platform is also investing and sees itself as a ters for sectors like microelectron- Bank financing. These successes for all digital and ICT initiatives. “catalyst in moving Greece to fiber ics, gaming, space and biotech- give weight to Pappas’ conviction It’s also updated its Digital Na- and NGA,” says Chairman and nology. Entrepreneurial projects that “Greece’s digital economy is tional Strategy. Nikos Pappas, CEO Haris Broumidis. that have taken advantage of this the tool for sustainable growth.”

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Point of view Panos Papadopoulos OTE Group: enabling growth

FP Could you tell us about Forthnet and your through technology and innovation priorities looking forward? PP We are one of the leading companies in Greece’s media and communications sector and a pioneer in inter- net and pay-TV services. Right now, we are investing in content, customer experience and new generation access networks. However, our long-term priority is to keep pro- viding users with an ever-improving experience and in- novative high-quality services, such as mobile telephony using the Mobile Virtual Network Operator (MVNO) mod- el, or other over-the-top services. Panos Papadopoulos CEO and Vice Chairman FP What investments are you making in NGAs? Forthnet PP We’ve developed a business plan with ZTE, the Chinese technology giant, to create a Greek fiber-optic network providing gigabit con- nection. We also have a cooperation agreement with Shanghai Gongbao Business Consulting Co. and KaiXinRong Group Co. to explore a partnership for financing this network, which envisages an investment of up to €500 million.

FP Can you expand on your plans for MVNO? PP MVNO penetration is under 1% of the mobile market in Greece, far lower than OTE Group is the largest telecom- launched speeds of up to 500Mbps. in other EU countries. We’re negotiating with mobile operators to expand into this mar- munications provider in the Greek OTE Group is also a partner of ket. First, we will provide mobile services to our customers: over 700,000 households market and, with subsidiaries in Ro- choice for businesses seeking mod- and two million individuals. We already provide their TV, land line and broadband, mania and Albania, it holds a leading ern ICT solutions in the field of IT and want to include mobile services in the package. And we can leverage our strong position in Southeastern Europe. It integration, as well as in the fields of content assets with mobile services, apps and experiences. offers a full range of telecommu- health, tourism, information securi- nications services, including fixed ty, energy management, Data Cen- FP What role do you think ICT will have in the upturn of the economy? and mobile telephony, broadband ter, Cloud and Internet of Things. PP ICT companies are capable of improving the whole competitiveness and overall services, pay-TV, ICT solutions and Among the major ICT projects position of Greece. maritime communications. undertaken by the OTE Group are By implementing a corpo- the installation and operation of Co- rate-wide strategy, in recent years ca-Cola HBC Group’s data center Telecoms giant has Greece’s back OTE Group has managed to trans- for 28 countries, the national tele- form from a former state monopoly medicine network for the Aegean Vodafone Greece, part of international into a modern, customer-oriented Islands and the Fire Brigade opera- heavyweight Vodafone Group Plc, is a company that constantly upgrades tions center. telecommunications provider for indi- the services it provides. A big step viduals and businesses, also engaged towards enhancing customer experi- Sustainability in spurring on economic and social ence was the establishment of COS- Despite the highly challenging and development. Haris Broumidis, Chair- MOTE as the unified brand for all volatile environment it works in, man and CEO of Vodafone Greece, group products. the OTE Group is developing in a says: “The commitment of the fully sustainable manner, achieving Vodafone Group to Greece is evident Growth through infrastructure strong performance to the benefit by the €1.5 billion investment made in The new digital era is radically of its customers and the countries it recent years and the 5-year investment changes the way we live, work and operates in. plan for €500 million by 2020.” communicate. With this in mind, The group fosters digital trans- Vodafone’s confidence in Greece the OTE Group has invested in formation with its products and aids the country’s equal participa- creating the infrastructure of the advanced customer servicing, and tion in the European Commission’s Haris Broumidis future. The group is, by far, the big- it helps youngsters as well as older vision of a European Gigabit society: Chairman and CEO, Vodafone Greece gest investor in telecommunications people to develop their digital skills; widespread connectivity delivered by in the country. It has invested more it provides support to vulnerable so- robust technologies. Broumidis says, ees are highly qualified engineers than €2 billion in NGNs over the cial groups; it reduces waste and in- “I see Vodafone as a catalyst for mov- supporting the Vodafone Group, and past six years and has announced in- creases recycling for a cleaner envi- ing Greece into the digital era, from specialized teams addressing com- vestments of €1.5 billion for the roll ronment; and it provides a healthy, copper to fiber, and from ADSL plex ICT situations for Greece’s big out of optical fiber and 4G/4G+ safe and creative environment for to NGA; moving the country to a businesses. It is also the flag-bearer before 2020. its staff. Furthermore, ethical gover- Gigabit society through the creation of one of the main concerns of its OTE Group currently provides nance is included in all its internal of next generation fixed and mobile umbrella group: The Internet of high-speed VDSL access to over 2 processes and its relations with part- networks.” Things (IoT); the connection of de- million households and business- ners and providers. Vodafone Greece and the Vodafone vices beyond computers and smart- es. Its 4G network reaches 95% of Implementing its strategy, the Foundation also contribute to social phones to the internet, touted to be the Greek population, while 4G+ group is giving special meaning to programmes that improve access to the future way that businesses, gov- coverage is at 85%. Its network is its vision of “making the world a bet- healthcare and education for the most ernments and consumers will interact among the first worldwide and first ter place for all through technology vulnerable. Among its 2,550 employ- with the world. in Greece to have commercially and innovation.”

For further information please visit www.prisma-reports.com 10 Sponsored Report GREECE The Odyssey to Reinvention Photo: Terna Gek Photo: Terna €25 billion to revive mega infrastructure projects Heavy funding, shrewd government planning and a pro-PPP culture are allowing Greece to build Top 10 investment big across multiple modes of transport and execute its obvious role as a regional logistics hub opportunities

With maritime transport ac- the security that the public sector 1. Thriassio Pedio Logistics Hub counting for 80% of global trade can provide for the execution of One of the largest commercial rail- by volume, Greece’s geographical projects.” way projects in Europe and the larg- position as an entry point to Eu- It is thanks to a shift in Greek est in the Balkans. rope from Asia lures in logistics mentality that PPPs have the green 2. Egnatia Odos Vertical Axis and manufacturing investors. This light. Pre-crisis, infrastructure Connecting the main section of the Egna- is why the government is seeking projects were utilized as a way to tia Motorway with Albania, Bulgaria and funding to achieve its €25-billion spur economic growth, but relied FYROM. target for large-scale infrastructure heavily on government funding. 3. Thessaloniki Logistics Hub projects. Their completion will Major Greek construction compa- Developments to place the Port of Thes- imply increased trade flows, and nies that during the crisis diversi- saloniki as an entry logistics hub for greater stability and competitive- fied abroad are today committed Southeast Europe. ness across the region. Christos Spirtzis to enabling the success of these 4. Athens Metro Expansion Minister of Infrastructure, Minister of Infrastructure, Transport and Networks projects. Dimitris Koutras, Chair- Expansion of rapid transit system Transport and Networks Chris- man of one such company, Aktor, through 29 new stations to serve around tos Spirtzis explains how such says “the future of our country en- 500,000 passengers daily. projects will encompass ports, air- er and faster alternative route tails the participation of the con- 5. Ionia Odos ports, roads, railways and freight to the traditional port routes for struction companies in large-scale Connecting and serving three main ports centers. “Currently,” he says, Asian goods reaching Central and development projects. With the and three airports, and connecting West- “goods enter by sea through the Western Europe.” However, the accurate budget, appropriate time ern Greece with the rest of the country. Ports of Piraeus, Thessaloniki, government is realistic in its need schedule and close monitoring, we 6. Crete International Airport Patra, Kavala, Alexandroupolis for support. “Projects of this scale enable every project to become Upgrading and constructing regional and Igoumenitsa. We now need have many positive consequences, productive and profitable for in- airports to support the increase of tour- logistics hubs connected with a but cannot be completed without vestors.” ist arrivals that is forecast for the years fast railway network in order to the participation or investment of Another Greek construction to come. distribute these goods.” The gov- large multinational companies,” giant, J&P-AVAX, had its first 7. Water Desalination Projects ernment maintains that to cater Spirtzis insists. PPP project 20 years ago with the Innovative desalination projects using to international freight transport Indeed, Public Private Partner- Rio-Antirrio Bridge. Managing state-of-the-art renewable energies tech- needs, it must foster a network of ships (PPPs) are key to attracting Director, Konstantinos Mitzalis, nology. intermodal transport. Many such funding from those global players pinpoints many current opportu- 8. Railway Improvements projects, on hold during the crisis possessing the capital and techni- nities, among them the Egnatia Construction of double rail tracks and years, have happily recommenced cal knowhow required for complex Railway and the logistics centers upgrade of signalling and electrification since 2014. projects, and a variety are set to in Thriassio Pedio, Thessaloni- of network. The Ministry of Infrastructure be tendered. Spirtzis places great ki, Larisa and Alexandroupolis. 9. Marina Hubs wants to connect the wider region value on the PPP model: “private “These projects are of immense Upgrades of key marina hubs including via three new routes to the Balkan sector participation is key for sup- importance to the country,” he those to meet the increasing demand for countries and a fast railway be- plying high value-added products says. PPPs imply lower risk for in- marine tourism. tween Asia and Central Europe, with an emphasis on new tech- vestors. The stable environment 10. Seaports & Seaplanes crossing central and western areas nologies. Synergies are needed the government is committed to Developing waterways for the launch of the Balkans. Spirtzis says: “We between the private and the public guaranteeing adds further incen- of seaplane routes to connect Greece’s have to act fast to provide a cheap- sectors because the former needs tive still. coastal areas.

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Intermodal transport projects to reshape European supply chains Having lost its prominence, the Greek railway is returning to the government’s radar as a logistics facilitator

The Greek government has ear- marked railways as top priority. and Networks Map: Minister of Infrastructure, Transport Seen in the context of intermodal Photo: OSE projects linking railways, ports and logistics centers, the mode of trans- port will act as a key cog in interna- tional supply chains. Major projects pending completion include the railway network connecting logistics centers in ports serving as logistics hubs, such as the Port of Volos. Egnatia Railway a game changer Also, work on logistics centers is developed it will have to work with gaining international interest with the railway in a win-win environ- The spotlight is on the Egnatia Railway with roots in Northern Thriassio Pedio, set to be the larg- ment. Thriassio Pedio portrays this Greece and touted as Europe’s biggest mega-rail project est freight railway station in the Bal- paradigm perfectly.” Legislation, kans. A breakthrough in the tender too, dictates that all logistics cen- at the end of 2016 ended ten years ters of a national scope are obliged New tracks will connect the entire- subsidiary, covers both passenger ty of Northern Greece, as well as and freight transport needs. Atha- “The railway has better financial, environmental and social the ports of Alexandroupolis, Ka- nasios Vourdas, former Managing vala, Thessaloniki and Igoumenit- Director of ERGOSE and Sec- performance than any other mode of transport. Logistics will sa, under the Egnatia Railway retary General of the Ministry have to work with the railway in a win-win environment.” Project. Access will be opened up of Infrastructure, Transport and Kostas N. Petrakis, CEO, OSE (Hellenic Railways) to the vertical axes of neighboring Networks says “the core railway and Central European countries. policy for the Ministry lies in the of deadlock. The joint venture of to be linked to the railway network. The 565km-long rail corridor development of the Greek railway Goldair and ETVA Industrial Parks Athanasios Schizas, CEO of signifies a 180-degree turnaround and its exit to Central and East- has seen €250 million euros pledged GAIAOSE, responsible for the real for the Greek railways. As Kostas ern Europe. These infrastructure as part of a binding offer for the estate portfolio of the Greek rail- N. Petrakis, CEO of OSE (Hel- projects are managed by public construction and management of way says “synergies are necessary lenic Railways), says “at the mo- entities and are either co-funded the hub. Kostas N. Petrakis, CEO amongst trains, ports and airports. ment the share of goods transport- by the European Union, following of OSE (Hellenic Railways), the Multinational companies, and es- ed by the Greek railway is 2%, very a PPP model, or privately funded. major Greek national railway com- pecially those involved in the tech- low compared to 25% in countries Timing is key as we believe this pany says “the railway has better nology sector, need to send cargo like Austria and Switzerland.” project can help turn the crisis financial, environmental and social to Central Europe quickly and at a Greece will be the linchpin link- into an opportunity for Greece performance than any other mode low cost. The railway could really be ing Europe and Asia as the project, and transform the country into a of transport, so if logistics is to be that link.” managed by ERGOSE, an OSE big multimodal hub.”

history of the city within a modern The development of the Thes- A timely social infrastructure revival structure.” saloniki Metro project created Another major project in the some 1,500 direct jobs and 3,000 Kickstarting previously stalled social infrastructure pipeline is the tender for the indirect ones. The re-initiation of fourth line of the Athens Metro – these projects stirs confidence: projects – the Metro key among them – sends a positive also under Attiko Metro – which “Apart from the economic boost message to the people was launched in April 2017, and that the Metro project has given should be completed in 2025. the city, you can now sense a flair After years of delays, the construc- more than 65,000 passengers on a “The budget sought for the first of confidence in the air,” concludes tion works on the Metro of Thessa- daily basis. It will also render Thes- section of line 4 is approximately Papadopoulos. loniki, Greece’s second-largest city, saloniki more attractive for tourists €1.4 billion and the rest of it, to- resumed in 2016, and are set for for obvious logistical reasons but gether with the extension of the “The Metro project plays completion in 2020. also because during the project, ma- other lines, requires approximate- a key role in the national Theodoros Papadopoulos, Man- jor archeological remains have been ly €2 billion.” Papadopoulos says aging Director of Attiko Metro, uncovered. “Many of the findings they are directing energies at a economy; creating which is responsible for driving will be exhibited within the Metro PPP scheme to obtain these. “The jobs, and increasing forward its construction, says “it is stations in order to become part of carrying out of these projects plays consumption.” a key infrastructure project for the the modern city,” explains Papado- a key role in the national economy; Theodoros Papadopoulos city and will serve all the citizens of poulos. “This is an example of em- creating jobs, and increasing con- Managing Director, Attiko Metro Thessaloniki.” It is expected to serve bodying the ancient civilization and sumption and expenditure.”

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New major motorways concluded in quick succession in 2017

Greece is turning to one of its time-tested tools for

economic success, by drawing motorway projects to a Photo: Aktor speedy conclusion

In the first quarter of 2017, na. It also joins western Greece the Ministry of Infrastructure, with the rest of the country. Transport and Networks reached The development of highways an important milestone with the has long proven fundamental conclusion of work on four out for the regional development of of five planned highways under Greece. The Romans initially the “Greek Motorway 5” project. used the early Egnatia route for The Port of Piraeus is the largest passenger port in Europe The result comes in the form of military purposes, but as it be- the new Ionian Highway, Olympi- came more widely used it rapid- “The Egnatia Odos tonoudis signals how “the high- an Highway, E65 and the middle ly developed into the main road highway connects the big way also serves as the entrance section of the Athens-Thessalon- from the Adriatic to the Black from the Mediterranean into iki Highway (Maliakos-Kleidi). Sea. Apostolos Antonoudis is economic and industrial Central Europe, making clear All became fully operational Chairman of Egnatia Odos, the centers of the East and the importance that this highway through concession agreements entity responsible for the de- the West, acting as a gives to the development of logis- with the private sector and have sign, construction, operation and solid commercial linkage tics hubs all across Northern and drastically changed the country’s maintenance of the 670km-Eg- point between them.” Northwestern Greece.” routemap, benefitting the nation- natia Highway, which now runs Egnatia Odos undertook the Apostolos Antonoudis al economy, users and local soci- across Northern Greece and into design and construction man- Chairman, Egnatia Odos eties at the same time. neighboring countries. Antonou- agement of separate vertical The Ionian Highway stands dis explains, “the Egnatia Odos between them.” axes, too, which link the Egna- out by connecting the three ma- highway connects the big eco- In light of the fact that the tia Motorway with Albania and jor ports of Patra, Astakos and nomic and industrial centers of ports of Igoumenitsa, Thessalon- Bulgaria. They have successfully Igoumenitsa, as well as three air- the West and the East, acting as iki, Kavala and Alexandroupolis completed 271km of the 442km ports: Araksos, Aktio and Ioanni- a solid commercial linkage point are adjacent to Egnatia, An- of the planned network. Milestone privatizations boost competitiveness The privatization program of Greek assets is seeing infrastructure deals pick up pace Photo: Shutterstock / Milan Gonda

Landmark privatization deals in cies favoring investments and we of Assets and Participations – es- the idea now is to “create compet- the infrastructure sphere are being thank them for that.” tablished to consolidate the Greek itive tendering processes to attract concluded. Conspicuous among The management of 14 regional state’s assets under a common the right mix of investors and them is Chinese conglomerate airports by German-Greek consor- umbrella and exploit them opti- generate revenues not only for the COSCO’s acquisition of a 67% tium Fraport/Slentel will step up mally – Ourania Ekaterinari, says state but also the wider economy.” majority stake in Piraeus Port in the competitiveness of logistics. April 2016, seeing the port climb Vice Chairman of Aegean Air- from 93rd to 38th biggest in the lines, Eftichios Vassilakis, says “It world. Captain Fu Cheng Qiu, its means the airports are going to be Proudly Extending Managing Director, credits the developed positively. Fraport has the Athens Metro government saying “it was not specific standards to adhere to.” easy. But when COSCO moved Ongoing privatizations furthering all its business-after-transit con- opportunities in the logistics sec- tainers from Venice to the port, tor include the port of Thessalon- the Greek government was very iki. www.ghella.com supportive. It gave us stable poli- CEO of Hellenic Corporation www.jp-avax.gr

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Lamda Development’s landmark Hellinikon project Photo: Lamda Development The Midas Touch in real estate

With property prices at an all-time low, Greek real estate is inikon development, on the site of adding “the Hellinikon Project a former airport near Athens. One means €8 billion in investments, offering golden opportunities for international investors of Europe’s biggest urban regener- 75,000 jobs and a 2% increase in ation projects and Greece’s largest annual GDP.” He sees it as a game Greek real estate has historically NBG Pangaea invests in a wide privately funded investment, it’s changer for the country, that will been one of the country’s main range of commercial property, owned by a consortium led by have multiple positive effects in growth engines, responsible for mainly in Greece, but also in oth- Lamda Development (part of the areas like construction, culture, at- over 20% of annual GDP growth. er southern European countries. Latsis Group) and includes Glob- tracting investment and tourism: It suffered during the crisis, with Some of the biggest investments al Investment Group, with both “it will be a landmark and attract investments shrinking by two made in Greece during the crisis Emirati and Chinese capital. tourists to Greece.” It will also, he thirds. But many think the time is were in real estate and NBG Pan- “It will be the first integrated adds, put Greek real estate back on right to start investing again based gaea, which sees itself as a long- resort and the largest coastal park the map and be “a reference point on comparatively high yields cou- term investor, was at the forefront: in the world,” says Athanassiou, for many years to come.” pled with quality. As Aris Karyti- “we’ve invested €600 million, of nos, CEO of Greece’s leading real which 70% has been in Greece,” estate investment company, NBG states CEO Aris Karytinos. Pangaea, explains “here you can Karytinos believes companies find yields that are more than 15% like his are an ideal way to take higher than what you can find in advantage of the opportunities other European countries.” in Greek property. “If you don’t “I’m confident risk-weighted returns of 15% and above can be achieved.” Odisseas Athanassiou, CEO, Lamda Development

It is no coincidence that several know the people or the market, the leading foreign investors have put practicalities can be difficult. It’s Greek real estate on their radar far better to enter indirectly and again, as shown by the acquisition invest in real estate through a port- of a 67% stake in NBG Pangaea by folio like ours,” he argues. Dutch company Invel Real Estate One opportunity is a result of and, most recently, the strategic Greece’s non-performing loans. agreement between Lamda Devel- A large part of these are backed opment – Greece’s foremost retail by real estate collateral, Karytinos real estate developer and owner of explains, “so we will have an in- two of the country’s biggest malls creasing supply of property on the – and US-based Varde Partners. market for at least five years.” Odisseas Athanassiou, CEO of The ongoing privatization of the Lamda Development, says that state’s real estate assets through a the partnership provides them subsidiary of the Hellenic Corpo- with important growth capital ration of Assets and Participations, and prospects to invest in its pi- represents another huge opportu- oneering Hellinikon project. “Ex- nity. “I’m confident risk-weighted troversion and collaborations with returns of 15% and above can be foreign investors are essential for achieved,” says Athanassiou. The increasing investor confidence” he best example of what privatization states. can deliver is probably the Hell-

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A regional energy hub

Spurred on by EU targets, major infrastructure projects and its Photo: Hellenic Petroleum geostrategic advantages, Greece is opening up its energy sector

Greece lies at the crossroads of sev- eral complex energy projects that are vital for increased EU energy se- curity. Primarily, the Southern Gas sources by 2030. Major infrastruc- Corridor, bringing natural gas from ture initiatives such as the inter- Liberalizing the the Caspian region to Europe; the connection of the Greek islands EastMed project, connecting East- will play their role too. energy sector ern Mediterranean gas with the May 2016’s inauguration of the mainland; and the Greece-Bulgaria €4.5 billion TransAdriatic Pipeline This major move from the Interconnector linking Greece to project, key to the Southern Gas Central Europe through Bulgaria. Corridor, is one of the biggest for- government is complex but This, coupled with its geostrate- eign investments in Greece. With will pay dividends gic position, lends Greece a great George Stathakis increased EU energy security con- opportunity to be an energy hub. Minister of Environment and Energy cerns, according to Stathakis, the With ample possibilities for renew- Greek government is addressing The liberalization of the Greek able energy too, its potential to be market.” The shift presents oppor- the European effort to diversify energy market is an integral part a core ingredient of Western Eu- tunities for international investors gas supply routes in three ways, of its commitments to creditors. rope’s energy mix is clear. from electricity production and “by supporting the Southern Gas Public Power Corporation (PPC) The sector is in transition. Min- grid expansion, to the transmission Corridor, planning EastMed as an is the largest power producer and ister of Environment and Energy and distribution of natural gas and additional route and transforming electricity supply company in George Stathakis explains, “Greece hydrocarbons. into an LNG gate for Southeastern Greece with 87.5% of the electric- is moving towards privatizing cer- Also spurring on growth of the Europe and the Balkans.” The na- ity market, yet by 2020 its share, tain energy sectors and unbundling energy sector will be fossil fuel re- tional energy policy will prioritize both in terms of production and companies, to establish a rigid reg- duction, driven by the revised EU attracting investments and increas- retail, will drop to 49%. PPC is ulatory framework for the energy policy of 27% renewable energy ing geopolitical influence. committed to pushing liberal-

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Liberalization is not without its challenges. Panayotis Bernitsas, Managing Partner of Bernitsas Law, points out that “there are deadlines regarding the opening of the electricity and gas markets in Greece, which should be re- spected” but adds that “the gov- ernment is making substantial progress in this direction.” Effec- tive measures fostering compe- ization forward by turning this tition in the wholesale and retail change of affairs into an opportu- electricity markets remain to be nity to reshape the company. implemented too, whilst Greece’s PPC’s Chairman and CEO, gas retail markets are still legal Emmanouil M. Panagiotakis, ex- monopolies. Nevertheless, a gas plains “we are obliged to become release process aiming at effective a different company; smaller in competition has been constantly electricity in Greece yet stron- improved, and a new gas law was ger and bigger.” It will diversify adopted for full liberalization of its activities and expand to other the gas retail markets by 2018. markets through collaborations. Whilst the legal framework is Panagiotakis says PPC “has a complex, if investors commit to dual role to play: to act as a regu- the long term, all participants will lator and guarantor of the energy need to offer more sophisticated market’s operation and to act as products and the pay-offs will be a lever for investments in Greece clear. New players like Elpedison and abroad.” PPC will also seek recognize this. Chairman Nikos to conquer the Renewable Energy A. Zahariadis says “We will con- Services market (RES), a high val- tinue to support the authorities in ue-added sector with a prominent liberalizing the Greek electricity role in the government’s Greece market, for a healthy operating 2021 strategy. environment to be secured.” Leading high value-added exports Some Greek energy players have become more successful due to the crisis, particularly in the refined petroleum sector

The government’s strategic growth into an opportunity and become an plan, Greece 2021, is based on increasingly more extroverted and changing the economic model to successful player, through a forced one of high value-added products need to diversify its supply sources. with export potential. Given that the As a result, it is the most profitable country is already a leading interna- it has ever been, with net profits in tional exporter of refined petroleum 2016 ascending to €329 million. “It’s important to be a leader rather than a mere observer, especially in a highly competitive sector such as energy.” Grigoris S. Stergioulis, CEO, Hellenic Petroleum products, with over 27% of Greece’s CEO of Hellenic Petroleum, Grig- export revenue in 2016 generated oris S. Stergioulis, says “our target is from them, the energy sector is set to meet 50% of our needs through oil to lead the way with this strategy. producers and 50% through traders. Hellenic Petroleum is the sole pet- Any company wanting to survive rochemicals producer in Greece with at this point has to transform its a domestic market share exceeding activities to satisfy the future energy 50%. The group’s domestic refineries buyer, no matter what their existing in Aspropyrgos, Elefsina and Thes- business. Our vision is to export any saloniki cover approximately 65% of kind of energy product, to become the country’s total refining capacity. an energy trader. It’s important to be It is a stellar example of a company a leader rather than a mere observer, that was able to turn a challenging especially in a highly competitive local environment during the crisis sector such as energy.”

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Leading energy players’ perspective

Point of view Grigoris S. Stergioulis Point of view Emmanouil M. Panagiotakis

FP What role is renewable energy going to FP What prospects do you see in the Renew- have in Hellenic Petroleum’s ambition to di- able Energy Sources (RES) sector in Greece versify its energy mix in terms of supply? in the next few years? GS Greece has a unique problem and a unique EP According to official estimates, in 2025 the opportunity. The issue is that we have around 500 production of renewables will be between 28-29%, islands and we need to find a way to make them en- without the large hydroelectric units. Bearing in mind ergy sufficient, but investments in renewables present it is currently about 19%, there is a very big margin a huge opportunity. We want to grab this opportunity to increase electricity production based on RES. PPC and our plan is to do so either alone or though joint is not a leader in this sector right now – our market ventures with other companies on the islands. What share is only 3%. However, our market plan is to be- could be better for tourism than having an island that come one of the top players within the next decade. Grigoris S. Stergioulis is totally free of diesel and that has solar, geothermal, Emmanouil M. Panagiotakis We want to expand our activities into neighboring CEO, Hellenic Petroleum wind or wave energy? Our dream is for about 32 is- Chairman and CEO, PPC countries by collaborating on renewable energy pro- lands to be totally independent of fossils fuels and for duction projects. When it comes to geothermal ener- them to be interconnected. So, we have big money to invest there. gy, we will likely become a monopoly because we have the exclusive right to exploit Greece’s geothermal fields. FP How would you like to see more US companies getting involved in Greek energy? FP The US is a leading player in the energy sector. How would you GS The US is the major technology provider of the oil business. All the com- like to see US companies getting involved in the Greek energy sec- plex processes are developed by the Americans and we are happy to have used tor? their technologies in all of our refineries. Regarding the oil business, refining EP We have collaborated in the past with US companies to engage in proj- and retail, Americans are moving out of Europe and there is a reason behind ects in Balkan countries, in hydroelectric and thermoelectric projects specifically. this; companies are moving towards exploration – the big money – and out of There are a great deal of opportunities for collaborations with US companies. refining, giving room to smaller companies like ours to close the gap and provide In the case of renewables, we will launch a tender to choose a partner for the the services. So, we are using the biggest percentage of technology from the US, exploitation of the geothermal fields on Greece’s islands. I think that Ormat Tech- because they are the best, and we are open to any kind of cooperation. nologies Inc. – a big US player in geothermal energy – would be a good partner. Attica region: a hub for economic and creative activity Why invest in Attica? The region of Attica, a multi-func- like the Five Year Tourism Road- tional key area of Greece with a map, the Government of Attica is unique landscape, rich culture and creating a multi-tourist product 1. Attica is Greece’s Information a wealth of industrial, financial and geared towards collaborating with and Innovation Center commercial activities makes up the 66 municipalities of the region The region stands ready to act approximately 40% of the Greek to enhance the visibility of the main as a hub of information, coor- population and contributes over attractions, enable growth and job dination and facilitation, and is 47% to Greece’s Gross Domestic creation, and raise the overall pro- proud of its flourishing R&D Product (GDP). file of the region, as well as Greece, activity, which exists alongside a In recent years, it has become on a global scale. Innovative proj- fast-growing and dynamic start- one of the key centers of economic ects combined with the strong up scene. and developmental activity thanks support of the Attica Administra- to the paradigm shift operated tion to the Eleusis candidature for 2. Attica is a Global Gateway by the current Administration of the capital of culture of Europe for Attica is a prime international Governor Rena Dourou. Rena Dourou 2021, are putting the region on the gateway to Greece, the eastern Establishing the proper ecosys- Governor of Attica Region international map. Furthermore, part of the enlarged European tem for new forms of entrepre- Governor Dourou says, “what we Union and the Middle East and neurship, smart specialization, sive growth model at national level. need is a new concept for attracting enjoys extensive transport con- digital policy and innovation, In the words of Governor Dou- direct investments and promoting nections. through synergies with important rou: “We are aware that we have to the image of Attica”. stake holders, such as the Athens act fast. This is why we have opted The Attica region has numer- 3. Attica is an International Chamber of Commerce and Indus- for synergies, in order to overcome ous assets to be taken advantage Tourism Destination try (ACCI), and innovative new the current bureaucratic obstacles of, including tourism, culture and With its direct connections to in- business entities from the Athens and become more efficient towards investment opportunities. As Rena ternational locations rendering it Startup Business, is the main goal business and investments. Atti- Dourou emphasizes, “Attica is an the most accessible destination of the Attica Administration. ca is a unique business friendly unparalleled place for business, in Greece, Attica offers a wealth In order to achieve this goal, place, offering many investment work and fun.” She continues: “We of cultural and historical attrac- the current Attica Administration options.” are working hard to maximize all tions across the region, present- is working out a set of new policies Attica has no shortage of ancient of these assets, by changing the ing many options which are easy and initiatives in order to contrib- and modern sites, apt for luring administration paradigm, fighting to access and satisfying all kinds ute to a new sustainable and inclu- tourists. Through ambitious plans against red tape and inefficiency.” of tastes.

17 GREECE The Odyssey to Reinvention Sponsored Report

Agribusiness is set to play a key role in Greece’s economic recovery

Top-quality products mean that Greece’s agribusiness has significant added-value and export potential

“Agribusiness is a top priority in promoting Greek wines, because our development plan: Greece they are open to new experiences.” Photo: Shutterstock / Yulia Grigoryeva Photo: Shutterstock / Yulia 2021,” states Minister of Rural The financial crisis is having a Development and Food, Evan- positive impact on agribusiness, Investing in taste gelos Apostolou. It’s not hard to with producers becoming more ef- understand why. Agribusiness has ficient, competitive and export-fo- long been a major export sector cused, and moving towards high- Investors are starting to make gains by combining and, as the world moves towards er-value crops and products. traditional Greek foods with modern business practices the Mediterranean diet, the coun- This is being driven by govern- try has maintained a positive trade ment initiatives, the private sec- gap in a wide range of products, tor and by farmers’ cooperatives, Greece is ideally placed to take tion,” says Oikonomou. Nikas is many of which have stable prices which are helping to modernize advantage of the global shift to a also heavily investing in machin- and rising demand. production methods and improve Mediterranean diet. A tradition ery, like pasteurization equipment This success is attributed in entrepreneurial skills. Apostolou several centuries long enriched to increase shelf life and allow ex- part to the uniqueness of Greek says “we are focusing our endeav- with high quality means agribusi- ports further afield. products or, as Dodoni’s Chair- ours on the Greek diaspora to ness has huge growth potential. Another business investing is man, Michael A. O’Neill puts promote agribusiness as much as And Greek and international com- Dodoni, the dairy company synon- it “the added advantage of real possible.” panies are starting to invest in im- ymous with feta, which it exports proving supply chains, adding val- to over 40 countries. In 2012, it “We are committed to maintaining that traditional ue to products and developing new became one of Greece’s first pri- Greek taste.” markets. Several companies are vatizations when a 67.7% share Aggeliki Oikonomou, Managing Director, Nikas proving how this potential can be was acquired by Strategic Initia- capitalized on, with a prime exam- tive Foods. The new leadership is taste”. Managing Director of Ni- The importance of the sector is ple being leading cured meat pro- showing how to transform a public kas, Aggeliki Oikonomou, believes clear both in terms of exports and ducer Nikas. After undergoing sig- company into a thriving corpora- a traditional approach to its reci- economic impact. Dodoni’s CEO nificant changes, it is on the path tion, having invested in modern- pes will prove to be advantageous Tom Seepers notes that, with 500 to transformation through planned izing all aspects of the business, in foreign markets, stating “we are employees, it plays a big economic and strategic growth, having been including production. Chairman committed to maintaining that role within the region: “every year bought by Chipita, a food compa- Michael A. O’Neill explains, “the traditional Greek taste.” we pump over €80 million into the ny operating in 25 countries. keys to our success were brand- Topping the list of Greek ex- local economy.” ports are vegetables, fruit, olive Yet stiff international com- “The keys to our success were branding coupled with oil, dairy, seafood, olives and wine. petition means that neither the quality and new product development.” Europe is their biggest market, but government nor producers can Michael A. O’Neill, Chairman, Dodoni sales to countries including China rest on their laurels. Increased ef- and the US are rapidly increasing. forts must be placed on creating a The new ownership will enable our ing coupled with quality and new Constantine Boutaris, President strong international Greek brand, expansion plans, says Managing product development.” Dodoni is and CEO of leading Greek wine “and the necessary marketing plat- Director Aggeliki Oikonomou, already one of Greece’s top three company Boutari Winery, thinks form for exclusive quality Greek whose priority is to “invest and yogurt brands and is expanding its “the US is the main country for products” concludes O’Neill. create new innovative products,” product line and planning exports. to strengthen its presence in the Why invest in Greece? O’Neill re- market, tap into new ones and plies “the food product ingredients become more export oriented. Its and their purity. And the work- first target is central Europe, “due force, which is very hungry to learn to its high cured meat consump- and hard working.”

It’s good... to never stop Tradition in taste creating

www.nikas.gr

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Record-breaking arrivals keep tourism on top A long-time favorite for holiday makers, Greece’s tourism sector is riding a wave of growth thanks to government policies and private sector zeal

Greece’s tourism sector drives the country’s economy, accounting directly and indirectly for 20% of GDP, and is a model case for Eu- rope, having battled the debt crisis Elena Kountoura whilst maintaining a strong mo- Minister of Tourism mentum in the sector. 2016 saw 2 million more arrivals Point of view than 2015 and indications point to 2017 following suit, with another Elena Kountoura 2-million increase, meaning 30 million tourist arrivals. It’s this FP What is the plan for tourism? pattern that led the World Tour- EK It’s a top government priority. ism Organization’s Secretary Gen- We’ve implemented a new national eral, Taleb D. Rifai, to commend Photo: Shutterstock / Netfalls Remy Musser tourism policy, based on five strategic the Minister of Tourism, saying Porto Katsiki beach on the Ionian Sea in Lefkada pillars: extending the summer season, that Greece’s actions for managing opening new dynamic markets abroad, the situation were “a case study.” cities and regional airports to our chios Vassilakis, Vice Chairman of creating new Greek destinations, pro- Elena Kountoura, Minister of traditional markets as well as new Aegean Airlines, Greece’s largest moting thematic tourism and attracting Tourism, says “2017 has begun ones.” airline, says “the private sector is high added-value investments. It’s phenomenally. As a result of our Improving the perception of sta- contributing substantially through already born results. In 2016, tourism policy for growth, and our nego- bility in the country has supported new investments in hotels, mak- grew 7%, double the global average. tiations with the global travel in- the rise in visits. The synergy be- ing products more sophisticated dustry, there are around 150 new tween the government and the and adding destinations.” Part of FP What are some practical direct connections from capital private sector has fuelled this. Efti- the sector’s success, too, is the achievements of your govern- diversity of the tourism offer and ment? agile marketing of the ‘year-long’ EK We have abolished a law that tourism offer. Athens is poised to prevented 1 to 3-star accommoda- receive 5 million visitors in 2017, tion facilities from benefitting from EU partly thanks to the way the capital co-funded schemes for modernization, has been pushed in this way. making it possible for hotels currently Keenly aware of tourism’s con- out of business to reopen and upgrade. tributions, the Ministry of Tour- Campsites are being upgraded and new ism has developed a strategic plan diving parks are being built. Through to enrich the tourist product. In the EU Interreg initiative, we are sup- 2016, for example, it carried out porting partnership projects such as a dynamic and successful promo- cross-border collaborations, ener- tion showcasing Greece as beau- gy-saving in small hotels, accessible tiful, safe and welcoming to tour tourism, senior tourism and innovative operators, travel agents and travel technology applications for the sector. bloggers. If Greece continues with its bullish and creative approach FP What markets are particularly to tourism development, its am- important for Greek tourism? bitions of becoming a ‘Top 5’ Eu- EK Last year, the Greek diaspora in ropean destination could be closer the US helped us in negotiations and than expected. we now have three US airlines flying to Greece in the summer, instead of just one in the past. Another huge success we negotiated was a new direct Emirates flight that connects Athens with Dubai and New York, daily and all year round. We have also begun to reinforce other markets in Europe like Serbia, Poland and Romania. We have maintained our Attracting and promoting focus on our traditional markets like new investments Germany, England, France, Scandina- via, as well as Russia – a key source of www.acci.gr the impressive increase in bookings for Greece in 2017.

19 GREECE The Odyssey to Reinvention Sponsored Report

Government and private sector Point of view Eftichios Vassilakis working in unison FP How would you define Aegean Airlines? EV We were created to be a carrier that promotes the country and offers a quality experience. We realized early From subsidizising small businesses to raising the calibre and on that the greatest opportunity was to be found not by capacity of hotels, diversifying the tourism offer is the goal being a low-cost carrier but a high-quality one. Olympic Airlines used to have a great reputation, but it had dete- riorated by the time that Aegean was created. Ultimately, Elena Kountoura, Minister of venture tourism.” we ended up buying Olympic and now we are a group. Tourism, calls the current gov- Massive investments in hotels This is very different from most European countries, ernment and private sector’s joint will help raise the quality of all of- where the previous state carrier is still there and is com- effort to diversify Greek tourism a fers. Andreas A. Andreadis, CEO peting with new low-cost carriers. In Greece’s case, the “365-days tourism” approach. A of Sani/Ikos Resorts, says “we need Eftichios Vassilakis void was quality. whole host of sub-sectors are being to build about 100,000 new 5-star Vice-Chairman, Aegean Airlines developed, from medical tourism hotel beds and increase the per- FP How would you evaluate the recent transfer to business travel. The Ministry centage of 4 and 5-star beds from of the 14 regional airports to Fraport, and thus the privatization of the has launched a program subsidiz- the current 42%.” In the Olympic airports? ing small- and medium-size tour- year of 2004 it was 25%. “We want EV The great news is that the international group managing the privatization is not ism businesses by up to 50% in luxury hotel beds to be over 50% allowed to increase the cost of the airports unless they first improve the quality of the their efforts to modernize, deploy- of the total offer by 2021,” he says. airports; it’s the first privatization or BOT in Greece where this is taking place. Overall, ing a total budget of €90 million. Grecotel, the largest Greek ho- I see it as is a very welcome development and we are looking forward to an extremely Yiannis A. Retsos, President of tel chain, will continue to inject positive progression with Fraport and the other operators. SETE – the Greek Tourism Con- money into the sector as President federation – says “We have pack- Nikos Daskalantonakis explains: FP What role do you attribute to public-private collaboration in boost- aged destinations like Rhodes, “we have an investment plan of ing Greece’s tourism sector? Crete, Santorini and Mykonos, €100 million for the next 3 years, EV In terms of communication, I believe we’ve all realized in the tourism sector that which are well-known worldwide starting with the opening of a new we have the companies and products to promote Greece. If we all pool our resourc- and have their own brand name, boutique hotel in the historical es – hoteliers, airlines, other private sector companies, cities and regions – we can but also thematic products like center of Athens at the end of this definitely have more effective campaigns. This is exactly what we are trying to do in MICE, religious tourism and ad- year.” Athens through our different initiatives. The beauty of Greece all year round!

Temple of Poseidon, Sounio

Mount Parnassos Navagio Beach, Zakynthos Stefanos Basilica, Kos

Welcome to Greece, a country of onymous with summer holidays. Greece is literally a vast archae- winter sports. Ski resorts with ul- beautiful contradictions. Walk The country has almost 16,000km ological site, with more than 100 tra-modern facilities can satisfy through the country’s groves and of coastline – offering countless outstanding archaeological sites even the most demanding skiers, archaeological sites, visit groups of small beaches and charming bays. that attract hundreds of thou- offering an unforgettable experi- islands, get to know the beaches, Half of its coastline is on the main- sands of visitors each year from all ence down spectacular ski runs, gorges and mountains, and enjoy land, while the rest can be found over the world. As the country was where the beauty of the alpine nature’s breathtaking scenery. The on the thousands of Greek islands. already inhabited from prehistoric landscape is guaranteed to take country’s rich history, culture and And yet, Greece is more than a times, traces of human civilisation your breath away. coastline have made it one of the summer destination. You can en- can be found everywhere, in all Enjoy a ski run in some of the world’s favourite tourist destina- joy holidays during all seasons in corners of the land. Theatres, pub- best known ski resorts of the tions. Greece: spring, autumn and win- lic assembly buildings, great tem- country and feast your eyes on the The country’s unique light, the ter promise experiences that will ples and public markets portray a beauty of snow-clad mountaintops endless blue color of Greece and remain indelibly etched in your history exceeding 5,000 years. as you experience an overwhelm- the islands have made Greece syn- memory. In winter, Greece is ideal for ing feeling of freedom.

This report was produced by Prisma Reports Ltd. www.prisma-reports.com Country Director: Nadine Padrón | Communications Manager: Ana Trebolle | Editorial Consultant: Lalela Chryssanthopoulou | Writers: Sally Crail and Alice Tozer Prisma Reports would like to extend a special thank you to Evangelos Kalpadakis and Danai Badogianni for their invaluable guidance and support in making this 20 PRISMA REPORTS report a success.