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The Greek Australian VEMA THE GREEK AUSTRALIAN The oldest circulating Greek newspaper outside Greece email: VEMA [email protected] AUGUST 2007 Tel. (02) 9559 7022 Fax: (02) 9559 7033 In this issue... Our Primate’s View SOME THOUGHTS ON THE 15 DAYS IN AUGUST PAGE 5/23 Arson suspicions grow over fire Happy New Year- on Mount Pendeli AGAIN! PAGES 8/26- 9/27 The country’s counterterrorism unit know whether they were serious threats... According to initial estimates, the devastat- joined a police investigation into the cause but there is a lot of forestland in Melissia ing fire ravaged up to 900 hectares of land in of a massive fire that burnt dozens of being eyed for construction purposes,” Nea Pendeli, Melissia, Politeia and Kifissia. homes and hundreds of hectares of land Grafakos said. More than 50 homes are believed to have World far from in the northern suburbs of Athens on Mount Pendeli’s new forest ranger, been damaged. Thursday 16 August, as the fire service Alexandros Rigas, fueled suspicions of The General Secretariat for Civil Protection beating AIDS said it was virtually certain that arsonists arson as a likely cause of the blaze, remark- warned of a very high risk of fires in Attica, were responsible. ing that “land on Pendeli has great value; the Cyclades and on several other Aegean there are interests at stake here.” islands. PAGE 7/25 The blaze, was rekindled by strong winds before finally being extinguished a few days later. “This is a clear case of arson,” a senior fire service official said, noting however that no device had been found. “It is difficult to gather evidence from the ashes,” he said. A senior counterterrorism official said that nothing had been found to link the fire with a possible terrorist attack. “We are gathering material in case any usable evidence comes to light,” stated the official. Meanwhile, police were questioning a man aged around 50 whom residents had spotted near Mount Pendeli where the blaze broke out on the morning of Thursday 16th Au- gust. According to sources, the suspect lost his son, a volunteer firefighter, during a fire- Skiathos: a shady fighting exercise in Halandri. Melissia Mayor Manolis Grafakos said that he had received anonymous phone calls a assignment month ago, threatening that areas in his PAGE 18/36 Olive oil, Greek food municipality would be burnt. “We did not halts heart death: study Immigrants are healthier, better educated PAGE 9/27 PAGE 7/25 AUGUST 2007 2/20 TO BHMA The Greek Australian VEMA Greece is the word that ought to be on investors’ lips 29th August 2005 Hurricane Katrina NIGEL BOLTON* Construction in Greece is expected to centre around three areas: slams into Gulf Coast national infrastructure, residential property and commercial property If you look at a satellite photograph of Europe at night, you’ll development. Of these, perhaps the most crucial area of growth is in Hurricane Katrina makes landfall near clearly be able to pick out most of the major conurbations, with national infrastructure - from major roads and bridges to public build- New Orleans, Louisiana, as a Category 4 roads and urban centres outlined as a buzzing network of lights. ings such as hospitals and schools. This is an area that has been sys- hurricane on this day in 2005. Despite However, as you look towards Greece, these lights dim, with only tematically underinvested in over the past 20 years. being only the third most powerful storm Athens and a few major roads visible. One company that is already profiting from this trend is Michaniki, of the 2005 hurricane season, Katrina was which develops real estate and offers construction services. The com- the worst natural disaster in the history of Greece has some of the most impressive coastline which is ripe for pany builds infrastructure projects such as roads, bridges, tunnels, the United States. After briefly coming development, yet the country still lags behind in terms of both coastal airports and ports as well as housing. As the largest cement company ashore in southern Florida on August 25 as developments and major infrastructure. This is a real anomaly in in Greece, Titan Cement is also a key beneficiary of growth in infra- a Category 1 hurricane, Katrina gained Europe that is set to change rapidly over the next few years and we structure, as well as the development of residential and commercial strength before slamming into the Gulf are already seeing Greece come out of the dark in several respects. property - areas where we see room for huge expansion. Coast on August 29. In addition to bring- Greece is a relatively recent entrant to the eurozone. It qualified as a The residential property market is picking up following years of ing devastationSOVIETS to the INVADENew Orleans area, member in 2000 and was admitted on January 1, 2001. Its economy stagnation. The trend towards home ownership in Greece is acceler- the hurricaneCZECHOSLOVAKIA: caused damage along the has traditionally had more in common with its Eastern European ating, which is in turn driving the construction of residential build- coasts of AugustMississippi 20, and 1968 Alabama, as neighbours than with Western Europe. ings. Legislation is changing to attract more house-buyers, both well as other parts of Louisiana. Since joining the EU in 1981, the economy has benefited from EU nationals and foreigners. grants and assistance packages to finance major development proj- The commercial property market is being driven by demand in the On the night of August 20, 1968, approx- ects. Current EU infrastructure grants will see the country receiving office sector. After a peak in demand in 2000, commercial property imately 200,000 Warsaw Pact troops and more than €20bn. construction saw a five-year downturn from which a recovery has 5,000 tanks invade Czechoslovakia to Greece is now one of the fastest-growing economies in Europe. The only just started. SWIP expects to see strong demand for office prop- crush the "Prague Spring"--a brief period economy grew by around 4.4% in the last quarter of 2006, one of the erty over the next five years. Property companies such as Babis of liberalization in the communist coun- highest rates in Europe, where average rates were around 2.7% over Vovos are well positioned to be at the forefront of this development. try. Czechoslovakians protested the inva- the same period. Projections put expectations for economic growth The rise of the Ionian Tiger isn’t solely a construction story. Two fur- sion with public demonstrations and other for this year and next at around 4%. ther strengths of Greek companies are the high levels of quality man- non-violent tactics, but they were no As we see the Greek economy emerge as a tour de force, we have agement and Greece’s strong position to expand into the growing match for the Soviet tanks. The liberal dubbed it the “Ionian Tiger”. Economic conditions in Greece look Balkan and southeastern European markets. reforms of First Secretary Alexander very similar to those in Ireland, the “Celtic Tiger”, in the 1990s, when We have identified some impressive companies with strong for- Dubcek were repealed and "normaliza- over several years the economy transformed from one of the weak- ward-looking management teams. Toy retailer Jumbo is a case in tion" began under his successor Gustav est in Europe to one of the strongest. point: a real gem of a company, it is well run and plans to expand Husak. So which sectors will be the main beneficiaries of this growth? The across Greece and into the Balkans. Greek construction industry is a crucial market and infrastructure For investors looking for opportunities in Europe, Greece should PARIS LIBERATED: projects will drive the construction industry forward after a lull fol- certainly be on the radar. August 25, 1944 lowing the 2004 Olympics. Historically a cyclical and low-margin 31st August 1997 industry, many companies in this sector are well positioned for future * Nigel Bolton is head of European equities at Scottish Widows Investment growth, providing long-term opportunities for investors. Partnership (SWIP) After morePrincess than four Diana years diesof Nazi occu- pation, Paris is liberated by the French Diana,2nd Armored Princess Division of Wales, and diesthe U.S.in Paris' 4th Pitie-SalpetiereInfantry Division. Hospital German afterresistance suffering was Athens has highest proportion massivelight, and chest General injuries Dietrich in an earlyvon Choltitz,morning carcommander accident. Herof companion,the German Dodi garrison, Fayed, wasdefied killed an order instantly by Adolf in Hitlerthe 12:25 to blow a.m. up of doctors per capita in Europe crash,Paris' landmarksas was driver and Henri burn Paul,the city who to wasthe drunkground and before lost control its liberation. of the Mercedes Choltitz in Athens has the highest proportion of doc- such as emergency wards, psychiatric clin- asigned highway a formal underpass. surrender He thatwas afternoon,driving at tors per capita (one doctor for every 138 ics or radiology. Only about 1 percent of excessiveand on August speeds 26, in Freea reckless French attempt General to residents, compared to 475 in London) foreign doctors get into surgery. escapeCharles paparazzide Gaulle photographers.led a joyous liberation Diana's but there are serious staff shortages in Clearly unplanned movements of medical bodyguard,march down Trevor the Champs Rees d'Elysees.Jones, escaped the provinces and on the islands. and nursing staff can be a potential threat to with serious but nonfatal injuries. He was national health systems, and this is some- the JAPANonly one wearingSURRENDERS: his seat belt. The In Athens alone, 2,000 doctors are unem- thing EU authorities want to avert.
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