THE ATHENS CHAMBER OF COMMERCE AND INDUSTRY Trade with Greece
ANNUAL BUSINESS, ECONOMIC AND POLITICAL REVIEW
No 47 2016
Greek businesses need a sustainable environment in order to regain their dynamism
editorial conditions, drivenbyprivateinvestmentandextrovertbusinessactivity. the containmentofrecessionandcreationgrowth-inducing The year2016mustbecomealandmarkforGreecewithregard to Eurochambres Vice-President of President ofthe ACCI, Constantine Michalos, dynamism to regaintheir environment inorder need asustainable Greek businesses G •end thehostiletax-policy treatmentofentrepreneurship, •restore thesmoothoperationofbankingsystem,aswell are to: Greece’s bailoutprogramme,thetopprioritiesforyear2016 ners andthecompletionofevaluationprogress of Following theagreementthatwasreachedwithGreece’s part- reforms. the politicalsystemisstability, seriousgovernance, and dynamism, andplanfortheirfuture.Whattheydemandfrom other similarmeasures.Without astable, simple, and com- which meansthateverynew daybringsnewtax hikesor els; credit andbringthecostofmoney backtocompetitivelev- as depositorconfidence,inordertoincreaseavailable order togetbackontheirfeet,regain past fewyears,needasustainable environmentin reek businesses,havingweatheredtheshocksof
1 Trade with Greece “ Greek businesses, having sized, as well as innovative entrepreneurship. We do not any more have the luxury of squan- weathered the shocks of the dering available resources on piecemeal actions past few years, need a sustain- that do not add up to growth;
able environment in order to •establish a clear national growth plan, which will get back on their feet, regain be adhered to, irrespective of the alternation of persons or parties in government. their dynamism, and plan for This plan should focus on exploiting the coun- their future. What they try’s comparative advantages through the cre- demand from the political ation of new innovative industries producing internationally competitive goods, the differenti- system is stability, serious ation and upgrading of traditional manufacturing governance, and reforms. production, and the enhancement and promo- tion of new, extrovert, high-added-value sectors;
” •expedite reforms designed to improve the coun- petitive tax regime, it is not possible for the try’s investment environment: to reform public economy and employment to recover; administration, improve the dispensation of justice, create conditions of real competition in •revive investments, which have been frozen for the markets, and establish a more simple and many months now. We need the immediate stable institutional framework with clear-cut activation of the Investment Law and the pro- rules that apply to all. grammes of the NSRF, with new incentives for large-scale productive investments, as well as Greek businesses demand from the political sys- new tools for supporting small and medium- tem stability, serious governance, and reforms. Trade with Greece Trade 2 No 47 2016 pages Annual Business, Economic and Political Review by the Athens Chamber of Commerce and Industry 6. Greece is standing at a historic PUBLISHER: crossroads and prepares itself for a Constantine Michalos, ACCI President new growth take-off. EDITORIAL SUPERVISION: ACCI Press Office, John Fotinias By George Stathakis, Minister of 7-9 Akadimias str. Athens - tel 210 3646043 Economy, Development & Tourism MANAGING EDITOR: Theodore Vamvakaris 8.The dynamism of Greek tourism has created new business CONSULTING EDITOR: prospects. John Triiris By Elena Kountoura, Alternate Minister of Economy, Development and Tourism PHOTO: Costas Lakafosis 10. Endogenous growth, improved entrepre- Iakovos Hatzistavrou neurial environment and sustainable Cover photo:Stavros Niarchos Foundation Cultural Centre. investment. Photo: Yiorgis Yerolymbos By Alexis Charitsis, Deputy Minister of Economy, Development & Tourism
TRANSLATION: 12. The revenue bet. Nick Roussos By George I. Pitsilis, Secretary General of LAYOUT - DTP: Public Revenue ALFA - OMEGA PUBLICATIONS LTD 80 Filikis Etairias Halandri, tel 210 6841889 Creative Art Director: 14. Greek people have sacrificed a lot of their Manoli Evangelia wage benefits and income, through taxes and spending cuts. PRINTING: By Christos Staikouras, MP, Coordinator Khartan Holding Limited of Economic Affairs, New Democracy – ÅôÞ óéá åðé ÷åé ñç ìá ôé êÞ, ïé êïíï ìé êÞ êáé ðï ëé ôé êÞ Ýêäï óç ôïõ Former Alternate Minister of Finance Åìðï ñé êïý êáé Âéïìç ÷áíé êïý Å ðéìå ëçôç ñßïõ Á èç íþí ÅÊÄÏ ÔÇÓ: 16. Fair growth through the cre- Êùíóôá íôß íïò Ìß ÷áëïò, ðñü å äñïò Å ÂÅ Á ation of a New Strategic Productive Model. ÅÐÉ ÌÅËÅÉÁ ÅÊ ÄÏÓÇÓ Ãñáöåß ï Ôý ðïõ ÅÂÅ Á, By Olga Kefalogianni, MP, Á êáäç ìß áò 7-9 Á èÞ íá ôçë 210 3646043 Coordinator for Áñìüäéïò: ÃéÜííçò ÖùôåéíéÜò Production and Trade - New ÁÑ×É ÓÕ ÍÔÁÊÔÇÓ - ÓÕ ÍÔÏÍÉ ÓÔÇÓ ÅÊ ÄÏ ÓÇÓ: Democracy, Èï äù ñÞò Âáìâá êÜ ñçò Former Minister of Tourism ÓÕÌÂÏÕËÏÓ ÅÊÄÏÓÇÓ: ÃéÜííçò ÔñéÞñçò
ÖÙÔÏÃÑÁÖÉÅÓ: Êþóôáò Ëáêáöþóçò Ιάκωβος Χατζησταύρου Φωτογραφία εξωφύλλου: Κέντρο Πολιτισμού Ίδρυμα Σταύρος Νιάρχος. Φωτογραφία: Γιώργης Γερόλυμπος
ÌÅ ÔÁÖÑÁ ÓÇ: Íß êïò Ñïýó óïò ÄÇÌÉÏÕÑÃÉÊÏ - ÇËÅÊÔÑÏÍÉÊÇ ÓÅËÉÄÏÐÏÉÇÓÇ: ÁËÖÁ - ÙÌÅÃÁ ÅÊÄÏÓÅÉÓ ÅÐÅ ÖéëéêÞò Åôáéñåßáò 80 ×áëÜíäñé, ôçë 210 6841889 Creative Art Director: Μανώλη Ευαγγελία ÅÊÔÕÐÙÓÇ: Khartan Holding Limited Tradecontents with Greece
ECONOMY ENERGY 22.Things will remain tough, even 80. Greece’s major energy after the evaluation. challenges. By Nikos Filippidis By Christos Colonas
28.Privatisations show the way for PUBLIC WORKS Greece’s modernization. 88. 2016: A watershed year for By Nectarios V. Notis public works in Greece. By Panayotis Efthimiades 34.The progress of the privatisation programme TOURISM By Dimitris Christoulias 96. Another good year for Greek tourism. By Leonidas Tsaoulas 41. NSRF 2014-2020: The cornerstone of Greece’s economic growth effort. CULTURE By Kostas Voutsadakis 104. Athens and Epidaurus Festival 2016 48. Dimitris Avramopoulos: “We are at the peak of two crises: security and 109. Metamorphosis: The Stavros migration”. Niarchos Foundation Cultural By Dimitris Giannakopoulos Centre to the World. By Nicoleta Makri 54. Greek banks: at the cross- roads. 113. Ancient Greek Theatres. By George Mandelas By Ilias Iliopoulos
59. Export performance in STATISTICS 2015. 122. By Anna Diana By Evi Papadosifakis
66. Athens Stock Exchange: Today and tomorrow. By Christos N. Konstas
74. A new landscape in Greece’s pension system. By Kostas Katikos ATHENS INTERNATIONAL AIRPORT “ELEFTHERIOS VENIZELOS”
The Athens International Airport “Eleftherios Venizelos”, one of the most modern and functional airports in the world, opened in March 28th, 2001, marking the onset of a new era for air transport in Greece.
The Airport Company, “Athens International Airport S.A.” (AIA), operation, distinguishing it as one of the best airports in the was established in 1996 as a Public Private Partnership with a world across its diverse range of activities, the Athens 30 year B.O.O.T. (Build Own Operate Transfer) concession to International Airport maintains one of the best airport terminals build and operate the airport. AIA is a privately managed com in Europe, equipped with state of the art systems, featuring pany, with the Greek State holding 55% of shares, while the pri user friendly orientation and com vate shareholders collectively hold 45%, and has undertaken fortable waiting areas, offering successfully a series of very important roles, i.e. manager of the top quality services, and making airport, employer, and responsible corporate citizen. each moment at the airport a pleasant experience for the Thanks to its favourable geographical location at the cross roads travellers, their meeters and of three continents, state of the art infrastructure and top greeters, and the airport’s visi notch service, the Athens International Airport has earned the tors, who are frequently sur trust of passengers, as well as numerous international distinc prised with an unexpected pro tions and awards. Today, it constitutes one of the major gate gramme of live events in the ter ways to South Eastern Europe and forms a unique entrepreneur minal area. According to the sur ial entity of economic and social development in the Attica veys conducted at the airport, our basin. Over 13,000 people are employed as part of a large airport passengers and visitors highly appre community, which consists of more than 300 companies closely ciate the airport’s ambience, the connected to AIA and constitutes one of the biggest employment courtesy of staff, the fine offers of engines in Greece. As proven by the Athens University of over 120 quality shops, restaurants & Economics and Business relevant study (2013), the airport con cafés in the Airport Shopping Centre, tributes to the national and local economy by 2.63% of the GDP. as well as an attractive and highly convenient Retail Park located with During its 15 years of successful operations the airport served in the Airport compound. more than 214 million passengers through 2.6 million flights. AIA offers its airline partners one of the most innovative and inte grated incentives programmes, to ensure the sustainability and further growth of both domestic and international traffic. The Athens International Airport, however, is far more than just a gateway to South Eastern Europe; aiming at continuous growth, AIA develops its extensive real estate assets, conducts large scale commercial activities, and exports the company’s pioneering know how in the IT sector. Besides its aeronautical and non aeronautical activity, AIA remains always committed to its role as a respon sible corporate citizen, introducing and implement ing a range of programmes, actions and special CR initiatives for society at large, and with a special focus on its neighbours in the local communities.
With over 50 distinctions throughout the 15 years of its Greece is standing at a historic crossroads and prepares itself for a new growth take-off
Greece is currently in pursuit of major changes, on the one hand at the macroeconomic level towards a modern and stable productive model, an on the other hand at the microeconomic level towards the con- solidation of diversification and competition.
By George Stathakis, Minister of Economy, Development & Tourism
t may seem difficult for a country under such Ever since the July agreement, the Ministry of severe economic pressure, which also has to Economy, Development and Tourism has demon- Ishare the disproportionate burden of a mas- strated a remarkable record of crisis manage- sive influx of refugees and immigrants coming ment, amidst a negative economic climate: from the war-torn countries of the Middle-East, to Successful management of capital controls, suc- overcome its chronic problems and achieve major cessful management of the previous and current economic goals. NSRF, fruitful agreements with development However, the path of sustainable inclusive growth banks (EBRD, IFC), reforms in commerce and is the only one that can produce positive out- consumer protection policies, reorganisation of comes, not only for the economy, but for the gen- the General Secretariat of Private Investments, eral stability of the region as well. The productive contacts with various foreign investors and attrac- transformation of Greece towards innovation, the tion of foreign investments, negotiations and leg- production of high-added-value products and islation for managing NPLs, and actions for services, and employment growth must be strengthening and improving the tourist sector. accompanied with significant reforms in public Considering future developments, the Ministry is management, the health system, education and developing a concise institutional framework to pur- justice so as to render the prospective growth sue three principal objectives: a) development of a socially inclusive. growth strategy, b) creation of a business-friendly Trade with Greece Trade 6 environment, and c) consolidation of exports. the modernisation of the role of professional and The first objective comprises three main steps: commerce chambers. • A new Investment Law that will abandon the Finally, the last and most important objective is rationale of blanket provisions and will instead the consolidation of exports and the attraction of target sectors with productive, extrovert and foreign direct investments. In both fields, an inten- innovative orientation. Provisions are made sive effort is being made to put in place new insti- also to ease the cumbersome bureaucratic tutional frameworks. In this connection, the processes of the previous laws. “Action Plan for Exports Promotion” aims at the • The development of ETEAN into an all-inclusive simplification of the procedures governing export development fund, thus boosting financing activities, while the project for the creation of an opportunities for SMEs. appealing environment for Foreign Direct • The creation of a Developmental Council, Investments is already underway. which in consort with the social partners and Greece is standing at a historic crossroads and the academia will deliver on a yearly basis a prepares itself for a new growth take-off. Our comprehensive Growth Strategy plan. Government is committed to proceed with “reset- ting” the economy through the reorientation and The second objective includes significant reforms the restructuring of the production system. In an aimed at creating a business-friendly environment. region like South Eastern Europe, where stability These involve projects concerning entrepreneur- seems to be constantly at stake during the last ial parks, investment licensing, product market years, Greece will always remain a key factor of competition, one-stop-shops for businesses, and stability. Trade with Greece Trade 7 The dynamism of Greek tourism has created new business prospects
Greek tourism shows great resilience in the face of the challenges of the past few years, and keeps on setting new records. In 2015, a record-year, we managed to attract 26 million international arrivals, including cruises, which, according to official data, generated tourism revenues of 14.2 billion euros, up by 6-7%, more than double the growth rate of global tourism.
By Elena Kountoura, Alternate Minister of Economy, Development and Tourism
hese are the tangible results of the col- Greek tourism in the target markets. We are laboration established between the coun- enhancing our presence in traditional and mature Ttry’s Regional Authorities, the institutional markets through new important deals, and we are agencies of Greek tourism, and the private sector, strategically trying to open new markets. and of the new tourist policy that we designed and Greece offers innumerable experiences and have started to implement. Our policy aims at the choices, which cover even the most sophisticated extension of the tourist season, the development demands and the most specialised interests. It is of new forms of tourism, the creation of new des- a country that offers everything. tinations in Greece, the opening of new markets We are the largest archipelago in the Mediterranean and the establishment of new direct flights, the Sea, with one of the longest coastlines in the world, provision of high quality infrastructures and serv- and the safest clear-blue waters. We are ranking ices, and the encouragement of new investments. high in the preferences of tourists with regards to Taking into account both the challenges and the maritime tourism, cruises and yachting, as well as opportunities arising as a result of the recent luxury tourism. We have excellent health and changes in the tourist map of the wider region, wellness, as well as healing tourism infrastruc- this year we are pursuing an aggressive tourism tures, exploiting the country’s natural wealth and extroversion policy, which comprises targeted multitude of natural spas. We are promoting med- actions for the promotion and advertisement of ical tourism, a highly dynamic sector, with state- Trade with Greece Trade 8 of-the-art centres and perfectly trained and pio- modernisation and quality upgrade. Next we are neering scientists. We are emphasising on cultural planning the announcement of a programme for tourism, religious tourism, sports-training tourism, supporting proposals concerning the formation of rural tourism, winter tourism, and culinary tourism, new tourist enterprises. We are participating in highlighting the comparative advantages of each the INTERREG cross-border programmes, which area. We are offering excellent city breaks, which cover projects as the creation of diving park net- combine culture, entertainment, and shopping, works, the development of themed products, and also developing the conference and business energy-saving actions in small tourist accommo- travel sector. dations. The dynamism of Greek tourism has created new By the end of the year, the Ministry will proceed business prospects. Greek tourism emerges as to the codification of tourist legislation, the adop- one of the most profitable fields for new invest- tion of a clear-cut framework for the operation of ments. Major international funds already consider tourist enterprises, and the solution of chronic certain opportunities in tourism and real estate. problems faced by individual sectors. We are Almost half of the current investment projects are preparing a clear-cut sharing economy frame- financed or co-financed by foreign firms, while work, in order to set specific rules that safeguard demand is rising for investments in complex sound entrepreneurship and activity. We are also tourist accommodations and special tourist infra- promoting the new framework for the develop- structures. In just one year, the Ministry received ment and promotion of alternative tourism prod- more than 160 proposals for the extension of ucts and services, as well as the upgrading of existing hotels or the construction of new, 4- or 5- tourism education, which is a top-priority area. star, units, as well as complex tourist accommo- We are steadily marching forward, achieving dations. We are also exploring the possibility of measurable results day by day. All our actions are including projects for the creation of special aimed at enhancing Greece’s position, in 2016 tourist infrastructures into the NSRF 2014-2020. and in the years to come, as one of the most pop- The utilisation of EU resources and financing ular and attractive tourism and investment desti- tools aims at supporting entrepreneurship, since, nations worldwide. Our aim is to ensure that the apart from large-scale investments, special momentum of Greek tourism is reflected on the emphasis is also placed in small and medium- results of the industry’s businesses, with major sized tourist enterprises. We recently proclaimed benefits for the local and national economy. the NSRF action for the provision of subsidies Tourism is a national issue and the greatest totalling 70 million euros to tourist SMEs for their growth prospect for the country. Trade with Greece Trade 9 Endogenous growth, improved entrepreneurial environment and sustainable investment
It is needless to emphasise how important this publication is in regard to the promotion of Greek entrepreneurship and the attraction of international interest for investments; for the past many years, the key role of ACCI has been more than evident in organising the perspectives and growth opportunities of entrepreneurial activity. Its leading role is continuously evolving along with global economy trends and beyond that, By Alexis Charitsis, Deputy Minister of the ACCI undertakes additional responsibilities Economy, Development & in a period when the markets are characterised Tourism by severe uncertainty, reluctance, and a fragile balance.
he Ministry of Economy, Development aim at altering the landscape in a series of sectors and Tourism is planning a set of incen- and reversing any negative trends. The following is T tives, which will be implemented shortly a concise description of the next steps that the within the framework of the new development Ministry is determined to take. planning. It should be stressed, however, that the The new development institutions, which com- effectiveness of development planning is subject prise the Development Council, the new to the following prerequisites: a) conclusion of the Investment Law and the Development Fund, are adjustment programme’s assessment, b) ensuring already in a mature implementation stage. These debt sustainability, and c) return of the domestic institutions are expected to fill an existing void in the credit system from the cost-inducing ELA scheme country’s strategic planning and will hopefully lead to regular and less costly funding by the European to the profound reconsideration of the overall direc- Central Bank. The initiatives to be implemented will tion of the Greek economy, the amendments that Trade with Greece Trade 10 need to be made, and the desirable focal point. employment, reverse the perpetuating brain-drain We meticulously attempt to stimulate new invest- phenomenon that is due to both the financial cri- ment inflows in both public and privately-held pro- sis and the shallow domestic production system, ductive infrastructure, utilising the Juncker growth and eliminate red tape and other obstacles, which initiative, as well as the interest expressed by block or delay entrepreneurial risk-taking and major European investment institutions, such as increase transaction costs. Innovative research the European Investment Bank, the European activity on one hand and entrepreneurial spirit on Investment Fund, and the European Bank for the other, share a common interest when it comes Reconstruction and Development. Our goal is to to seeking opportunities in innovation, product dif- fund investments under an entirely new concept, ferentiation, quality, and high returns; we estimate oriented towards the acquisition of geographically that as of the second half of 2016 and throughout coherent results with a positive developmental the following year we will be in a position to elab- and environmental impact, thus leaving in the orate a comprehensive plan that will identify, and past uncoordinated interventions that resulted in give prominence to, the common ground between disconnected and uncompleted projects. all interested parties. We strongly believe that the To address funding and economic recovery future of entrepreneurship does not lie in enhancing issues, we are currently developing the new fund- the patterns of the past, but in outward-oriented ing tools of the NSRF 2014-2020, which will focus value chains, which embrace a broader spectrum of on reducing investment risk, enhancing sustain- sectors, activities and professions. able lending for activities with high returns, facili- tating high needs in working capital, and using Our interventions in the aforementioned fields of: equities as a form of co-funding. The new a) development institutions, b) infrastructure and Development Fund, which is in the process of projects of major importance, c) leverage meth- being formed, as well as the collaborations with ods, and d) enhancement of value chains, form a the European Investment Fund and Germany’s comprehensive plan. It is our strong belief that KfW, will strengthen the funding tools manage- such initiatives will set off a process of endoge- ment system, facilitate the transfer of financial nous growth, which may prove to be the most know-how with regards to advanced funding attractive factor for foreign direct investment. tools, and create a climate of financial stability When the growth process is not characterised by against the extreme economic uncertainty experi- a high degree of endogeneity, it results in occa- enced today. sional investment inflows and in the formation of Last but equally important, in the field of produc- a non-sustainable entrepreneurial environment tive activities and with the support of NSRF 2014- that is sensitive to variability. The economy needs 2020, we are interested in enhancing innovative trust and long-term planning, and that is exactly entrepreneurship in order to generate sustainable what we are seeking to establish. Trade with Greece Trade 11 The revenue bet
I believe that no one disagrees that today, more than ever, it is imperative for Greece to win the bet of public revenue collection. Our concern is to lay down the targets, priorities, and methods that will enable the tax administration to become more effective and realise its objectives.
By George I. Pitsilis, Secretary General of Public Revenue
he General Secretariat of Public amidst such an environment, not only to cope Revenue is ready to face the challenges financially, but also to comply with their obliga- T of both the domestic and international tions; because the fight against tax evasion and environment. It is monitoring developments, partic- tax avoidance does not only benefit the state, by ipating in OECD and European Union forums, and protecting government revenues. It also benefits preparing its infrastructures in order to be able, not the majority of businesses and other taxpayers only to receive the expected volume of information, that actually pay their taxes. Tax evasion and tax but also to send a similar volume of information to fraud, apart from the loss in government revenue, the associated tax authorities. At the same time, it also create severe distortions in competition is preparing the audit mechanism, in order to among businesses, which in turn give rise to ensure the appropriate and efficient utilisation of grievances among compliant taxpayers and busi- the volume of data received through the automatic nesses. exchange of information. So, we are working towards that direction. In the same vein, I believe that the challenge is Our aim is to improve the collectability of taxes, also great for businesses, which are called, focusing our audits on concealed taxable Trade with Greece Trade 12 incomes, instead of the imposition of ineffective tion of dealings not only between businesses and fines, which in the past caused overdue obliga- the tax administration, but also between busi- tions towards the state to swell out of proportion. nesses and their clients. Creating non-collectible overdue claims is The list of targets and actions is long. We are con- absolutely meaningless. On the contrary, it vinced that upgrading the quality of the training inflates the numbers, making even harder to deal offered to the Secretariat’s staff will play a central with the problem, and making the daily operation role in meeting these targets in the next few of businesses and their interaction with the tax years. To this end, we are increasing our efforts to authorities even costlier. establish the Tax Academy of the GSPR, both for That said, winning the revenue bet does not hinge newcomers and for existing employees. only on improved collection. We also need projects The challenge is indeed very big. that will simplify communication between citizens The success of the entire venture is crucial, for and businesses on one hand and the administra- two reasons: tion on the other, reducing the man-hours spent First, for meeting the revenue targets with trans- for tax compliance. This will release time and parency and tax justice, and second, for cultivat- resources for the development of the taxpayers’ ing a sense of responsibility in individuals and activities, which can lead to the growth of their legal entities alike. incomes and, consequently, the growth of tax rev- Cooperation from the part of the business world is enues. absolutely essential for the achievement of these In this context, we are promoting a series of inter- targets. ventions aimed at the almost complete digitalisa- And I take it for granted. Trade with Greece Trade 13 Greek people have sacrificed a lot of their wage benefits and income, through taxes and spending cuts
It is nowadays generally accepted, six years after the implementation of demanding economic adjustment programmes, that the then Greek Government had managed, between 2012 and 2014, to put the economic adjustment programme back on track, by accelerating fiscal consolidation, improving competitiveness and undertaking a wide range of concrete structural reforms.
By Christos Staikouras, MP, Coordinator of Economic Affairs, New Democracy Former Alternate Minister of Finance
he efforts that began in July 2012 did At the same period, the disposable income of bear fruit, and in late 2014 the Greek households was strengthened and poverty rates Teconomy had built up a positive momen- fell, for the first time since the onset of the crisis. tum. As an overall outcome, the financial situation of Greek people have sacrificed a lot of their wage the country at the end of 2014 had undoubtedly benefits and income, through taxes and spending been stabilised, and gave clear signs of recovery. cuts, and thus supported the Government’s Certainly, the economic situation was still fragile. efforts to restore Greece’s economy to positive The crisis was not over yet, but the prospects GDP growth rates and achieve primary and cur- were promising. rent account surpluses, while at the same time However, since early 2015, Greece entered, once many foreign investors invested a lot in various again, into a “downward spiral”. The unsuccessful sectors of the economy. conclusion of the 2nd adjustment programme, the Trade with Greece Trade 14 prolonged and fruitless negotiations, the referen- • the shift of fiscal policy towards expenditure cuts dum, the ensuing bank holiday and the introduc- and the gradual reduction of the tax burden; tion of capital controls, raised uncertainty, led to a • the implementation of an efficient framework to sharp decline in business confidence, and caused facilitate the resolution of NPLs; the growth outlook to deteriorate. • the gradual injection of liquidity into the econo- As a result, the Greek economy contracted in my, by also paying arrears and safeguarding 2015, and will remain in negative territory in 2016. sound public finances; Public finances are performing marginally and the • the strengthening of tax administration, including stock of debt is once again on the rise. combating tax evasion; Hopefully, the implementation of the newly • the fast implementation of the privatisation agreed ESM Programme, which was not at all programme; and necessary at the beginning of 2015, with the • the implementation of all the necessary struc- proper mix of fiscal measures, will help stabilise tural reforms. the macroeconomic, fiscal and financial situation. But the Government is already lagging behind in All the aforementioned steps and priorities are the its implementation. key preconditions that could establish the founda- The question now arising is “what should be done tions for returning to sustainable growth, generating now”, in order to stabilise the situation again and jobs and increasing prosperity. get the country back on the path of sustainable Unfortunately, even if these preconditions soon growth, taking also into account the refugee issue. materialised, the economy would be found at the Given the objective limitations in the policy area, stage it was in late 2014. and the fact that the accumulation of negative dynamics in the economy cannot be reversed This means that, under the best possible condi- automatically, Greece's course and success will tions, Greece will have lost at least two years. depend on how skilfully we will utilise time and Nonetheless, we urge the Government to move how effectively we will implement the most appro- swiftly and coherently, in a complementary and priate policies. effective manner, in parallel routes and appropri- Priorities should be: ate timing, building up again credibility and trust, • the successful completion of the first assess- so that we can soon restore the necessary stabil- ment of the programme; ity to our economy. Trade with Greece Trade 15 Fair growth through the creation of a New Strategic Productive Model
The year 2015 was particularly tough for Greece and Greeks. The year 2016 appears to be equally tough. The main prerequisite for overcoming the huge economic difficulties the country is currently facing is to find how we will get back on the path of growth.
By Olga Kefalogianni, MP, Coordinator for Production and Trade - New Democracy Former Minister of Tourism
here are three necessary conditions for responsibility and a challenge. Because the prob- establishing an environment that will be lems that have arisen are also great and require Tconducive to the Greek economy’s recov- us to act swiftly and effectively. ery. These conditions are stability, reform and, of First of all, they require us, the New Democracy course, confidence. These are necessary and party, to exercise responsible and substantiated sufficient in order to promote the growth of private opposition. Without populism and cheap talk, but investment, keep recession in check, and boost with specific proposals. extrovert business activity. Populism has been one of the greatest scourges Unfortunately, though, performance has for the of the post-transition-to-democracy era. Many of past 15 months been poor in regard to all three our current woes have resulted from it, as well as conditions. Stability was lost as a result of three from clientelism and corporatism. We must not elections in just one year and the imposition of cap- make the same mistakes again. This is a prereq- ital controls; reforms either remain an exercise on uisite for achieving our targets. paper or are offset by counter-reform policies; and Then comes the formulation of a modern political finally, confidence was also damaged during the discourse, based on specific arguments. course of 2015. The center-right camp is the political spectrum That said, the country’s political world, and not that supports entrepreneurship and the major only the current Government, is faced with a great reforms the country now needs more than ever Trade with Greece Trade 16 before; it stands by the side of private sector sec- about long-term and fair growth, which will seri- tor workers, who refuse to demonise capital and ously take into account social cohesion and the entrepreneurship. inequalities that, as it is well-known, are an We believe in structural change and market liber- impediment to any country’s economic develop- alisation. We also believe in, and aim at, devel- ment. oping the country’s comparative advantages. This is the greatest challenge we are facing. And Tourism, which I had the honour and the pleasure in order to succeed, we must think in new terms. of serving as Minister during 2012-2014, is a typ- We must not keep to the beaten track. We, as a ical example of success. Because tourism saw the state, must invest in new technology, energy, edu- implementation of a highly structured growth plan, cation, innovation, in our country’s priceless and which led to the positive results of the previous untapped human resources. In the thousands of years. Because even favourable circumstances, young scientists who have left the country in order when and if they arise, need fertile ground in order to work abroad. These people, this huge national to produce results. And in tourism this ground had asset, must be brought back. been systematically prepared. With specific reforms, a comprehensive growth plan and, of We want to live in a country that defends common course, with a modern approach. Let me stress interests and values. We want a country with a the importance of this modern approach, given reliable and stable tax regime that focuses on that the old productive model, on which we all encouraging domestic and foreign investment, relied in the past, with the state being the “master” creates new jobs, and effectively copes with of the Greek economy, has collapsed. unemployment. We need new decisions, and lots of hard work in We want a country characterised by transparency order to build, piece by piece, the country’s new and accountability, which defends the security of productive model. We new a new growth plan that its citizens, a country with a free market-oriented will promote sound entrepreneurship and will economy, with less red tape and interventionism. enhance the country’s competitiveness. We are We want a country that inspires confidence, talking about growth with certain priorities, a cer- instead of fear. Greece can and must get back on tain plan, and certain objectives. We are talking the path of growth. Trade with Greece Trade 17 OUR COURSE Along with its organic growth during the Egypt S.A.E, to Al Ahli Bank of Kuwait decades of 1990 and 2000, Piraeus Bank K.S.C.P. has made a series of strategic acquisitions In December 2015, Piraeus Bank announced and mergers aiming to establish a strong the full coverage of the share capital presence in the domestic market. Thus, in increase by an amount totaling to € 2.6 bn, 1998, the Bank absorbed the activities of by issuing 8,672,163,482 new common vot- Chase Manhattan in Greece, took over con- ing shares. The new shares were allocated trolling interest in Macedonia-Thrace Bank to qualified investors under private place- and acquired the specialized bank Credit ment, to holders of Non Transferable Lyonnais Hellas. In 1999, the Bank acquired Receipts under the Liability Management Xiosbank and absorbed the activities of Exercise and to the Financial Stability Fund National Westminster Bank Plc in Greece. In pursuant to the decision of the Bank's 2000, Piraeus Bank absorbed its two com- Extraordinary General Meeting of 15.11.2015. mercial banks in Greece (Macedonia-Thrace Furthermore, in order to cover part of Bank and Xiosbank). In 2002, Piraeus Bank Piraeus’ capital needs as they were assessed acquired the Hellenic Industrial by the Asset Quality Review (AQR) and Development Bank (ETBAbank), which was Stress Test released by the European Central absorbed in December 2003. Bank in October 2015 under the adverse Piraeus Bank Group, in the context of scenario, the Bank issued Contingent implementing its strategy for expansion in Convertible Bonds for an amount of € 2.0 Southeastern Europe and Eastern bn. Mediterranean markets, acquired Pater Τhe recapitalization of Piraeus Bank Credit Bank in Romania in 2000 (renamed increased the Group’s total equity to €10.0 into Piraeus Bank Romania). In 2005 bn at end of December 2015. The Group’s acquired the Bulgarian Eurobank (renamed Common Equity Tier-1 ratio (pro-forma for into Piraeus Βank Bulgaria), strengthening the discontinued operations of Piraeus its 12 year presence in Bulgaria. Bank Cyprus and ATE Insurance) reached Furthermore, in 2005, Piraeus entered the 17.8% at the end of 2015, while the fully Serbian market by acquiring Atlas Bank loaded Basel III Common Equity Tier-1 ratio (renamed into Piraeus Bank Beograd). reached 16.6%. Accordingly, current capital Finally, in 2007, Piraeus Group expanded its ratios render Piraeus Bank as one of the international presence in Ukraine by strongest capitalized banks in Europe. acquiring the International Commerce Bank (renamed into Piraeus Bank ICB) and in WHAT WE DO Cyprus by establishing Piraeus Bank Cyprus Piraeus Bank today leads a group of com- through the acquisition of the Arab Bank panies covering all financial activities in Cypriot network. the Greek market (universal bank). Piraeus In 2012, Piraeus Bank acquired the "good" Bank possesses particular know-how in the part of Agricultural Bank (selected assets areas of medium-sized and small enterpris- and liabilities) and Geniki Bank, a former es, in agricultural banking, in consumer subsidiary of Societe Generale. In March and mortgage credit and green banking, 2013, Piraeus Bank acquired the Greek capital markets and investment banking, as banking operations of Bank of Cyprus, well as leasing and factoring. These servic- Cyprus Popular Bank and Hellenic Bank. In es are offered through nation-wide network June 2013, Piraeus Bank acquired of 709 branches and 1,817 ATMs, and also Millennium Bank Greece, a subsidiary of through its innovative electronic banking BCP. In April, 2015 Piraeus Bank acquired platform of Winbank. the “healthy” part of Panellinia Bank. These Piraeus Bank Group possesses an interna- transactions comprise important steps tional presence consisting of 280 branches towards the restructuring of the Greek focused in Southeastern Europe. In particu- banking system, in which Piraeus Bank has lar, the Group operates in Romania through participated from the very beginning as a Piraeus Bank Romania with 120 branches, core pillar. Piraeus Bank has successfully in Bulgaria through Piraeus Bank Bulgaria completed the integration of all the afore- with 75 branches, in Albania through Tirana mentioned 2012-2015 banking acquisitions Bank with 39 branches, in Serbia with 26 in its systems, offering to all its customers branches of Piraeus Bank Beograd, in a unique banking experience. Ukraine with 18 branches of Piraeus Bank In November 2015, Piraeus Bank sold its ICB, in London and Frankfurt with a branch participation (98.5%) in Piraeus Bank of Piraeus Bank each. WHAT WE STAND FOR Piraeus Bank Group possesses a well-trained dedicated branches and products, and experienced workforce. The Group’s addressing both business and individual vision is the continuous development of a needs. human and responsible organization, where At the same time, the Piraeus Bank each employee, with competencies and per- Group Cultural Foundation (PIOP) sup- sonal inspiration works collectively and with ports the preservation and showcasing dedication, capitalizing on diversity and cre- of Greece's cultural heritage, with an ating value in every action. In the selection emphasis on its artisanal and industrial and utilization process of human resources, technology, while it operates a network objective criteria and methodology are incor- of Thematic Museums in the Greek porated with specific emphasis on equal provinces. PIOP’s Historical Archives, opportunities and respect for people. which is based in a reconstructed former The Group invests in the continuous training industrial building in Tavros region and development of its c.19,000 people with (Athens), contributes significantly innovative measures and methods. At the towards this goal. same time, the Group created a work envi- ronment where innovation, the exchange of As one of systemic banks in Greece, ideas, creativity are supported and team spir- Piraeus Bank takes initiatives that sup- it is promoted. Through concrete evaluation port sound business plans and the evo- systems, the Group ensures that the perform- lution of the Greek economy into a new ance of its people are aligned with the model of sustainable development. Group's objectives and has created the nec- essary framework for recognition and reward both at an individual and team level. The open communication and the necessary sup- Piraeus Bank Group December 2015 port of the people are enhanced, in many dif- ferent areas and in different aspects of life, Assets €87.5 bn ensuring an organization that is both "and human and dynamic". Net Loans €50.6 bn Piraeus Bank Group, combining business Deposits €39.0 bn development and social responsibility, endorses systematically its relations with its CET-1 ratio 17.8% social partners through specific actions, while special emphasis is placed on the pro- Branches 989 tection of the natural environment and preservation of cultural heritage. Piraeus Employees 19.3 th Bank has built significant expertise and mar- Customers 5.7 mn ket share in the field of green banking with
Things will remain tough, even after the evaluation
The business, as well as overall economic, climate in Greece seems to deteriorate, instead of improving. The successful handling of the new compromise reached by the government as part of the completion of the first evaluation of the progress of Greece’s bailout programme, apart from any quid pro quo in terms of a debt haircut or the ECB’s waiver on Greek government bonds, is also conditional on finding international investors and attracting direct foreign investment, in order to create new jobs.
By Nikos Filippidis
or the time being, though, the news is not European “Marshall Plan”, which was never good. Those that put their money into the realised. And these investments never came; on Ftwo rounds of the Greek banks’ recapitali- the contrary, foreign capital is treating Greece as sation now realise that they have suffered huge an emerging (therefore high-risk) market with losses. Even the infamous “vulture funds” that mature (therefore low) market yields. would supposedly snap up Greek homes, seem The climate will remain tough, even after the eval- reluctant to get involved in the process of acquiring uation is completed. non-performing loan packages from Greek banks. And so, the government now faces the possibility The facts of closing another deal that will be painful for the The Greek economy’s stunning resilience in the citizens, in the hope of improving the economic face of the shock caused by the imposition of cap- climate, only to find out the next day that investor ital controls is tested anew, mainly as a result of a interest from abroad is non-existent. steadily deteriorating business climate. Things are tough, given that, like its predeces- This concern is already reflected on the econom- sors, this government also believes that the ic sentiment indicator and, in particular, on the Memorandum will magically lead to the inflow of drop in consumer confidence, which has fallen to dozens of foreign direct investments, mostly from the lowest level recorded since September 2013. European businesses instructed to do so by their On the other hand, according to the latest esti- own governments. These are the investments that mates by the Hellenic Statistical Authority Greece has been waiting for since 2010, when (ELSTAT), recession in 2015 (-0.2%) was milder the first Memorandum included the provision for a than initially predicted. Trade with Greece Trade 22 The above worrying signs are reflected on vari- of 2014. Employment fell by 0.8% on a quarterly ous indicators: More specifically: basis and 3.0% year-on-year. •The consumer confidence indicator plummeted •The number of registered jobless individuals in February 2016 (to -66.8 points from -63.9 increased in January 2016 (to 876,752 from points in January 2016 and -61.1 points in 858,802 in December 2015). This development, December 2015), mainly because of the deterio- despite being to a certain extent the result of con- ration of household expectations regarding their junctural factors such as the holiday season and future financial situation, itself the result of the the winter sales period, consolidates the rise in pessimism brought about by the new pension and the number of the unemployed since September taxation regulations, as well as the tensions 2015. caused by the refugee crisis. •In January 2016, for the first time after many -The decline in unemployment lost steam during months, the current account was in deficit by 742 the final quarter of 2015, despite the fact that, million euros, increased by 461 million euros overall, the jobless rate was substantially reduced year-on-year. According to the Bank of Greece, to 24.4% from 26.1% in the same period of the this development is “attributable to a deterioration previous year. According to ELSTAT data, in the in, mainly, the primary income account and, sec- fourth quarter of 2015 the number of the ondarily, the services balance and the secondary employed and unemployed stood at 3,641,682 income account, which was not offset by an ame- and 1,174,658 respectively. The unemployment lioration in the balance of goods.” The surplus of rate stood at 24.4%, as compared to 24.0% in the the services balance decreased by 218 million previous quarter and 26.1% in the same quarter euros to almost half of the surplus in January Trade with Greece Trade 23 2015, because of a drop in net transport receipts (mainly sea transport receipts, which fell to 292 million euros from 631 million euros in January 2015). Travel receipts fell by 4.7% and the number of non- residents’ arrivals was reduced by 7.8% As a result, the value of exports of goods and services fell by 25.8% and the corresponding value of imports fell by 21.8%. •In January 2016, bank lending and deposits continued to decline, as outstanding household and busi- ness loans decreased by -2.1% year-on-year, while total deposits fell by 1.2 billion euros on a month- ly basis, because of the reversal of the increase in business cash bal- ances that was recorded in December and was mainly due to accounting purposes. •Based on a survey by the General Confederation of Professionals, Craftsmen and Tradesmen and the Marc consultancy, 21,000 small businesses are expected to shut down in the next six months, lead- ing to a loss of 40,000 to 45,000 jobs (employees and employers); four out of ten are unable to meet their tax and social security obliga- tions; three out of four see their liq- uidity evaporate; one out of two cannot pay salaries in due time; and more than 50% of respon- dents estimate that growth will resume after 2020. The average drop in turnover stood at 20.6%, while 43.1% of these small and micro enterprises recorded a loss in 2015. Once again, almost two out of three businesses saw demand shrink by 63.4% and orders by 69.7%. •Greek merchant vessel tonnage decreased for a 5th consecutive month in December 2015 (-1.2%), showing that the first year-on-year decrease of the past decade was not coincidental at all.
The economic climate and the economy’s possible entry into a new recession cycle, will certainly be aggravated by the mix of meas- Trade with Greece Trade 24 withheld taxes exceed44%,withouttaking into earners. Inthecaseofaworker withtwochildren, taxes withheldfromsalaries,especiallyforhigh champion amongOECDcountries intermsof among thethreehighestinEurope. Greeceisthe a resultGreektaxes onheatingoilandpetrolare as and out theentireperiodofMemorandums, The problemisnotnew. Ithasbeentherethrough- ating theneedforafurthertax ratehike. actual tax receipts are,eventually, reduced,cre- tax base. Thus, despitetheincreaseintax rates, cause incomestoshrink,ultimatelyreducingthe also reduceconsumption,boosttax evasion,and deficits down. These increasedrates,though, going on. Tax ratesgoupinordertobringfiscal the EuropeanCentralBank,in2010. And isstill Greece, thisoccurred,accordingtoareportby collect muchlesstax revenuesthanitcould.In mately, economicgrowthandcausingthestate to thus impairing consumption,investment and,ulti- tax ratesmaybring taxation abovetheideallevel, Laffer curve,which arguesthatalargeincreasein There isaneconomictheory, derivedfromthe agreement withthe“Institutions”. ures thegovernmentadoptedinordertoreachan and thetax base,andadropintax revenues. in tax rates,acontractionofdeclaredincomes “Memorandum year”thatdid not seeanincrease despite themeasures. There isnotasingle were reducedin2015forafifth consecutiveyear, As aresultoftheriseintax evasion,tax revenues “gray economy”toexpand. ures notonlybroughtrecession,butcausedthe evasion remainshuge. Therefore, thetax meas- average tax rateof11.8%), itisobviousthattax contribution revenuesof8.7billioneuros,oran lion euros(generatingincometax andsolidarity household incomestands atapproximately74bil- euros (excludingpayment inkind)andtaxable When householdincomestands at153.2billion Tax evasion Tax (ENFIA),orthetax onimputedincomes. ple thetradetax, the UnifiedPropertyOwnership There areeventaxes onzeroincomes,forexam- petrol, diesel,cigarettes,aswellincomes. telephony (VAT onthespecialtax), heatingoil, This happensinmanycases,forinstance mobile tribution. There arealso many taxes ontaxes. account therecentincreaseinsolidaritycon- 25 Trade with Greece Despite the tax storm that has since 2010 swept The only tax that apparently has brought more all kinds of taxation (from VAT and property taxes, revenues to state coffers during these five years to motor vehicle road taxes and income taxes on is the property tax. This, of course, happens both individuals and legal entities), tax revenues because property owners have hardly any room for the year 2015 will be 8.1 billion euros lower to react, especially in a property market where than those of 2010. In 2009, the incomes even a fire sale is not possible. declared by all individuals stood at 100.3 billion Property taxes are expected to generate rev- euros. In 2014, they fell to 74 billion euros. enues of 2.85 billion euros in 2015, as compared A similar situation applies to businesses: in 2009, to almost half a billion euros until 2010. their declared taxable profits stood at 15.07 billion euros. In 2014, they fell to 10 billion euros. In The middle class other words, only the taxable income lost during Recently, the Hellenic Federation of Enterprises the 5-year period of the Memorandums amounts (SEV) estimated that Greece’s middle class is to 32 billion euros. In 2009, Greece’s total tax rev- collapsing under the weight of over-taxation, enues stood at 49.724 billion euros. plummeting savings, and further impoverishment. Following the imposition of the first package of In today’s Greece, 4 workers are paying taxes measures they rose to 51.266 billion euros in and contributions in order to pay the pensions of 2010, only to collapse ever since. The decline that 3 pensioners and cover the needs to provide pub- started in 2010, and is still underway, has reduced lic health services, education, justice, defence tax revenues to 43.162 billion euros in 2015. etc. Obviously, this model is not sustainable. Trade with Greece Trade 26 It is indeed telling that in 2015 (2014 incomes) 1.2 are witnessing the paradox that, although tax and million taxpayers in Greece declared zero social security contribution rates are among the incomes, and 4.6 million taxpayers declared highest in Europe, the average tax burden incomes of up to 10,000 euros, paying taxes of remains one of the lowest in Europe, indicating 139 euros per person and contributing only 7.5% the extent of tax evasion. of personal income tax. Therefore, warns SEV, tax increases will also drive At the same time, 267 thousand taxpayers with other productive parts of the middle class to either annual declared incomes of more than 30,000 the grey economy or to emigration. “When the euros paid an average tax of 13,790 euros each, average citizen is discouraged in his effort to find a cumulatively paying 42% of the personal income better job, it is the middle class that’s losing in the tax and solidarity contributions collected by the end”, says the Federation. The consequent col- state. lapse of social cohesion leads to economic stag- According to SEV analysts, during the crisis nation and gradually to political radicalism, which in (2009-2014) the average Greek household lost 4 turn further undermines the well-being of the many. percentage points of its income (which fell by 30% Above all, though, the impoverishment of the soci- because of the recession) as a result of the ety leads to the disappearance of resources that, in increase in income, wealth etc. taxes and social a thriving society with a strong, economically and security contributions. This loss is many times politically, middle class, could finance an effective higher that the loss sustained by households in welfare state and meaningful income support poli- other European countries. As a matter of fact, we cies for the most vulnerable citizens. Trade with Greece Trade 27 Privatisations show the way for Greece’s modernisation
Privatisation has probably been the most contentious issue in Greece’s political scene.
By Nectarios V. Notis
specially in recent years, when the state uation of the progress of the bailout programme. It seeks to ensure the optimum utilisation of is currently estimated that privatisation revenues Eits assets amidst a crisis. will exceed 2 billion euros in 2016, mainly through the concession of 14 regional airports, and the The provisions of Memorandum III sales of the Voulagmeni Astir Palace hotel and In accordance with last summer’s agreement with the Piraeus Port Authority (OLP). the European Union and the International Monetary Fund on the third bailout package, the Greek gov- 2015 ernment pledged to complete 11 privatisation sales, The tenders conducted in 2015 concerned: in order to generate revenues of 6.4 billion euros in • The Horse Racing Organisation of Greece the period 2015-2018, including the sale of a stake (ODIE) in Hellenic Telecommunications Organisation • The Xenia Skiathos hotel (OTE) and the concession of the Egnatia Motorway. • The Kassiopi property in Corfu Now the government is seeking the lenders’ • The Paliouri property in Chalkidiki approval in order to move this target forward by • The Aghios Ioannis property one year, since it was not possible to generate the • The sale and leaseback of selected public 1.4 billion euros in privatisation revenues budget- properties ed for 2015. So, as HRADF (Hellenic Republic • The sale of selected buildings abroad Asset Development Fund) officials claim, the pro- gramme has to be expanded, and this must be Agreements concerning tenders launched in pre- also confirmed through the agreement on the eval- vious years were signed during the year. Trade with Greece Trade 28 In real estate, 43 properties were sold during Moreover, tenders for more than 25 properties 2011-2015. are expected to be launched in 2016, along with The tender for the exploitation of a property in the the tenders concerning infrastructures and com- Poseidi Kalandra area, Chalkidiki, was also panies. The Fund does not provide any further launched in late 2015. details for the tenders that are still underway, given that the new public property development 2016 super-fund is still in the making. According to the Asset Development Plan (30.07.2015), the government has selected 9 pri- Why are privatisations necessary? ority projects: According to a study by the Organisation for • Regional Airports Economic Cooperation and Development (OECD) • Hellinikon (site of the former Athens airport) on Greece, privatisations are deemed necessary • Astir Palace Vouliagmeni for the Greek economy and society, for many spe- • Aphantou, Rhodes cific reasons, which are discussed in detail below: • The Hellenic Gas Transmission System Operator (DESFA) Infrastructure • OLP (Piraeus Port Authority) Low transportation infrastructure quality. The • OLTH (Thessaloniki Port Authority) problem is particularly acute in railways, and to a • TRAINOSE & Hellenic Company for Rolling certain extent in the road network. Stock Maintenance (ROSCO) Reforms are already underway for dealing with • Athens International Airport (AIA) the weaknesses of the transportation sector, albeit Trade with Greece Trade 29 with mixed results. Reforms are very promising in of the ports of Piraeus and Thessaloniki, as well regard to maritime infrastructures (cruises and con- as the regional airports, will reduce costs and tainer ports), following the successful partial privati- increase efficiency. sation of the port of Piraeus (2009). However, there is still room for the development of port operations Recommendations for improving the opera- as a gateway to the land transportation network, not tion of markets only for Greece, but for the entire region. Expediting the privatisation programme, especial- ly in energy, railways, regional airports, ports, and Logistics real estate. This will have to be accompanied by Greece’s position in the field of logistics has been fast progress in regard to market liberalisation, in deteriorating since 2007, giving good cause for order to prevent the emergence of private monop- worry. olies and boost efficiency and growth. In this context, the improved utilisation of public land through concession or privatisation agree- The development of Pireaus through COSCO ments will be instrumental in boosting investment The OECD makes specific mention to the port of in the logistics chain and infrastructure. It will also Piraeus. More specifically, the reports says that: help tourism and export activity at large. The privatisation of part of the port of Piraeus in The approval of the OECD’s general Master Plan 2009 (concession of pier II to Cosco) has sub- for transportation and logistics, which will cover all stantially raised traffic. modes of transport, together with the privatisation Container traffic more-than-tripled between 2010 Trade with Greece Trade 30 structures. Forexample,theport ofPiraeusisnot improvement ofthequality roadandrailinfra- on newinvestmentinports, butalso onthe The growthofportactivitydoes notdependonly further benefittheshippingactivity.” planned developmentofa‘dryport’ inPiraeuswill an expectedcreationof125,000jobs. The “is estimatedtoriseby2.5%ofGDP in2018with container handlinginGreekports” saysthereport “The valueaddedfromtheprojectedincreasein the country)islesswellequipped. The portof Thessaloniki (thesecondlargestin lar size. Piraeus ishigherthaninEuropeanports ofsimi- ty, infrastructureandequipmentintheportof capaci- of level The from 1.5%-2%in2008-2010. 4% ofcontainer traffic intheMediterranean,up period.same the ing In 2011, Greek ports received Mediterranean ports increasedbyonly20%dur- and 2012,whilemerchandisetradeinother “ also bemadebyotherbusinesses thatwilllaunch essary andprofitable. Finally, investments may make furtherinvestments, ifthisisdeemed nec- investments, though,COSCOwillalsoable to (CAPEX periods). Apart from the mandatory be completedwithintwofive-yearperiods certain investments, therealisationofwhichmust COSCO andtheHellenicRepublicprovidesfor The concessionagreementsignedbetween 2017 to20.9millioneurosin2025. fiscal resultincreasesfrom6.9millioneurosin privatisation. Morespecifically, theremainingnet increased activityandefficiency broughtaboutby clearly improvingovertime,owingtothe shares, wecanseethatthenetfiscalresultis Even excludingthecashflowfromsaleof accordance withtheproposedtimetable. 280.5 and88.0millioneurosrespectively, in (106.3 millioneuros),whenOLP stockissoldfor the years2016(277millioneuros)and2022 The netfiscalgainreachesits highestvaluesin present value. million euros,or475eurosintermsof fit fortheperiod2016-2025isestimatedat511 under review(2016-2025). The cumulativebene- The netfiscalgainremainspositivefortheperiod points ofGDP. the reductionofpublicdebtby2.3percentage In thelongterm,investmentwillcontributeto economy: have alookatthebenefits fortheportand The saleofOLP hasbeen completed,solet’s The saleofOLP further marketshare.” increase its competitiveness andallowittogain as agreedinthe August 2015MoU,isneededto addition, the“fullprivatisationofPiraeusport, done throughtheuseofEUstructuralfunds.In directly linkedtotherailnetwork. This couldbe reasons society, formanyspecific the Greekeconomyand are deemednecessaryfor on Greece,privatisations and Development(OECD) for EconomicCooperation by theOrganisation According toastudy ” 31 Trade with Greece operations in the wider area, as a result of their • Group A: the airports of Thessaloniki, Kavala, cooperation with the port. The total amount of Corfu, Kefalonia, Zakynthos, Aktion, and these investments is estimated at approximately Chania. 867 million euros during the first ten years. This • Group B: the airports of Mytilene, Skiathos, estimate does not take into account investments Samos, Mykonos, Santorini, Kos, and Rhodes. by other companies that may possible become The agreement provides for the granting of rights active in the wider region of Piraeus. for the use, management, development, exten- If a series of potential projects (shipbuilding base, sion, maintenance, and operation of these air- cruises etc.) is also realised, the additional ports, as well as the rights for the management, increase in the Greek economy’s output will range administration and utilisation of any movable and from 17 million euros in 2016 up to 2.6 billion fixed assets related to the operation of airports, euros in 2025. and the commercial or other premises located The demand factors related to the construction within the airports. The deal is priced at 1.234 bil- and operation of the project will create more than lion euros. 31,000 new jobs. The ownership of the land, the infrastructures and the facilities will not be transferred to the private Regional Airports investor, but will remain with the Greek state. The benefits from the sale of regional airports are The private investor is granted the right to use, equally important. operate, develop, and manage the airports for 40 In detail: years, while the infrastructures and facilities to be The concession agreements concern the devel- constructed will be also owned by the Greek state opment of 14 regional airports, divided into two and will revert to it after the end of the conces- groups: sion. Trade with Greece Trade 32 Moreover, in the case of airports with increased military activity (i.e. those of Chania and Aktion) the concession does not include the landing and taxing runways, which remain with the Hellenic Air Force; it only includes the air terminal and the commercial aircraft parking apron, while the con- cessionaire will compensate the Greek state for the use of common infrastructures.
Infrastructure upgrades One of the key objectives of the deal is to upgrade regional airports, which require substantial invest- ments. The upgrade will produce major benefits for Greek tourism, and will boost the development of Greek islands and other destinations covered by the regional airports, which will be able to pro- vide passengers with higher quality services. In many cases, the airports’ existing capacity will increase manifold. The concessionaire is required to upgrade the air- ports within the first 4 years, in order to ensure compliance with the Level C objective criteria, as defined by ΙΑΤΑ, and from then on maintain and preserve these levels of service throughout the the wider region of Southern Europe and the entire duration of the concession. Mediterranean. The size of the investments will be defined after Thus, the airports will become a major economic the concession agreement comes into force, fol- recovery driver, while their upgrading will help lowing the assessment of the terminals’ capacity Greece become more competitive as a tourist by a specialised third agency, the preparation of destination. The improvement of the level of infra- the master plans by the company, and their structures and services will help attract a larger approval by the Civil Aviation Authority (CAA). number of airlines to the airports included in the The concessionaire estimates that the required agreement. investments will amount to 330 million euros dur- ing the fist 4 years of the concession and will Improvement of existing competition cover, among others, the construction of main ter- Today, all the country’s airports, excluding the minal extensions (according to the needs of each Athens International Airport (AIA), are under the regional airport) of a total area of 126,451 square auspices/management of the CAA. Following the metres, i.e. an area 4.7 times that of the existing signing of the concession agreements, the struc- terminal of the Thessaloniki airport or 80% of the ture of the aviation market will be characterised floor area of the main terminal at Eleftherios by increased dispersion among the following Venizelos. Total investment during the 40-year operators: concession period is estimated at 1.4 billion a) the AIA, handling more than 15 mn passengers euros. per year; Both the concession agreements and the applica- b) the concessionaire, managing 14 regional air- ble laws provide for a strict framework of continu- ports and handling almost 18 mn passengers per ous inspections, to ensure that the airports oper- year (almost 45% of the total number of passen- ate safely, with respect to the environment, and gers); on the basis of high airport-user (passenger and c) the CAA, managing the 22 non-privatised air- airline) service standards. ports; d) either before or after the awarding of the con- Pricing policy cession agreement for the international airport at Regional airport prices will not increase until after Kastelli, Heraklion Crete, either the CAA or the the upgrades have been completed; however, selected investor, responsible for handling almost even after such an increase, the airports will 6 mn passengers per year. remain competitive in comparison to airports with Therefore, the Greek market will consist of 4 dif- similar features (seasonality, tourist character) in ferent airport operators. Trade with Greece Trade 33 The progress of the privatisation programme
Utilising public property plays a key role in restructuring the Greek economy
In Greece, privatisation sales began in early 1990, as part of the wider aim of enhancing the Greek economy’s competitiveness.
By Dimitris Christoulias
ccording to articles by leading econo- been some steps forward in regard to privatisa- mists, privatisations have, among other tion, there are still decisions to be made, which A things, a positive impact on total national cannot be delayed anymore. output and the economy’s growth rates when they “As estimated by the Bank of Greece, privatisa- go hand in hand with wide-ranging reforms, such tions hold a huge potential, which could yield far as the enhancement of competition, institutional more than the quantitative revenue targets.” modernisation, the development of capital mar- This requires a comprehensive plan that will spec- kets, and the reduction of state interventions in ify targets, set the uses and forms of the desired the economy. investments, and lay down a stable and compre- As stated by the Governor of the Bank of Greece, hensible framework for potential investors. This in his speech at the Annual Meeting of the plan will be assigned to the new public real estate Shareholders, “The scaling-up and successful development fund, which, in accordance with the implementation of the privatisations and public agreement, must be set up within the first half of real estate utilisation programme are decisive to 2016. This commitment must be met, and the economic growth, as they will have a multiplier objectives of the new fund, which will redraft the effect, with long-lasting gains for the domestic privatisation and public real estate utilization pro- economy. Privatisation proceeds can be used to gramme, must be clearly specified. More specifi- gradually pay off public debt, supporting fiscal cally, according to the Annual Report of the Bank adjustment. Furthermore, when accompanied by of Greece, the utilisation of public real estate is a strong commitment to future investment, privati- justifiably one of the key pillars of the new loan sations enhance the inflow of funds for productive agreement. Apart from generating capital gains investments that stimulate employment and and securing substantial returns from properties, aggregate active demand.” Although there have resources, and services that remain unexploited Trade with Greece Trade 34 or have not been utilised to the maximum possible years, as well as updated data on the market and degree, the successful launching and realisation of the economy. new private investments on public property will also signal the reversal of negative investor senti- The greatest “thorns” ment and mistrust towards the Greek economy. The plans for the utilisation of public real estate Both in theory and in practice, it has been demon- have, over time, been hindered by a host of legal, strated that privatisations are not only conducive technical and procedural issues, the involvement to sustainable fiscal adjustment but, moreover, if of agencies with different and quite often compet- they are accompanied by a strong commitment to ing interests, as well as the scarcity of resources. future investment, can enhance the flow of pro- In 2011, the formation of the HRADF signalled the ductive investment resources, create new mar- beginning of a concerted effort to attract direct kets, develop existing ones, and help boost investment in infrastructure, energy, and real aggregate demand. In Greece’s case, in particu- estate. Public properties that attracted lots of lar, they can also help utilise certain capabilities investor interest and showed a high degree of and growth prospects of the Greek economy that legal and technical maturity were bundled under have been unexploited up to date. Furthermore, the Fund, in order to be marketed through tenders the utilisation of public property through the new aimed at their long-term concession, lease, sale, fund that will replace the Hellenic Republic Asset or securitisation. The flagship of this effort was the Development Fund (HRADF), as stipulated in the development of the site of the former international new Memorandum of Understanding, will lend airport at Hellenikon, the tender for which was new dynamism to the privatisation programme, launched in late 2011. However, the beginning of since its targets and schedule will be redefined on actual work on the project is still pending, despite the basis of the experience accumulated in recent the fact that an operator has been assigned since Trade with Greece Trade 35 November 2014. Priority was also given to smaller vatisation programme will be redrafted. Prime properties of, nonetheless, high investor interest, tourist real estate, marinas, as well as former mainly in tourist areas (Rhodes, Corfu, Chalkidiki, Olympic properties, for which preliminary work Porto Heli etc.). Tendering procedures were very has already been carried out by HRADF, will be slow, and as a result none of the above develop- the object of the most important new tenders and ment projects has begun till this date. agreements that the new fund will be called to The main problems that emerged during the finalise. Undoubtedly, the importance of expedit- course of the tenders and the implementation of ing and implementing the privatisation and real the agreements are related to technical issues, estate utilisation programme is not limited to rais- such as environmental constraints, the delin- ing operating revenues. The benefits are multiple eation of areas as forested, the definition of and are expected to have a multiplier effect on the coastal zones and coastlines, the completion of economy. The successful activation of the agree- environmental impact studies, Special Spatial ments with operators-investors will be an indis- Development Plans of Public Properties and zon- putable vote of confidence to the Greek economy ing plans, and the definition of land uses (legal and will demonstrate the state’s determination to issues, such as encroachments, contestations, support new productive investments and protect etc.), which result in continuous appeals to the investors. Already, the finalisation of the tender for Council of the State against decisions taken the sale of a 67% stake in Piraeus Port Authority throughout the entire process. Moreover, accord- (OLP SA) in January 2016, as well as the signing ing to the Annual Report of the Bank of Greece, of the new agreement for the development of the the adverse economic environment of the past Voulagmeni Astir Palace and the 40-year conces- few years and the conditions of political uncer- sion agreement concerning 14 regional airports in tainty that prevailed during 2015, led to further December 2015, signal the revival of investor delays or postponements in the forwarding of new interest in the Greek market. The privatisation of projects and the signing and implementation of infrastructures, such as airports, ports, and rail- existing contracts. At the same time, as stipulated ways, along with modernisation and the promo- by the new Memorandum of Understanding, the tion of the necessary reforms, will be a growth government is committed to create a new fund for driver both during construction and during opera- the utilisation of public real estate. After the new tion, creating new regional activities, new uses fund is formed in the first half of 2016, its respon- and capital gains, and enhancing local growth. sibilities and targets will be specified and the pri- Apart from the immediate area of influence, the Trade with Greece Trade 36 investors. Strategic planningshouldalsoinclude ble andcomprehensibleframework forpotential same time,thegeneralspecifications andasta- form ofthedesiredinvestments, specifying, atthe directions inregardtotheobjectives, usesand a strategicplanthatwilllaydowncomprehensive management ofpublicrealestate, combinedwith Therefore, itisimperativetoensuretheorganized es andorganisedtouristaccommodation. ity touristdestination,offering specialisedservic- major trans-shipmenthub,aswellahighqual- resources, andassets, Greececanbecomea my. Byexploitingits geographicalposition, effects ondomesticemploymentandtheecono- to tourism,industryandtransport,withmultiplier markets, domesticandforeign,whicharerelated capacity securesnewusersandopensup new modernisation andenhancementofinfrastructure to fulloperation.Utilisingpublic propertyandthe nisms atallstages oftheprojects, fromtendering be ensuredinanycase,through controlmecha- social interestandthenatural environmentshould opment projects. Moreover, theprotectionof validity, legitimacy, efficiency, andsafetyofdevel- ately introduced,albeitwithoutunderminingthe procedure-expediting provisionsmustbeimmedi- sale inthemarketatappropriatetime,while rity ofpublicpropertiesinordertoenabletheir procedure toensurethelegalandtechnicalmatu- planning, itisnecessarytolaunchasystematic mary sectorproducts. Inthecontextofstrategic exports, andpromotingthestandardisation ofpri- duction, improvingcompetitiveness,boosting restructuring andstreamliningagriculturalpro- with theaimofcreatingeconomiesscale, the state’s ruralandsuburbanrealproperties, 37 Trade with Greece immediate launching of privatisations will be a ment for the granting of the exclusive right to decisive step towards restoring confidence and organise and conduct mutual betting on horse improving investor sentiment in the country. They races in Greece to “Horse Races SA” for a period will highlight the investment advantages and of 20 years, against a final price of 40.2 million prospects of the economy, gradually rekindling euros. HRADF has already received the first two investor interest and the inflow of funds from instalments, which account for 50% of the price, abroad, and ultimately helping meet fiscal adjust- while the remainder is expected to be paid on ment targets, reduce public debt, and restore sus- January 08, 2017. tainable growth. • On December 14, 2015, the Fund signed the It is worth noting that 2 new privatisation agree- concession agreements for the development of 2 ments were signed in 2015, while a total of 5 new groups of regional airports, more specifically: tenders were launched. At the same time, consid- Group A: the airports of Thessaloniki, Kavala, erable progress was made in regard to develop- Corfu, Kefalonia, Zakynthos, Aktion, and Chania. ment tenders that have already been completed, Group B: the airports of Mytilene, Skiathos, with the aim of expediting the signing of the final Samos, Mykonos, Santorini, Kos, and Rhodes. contracts. The contracts were signed by the Greek Government, the HRADF and the concessionaire, The progress the FRAPORT AG-SLENTEL Ltd consortium, and of the privatisation programme provide for the granting of rights for the use, man- More specifically, as far as agreements for the pri- agement, development, extension, maintenance, vatisation of infrastructures and corporate portfo- and operation of these airports, as well as of the lios are concerned: commercial or other premises located within the • On April 24, 2015, HRADF signed an agree- airports. It should be noted that ownership of the Trade with Greece Trade 38 submission of binding bids for the acquisition of a 67% stake in Piraeus Port Authority SA. A bid was submitted by Cosco Group (Hong Kong) Limited. The financial offer was unsealed on January 12, 2016, and the HRADF Board requested the sub- mission of an improved bid. The improved finan- cial offer by Cosco Group (Hong Kong) Limited, which was submitted to the HRADF on January 20, 2016, provides for a price of 22 euros per share, i.e. a total of 368.5 million euros. The total value of the deal is estimated at 1.5 billion euros and includes, among other things, the aforemen- tioned 368.5 million euro offer, mandatory invest- ments of 350 million euros over the next ten years, and the expected revenues for the Hellenic Republic from the concession agreement, which amount to 410 million euros. • Marinas and small ports: The tender for the concession of the marina of Pylos for 40 years is still underway. According to the existing timetable, the completion of this tender is expected within the first half of 2016. Moreover, during the fiscal year 2015, the tenders concerning the conces- sion of a) the marinas of Alimos, Poros, Hydra and New Epidavros, and b) the marina and part of the port of Chios, were declared failed. • On November 30, 2015, the HRADF published the invitations for the submission of proposals to act as independent valuer for the privatisation of TRAINOSE SA (the Greek railway network oper- ator) and ROSCO SA (the rolling stock mainte- nance company). • The international tender for the sale of the state’s real estate properties abroad was launched land, the infrastructures, and the facilities remains on August 21, 2015. More specifically, these with the Greek state. On November 25, 2014, the include: (a) a property of a total rentable area of FRAPORT AG-SLENTEL Ltd consortium was approximately 1400 square metres in New York; declared Preferred Bidder for both groups of (b) a property with a total built area of approxi- regional airports, as part of the international open mately 750 square metres in Washington DC; (c) a tender conducted by HRADF, with an offer con- property with total area of almost 1200 square sisting of an upfront payment of 1.234 billion metres in Ljubljana; (d) a property with a total area euros and an annual payment of 22.9 million of almost 400 square metres in Pretoria, South euros, annually adjusted according to the CPI, as Africa; and (e) a property with a gross floor area of well as a variable annual fee, estimated at 28.6% approximately 1600 square metres in Rome. The of the airports’ EBITDA. The total amount of the tender was completed in October 2015, with the above revenues will exceed 10 billion euros. submission of binding offers for the N. York, Apart from the aforementioned upfront and annu- Washington DC, and Rome properties. The Board al payments, the Greek state also expects cumu- of Directors of the HRADF announced a preferred lative tax, social, and other benefits amounting to bidder only for the New York and Washington DC approximately 4.6 billion euros. The private properties, against a total offer of almost 12 million investor is granted the right to use, operate, euros, as the offer for the Rome property fell short develop, and manage the airports for 40 years, of the reservation price. while the infrastructures and facilities to be con- • On September 30, 2015, the Fund announced structed will be also owned by the Greek state the launching of the auctions with the right to and will revert to it after the end of the conces- counter-bid for 14 properties located in Chalkidiki, sion. the Dodecannese, Fthiotida, Argolis, Attica, • December 21, 2015 was the date set for the Messinia, and Imathia. Trade with Greece Trade 39 the launch of an international tender process for the exploitation of the Vartholomio Estate, a land plot area in Ilia on the west coast side of Peloponnese, with a total area of almost 0.95 hectares. The property will be used for the con- struction of a 18-hole golf course and supplementary tourist operations. • The tender for the exploitation of a property in the Poseidi Kalandra area, in Chalkidiki, is underway. The property is suitable for the development of holiday homes, high-end hotels, and leisure facil- ities. • On December 31, 2015, following a negotiation with the Investors, the Fund signed an agreement with Jermyn Street Real Estate Fund IV LP for the develop- ment of “Astir Palace Vouliagmeni SA”.
The procedures for the sale of TRAIN- OSE and ROSCO are underway. It should be noted that successfully completing the privatisation of the two companies is of crucial importance. The reason is that the liberalisation of the railway services mar- ket is expected in 2016, and TRAINOSE will have to face competition. Moreover, the company is burdened by a European Commission ruling on state sub- sidies, which will be lifted only if it is priva- tised. This means that the interest shown by major foreign investors must be utilised, and the relevant procedures must move on. The final stage of the tender for the Thessaloniki Port Authority (OLTh) is reportedly expected within the next few months. Initially, there are 8 interested parties (APM, Deutsche Invest, ICTSI, Duferco Participation, Mitsui & Co, P&O Steam Navigation, Russian Railways JSC / GEK TERNA S.A. and Yilport Holding) . Negotiations for the extension of the con- cession of the use of the Spata airport to “Athens International Airport Eleftherios Venizelos SA” for another year are expect- ed to begin soon.
The government’s objective, as part of the memorandum’s stipulations, is to have the agreement for the extension of the conces- • On December 21, 2015, a new international sion completed within 2016, thus deferring tender was launched for the development of the to the future its other commitment for the properties in Rome, Ljubljana and Pretoria, with sale of a 30% stake in the Athens February 1st, 2016 as the deadline. International Airport, owned by the • On December 23, 2015, HRADF announced HRADF. Trade with Greece Trade 40 NSRF 2014-2020: The cornerstone of Greece’s economic growth effort
With total public sector (EU and national) resources of 25 billion euros, allocated along 20 operational programmes (7 sectoral and 13 regional) the National Strategic Reference Framework (NSRF) for the period 2014-2020 is the cornerstone of the national economic growth effort for the next few years, when, hopefully, Greece will return to positive growth rates.
By Kostas Voutsadakis
key feature of the new NSRF is its shift Thus, eight sectors (Agri-food, Health-medicines, away from infrastructure (which, nonethe- ICT, Energy, Environment and sustainable develop- A less, still accounts for a substantial part of ment, Transport, Materials-construction, Tourism, the new programme) and towards investments Culture, Creative industries) will be given priority in based on qualitative criteria, which will contribute both operational and regional programmes in order to the Greek economy’s sustainable growth. It is to maximise development results. specifically stated that the aim of the new pro- The financing priorities of NSRF 2014-2020 are gramme is “To contribute to revitalising the Greek divided in five areas: economy through the recovery and upgrading of 1. Enhancing business competitiveness and the productive and social fabric of Greece and the extroversion, shifting to qualitative entrepreneurship creation and maintenance of the sustainable jobs, spearheaded by innovation, and increasing domes- spearheaded by outward looking, innovative and tic added value; this includes: competitive entrepreneurship and on the basis of • Transition to high added value activities; reinforcing social cohesion and the principles of • Creation of a business friendly environment to sustainable development.” attract investments; Another key element that differentiates the current • Capitalising on research and innovation to from previous programmes is the research-based strengthen the competitiveness of new and identification of those economic sectors that pres- existing businesses. ent, or have the potential to create, competitive 2. Development and utilisation of human edges and on which the available resources will be resource abilities – active social inclusion: focused. • Education and life-long learning; Trade with Greece Trade 41 42 Trade with Greece order tobemanaged bytheRegional Authorities Cohesion Fund,andisassigned to13ROPs,in tains totheenvironment,andinparticular the ronment infrastructures.Part ofthebudgetper- Funds mainlyfinancescore transport andenvi- and funds(ERDFCF) and throughthese This programmeencompasses multiplesectors Programme (YMEPERAA) Sustainable DevelopmentOperational 2. Transport Infrastructure,Environmentand global scale. ing highqualityproducts thatarecompetitiveona tages, andincorporatenewknowledge,produc- the individualregionswithcompetitiveadvan- new products/services thatprovideGreeceand production units, acceleratetheintroductionof value services,soastoincreasethescale/sizeof agri-food, aswellprocessingandhigh-added- petitive andextrovertsectors,suchastourism, which showcasesthekeyroleofproductive,com- great shift in thenewdevelopmentparadigm, and enhancedomesticaddedvalue.Itsignalsa tive entrepreneurshipspearheadedbyinnovation, and extroversion,facilitate ashift towardsqualita- EPAnEK istoenhancebusinesscompetitiveness reform arealsomet. The strategic objectiveof human resourcetrainingandadministrative ensure that,alongwithinvestments, theneedsfor as theESF(EuropeanSocialFund),inorderto (European RegionalDevelopmentFund),aswell that aremainlysupportedbytheERDF This programmefinancesactionsandprojects Entrepreneurship andInnovation"(EPAnEK) 1. OperationalProgramme"Competitiveness, Programmes werelaidoutasfollows: Given theabove,7sectoralOperational government. and efficiency ofpublicadministrationandlocal 5. Improvementoftheinstitutionalcapacity Broadbandnetworks. • networks; Energy • Transport networksfocusingonthecompletion • of infrastructuresforeconomicandsocialgrowth: 4. Development–modernisationcompletion Shift toalowcarboneconomy. • adaptation Fostering toclimatechangeand • Protectionoftheenvironment; • a moreenvironmentally friendlyeconomy: 3. Protectionoftheenvironment Promotionofsocialinclusionand combating • Developmentofhumanresources andaccess • with verticalaxesandmulti-modaltransport; the Trans-Europeanof TransportNetworks, risk prevention; poverty. jobs, especiallyforyoungpeople; to employment,focusingonthecreationof – Transitionto ness activities in theenvironmentsector. investments andtoprovideopportunitiesin busi- economy inordertomake it easiertoattract creation ofcompetitiveadvantages across the friendly economy, fosteringatthesametime Greece’s transitiontoamoreenvironmentally tection anddevelopmentasameanstosupport environment, theOP aimsatenvironmental pro- sustainable urbanmobility. Withregardto the port (fixedtrajectoryurbantransport)toenhance ment ofsustainable andeco-friendlyurbantrans- enhanced roadsafety, aswellthedevelop- and themodernisationoftransportsystem, ports, airports), promotingcombinedtransport core TEN-T networkcorridors(roads,railways, tain tothecompletionofinfrastructurefor and Sustainable Development2014-2020”per- of theOP “Transport Infrastructure,Environment projects. As regardstransportation, theobjectives mainly forrealisingliquidwastemanagement 3. Human Resources Development – Education through new technologies and IT in the public and Life Long Learning Operational Programme sector. The programme encompasses multiple This programme covers multiple sectors, is sectors and funds (ERDF and ECB). Public financed by a single fund (ESF) and is the main administration efficacy is one of Greece’s key pri- support tool for Greece that, in synergy with, and orities, since it affects all levels of operation, pro- complementary to the other OPs, will contribute to duction and development, being, at the same economic recovery, as it includes comprehensive time, a main precondition for the effective imple- policies designed to support the creation of sus- mentation of reforms in all sectors. The OP will tainable jobs, promote active inclusion in the contribute to the national effort in order to ensure labour market (including the inclusion of vulnera- that in the next few years Greek public adminis- ble social groups), improve the efficacy of the tration will be cohesive, well coordinated, flexible, Greek educational system, and establish a closer outward-looking and results-oriented, restoring link between education, training and life-long the relationship of trust between the state and the learning and the labour market, with the main aim citizens and businesses, providing citizen-centric of limiting and/or eliminating the social conse- and continuously upgraded services, thus becom- quences of the crisis and/or minimising the cost of ing one of the main pillars for Greece’s recovery. high unemployment. 5. “Technical Assistance” Operational Programme 4. Reform of the Public Sector Operational The programme aims at supporting the operation Programme and implementation of all OPs that are financed Includes actions aimed at introducing reform by the Structural Funds. Trade with Greece Trade 43 6. Rural Development Programme (RDP) on resources, control fisheries activities, collect fish- the national level eries data and improve knowledge on the state of Aims at the integrated development and sustain- the marine environment. able competitiveness of the agricultural sector through the transition to a strong, sustainable As far as businesses, in particular, are concerned, agri-food system and the enhancement of the the Ministry of Economy, after many months of rural areas’ added value. The management of preparation (and waiting on the part of the interest- almost 30% of this programme is assigned to the ed parties), announced the first four programmes Regional Authorities. of the Operational Programme "Competitiveness, 7. Fisheries and Maritime Operational Programme Entrepreneurship and Innovation" (EPAnEK). In The OP’s main objectives are to enhance the brief, the features of the new programmes are the competitiveness of the aquaculture and process- following: ing industries, the viability of the sea fisheries 1. Programme “Upgrading of micro and small sector and the sustainable development of areas enterprises by developing their skills in new that traditionally depend on fisheries. The pro- markets” gramme also addresses the need to protect and The programme will provide support to existing micro rehabilitate the marine environment and its living and small enterprises operating in the 8 priority Trade with Greece Trade 44 and uptotwo AWUs. lows: €12,000.00per AWU (existingand/or new) and/or newpersonnel)ofup to€24,000,asfol- intangible expenses;andpayroll costs (existing and surroundingspaces; machinery-equipment; Eligible expendituresinclude:Buildings,facilities maximum of200,000euros. not exceedtotal turnoverfortheyear2015ora posal cannotbelessthan15,000eurosandcan- The subsidisedbudgetofeachinvestmentpro- 20/5/2016. the submissionofproposalsisfrom7/4/2016to ing microandsmallenterprises. The periodfor while theremaining90%willbeallocatedtoexist- earmarked fornewmicroandsmallenterprises, Ten percentof the programme’s budget hasbeen 50% inthecasenewpersonnelishired. an additional10%thatbringstotal coverageto Aid coversupto40%ofeligibleexpenses,with by 31/12/2015. (for twoormorefiscalyears)start-ups formed B andCClassbooksrecords,eitherexisting Eligible businessesincludeenterprisesthatkeep Logistics etc.). strategic sectors(Agri-food,Materials/construction, protection, andenergy- water-saving equip- spaces; machinery-equipment; environmental include: Buildings,facilities andsurrounding fall shortof15,000euros. Eligibleexpenses 2015 oramaximumof150,000 euros,andcannot posal cannotexceedtotal turnoverfortheyear The subsidisedbudgetofeachinvestmentpro- 17/5/2016. mission ofproposalsisfrom29/3/2016to employ atleastone AWU. The periodforthesub- Activity CodeNumber(KAD)sincethen,and established by31/12/2015,havehadaneligible Eligible businessesincludethosethathadbeen national tourismmarket. to improvetheirpositioninthedomesticandinter- their productandserviceoffering, enablingthem operation, upgradetheirquality, andenhance enterprises tomodernisetheirinfrastructureand existing micro,smallandmedium-sizedtourist The mainobjectiveofthisprogrammeistohelp services provided” modernisation andupgradingthequalityof 2. Programme“AidtotourismSMEsfortheir 130 billioneuros. The total budget oftheprogrammeamounts to 45 Trade with Greece ment and facilities; certification of quality assur- The total budget of the programme amounts to ance and environmental management systems; 120,000,000 euros and eligible expenses include: promotion-advertising, up to €15,000; software and 1. Operating costs (rent for professional software services, up to €20,000; transportation premises, electricity, mobile and fixed teleph- means, up to €15,000; invesment plan implementa- ony, water, heating and other public use tion follow-up, up to €2,500; market sur- expenses, incubator hospitality costs etc.) veys/research, up to €5,000 and up to €2,500/study; 2. Third party expenses (legal, consulting, Payroll costs up to €24,000, as follows: €12,000.00 secretarial support, incubator services, draft- per AWU (existing and/or new) and up to two AWUs. ing and follow-up of business plans, profes- The total budget amounts to 70,000,000 billion sional training etc.) euros. 3. Promotional activities, networking, par- 3. "Start-Up Entrepreneurship" Programme ticipation in expositions This programme aims at creating micro and 4. Depreciation/equipment leasing small, sustainable enterprises emphasising on 5. Acquisition/leasing of equipment innovative business plans and boosting employ- 6. Procurement of consumables ment through the creation of sustainable new 7. Social security contributions paid by the jobs. The programme supports jobless individuals beneficiary (entrepreneur/partner) (registered with the Greek unemployment agency 8. Payroll cost of new job(s) at the time the application is submitted), as well 9. Expenses related to the preparation, as individuals who pursue a professional activity submission, registration and renewal of indus- (active freelance professionals, who did not trial or intellectual property copyrights receive an old-age pension at the time of the 4. "Fostering Self-Employment among Tertiary announcement) and/or partnerships/associations Education Graduates" Programme of such persons, in order to establish a new enter- The aim of the programme is to support tertiary prise. education graduates, either unemployed or self- Eligibility does not extend to freelance profes- employed, in starting/pursuing a professional sionals pursuing a commercial activity. activity related to their field of expertise, in inde- The period for the submission of applications is pendent professional premises that are not used from 17/3/2016 to 27/4/2016. in any way as residence (primary or secondary). Trade with Greece Trade 46 The period for the submission of proposals is premises, electricity, mobile and fixed teleph- from 8/3/2016 to 15/4/2016. ony, water, heating and other public use The programme offers aid to business plans with expenses, incubator hospitality costs etc.) a total budget of 5,000 to 25,000 euros, and the • Third party expenses (legal, consulting, rate for the provision of aid is set at 100% of eli- secretarial support, drafting and follow-up of gible expenses. The €25,000 ceiling can be business plans, incubator services, specialised increased if the proposal is submitted by a partner- professional training seminars etc.) ship. More specifically, in the case of a partnership • Promotional activities, networking, between two beneficiaries the total budget may participation in expositions reach €40,000, while in the case of a partnership • Procurement of consumables among three or more beneficiaries it may amount • Social security contributions paid to €50,000. by the beneficiary (entrepreneur/partner) The total budget stands at 50 million euros and • Payroll cost of new job(s) up to €12,000 eligible expenses include: • Depreciation/equipment leasing • Operating costs (rent for professional • Acquisition/Leasing of Equipment.
Allocation of financial resources for the programming period 2014-2020 per Programme
Programme Public Expenditure* (€) European Union component (€) National component (€)
SECTORAL
1. Competitiveness, Entrepreneurship and Innovation 4,665,144,578 3,646,378,272 1,018,766,306
2. Transport Infrastructure, Environment and 5,186,665,141 4,333,917,411 852,747,730 Sustainable Development 3. Human Resources Development – Education and 2,667,494,908 2,104,926,538 562,568,370 Life Long Learning
5. Public Sector Reform 486,913,882 377,228,416 109,685,466
5. Technical Assistance 401,870,434 317,612,097 84,258,337
6. Rural Development 5,400,579,911 4,223,960,793 1,176,619,118
7. Fisheries and Maritime 523,406,309 388,777,914 134,628,395
REGIONAL
8. Eastern Macedonia 507,739,336 406,191,468 101,547,868
9. Central Macedonia 964,864,182 771,891,345 192,972,837
10. Thessaly 401,130,674 320,904,539 80,226,135
11. Epirus 325,846,892 260,677,513 65,169,379
12. Western Greece 490,985,731 392,788,583 98,197,148
13. Western Macedonia 330,737,733 264,590,187 66,147,546
14. Central Greece 190,052,422 95,026,211 95,026,211
15. Peloponnese 270,342,339 216,273,871 54,068,468
16. Ionian Islands 226,924,699 181,539,758 45,384,941
17. North Aegean 301,669,499 241,335,599 60,333,900
18. Crete 434,883,125 347,906,498 86,976,627
19. Attica 1,139,966,972 911,973,576 227,993,396
20. South Aegean 168,170,562 84,085,281 84,085,281
TOTAL (Sectoral and Regional) 25,085,389,329 19,887,985,870 5,197,403,459 Trade with Greece Trade 47 Dimitris Avramopoulos: “We are at the peak of two crises: security and migration” “We are not talking about numbers. We are talking about people. In the old days, our own ancestors were in the same shoes. Being forced to flee one’s country is a phenomenon that has always marked tragic periods of world history. This is what we are experiencing today. But today we have a United Europe. Its principles and values are being daily tested. Closed borders and fences have nothing to do with European principles, philosophy, and policy.”
By Dimitris Giannakopoulos Photos: Iakovos Hatzistavrou
his quote by Dimitris Avramopoulos, ... A threat towards Europe needs a European European Commissioner for Migration, response – and we have been calling for it for T Home Affairs and Citizenship encom- months.” To this end, he highlights the importance passes the essence of dealing with the refugee of improving coordination among security servic- crisis, as well as protecting European cohesion, es, claiming that: “We absolutely need more coor- which is recently suffering unprecedented terror- dination and more information exchange. The fact ist attacks. Referring to the bloody and “blind” that the perpetrators of the Paris and Brussels strikes against the metropolises of the European attacks were known to the police proves this once Union, Mr. Avramopoulos says that we must all again. Information gathering and information show our human and civilised face, and we must exchange are the cornerstone of our security. Our also show “to those that wish to divide us, that we information needs to be inter-connected. Our sys- respond with more unity, cohesion and strength.” tems need to talk to each other. That is where we More specifically, he says that: “What has hap- need to improve, urgently. Last year we launched pened in Brussels, has happened unfortunately the European Counter Terrorism Centre in already in Paris, in Madrid, in London, but also Europol. Member States have to use it more and outside Europe in Turkey, Lebanon, Tunisia, Mali better, by sharing information proactively and – and the list unfortunately goes on. But precisely consistently, by offering resources and sending because it has happened before, we know that experts. Member States have to trust each other. each time the citizens of these cities, the citizens of “We are all facing the same challenges, so we Europe, have come out stronger and more united. need a coherent and coordinated approach. Trade with Greece Trade 48 “And that is precisely what the Commission has the end of last year, but things need to be proposed from the very outset through its finalised soon. The European Parliament should European Agenda on Security. Certain issues are vote at the earliest possible moment and Member still on the table, and others need to be imple- States must not delay implementation.” mented properly. Last year, the Commission pre- sented proposals to make it more difficult to Proposals and questions acquire firearms in the European Union. The The European Commissioner admits that nation- European Parliament and member states have to al security is a responsibility of the member work quickly and constructively now, because we states, albeit the threat of terrorism is common. have to reduce the risks of guns falling into wrong The Commission has taken several initiatives in hands. In that same period, the Commission order to support member states. But “sometimes adopted proposals to step up the fight against ter- I fear that there is a lack of political will, lack of rorism and organised crime, by revising the exist- trust and coordination. These horrendous attacks ing Framework Decision on Terrorism. More than cannot continue to be wake-up calls forever. We 3 months later, the proposal is still on the table owe this to our citizens – all of them.” So what and negotiations are going slowly” he warns. And needs to be done now to prevent as much as pos- continues by saying that: “But also for the tools sible this type of events from happening again? we have, Member States must use them better. Mr. Avramopoulos points at two essential ele- For example, an agreement was reached on our ments and raises many questions: “First, improve proposal for an EU Passenger Name Record at on our exchange of information, and second, put Trade with Greece Trade 49 in practice what was politically agreed after previ- Explosives in place since 2013. Why is it not fully ous attacks. On information exchange: The implemented? Other concrete examples: first, the European Counter-Terrorism Centre from Europol Prüm system for police forensic data; second, the has become a reality. We have secured addition- Schengen Information System; and third, the al resources for it. Now, it is time for EU countries Interpol databases on Stolen and Lost Travel to make full use of it and to share more data. It Documents. All these remain full of gaps in imple- must become the nerve-centre of our counter-terror mentation. I have also made some proposals on strategy. We have agreed to set up a joint liaison equally important issues, which have, nonethe- team of national experts. I urge member states to less, not been yet adopted and implemented. send their experts immediately and to share infor- Such as the European Border and Coast Guard, mation. Data must be interconnected to be useful. the proposal on firearms, the new proposed Political decisions were taken. Why are they not Directive on Terrorism. I urge everybody to adopt implemented? Our existing tools are useless if these swiftly and to maintain the high level of they are not put to proper use. ambition of the initial proposals. Otherwise they “Take for example, the explosives used in Paris will be meaningless for security. Finally, let’s not and in Brussels attacks.They were home-made. forget the aspect of root causes. The perpetrators We cannot allow terrorists to buy these sub- of the Brussels attacks, just like the Paris attacks, stances so easily. We have a Regulation on were EU citizens. These are our citizens. Let me Trade with Greece Trade 50 systematic checksforallthose whoenterbutalso our externalborders. That’s why weproposed internal freemovementwithout bettercontrolof also saythatwecannothave asecureareaof borders. “Schengenisnotthe problem.Butletme the safeguardingandsurveillanceofEuropean the Schengen Agreement, highlightingits rolein forensic data. Mr. Avramopoulos is supportiveof Prüm frameworkforpoliceofficers toexchange on Stolen andLost Travel Documents, andthe national bordersguards,theInterpoldatabases the SchengenInformationSystembetween Better implementation isalsoneededinregardto On Schengen efforts. Terrorism willnotholdusback.” States intheirde-radicalisationandinclusion underline thatIwillcontinuetosupportMember of aninvasion—wehaveto dealwithpeople, this iswhatwedo.Europe not facingthethreat Convention todoourhuman and moralduty, and bound byinternationallaw andtheGeneva simply moralvalues,butcommitments. We are stand thatsolidarityandresponsibilityarenot judged byhistory;thereforewemustallunder- immigrants havebeenrelocated:“We willallbe their commitments, since,asheclaims,only497 The CommissionercallsEUcountriestohonour here athomebutalsooutside.” ing theroots ofterrorismandradicalisation–both we cannotlosesightofaddressinganderadicat- Commission needtobeadoptedurgently. Finally, forever –thatiswhythetwoproposalsby trols thathavebeenintroducedcannotremain Coast Guard. The currenttemporary bordercon- why weproposedtheEuropeanBorderand 51 Trade with Greece desperate people. Reverting to national policies Recently visiting the “purgatory” of Idomeni, as or thinking and operating on the basis of national well as many other “camps”, Mr. Avramopoulos agendas does not lead anywhere.” witnessed the human tragedy and saw firsthand As regards the activation of article 19 of the that European institutions are being severely Schengen Agreement, which concerns a series of tested: recommendations for remedying the situation at “The situation is tragic and unacceptable. This is Europe’s external borders and all points were where the principles and values of the civilised problems have been identified, Mr. Avramopoulos world are being daily tested. We see people living says: “All member states must meet their respon- under horrible conditions. sibilities, because the Schengen area is only “They are the victims of exploitation by ruthless threatened by the poor implementation of rules.” rigs of traffickers that misinform them. This has to stop immediately. At the same time, though, a Clarification huge effort is being made, with the assistance of On the other hand, though, he clarifies that: “Right Europe, to operate the first hot-spots near now, we are at the peak of two crises: security and Idomeni. We have to establish legal routes. migration. And while they overlap in timing, they “What we are experiencing, in this corner of should not be confused.” Because: “Those people Europe“, he emphasises, “is a disgrace for every- who have arrived on our shores are precisely flee- one. We must immediately turn the last page to ing the same terror that has struck us, right here in the drama of all those people, who, under tough the heart of Europe. To antagonise those seeking and tragic conditions chose this dangerous road protection would be giving in to the hatred and divi- to Europe, in order to escape from war, devasta- sion that terrorists seek to sow.” tion, terrorism.” Trade with Greece Trade 52 Initiatives To this end, Mr. Avramopoulos proposes the ing personnel and equipment, to be followed by implementation of the decisions reached at the the Netherlands and other countries, so that the Summit of March 18th, 2016, while Mr. Maarten mechanism will soon start to produce results and Verwey (Netherlands) has been appointed to act those who are not eligible for international protec- as the EU Coordinator to implement the EU- tion will start being returned to Turkey. The Greek Turkey agreement: “Once this agreement starts side has swiftly taken action to meet its commit- being implemented, initially with many difficulties ments. The hotspots are already in place, recep- since every new beginning has its delicate and tion areas are operative; we only have to get the challenging aspects, we will have achieved some- message through to these unfortunate people thing very important. The flows to Europe, and of who chose the hard and dangerous route to course to the Greek islands, through Turkey, must Europe.” stop. On the other hand, we must crack down on It should be noted that Mr. Verwey, who has been human trafficking rigs, which have been very in Greece throughout this period, is responsible active recently. This is why cooperation between for coordinating the actions between EU and Europe and Turkey is imperative. I want to believe Turkey and organising the work of the 4,000 staff that we are on the right track. That said, now is of European officials (interpreters, judges, reloca- the time for all member states to prove that they tion officers, security officers etc.) that will be actually mean what they say about solidarity and needed from Greece, the EU member states, responsibility.” The first messages are positive: Frontex and the European Asylum Support Office “France and Germany have already started send- (EASO) in order to implement the Agreement. Trade with Greece Trade 53 Greek banks: at the crossroads
“Be stingy with loans.” This is currently the motto of most Greek banks, systemic and other, not only as a result of scarce liquidity, but also because of the fear of criminal sanctions against bankers for loans extended by their officers. This is an unprecedented phenomenon —amidst a deep crisis, which has been running for eight years now—with unknown, for the time being, effects on the functioning of the Greek market, or whatever is left of it.
By George Mandelas
eportedly, the competent bank depart- Nonetheless, even when they do find the time, ments have received dozens of public they hesitate or in many cases downright refuse R prosecutor orders for the opening of loan to sign lending agreements, simply because they files, as investigators probe into the terms of their are afraid. What are they afraid of? The possible extension, as well as whether their non-perform- criminal sanctions they face in case the loan does ing status is “justified” by the borrowers’ —visible not “pan out”. As a result, hundreds —if not thou- and hidden— assets. Investigators have mainly sands— of applications for new loans are cur- set their sights on loans extended to large enter- rently pending, submitted by businesses that prises and, in particular, on the financial status of urgently need liquidity either to make an invest- their principal shareholders. ment or, simply, to stay afloat. Banks, and in particular the officers responsible But with bankers refusing to approve the loans, for handling the loans, are called to answer for the everything falls behind. And consequently the terms of the loans, the follow-up process, as well country’s return to growth also falls behind. as the fact that these loans were refinanced Because it is well-known that without investment whenever need arose; most importantly, they are there will be no increase in output, no new jobs called to prove that they had scrutinised the prin- and no restoration of economic growth. And so, cipal shareholders’ assets, in order to determine the country is dragged deeper and deeper into a whether the failure to properly service the loans vicious circle. was in good or in bad faith. The second result of this anyhow paradoxical sit- Bankers claim that in most of cases they are uation is that, in order to be fully covered, banks essentially required to play detective in order to are raising their bad debt provisions, given that discover hidden assets, a de facto formidable there is little else they can do. And this is how total task in today’s world of free capital movement. bad loan provisions broke the 100 billion euro Among others, they complain that their auditing barrier, setting a new record for Greek standards workload has become so huge that there is very — and are still on the rise. The problem is that little time left to do actual banking work. when, instead of being turned into loans that Trade with Greece Trade 54 would fuel production, the money is tied in bad worst phase ever” in regard to this issue. Cash is loan provisions, the future appears to be bleak for a declining species. For the time being, the com- everyone. “We do not have too many alternatives” panies that manage to stay afloat are those that reply the bankers. And meaningfully suggest that had read the signs and had transferred cash in “it is very difficult to find bank executives that will overseas accounts prior to the imposition of capi- put their signature on any agreement, since the tal controls in the summer of 2015. These com- threat of possible criminal sanctions looms like panies use their foreign bank accounts to transfer the sword of Damocles above their head.” money and pay salaries and other inelastic current Meanwhile, the messages sent out by the market liabilities (e.g. settlement of debts to suppliers and are more than ominous in regard to available liq- third parties, purchases of raw materials etc.). uidity. Despite the fact that, according to official However, all the other companies that were not data, the relevant ratio has been slightly improv- foresighted enough, or did not have the neces- ing, the financial managers of, mostly, large enter- sary capital, to follow suit, are currently facing a prises claim that they are “going through the dire situation, with very few exceptions that sim- Trade with Greece Trade 55 ply prove the rule. For all the above reasons, loan applications are not approved by banks —and, there- fore, no money comes out of their branches— and, given that, at least for the time being, there is not other alternative, the liquidity asphyxia is reaching the point of complete suffo- cation. This is turning into a domino effect, since it has repercussions else- where (or, to be more precise, “everywhere”, as the author was told). For example, it has repercus- sions on bad debts. The problem there is highly complex, in all regards. First, things seem to have gotten out of control for quite some time now, given that, according to rather conservative estimates, the bad loan ratio —even in the business lending segment— has reached 40% on average (i.e. in regard to small, medium-sized and large enterpris- es). This is an unprecedented figure, capable of undermining the future of any country. What is even more worrying is that even among large enterprises —at least those that still remain in the country— the bad loan ratio has exceeded 30% and keeps on rising. The situation is even worse among SMEs, as shutdowns have become an ordinary feature of a harsh reali- ty. The death blow was mainly dealt by the imposition of the capital con- trols. A banker recounted the following telling story: Unbelievable, but revealing “Before the capital controls were imposed, a major Greek manufac- turing company used to give its packaging material orders to a sup- plier based in Northern Greece; after the restrictions were imposed, however, this supplier announced that it was unable to honour its com- mitments. “Thus, the manufacturer had to ask its Balkan subsidiary to lend it some Trade with Greece Trade 56 narrative “thelarge Greekcompany decidedthat middle-sized Greekenterprise. According tothe became evenworsefortheGreek supplier—a The storyhoweverdidnotend there,asthings controls —whichdidnotseem promising.” collaboration withitafter thelifting ofthecapital template theprospects oftheirsupplierand savings. And, naturally, theyweretemptedtocon- astounded tofindthatthismeantsubstantial cost peoplewere supplier! The manufacturer’s charged bytheNorthernGreece-basedGreek sidiary askedforthisservicewashalfoftheprice pany’s accounting department. The pricethesub- evant invoicesweredeliveredtotheparent com- premises. The greatsurprisecamewhentherel- packaging materialsattheparent company’s neighbouring countrywereunloadingcratesfullof Indeed, injustafewhours(!)trucksfromthe packaging materials,asameasureoflastresort. one thingisfor certain: hundreds, ifnotthou- don’t knowhowthesupplier did intheend;only It hasbeenmanymonthssince then,andwe versation toanend. after this?”thebankerasked,bringing con- which aretheprospects oftheGreek supplier and allthatat1/4oftheprice. Tell me,please, ered atthecompany’s premisesinafewhours, neighbouring country, themerchandiseisdeliv- petitor! Sincethen,allordersareplacedinthe price to1/4ofthechargedbyits Greekcom- er heardthequantitiesinvolved,reduced talks forclosingthedeal,whenforeignsuppli- based inthisneighbouringcountry. Duringthe it directlycontacted thesubsidiary’s supplier, also rials. And whatdiditdo?Urgedbyits subsidiary, ing everynowandthenfornewpackaging mate- as thecapital controls wouldstay ineffect, byask- it wasnousebotheringits subsidiaryforaslong 57 Trade with Greece sands, of other businesses found themselves in many businesses simply threw in the towel after its shoes. the first six months. And this is how unemploy- Those that managed to survive in the first, very ment continues to soar in Greece, while the econ- tough months of adjustment to the new environ- omy remains steeped into recession, with no vis- ment may still be going concerns. That said, ible signs of recovery...
The very fact that Greece’s Bankruptcy Code is, at last, changing, and a second opportunity is given to those entre- preneurs who were unlucky the first time, is in itself very promising. Although these changes are in risk of becoming a new “Bridge of Arta”, the bridge that according to Greek fable “was built all day, and in the evening it collapsed”, since they have been in the making for more than three years, the entire market has been permanently put “on hold”. That said, banks are also “on hold”, along with the (mostly foreign) funds that wish to get involved in the manage- ment of non-performing loans. It remains a puzzle how they will manage to do anything in regard to that, given that, for example, even a loan restructuring requires a small haircut. So, it is very likely that, when the time comes, the persons responsible for putting their signature under such a decision will have second thoughts. And may refuse to do it. Attention: Many of the loans that are in immediate need of restructuring are —also— business loans. They were mostly extended to companies that still have prospects, are deemed to be viable and, therefore, can even attract the interest of foreign investors. It should be noted once again, though, that in order for foreign managers to agree on investing their much-needed cash, all the other parties to this venture must be true to their commitments. Because, if the loan is not restructured in order to become sustainable, how will any third party generate any profit? And so, we find ourselves —once again— right where we started: in the mire. Trade with Greece Trade 58 Export performance in 2015
The exceptional export performance of most industries, excluding petroleum products and raw materials, during 2015, was accompanied by major shifts in the structure and geographical targeting of Greek exports. That said, the total value of exports declined for a third consecutive year.
By Evi Papadosifakis
hese are the findings of an analysis con- for a 1.2% increase), a rate that translates into ducted by the Panhellenic Exporters additional revenues of 1.1 billion euros (including TAssociation and the Export Research petroleum products) for the Greek economy, as Centre (KEEM) on preliminary data for the entire compared to last year. year 2015; at the same time, the government However, the figures for the year 2015 indicate a stresses its commitment to the further enhance- 5.1% drop in the total value of Greek exports to ment of the Greek businesses’ export efforts. 25.5 billion euros from 26.9 billion euros in 2014. It should be noted that the European Commission, Excluding petroleum products, though, exports in its winter forecast, revised upwards the esti- rose by almost 7.8% to 17.9 billion euros from mates regarding the growth of Greek exports of 16.6 billion euros in 2014. goods and services in 2016, pointing to an expect- Commenting on the findings of the analysis, as ed increase of 1.9% (against a previous forecast well as the overall data concerning the Greek Trade with Greece Trade 59 economy, PSE President Christina Sakellaridi, leaving a cumulative positive imprint on public rev- stressed that “the performance and growth of enues, social security contributions, and the goods exports —excluding petroleum products— preservation and creation of new jobs. under extremely adverse circumstances, show the “In other words, the ‘shutting-down’ of banking bor- way forward with regard to actions and reforms ders due to the imposition of capital controls had a aimed at the recovery and transformation of greater impact than the ‘black hole’ of the pensions Greece’s productive model. These data become system, leading to the imposition of new painful particularly relevant, as they demonstrate the cru- measures on Greece’s economy and society. cial nature of a minimum of stability and normality “At the same time, the problems arising along in the business environment, in conjunction with Greece’s physical borders, either because of the utilisation of the existing export potential. farmer demonstrations, or because of refugee “For example, had the export growth rate (exclud- inflows and the Schengen Agreement, add to our ing oil products) recorded until June 2015 been concern that the positive effect of increased sustained, an additional 2.3 billion euros, as com- exports on GDP growth may be eliminated. pared to 2014, would have flown into the country, “The proper functioning of the country and its busi- Trade with Greece Trade 60 tions, and the dates have already been set in regard to Jordan, Tunisia, India, Sweden, Serbia, and South Korea, while further details are expected in regard to Saudi Arabia, Kenya, Romania, Poland, Belarus, Iran and SE Asia.” Moreover, the Minister of Economy, Giorgos Stathakis, recently referred to the four key points “for building the export sector’s new relationship with the new growth model.” According to Mr. Stathakis, these are:
1) Boosting extroversion The government has already formed an inter- ministerial committee for promoting extroversion, with clearly defined targets and a specific imple- mentation schedule. These targets include: The development of an electronic platform, based on the Enterprise Greece extroversion agency, with the aim of thoroughly recording the country’s productive and potential exporting capacity, and the comprehensive presentation of the tools cur- rently available to the state for enhancing extro- vert entrepreneurship, such as the upgrade of the “agora” Internet portal of the Ministry of Foreign Affairs, the enhancement of economic diplomacy structures and the simplification of the paperwork required for carrying out export activities. 2) Development law The Minister made a brief mention of statistical data showing that in the past 18 years the Greek state spent almost 12 billion euros in subsidies under various development laws “by channelling and allocating subsidies on the basis of clientelist ties.” This, at least, is evidenced by the high con- centration of subsidies. As he explained: Under the 2004 law, 4% of investment plans received 44% of the subsidies. Under the 2011 law, 5% of investment plans received 42% of the subsidies, and 95% of that percentage represent- ed low and low-to-medium technology projects. nesses requires a National Action Plan, summed up Moreover, only two sectors, energy and tourism, by the triptych: confidence, investment, exports.” both with secure markets, represented 72% of investment plans. The aims of the Ministries “Therefore, the previous development laws sim- of Foreign Affairs and Economy ply led to the reproduction of a distorted produc- Greek Deputy Minister of Foreign Affairs, Dimitris tive model” said the Minister, stressing that the Mardas, recently said in a speech that: “The new development law will offer strong incentives Ministry of Foreign Affairs has an extended net- for investments based on sectoral and geograph- work of diplomatic authorities, which includes the ical criteria. Economic and Commercial Affairs Offices, the 3) Development Fund key task of which is to support and enhance the In 2014, 39.7% of the loan applications submitted export efforts of Greek enterprises. Among others, by Greek SMEs were rejected, when the corre- our aim is to boost business extroversion, promote sponding European average is only 16%. “The Greece in international markets as a producer and main task of the Development Fund will be the exporter of quality products and services, and design, coordination, and management of financ- expand Greek business activity to new markets. In ing tools for SMEs. Its contribution to the support 2016, we are planning a series of business delega- and design of the national growth strategy will be Trade with Greece Trade 61 of paramount importance. In order to better per- it is worth noting that in the previous year devel- form this role it will develop institutions for con- oped markets (OECD countries, EU, the euro sultation with stakeholders, conducting, at the zone, the G7, and North America) performed bet- same time, studies designed to highlight possible ter than developing countries. market failures and making proposals for dealing More specifically, total Greek exports to the EU- with them” stated Mr. Stathakis. 28 registered a substantial increase (10.6%), ris- 4) NSRF ing to 53.3% of total exports (from 45.6% of the Priority is given to sectors distinguished for their total in 2014), mainly thanks to a 13.5% increase extroversion, innovation and high added value, in exports to euro zone countries, which absorbed with special emphasis on the ecological dimension 37.3% of total Greek exports (as compared to of the plan as a whole. The Minister said that the 31.1% in 2014). Excluding petroleum products, government has already decided, in cooperation the share of EU countries skyrocketed to 65%, with the European Commission, on 8 priority sec- against a meagre 35% for Third Countries. tors: agri-food, life sciences, health, medicine; There was also a great increase in exports to information and communication technologies; envi- North America (+46.6%), to Other Countries of ronment-sustainable growth; transportation; mate- the Americas (+128.5%) and African countries rials, construction; and tourism, culture, creative (+18.7%). Smaller percentage increases can be industries. observed in exports to Other EU (non-euro) coun- tries (4.3%), Middle Eastern and North African The export map countries (1%), and Oceania (5.2%). The huge drop in international fuel prices, in con- In contrast, there was great drop in exports junction with last May’s planned shutdown of recorded as stores and provisions of ships flying Greek refineries, which affected the overall either EU or Third Country flags (down by 90.9% growth of exports, also had an impact on the geo- and 87.8% respectively), as well as in exports to graphical distribution of Greek exports. However, non-EU European countries (down by 33.8%). Trade with Greece Trade 62 (94th), mixturesofoliveoil(95th),andapples(99th). meters (82nd),tangerines (92nd),petroleumcoke (67th), mink(73rd),rheostats (76th),electricity planes (58th),yachts andother vesselsforpleasure gas pipelines(24th),oliveoil-nonvirgin(43rd),aero- products include:Linepipesofakindusedforoilor New entriesinthelistofGreece’s top-100export the incontestable star for2015. cernible changesinthetop-20,witholiveoilbeing In termsofindividualproducts, therewerenodis- actions notclassifiedbycategory”(-5.3%). (low-value) exports of“Commoditiesandtrans- overall annualresultwasalsonegativeforthe drop intheexports ofrawmaterials,whilethe ucts (+6.8%). Incontrast,therewasamarginal also anincreaseintheexports ofindustrialprod- rose byaspectacular 12.4%,whiletherewas -26.4%). Incontrast,agriculturalproductexports traction isduetoamajordropinfuelexports (by product categoriesisconcerned,theoverallcon- As farasthecompositionofexports bymajor ofGreekexports The structure Barbuda (85th),Sudan(89th),andBermuda(95th). Luxembourg (74th),Kenya(75th), Antigua and markets include:Liberia(53rd),Bahamas(68th), Finally, newentriesinthelistoftop-100target (which felloneplace,from9thin2014). in 2014). The top-teniscompletedbySaudi Arabia made thetop-ten(risingto9thplace,from16th 8th fromthe10thplacein2014),whileLebanon place in2014).Egyptrosetheranking(to the UnitedKingdomfellto7thplace(from6th US climbedtothe6thplace(from8th),while top-five iscompletedbyCyprusandBulgaria. The while Germanyisinthesecondplace,and Italy (thankstothesurgeofoliveoilexports), place in2015. The firstplaceisnowoccupiedby among Greekexportdestinationstothethird petroleum products) tumbledfromthefirstplace Turkey (whichimports alargeshareofGreek As farasindividualcountriesareconcerned, to Asian countries(excludingtheMiddleEast). There wasalsoadropinexports (downby9.2%) 26.4%); excludingpetroleumproducts, thedropin accounted forbythepetroleum products sector(- in 2014).However, thelargestpart ofthedropis 2015, to42.5billioneuros(from 47.2billioneuros More specifically, exports werereducedby9.8%in merce, causedimports tofallagain. primary production,manufacturing,andcom- capital controlsandtheuncertainty surrounding lived, asthedropinfuelprices,impositionof The growthofimports in2014provedtobeshort- Decreasing imports dential items (-30.6%). dential items(-30.6%). products (-0.8%),rawmaterials(-8.1%) andconfi- was alsoadecreaseintheimports of agricultural petroleum productimports thatfellby-26.4%, there termsof mainproductcategories,apart from In (excluding North Africa). increase inimports fromother African countries Oceania (-7.3%).Incontrast,therewasa10.2% Middle Eastern) Asian countries(-13.6%),and East andNorth Africa (-23.6%),other(excluding Other Countriesofthe Americas (-14%),Middle America (-10.1%), There wasalsoadropinimports fromNorth European countriesfellbyasteep-17.8%. countries roseby5%.Imports fromother(non-EU) from otherEUmembersthatarenoteurozone from eurozonecountries(-3.6%),whereasimports were reducedby1.7%,owingtothedropinimports More specifically, imports fromtheEuropeanUnion euros). imports ismarginal(-0.2%oramere75.5million 63 Trade with Greece In contrast, the imports of industrial products, Greece, Christos Staikos, these sectors are among which account for 57% of total Greek imports and those where Enterprise Greece develops com- remain the most important category, were mar- bined actions both for promoting exports and ginally increased by 1.1% (to 24,252.4 million attracting investment. euros from 23,994.3 million euros). As a result of The agency believes that this synergy is essential all the above changes in Greece’s foreign trade for the existence of a single extroversion strategy patterns, the trade deficit was once again reduced covering both exports and investments, two of the by 15.8% to -17.12 billion euros (from -20.34 bil- country’s main growth drivers. lion euros in 2014). The President of Enterprise Greece, commenting on data by the Hellenic Statistical Authority on the The targets of Enterprise Greece exports for the year 2015, said that “exports were for 2016 not affected by economic developments, while, This year, the extroversion initiative programme despite the difficulties, there is potential for even implemented by Enterprise Greece, the country’s better results in the future.” single extroversion agency, includes new target He also stated that: “The year-on-year growth of markets, such as Iran, South Korea, and the coun- Greek exports by 7.83% in 2015, excluding petro- tries of Central Africa, as well as new dynamic sec- leum products, is a positive development for the tors, such as new technologies and industrial and Greek economy, as all sectors, from food to maritime equipment. industrial materials, moved upwards. As recently stated by the President of Enterprise “Enterprise Greece, as the national agency Trade with Greece Trade 64 The top-20 markets for Greek products — 2015
2015 ranking 2014 ranking Country Value 1 2 Italy 2,901.6 2 3 Germany 1,876.8 3 1 Turkey 1,710.7 4 5 Cyprus 1,530.8 5 4 Bulgaria 1,340.7 6 8 USA 1,246.6 7 6 Un. Kingdom 1,079.2 8 10 Egypt 1,042.6 9 16 Lebanon 767.1 10 9 Saudi Arabia 737.1 11 13 Romania 722.5 12 12 Spain 697.0 13 14 France 664.4 14 11 FYROM 585.5 15 18 Netherlands 507.0 16 15 Gibraltar 395.2 17 22 Poland 356.9 18 19 Albania 348.4 19 23 Belgium 346.7 20 27 South Korea 298.1
The top-10 fastest-growing markets — 2015 (million euros) 2015 ranking 2014 ranking Country 2015 value % change 46 73 Panama 98.5 433.0% 49 71 Marshall Islands 87.1 214.2% 65 77 Ghana 47.6 200.9% 51 68 Ireland 83.3 145.0% 81 93 Ethiopia 19.2 138.5% 22 41 Malta 236.6 83.4% responsible for attracting investment and promot- 61 70 Lithuania 50.3 75.1% ing exports, enhances the extroversion of Greek enterprises and will keep on working towards this 48 58 Hong-Kong 90.6 72.1% direction, in order to sustain this dynamism in 77 79 Latvia 24.9 70.7% 2016.” 55 62 Taiwan 70.7 67.7%
The 10+2 markets suffering the largest drop — 2015 (million euros)
2015 ranking 2014 ranking Country 2015 value % change 63 17 Stores and provisions of EU-flag ships 49.1 -90.9% 44 7 Stores and provision of Third Country-flag ships 117.2 -87.8% 72 50 Nigeria 34.1 -54.4% 3 1 Turkey 1,710.7 -47.6% 54 39 Agriculture 73.5 -43.7% 59 47 Indonesia 56.5 -43.7% 36 26 Tunisia 157.2 -42.2% 25 21 Russian Federation 213.1 -40.2% 73 57 Morocco 33.4 -39.0% 16 15 Gibraltar 395.2 -38.4% 90 74 Malaysia 10.9 -36.6%
71 56 Qatar 35.0 -36.1% with Greece Trade 65 Athens Exchange: Today and tomorrow
A key feature of developed capital markets all over the globe is their ability to utilise short term traders, in order to lend depth and dynamism to the mechanism for raising and attracting capital, to the benefit of the real economy. By Christos N. Konstas Trade with Greece Trade 66 Bond and rights issues in 2014
Bank Recap - (Equity) Issuer Amount (mn) Strike Price Public Placement (%) Alpha Bank 1,200 0.65 - Piraeus Bank 1,750 1.70 10% Eurobank 2,864 0.31 10% National Bank 2,500 2.20 - TOTAL 8,314
Government/Corporate Bonds Issuer Amount (mn) Yield Duration Hellenic Republic 3,000 4.95% 5 yrs Hellenic Republic 1,500 3.50% 3 yrs Play (I) 600 5.25% 5 yrs Play (II) 270 6.50% 5 yrs Piraeus Bank 500 5.125% 3 yrs NBG 750 4.50% 5 yrs PPC I 200 4.75% 3 yrs PPC II 500 5.50% 5 yrs Intralot 250 6.125% 7 yrs Motor oil 350 5.125% 5 yrs Hellenic Petroleum ($) 288 4.625% 2 yrs Alpha Bank 500 3.50% 3 yrs Eurobank 500 4.375% 4 yrs FF Group (convertible) 249.5 1.750% 5 yrs Hellenic Petroleum 325 5.375% 5 yrs Titan 300 4.250% 5 yrs OTE (Refinancing 2015 - 2016) 700 3.635% 6 yrs TOTAL 10,782
Other Issues Issuer Amount (mn) Strike Price New shares (mn) Anemos (IPO) 35.1 1.70 20.7 Lamda Development (Equity) 150.0 4.25 35.3 TOTAL 185
Greek stock market changes, the real economy will also have officially turned a new page. In the past 6 years, the Greek stock market failed to perform its primary developmental role: To act as a springboard for investment initiatives, attract- ing capital that could be used for the creation of new productive capacity and —most important- ly— new jobs. In the six-years 2010-2016, the Stock Exchange on Athinon Avenue was used for carrying out some major privatisation deals (Greek he Athens Exchange is currently the only Organisation of Football Prognostics, Banks, one that, despite having been relegated Piraeus Port Authority), but it was barely utilised Tto “emerging” market status, continues to as a growth driver for the real economy. enjoy many “mature” market privileges, the most A notable exception was in 2014, when the important being the euro, a strong, stable and uni- ATHEX mostly financed bond issues and the sec- versally acceptable currency. ond recapitalisation of Greece’s systemic banks. This is why daily activity at number 110 Athinon Back then, the Athens Exchange demonstrated Avenue is mostly conducted by short-term traders its capability to attract investments, which will be placing small (and safe) overnight speculative surely realised under conditions of normality. bets, while institutional investors bide their time, unenthusiastically playing the market with as little In the past few years, a lot of investors, savers, capital as possible. and professional managers lost a lot of money in As soon as the makeup of investments in the the Athens Exchange. Trade with Greece Trade 67 The few winners were short-term players — bold ties, investments, cash and cash equivalents, and flexible traders that took the right positions in clientele, and overall prospects of the Greek the right moment and, above all, managed to economy are worth much more than the total realise their gains before the market plummeted market capitalisation of the stock exchange. again. Simply speaking, a large number of stock market analysts believe that the Athens Exchange is a How much are shares worth wound-up spring ready to soar to unprecedented today? heights as soon as Greece demonstrates that it Today, share valuations seem to mock all private has learned from its mistakes and that it is a euro and professional investors that occasionally zone member-state that implements growth-ori- believed that “now is the time”, “we have hit bot- ented reforms, which add new dynamism to the tom”, or “now the market is regaining its balance.” economy. Even today, there are many who believe that The examples, as well as the arguments present- Greece’s 203 largest ATHEX-listed companies ed by optimists are indeed many and sufficiently cannot possibly be worth less than 50 billion realistic. euros —the current market valuation. • For example, a simple announcement by the There is no doubt that the fixed assets, proper- European Central Bank in mid-April 2016, Trade with Greece Trade 68 ing programme,wasenough totriggeran rities forpurchasingunderits quantitative eas- held byGreekbanksinthelist ofeligiblesecu- regarding its intentiontoincludeEFSFbonds May ‘15 May ‘14 Aug ‘14 Sep ‘14 Aug ‘15 Sep ‘15 Nov ‘14 Dec ‘14 Nov ‘15 Dec ‘15 Feb ‘14 Feb ‘15 Feb ‘16 Mar ‘14 Mar ‘15 Mar ‘16 Jan ‘14 Jan ‘15 Jun ‘15 Jan ‘16 Jun ‘14 Oct ‘14 Oct ‘15 Apr ‘14 Apr ‘15 Jul ‘14 Jul ‘15 • Many analysts Many believethatGreece’s imple- • shares, butalsoforthemarket asawhole. impressive rally, notonly forGreekbank mentation ofthereformsstipulatedby 3rd 69 Trade with Greece The Athens Exchange is “ currently the only one that, despite having been relegated to “emerging” market status, continues to enjoy many “mature” market privileges, the most important being the euro, a strong, stable and universally acceptable currency. ”
Memorandum that was signed by the Greek begin their analysis by pointing to the heavy, government in July 2015 will set into motion an painful, counterproductive, anti-growth, and — unprecedented sequence of very positive sadly— consistently ineffective over-taxation of all developments for both the economy and the kinds of economic activity, a policy chosen by banking system. Uncertainty will be lifted, and Greek governments, and especially the current Greek bonds will once again be acceptable by one, for covering the state’s deficits. the ECB as collateral for the provision of liq- “The coils of the spring are worn out” they claim, uidity to Greek banks and, through them, to the as the businesses that are still in operation are real economy. compelled to hide their profits, transfer their avail- In contrast, there are also a large number of pes- able funds to foreign banks, and bring their simists. These are those who believe that the investment activity down to the bare essentials. Athens Stock Exchange is indeed a wound-up “Even utility share prices have no potential for spring, albeit its coils are defective and its release increased returns in Greece, despite their monop- will cause only sorrow. olistic or oligopolistic character” says an experi- enced American analyst of European shares. And Fears and expectations he explains his view by pointing out that these Pessimists always —and with good cause— state-controlled enterprises make no effort to Trade with Greece Trade 70 and, to put things into perspective, it is enough to say that during the Great Depression in the US the economy managed to overcome its losses and move from recession to growth in just four years. The year 2015 was probably the most difficult of the past eight-years, as businesses struggled to survive amidst an environment of persistent uncertainty, capital controls, and scarce liquidity. In 2012-2014, the Athens Exchange often believed that the country’s real economy was close to exiting the crisis. International houses kept a close eye on developments in the Greek economy and insisted on classifying the Athens Exchange in the “developed capital market” cate- gory. Things changed in September 2014, when the government of the day showed the first signs of “reform fatigue”. In September 2014, political developments caused the ATHEX Composite Share Price Index to fall for the first time in two years. In the spring of 2016, also for the first time in the past two years, the Greek capital market is attempting to reverse its medium term downtrend. As is usually the case, the first break of the down- ward channels occurs with a spike in prices, to be followed by a correction, which, nonetheless, presents an opportunity for the market. Given, however, that the Greek stock market has inured its faithful investors to many dynamic reversals, most local managers recommend “strict money management” with a clear “reduced risk-taking strategy”, leaving once again the advantage of the first strike to foreign investment houses. Today, the vast majority of businesses operating within Greece’s borders have to pursue a precau- tionary policy in order to protect their liquidity, and keep a low profile, possibly looking for a lower reduce their operating costs and improve the pro- starting point for 2016. ductivity of their workforce. It is indeed telling that, in 2015, the turnover of all As a matter of fact, Greek businesses have, since ATHEX-listed companies did not exceed 66 billion 2010, been facing increasingly harsher demand euros, reduced by 4.7% year-on-year. and liquidity conditions. Companies with a high exposure to the Greek In order to understand the enormity of the change market also suffered the greatest drops in in the Greek economy’s macroeconomic aggre- turnover: gates, it suffices to point out that at the dawn of The drop in advertising expenditure led to a 15% the twenty-first century Greek GDP was almost decrease of turnover in the Media sector, the drop equal to the GDP of all Balkan countries com- in construction activity led to a decrease in wood- bined, and slightly lower than Turkey’s. Today, work and metallurgical operations and so on. only Romania’s GDP is equal to that of Greece, And this is precisely the optimists’ argument: the Turkish economy is almost 4 times larger than • Things have gone so bad in the Greek stock the Greek economy, and Greece remains stag- market during the past few years that they can- nant, while the region’s economy is growing at not possibly go any worse! annual rates of 3%-5%. A typical example, which is repeatedly cited by Since 2008, the country has lost 27% of its GDP optimist, is the energy sector. While most pundits Trade with Greece Trade 71 point to tourism and financial services as the cash nesses will be able to develop new “smart grid” cows of the Greek economy, optimists point to the applications and lots of other solutions. huge potential of the electricity sector. And, given that all the above represent just one As noted in one of the recent Economic Bulletins example, presented by a —highly reliable— of the Hellenic Federation of Enterprises (SEV), organisation and demonstrating the Greek econ- “smart grids” for the distribution of electricity give omy’s dynamism, the conclusion is obvious: rise to spectacular investment opportunities for During the years of the memorandums, Greece Greek businesses. failed to prepare and deliver a comprehensive The effort to meet the European targets for 20% and realistic plan for exiting the crisis. Successive Renewable Energy Source (RES) participation in governments took the easy road of extreme over- final energy consumption by 2020 and 27% by taxation, given their constant inability to tackle tax 2030, as well as the corresponding energy sav- evasion. Across-the-board cuts were preferred to ings, have created many new challenges. These the targeted and productive containment of gov- challenges can also be met through the evolution ernment spending. There were very few efforts to of existing electricity distribution networks into implement the necessary structural changes, and “smart grids”. “Smart grids” can meet the increased no government gave emphasis to enhancing pro- needs of all users by improving the monitoring of duction, innovation, and exports. Moreover, any energy flows, thus enhancing the reliability of the notion of social protection for the most vulnerable system, despite the increase in the number of social groups was eliminated (despite being a suppliers with multiple characteristics. “Smart stipulation of the first Memorandum) and, of grids” can generate substantial energy-cost sav- course, there was no climate of national unity, ings for consumers, also boosting efficiency by since each government put off solving the prob- optimising supplier inputs. lems, in order to avoid the political cost. Within the new energy landscape, the role of energy distribution network operators is critical for The day after the safe and efficient operation of the entire ener- A normal economic life, a quiet political life, and gy system, and network management is at the smooth financing flows: these are the key factors heart of the electricity market’s operation. that will bring the Greek stock exchange back to In this context, many business opportunities are the era of sound and dynamic growth. expected to arise in various high-tech industries, After the tough 6-year period of the especially in the energy and ICT sectors, as busi- Memorandums, the Greek economy can follow Trade with Greece Trade 72 the example of the Cypriot or, even better, the Irish economy. The Athens Exchange looks for- ward to an inflow of investments and liquidity, which may be the result of persistence on struc- tural reforms, as well as the re-inclusion of Greek bonds in the quantitative easing programme of the European Central Bank, and may lead to clearly improved valuation levels. As part of the agreement between the govern- ment and the “Institutions”, Greece will implement an impressively large package of privatisations (which will be managed by a single agency), also launching a series of structural changes that will push the economy forward. What remains to be done by the Greek government, irrespective of political or partisan considerations, is to consoli- date legal certainty and adopt business-friendly practices. The Greek economy is still 38th in the world. It is not the first, it is not even among the top-20, but it is still a strong economy, albeit plagued by structural weaknesses and the mismanagement of public funds. Greek enterprises maintain major and visible comparative advantages in transportation, logis- tics, food processing, information and communi- cation technologies, pharmaceuticals, metallic products, and services — especially services offered to Europe’s senior citizens (the “silver economy”). The Greek merchant fleet is still num- ber one in the world. Finally, there is also Greece’s most powerful The country’s four systemic banks paid dearly for industry, tourism. Even if the forecasts of a posi- the arrogance of government policy. The restora- tive shift in the economy during the second half of tion of normality in the economy will release the 2016 do not pan out, Greece will always find a pent-up potential of the sidelined banking sector, safe haven in tourism. Greece is still a major which will immediately benefit from the upgrading tourist destination worldwide, with 25 million of the country’s credit rating by international hous- arrivals in 2015, up by 13.5% year-on-year. The es, the reduction of bond spreads, the reinstate- country’s tourist industry directly contributes 7% ment of the ECB’s waiver on Greek bonds and, of GDP, and has been significantly and systemat- above all, the opening of the management of non- ically growing in the past few years. performing loans by specialised investment hous- Of the 9,745 hotels currently operating in Greece, es and funds. only 17% belong to the 4- or 5-star category. Only Today, Coca Cola HBC stock is traded at more- 307 hotels in Greece have more than 300 beds. than-double the price of the National Bank of Hotels are unevenly distributed throughout the Greece (NBG), while Hellenic Telecommunications country, as the five main destinations represent Organisation (OTE) is worth the same as NBG and 84% of total capacity and account for almost 93% Piraeus Bank together. of turnover and profits. In general, Greece’s hotel The banks will regain their leading role in the industry is competitive, with 38% of the compa- Greek economy as soon as they are able to utilise nies showing significant growth and profits, com- the funds and resources released by the opening bined with low borrowing. of the non-performing loan market, since the sum of bad loans and non-performing exposures has The “secret weapon” reached an exorbitant 110 billion euros. This analysis has painstakingly refrained from The release of these funds will usher in spring- dealing with the Greek capital market’s once- time to the real economy and to the Athens mighty growth engine, the banking system. Exchange. Trade with Greece Trade 73 A new landscape in Greece’s pension system
A new social security landscape is about to emerge in Greece with the reform that is underway as part of the commitments undertaken by the country’s government under the third Memorandum.
By Kostas Katikos
he new pension reform is one of the portion to their years of work and their contribu- measures included in the 5.4 billion euro tions. Tpackage that will be implemented in the Today, actual contribution-benefit reciprocity in three-years 2016, 2017 and 2018. The objective regard to basic and supplementary pensions is of the reform is to generate annual savings of 1.8 negative, since total contributions paid fall short of billion euros on a permanent basis from 2016 pension expenditures by 15.7 billion euros! This is onwards, along with additional savings of approx- the real deficit that the government has to cover imately 0.5% of GDP until 2018. Overall, the through regular and emergency budget funding. measures of the pension reform package are Total pension expenditure stood at 16.7% of GDP expected to generate savings of 2.7 billion euros. in 2015, against a euro zone average of almost In order to meet this goal, the government intro- 12%. Therefore, the new pension reform aims at duces a system that establishes a closer link restoring equilibrium to the system, in order to between contributions and benefits, also introduc- render it sustainable for the years to come. ing a minimum, state-guaranteed pension, the so- This is why the new legislation provides for the called “national pension”. This pension is set at automatic adjustment of pension benefits through 384 euros (NB: on the basis of the 2014 poverty the enactment of a “special law”, to ensure that line) and will be paid in full after 20 years of work. the increase in pension expenditure during 2009- The national pension will supplement the recipro- 2060 will not exceed 2.5% of GDP. In accordance cal portion of the pension paid to workers in pro- with article 14 of the draft law “starting on Trade with Greece Trade 74 1/1/2017, and every three years, the National to 20%, effective as of 1/1/2017. Most profes- Actuarial Authority shall prepare mandatory actu- sionals will see their social security contribu- arial studies, with the purpose of continually mon- tions increase. However, a maximum tax cred- itoring the evolution of national pension expendi- it of 50% has been proposed in regard to prac- ture. Pensions shall be redefined by means of a titioners and economists-members of the special law, in order to ensure the long-term sus- Economic Chamber of Greece. tainability of the pension system. The amount of 2. Supplementary pension contributions of both the national, proportional and supplementary por- businesses and workers will increase by 0.5% tions of pension expenditure, projected up to the respectively as of 6/1/2016, and by half this year 2060, must not exceed 2.5 percentage percentage, i.e. 0.25%, as of 1/6/2019. Thus, points of GDP, using 2009 as the reference year.” from 1/6/2016 to 31/5/2019 supplementary The impending changes in the pension system pension contributions will amount to 3.5% focus on 4 areas: (instead of 3%) for all employers and to 3.5% 1. A new system for the calculation of social (instead of 3%) for employees. For the period security contributions is established for free- from 1/6/2019 to 31/5/2022, contributions are lance professionals, practitioners (physicians, set at 3.25% for employers and 3.25% for engineers, lawyers, pharmacists) and farmers, workers. In 2023, contributions will be restored who will pay a percentage of their annual tax- to current levels, i.e. 3%+3%. able income. The contribution rate will amount 3. The method for calculating main and supple- Trade with Greece Trade 75 “ The new pension reform is one of the measures included in the 5.4 billion euro package that will be implemented in the three-years 2016, 2017 and 2018. ”
mentary pensions changes, providing for new the 384 euro pension shall be reduced by 2% replacement ratios, lower than those of the exist- for each year of early retirement. ing system. Primary replacement ratios will range from 11.55% to 42.85% of a worker’s salary, for Contributions for practitioners 15 to 40 years of work. Supplementary replace- and freelance professionals ment ratios will stand at 0.45% of average Article 39 provides for reduced contributions for earnings for every year of work. young practitioners and economists insured with Replacement ratios are comparatively low for the Social Insurance Organisation of Freelance people with many years of work, whereas Professionals (OAEE). In accordance with this there is a bonus for people with less than 25- article, as of 1/1/2017 the primary pension contri- 27 years of work. bution rate will stand at 14% of income for the first 4. Introduction of a national pension, which will two years after first entry into the system, 17% for not correspond to the contributions paid, but the next three years, and 20% after the 5th year will be covered through tax revenues. It will since first entry into the system. amount to 384 euros and will be paid in full This amount, however, will be paid back into the either at the age of 62 after 40 years of work, system, as the same article stipulates that the or at the age of 67 after 20, instead of 15, total difference from the 20% monthly social secu- years of work. The national pension will also rity contribution during the 5 first years of work is be paid in full to people establishing complete a pension obligation, which will have to be repaid pension rights, such as people under 62 years until retirement and is calculated on the basis of of age after 37 years of work. People retiring the monthly income, augmented by the annual after 15-19 years of work will receive less, as increase in wages, as defined by ELSTAT. Trade with Greece Trade 76 butions shallbeabolishedin2020. euros.The reductionsonthenewincreasedcontri- 45%, thuspaying 1,836eurosinsteadof3,600 with incomesof18,000euroswillenjoyarelief 1,428 euros,insteadofaflat2,800euros.Persons bution fortheyear2017willrangefrom1,300to 14,000 thereliefwillstand at49%andthecontri- income. Thus, forincomesfrom13,000.01eurosto rate willdecreaseby1%forevery1,000eurosof incomes between7,032and13,000euros. This den willbereducedby50%forpersonswith equal to20%oftheirincome,albeitthetotal bur- neers, pharmacists, lawyers–contributionswillbe For theremainingpractitioners–physicians,engi- 1/1/2017. the 20%contributionwillbecomeeffective asof There isnoreliefforfreelanceprofessionals,and .Pension contributions: 1. Farmer contributions 2016. •10% ontherespectivesocial securityclassin 2. Healthinsurancecontributions: 2022 theywillpay 984euros. 788 euros,in2019theywillpay 886euros,andin X 4,922euros=689euros).In2018theywillpay will pay anannualcontributionof689euros(14% farmers declaringincomesfrom0to4,922euros (410.2 permonth). This meansthat,asof2017, be calculatedasof1/1/2017issetat4,922euros The minimumincomeonwhichcontributionswill •6.95% ofincomefrom2019 onwards. •5.84% ofincomein2018. •4.73% ofincomein2017. 2016. •3.61% onexistingsocialsecurity classesin •20% ofincomefrom2022onwards. •19.5% ofincomein2021. •19% ofincomein2020. •18% ofincomein2019. •16% ofincomein2018. •14% ofincomein2017. 77 Trade with Greece 78 Trade with Greece tax forapplicationssubmittedafterthelawcomesintoeffect) The newmainpensions(amountsafterhealthinsurancecontributionsandbefore pension contributions What willemployersandemployeespayaftertheincreaseofsupplementary Contribution-benefit reciprocityperpensionfund As %ofGDP Total Supplementary Government Main Pension funds 45 40 37 36 35 33 29 25 20 18 15 Years (gross) Salary .Thesum ofthenationalpensiondependingonyearswork,and thereciprocalportionof 2. NoChristmas, Easter, orvacation bonusesareincluded. 1. pension, basedonthereplacement ratioscorrespondingtothetotal yearsofwork. 5860 4632 3561 2371 1895 1419 943 586 t ratio(%) Replacemen 31/5/2016 (15.5%) Contributions upto (€ bn) Contributions 2013 33.81 30.63 25.16 20.68 15.87 14.07 11.55 52.8 42.8 37.2 35.4 pension National 7.2% 13.1 2.2 1.9 9.0 908 718 552 368 294 220 146 91 384.00 368.64 345.60 384.00 384.00 384.00 384.00 384.00 384.00 384.00 384.00 (€ bn) Pensions Net beforetax 16% 28.9 19.2 3.9 5.9 (€bn) Deficit 4952 3914 3009 2003 1601 1199 480.30 452.33 800.00 758.02 682.82 640.70 627.17 615.21 591.30 550.16 516.47 411.72 8.8% 797 495 15.8 10.2 1.7 4.0 Total pensionafter healthinsurancecontributionandbeforetax (2) (16%) after 1/6/2016 Contributions (€ bn) Contributions 2014 Average grossmonthlyearnings,2002-2015(1) 1000.00 857.28 763.28 710.64 693.72 678.77 648.88 597.46 555.35 510.14 478.78 433.43 7.4% 13.1 2.3 1.8 9.1 227 151 938 741 570 379 303 94 (€ bn) Pensions after 1/6/2016 Net beforetax 1200.00 16.5% 956.54 843.74 780.58 760.27 742.34 706.47 644.76 594.23 539.97 505.23 455.15 29.3 19.4 3.9 6.0 (€bn) Deficit 4922 3891 2991 1992 1592 1192 792 492 9.1% 16.1 10.3 1.6 4.2 1500.00 1105.44 964.44 885.48 860.10 837.68 792.84 715.72 652.55 584.73 544.91 487.72 tion) (24.5% contribu- Up to31/5/2016 Total employerburden/month s (€bn) Contribution 2015 7.8% 13.6 2.3 1.7 9.6 1436 1135 348 231 144 872 581 464 1204.70 1044.90 1700.00 955.42 926.65 901.24 850.43 763.02 691.43 614.56 571.36 509.43 (€ bn) Pensions tion) (25% contribu- After 1/6/2016 16.7% 29.3 19.7 3.6 6.1 (€bn) Deficit 1601.76 1366.76 1235.16 1080.77 2500.00 1192.86 1155.50 952.22 846.94 733.91 677.17 596.29 1465 8.9% 1158 15.7 10.1 890 593 474 355 236 147 1.3 4.3
Greece’s major energy challenges Major energy projects, pipelines, the future of the Public Power Corporation and the reduction of its market share through joint ventures, as well as the participation of investors in the Independent Power Transmission Operator (IPTO): these are the greatest challenges facing Greece’s energy sector.
By Christos Colonas
ore specifically, as far as pipelines are Bulgaria. The ceremony would also be attended concerned the centre of attention is the by officials from the EU and the US, which sup- MTAP gas pipeline. The countdown to ported the project, as well as representatives from the commencement of the pipeline’s construction the companies comprising the TAP joint venture. has already begun, and the official inauguration The Trans Adriatic Pipeline (TAP) was chosen in ceremony was scheduled for the last ten days of late June 2013 instead of the Nabucco West May. pipeline, by the joint venture that manages the The inauguration would be held in Thessaloniki, Shah Deniz ΙΙ gas field in the Caspian Sea with all due ceremony, in the presence of the (Azerbaijan) and is initially designed to carry 10 Prime Minister Alexis Tsipras, as well as the billion cubic metres to the EU. Azeri gas will pro- heads of the other states involved in the project, vide an alternative supply source for Europe, i.e. Azerbaijan, Turkey, Albania, Italy, and which is heavily dependent on natural gas sup- Trade with Greece Trade 80 other investment projects, such as the Interconnector Greece-Bulgaria (IGB), which will transport Azeri gas from the TAP to Bulgaria. Another project is the South European Pipeline (SEP), the continuation of Turkish Stream, which will carry Russian gas to Italy through Turkey and Greece. Moreover, the Greco-Italian natural gas pipeline project was recently revived by the sign- ing of a memorandum of understanding by ener- gy companies DEPA, Edison, and Gazprom. Another grand investment project is that of the East Med pipeline, which will transport natural gas from Israel and Cyprus to Greece, Italy and, subsequently, to the EU. In terms of diplomacy and preparation, however, both the SEP and East Med projects still have a long way to go. As far as the IGB is concerned, the market test would be completed by the end of March, in order to check the project’s feasibility. The TAP pipeline has a length of approximately 878 km, will be linked with the Trans Anatolian Pipeline (TANAP) near Kipi at the Greco-Turkish border, and will land on the coast of South Italy, after crossing Greece, Albania, and the Adriatic Sea. The investment that will be made on Greek territory is estimated at 1.5 to 2 billion euros and will create 8,000 new jobs. TAP’s routing may facilitate the supply of natural gas to many South-eastern European countries, including Bulgaria, Albania, Bosnia-Herzegovina, Montenegro, Croatia etc. The arrival of the pipeline to the Italian shore offers many possibili- ties for the further transportation of Caspian gas to some of the largest European markets, such as Germany, France, the United Kingdom, Switzerland, and Austria. The first sales of natural gas to Georgia and Turkey have been scheduled for late 2018, to be followed by the first shipments to Europe in early 2020. Construction work is expected to begin this sum- mer, and the joint venture has already signed con- tracts for the preparation of studies and the con- struction of pipeline segments in Greek territory. plied by Russia’s Gazprom. TAP shareholders are The Southern Gas Corridor, which includes TAP, BP (20%), SOCAR (20%), Snam S.p.A. (20%), is one of the most complex gas pipeline systems Fluxys (19%), Enagás (16%) and Axpo (5%). ever constructed. With a length of more than The construction of this pipeline places Greece 4,000 km, it will be passing through seven coun- dynamically in the global energy map, turning the tries, and its construction will involve more than country into a hub for the transportation of natural twelve major energy companies. It consists of a gas from the East to the West. TAP is a much large number of individual energy projects, repre- more mature project than those promoted by senting a total investment of almost USD45 bil- multinational companies, in which Greece also lion, i.e.: seeks to play a role. Greek Environment and • The second stage of development of the Shah Energy Minister Panos Skourletis said that the Deniz field, comprising drillings and offshore country is pursuing a “multidimensional energy gas production platforms in the Caspian Sea. sector policy” and, under this doctrine, Greece • The extension of natural gas processing facili- participates in, and encourages the promotion of Trade with Greece Trade 81 ties at the Sangachal terminal on the coast of vate investors: this is the plan of Greece’s the Caspian Sea in Azerbaijan. Environment and Energy Ministry for dealing with • Three pipeline construction projects: the country’s lenders expected demands for •The South Caucasus Pipeline Expansion either the privatization of the Public Power (SCPX) — Azerbaijan, Georgia Corporation or the sale of power stations. •The Trans Anatolian Pipeline (TANAP) — Reportedly, the Minister for the Environment and Turkey Energy, Panos Skourletis has given PPC’s man- •The Trans Adriatic Pipeline (TAP) — Greece, agement the go-ahead to canvass the intentions Albania, Italy of both domestic private power generators and • The extension of the Italian gas transmission foreign groups concerning the formation of joint system. ventures. According to the “Skourletis plan”, the • Capacity for further interconnection with natu- Public Power Corporation will contribute (lignite or ral gas networks in South-eastern, Central, hydroelectric) power stations and lignite reserves and Western Europe. to a company jointly formed with a private under- taking. The latter will be also able to construct a Public Power Corporation new station, or contribute an existing one to the A “small PPC” or even two “small PPCs”, as a joint venture, thus leading to the creation of a partnership between the incumbent utility and pri- “small PPC.” Moreover, the PPC will also be able, Trade with Greece Trade 82 always according to the Minister’s plan, to strike a ed that: “In any case, by 2020 no undertaking will similar deal with a second private generator. be able to produce or import, directly or indirectly, Associates of the Environment and Energy more than 50% of total electricity produced and Minister insist that the sale of PPC units is out of imported in Greece.” the question, albeit the incumbent will be able to Moreover, Greece must comply with EU legisla- join a joint venture by acquiring a stake and by tion, according to which the country must enable contributing one or more power stations. “This third-party access to lignite and hydroelectric plan has nothing to do with the law on the capacity — a cheap supply advantage, exclusive- unbundling of the PPC through the sale of sta- ly enjoyed by the incumbent. tions, which had been passed by the ND-PASOK This is why the ND-PASOK government had leg- government” claim the same circles, adding that: islated the unbundling of the PPC into a “small “This way, the market share of the Public Power PPC”, endowed with a basket of lignite-fired and Corporation is reduced, competition is enhanced, hydro stations. Moreover, the current government and the PPC becomes extrovert.” has pledged to conduct lignite and hydroelectric It should be noted that the agreement between power auctions (based on France’s NOME the government and Greece’s lenders provides model), so that, for a transitional period, inde- for the reduction of PPC’s market share to less pendent suppliers will be able to purchase cheap than 50% by 2020. More specifically, it is stipulat- PPC power and thus also offer competitive prices. Trade with Greece Trade 83 The construction of this pipeline places Greece “ dynamically in the global energy map, turning the country into a hub for the transportation of natural gas from the East to the West. ” That said, the only way to establish real competi- should be noted that under the current situation tion in the electricity market is through direct the Florina power station’s life cannot be extend- access to lignite and water reserves. ed beyond 2019. PPC President Manolis Panayiotakis has already The other field of collaboration concerns the con- identified the lignite-fired stations that the corpo- struction of a second lignite-fired station at Meliti, ration can contribute to joint ventures with private Florina. In the same way, any interested private generators. One of these units is the power sta- investors would enter lignite-based production. It tion at Amyndeon, Florina; Mr. Panayiotakis says should be reminded that the PPC’s exploitation that, since the station requires an energy upgrade rights on the Vevi lignite mine, which fuels the investment of almost 100 million euros, the proj- existing Meliti station and will fuel the second sta- ect can be financed by a private investor that tion after its construction, expire in 2024. would join the PPC in a joint venture. The incum- On the other hand, in order to join such ventures, bent would also contribute lignite reserves. It private investors also require the PPC to con- Trade with Greece Trade 84 tribute hydro capacity. The leadership of the trol on the management and ownership of the high- Ministry for the Environment and Energy has voltage network, which is currently owned by the given the go-ahead in this case as well. PPC and operated by its subsidiary, IPTO SA.” “According to the agreement between the two IPTO sides” says the Ministry “the Greek state pledges The agreement between the government and to acquire and hold 51% of the shares of the new Greece’s lenders also provides for the creation of IPTO. Twenty percent of the shares will be sold to a new undertaking, controlled by the Greek state, an international Transmission System Operator which will acquire 51% of IPTO stock, while the (TSO), while the remainder will be sold to remainder will be sold to an investor and in the investors through the Athens Exchange. stock market. “As regards the implementation schedule, the As officially announced by the Ministry of agreement provides for the acquisition of the stip- Environment and Energy before the end of 2015, ulated stake by an investor as soon as possible, “the talks between the Greek government, repre- to be followed by the sale of the remaining stock sented by the Ministry for the Environment and through the stock exchange at a later stage. Energy, and the representatives of the “The Greek state shall retain the majority vote in Institutions, the aim of which was to prevent the the Board of Directors of IPTO, while the privatisation of IPTO, but at the same time Managing Director shall be appointed by consen- enhancing competition in the electricity market, sus. especially in regard with the electricity producers’ “The Greek state shall be responsible for paying access to the Power Transmission Grid, were con- the price for the high-voltage network, currently cluded with an agreement that ensure public con- owned by PPC, with the proceeds from the sale of Trade with Greece Trade 85 a stake to the ‘strategic’ investor, the sale of stock the security of the electricity system. through the Athens Stock Exchange, and up to “The Greek government is committed to support 10% of IPTO’s EBITDA on an annual basis and the PPC, in order to help the company carry out, up to the full repayment of the specified price. smoothly and without incurring any shock, the “The final agreement on IPTO is the result of a process of unbundling the transmission network. painstaking and thorough negotiation, which “In any case, both the PPC and the IPTO will adheres to the government’s firm decision to keep on carrying out their important work, within a ensure public control over the Power changing energy market that moves towards a Transmission Grid, in contrast with the previous new operating model, in accordance with —and legislated—option to privatise IPTO by European regulations. conceding almost 66% of its stock. “The main objectives of the government’s energy “Share ownership in the new IPTO corresponds policy are energy sufficiency and cost reduction, to the existing share ownership of the PPC, especially for vulnerable social classes, since ener- where the state also holds 51%. gy is a key ingredient of every growth process” “The agreement is fully conducive to enhancing stresses the leadership of the Environment and competition in the energy market and ensuring Energy Ministry. Trade with Greece Trade 86
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e i n c e t is telling that Greece has chosen forty-two projects, budgeted at a total of 5.6 billion I euros, for inclusion into the Juncker plan, while, according to the Ministry of Infrastructure, the government has also submitted proposals for the inclusion of additional projects worth more than 12 billion euros, mainly concerning metro line extensions, road and rail infrastructures, as well as logistics centres. One of the projects is the “railway Egnatia”, which will cost more than 5 billion euros. It should be noted that the Alexandroupolis-Ormenio section has already been tendered, with the initial aim of facilitating freight movement along the Istanbul- Thessaloniki section, to be followed by the sec- tion that will connect Thessaloniki with western Macedonia. Large infrastructure projects, which used to be the Greek economy’s growth engine, were affect- ed by the recession of the past few years. It should be noted that there have been very few infrastructure investments in Greece since the onset of the crisis; such investments plummeted as a percentage of GDP from 3.7% in 2006 to 1.1% in 2015, reduced by almost 5.7 billion euros year-on-year. Infrastructure projects were greatly affected by deep recession and fiscal constraints. The backlog of infrastructure projects in Greece stands at 20.7 billion euros, while work-in- progress stands at 12.3 billion euros. According to PWC, out of 78 projects scheduled for delivery by 2022, energy accounts for 33%, railway metro/tram projects account for 29% and road transport accounts for 25%. In any case, the government is trying to make up for lost time, emphasising on the “Juncker package” in 2016, in order to get the projects off the ground. The Ministry of Development has already select- ed 42 projects —18 purely private and the rest in PPPs form— for the “Juncker package”, which does not provide for direct financing, but is “a mechanism for supporting private projects, through the provision of guarantees and low inter- est rates.” Based on its planning, in the near future the ministry will focus on putting together two main “bundles” of projects: • Developing a network of new marinas, com- bined with projects aimed at the upgrading and further development of existing ones. • Identifying and grouping public buildings in need of support and upgrading (static, energy, operational, aesthetic). That said, the pre-selection conducted by the Ministry of Economy led to the creation of a list that includes the following project sectors and categories: Trade with Greece Trade 89 •Twenty energy projects, with an estimated budget the realisation of 190 similar small wind turbine of 2,172,550,000 euros. These include projects projects that belong to 120 different investors. such as the submarine power cable connecting •Five infrastructure and transport projects, with an Crete and the Peloponnese; the Northern estimated budget of 1,445,000,000 euros. Greece LNG Terminal in Alexandroupolis (PCI); These are the development of water airports; hybrid (solar-wind) power stations; small hydro; the southern extension of the Hemettus use of geothermal power in hydroponic farms; Beltway; suburban railway projects; the devel- the development of power distribution networks opment of the port of Lavrion; and the Perama- in the regions of Eastern Macedonia-Thrace, Salamina submarine link. Central Macedonia and Mainland Greece; and The planned connection of the Hemettus Trade with Greece Trade 90 “ smaller project,themainmenu ofwhichcon- replaced inthecomingyears byadefinitely This planwaseventuallyshelved, onlytobe the extensionofKymis Avenue etc. (the Athens International Airport), andLavrio, Attiki OdosmotorwaytowardsRafina,Spata comprehensive planfortheextensionof Planning andPublicWorks, hadpresenteda the thenMinisterofEnvironment, Town lines manyyearsago,whenGeorgeSouflias, Avenue nearHellenikon,hadmadethehead- Athens, andinparticular withVouliagmenis Hemettus Beltwaywiththesouthernpart of The connectionofthewesternsection Vouliagmenis Ave. Saketas military campareaandendingat sist ofa3kilometretunnel,starting fromthe then withthe Athens coasthighway, willcon- Beltway, firstwithVouliagmenis Avenue and few years. my’s growthengine,wereaffectedbytherecessionofpast Large infrastructureprojects,whichusedtobetheGreekecono- •Four research,developmentandinnovationproj- •Four informationandcommunicationtechnology •Five •Three tourismprojects, withatotal estimated Vouliagmenis Avenue. western sectionoftheHemettusBeltwayto sisted oftheundergroundextension 594,000,000. These arethecreationof ects, withatotal estimatedbudget of cities” concept. transportation, andthe“smartbuildingsforsmart and super-highspeedInternetconnection,smart Access (NGA)nationalbroadbandPlan,high 920,000,000. These includetheNextGeneration projects, withatotal estimatedbudgetof Parnassus. the modernisationofWinterSkiCentre Kwon-Do centretoaconferencecentre;and tourism project;theconversionof Tae- budget of112,000,000 euros:ahealing ” 91 Trade with Greece Viotechnopolis, an innovative biotech cluster, The new generation of projects by the BSRC “Alexander Fleming”; the acquisi- The leaderships of the Economy and Infrastructure tion and fitting of a new, state-of-the-art Ministries seem prepared to launch a series of oceanographic vessel by the Hellenic Centre large projects in 2016. For example, tendering is for Marine Research; the creation of P4SEEN, underway for the entire Line 4 of the Athens Metro an innovation hub focused on personalised (Alsos Veikou-Evangelismos-Maroussi), a privately medicine, by the Medical School of the financed project budgeted at 3.3 billion euros. National and Capodistrian University of The launching of the tendering process for line 4, Athens; and the programme for the retrofitting which will link the centre of Athens with the of ferries with liquefied natural gas (LNG) Athens-Lamia National Road, is expected this engines and the development of the corre- summer. Moreover, two thirds of the project will sponding port infrastructures. be tendered by the end of the year. •Five private manufacturing projects, budgeted at The second part of the project will extend to a total of 349,000,000, for the establishment of Katechaki Street, while the third part will extend to new manufacturing units, and the re-opening the northern suburbs of Athens. and technological upgrade of existing ones. According to the Metro Development Study (1995- Trade with Greece Trade 92 1999), the approved Athens Metro Development Plan provided for the construction of two new extensions, which would, in essence, be branches of the existing lines, i.e. Line 2 (Panepistimio- Exarhia-Alexandras Ave.-Dikastiria-Kypseli-Galatsi- Alsos Veikou) and Line 3 (Panormou-Faros-Sidera- OAKA-Paradissos-Maroussi). During the preliminary design stage, it turned out that owing to technical considerations these exten- sions could not be branches of existing lines, since this would lead to major construction and opera- tional deficiencies (interruption of line operation, complex construction, high cost, frequency of itin- eraries, etc.). So, Attiko Metro S.A. proceeded with the design and organisation of the interconnection of these exten- sions and their development as Line 4, a new autonomous U-shaped line, which shall include two radial branches (Panepistimio-Galatsi and Katehaki- Maroussi) and a central axis connecting these radi- al branches through the areas of Pangrati /Kaissariani, Ano Ilissia, Zografou and Goudi. Line 4 will connect with existing Lines 1 (at Maroussi, and Perissos Stations), 2 (at Panepistimio Station) and 3 (at Evangelismos and Katechaki Stations). The Evangelismos-Pagrati-Vyronas-Imitos-Ilioupoli branch, essentially a part of new Line 5, was added to this line, as well as the Marousi-Lykovrisi and Alsos Veikou-Perissos extensions. New Metro Line 4 is 33 km long, and will boast 30 new state-of-the-art stations with automatic dri- verless trains, platform screen doors, CTBC wire- less signalling system, advanced energy-saving technology systems, etc. The estimated total con- struction budget stands at 3.3 billion euros. This project is expected to change the transportations map of Athens, and significantly improve life in the Attica basin. Thessaloniki to Kavala and Xanthi (Toxotes area), The Railway Egnatia which will connect the capital of Northern Greece One of the most ambitious railway network projects with these two major urban centres, with estimat- in Greece, the “railway Egnatia”, which will cost at ed travel times of one hour and 90 minutes in least 5 billion euros, is about to be launched. regard to Kavala and Xanthi respectively. This is a major project that will provide railway The construction of railway Egnatia will dramati- coverage to the entire North of Greece, from cally reduce the time of travels between the cities Igoumenitsa in the west to Alexandroupolis in the of western Macedonia and Athens. After the com- east. pletion of the connection projects, which will lead It includes the Igoumenitsa-Ioannina-Thessaloniki to the full utilisation of the Athens-Thessaloniki and Thessaloniki-Kavala-Xanthi sections (com- axis, the journey from Kalambaka to Kozani will pletely new routes) and the upgrading of the take 50 minutes and from Trikala to Kozani will Promachonas-Strymonas-Alexandroupolis- take 1 hour. Ormenio section. The journey from Athens to Kozani via The first section to be tendered is the existing line Kalambaka will take 3 hours, from Athens to from Alexandroupolis to Ormenio, to be followed Florina via Kalambaka 4 hours and 55 minutes by the Strymonas-Alexandroupolis section. and from Athens to Ioannina via Kalambaka 3 Next in line is the brand new section from hours and 30 minutes. This project will lead to the Trade with Greece Trade 93 development of the port of Alexandroupolis as a again in early March. More specifically, construction gateway to Europe, through the creation of a mul- work is in progress at the Dimokratias crossover, timodal link to Bulgaria, Romania and the Black the Dimokratias, Sintrivani, Aghia Sophia, Papafis, Sea that will offer an alternative to the existing Voulgaris, and Nea Elvetia stations, the Patrikios route through the Dardanelles straits. crossover and station, and the Depot. Construction work is also underway for the com- Other major projects pletion of the Metro extension to Kalamaria, as One of the priorities is the completion of the large currently there is work-in-progress at five stations road projects that have been in progress for the of this line. past few years. Developments in regard to the extension of the The deadline for the completion of existing proj- Athens suburban railway to Lavrion and Rafina ects has been set for March 2017, while the are also expected within the next few months. Megalopolis-Kalamata and Kalamata-Sparti These extensions have been in the planning motorways will soon be made available to the stage for quite a few years, but were never public. among the priorities for the successive leader- The “Ionia Odos” and “Olympia Odos” motorways ships of the Ministry of Transportation. will have been completed by March 2017. The new line will be 31 km long, and will begin at It should be noted that in 2016 attention will be the Koropi railway station. Its design includes two focused again on the new airport at Kastelli, railway stations (at Markopoulo and the Port of Heraklion Crete (budgeted at approximately Lavrion) and 7 intermediate stops (Kalyvia, 850,000,000 euros), and the Salamina-Perama Kouvaras, Keratea, Amphitrope, Perigiali Thoriko, submarine link (budgeted at approximately Lavrion Training Centre). 380,000,000 euros). The Ministry of Infrastructure has already decided Following a long pause, the worksites of the on the construction of a line that will be using low- Thessaloniki metro, which had been idle for four voltage electrification, enabling speeds of up to years, are coming back to life and the tunnel bor- 120 km/hour, and will also include level crossings. ing machines have been put to work. The new Apparently this choice was made for cost-saving delivery deadline has been set for 2020. purposes, as total costs are expected to reach Given that 75% of the total length of the main line 240 million euros, including expropriation costs. has already been realised, construction of the The aim is to tender the project soon and deliver tunnels is expected to be completed by the end of it for use before 2020. According to estimates, the year. this extension will carry 300,000 passengers Meanwhile, work at the construction sites began daily. Trade with Greece Trade 94
Another good year for Greek tourism
This title perfectly summarizes the actual situation, since we would not exaggerate by saying that, following a superb 2014, the year 2015 was even better in terms of both the number of arrivals and revenues, as the sector successfully weathered many complex problems, some of them unprecedented.
By Leonidas Tsaoulas
he previous year did indeed offer lots of Bank of Greece (BoG), tourist revenues increased publicity to Greece: two national elec- by 6% in 2015, to 14.2 billion euros, a development T tions and a referendum in-between; end- brought about by exceptional performance in many less hours of crucial negotiations in Brussels; cap- individual areas. In this context, the number of ital controls; substantial refugee flows, and so forth. American visitors exceeded 750 thousand, gener- So, it is very likely that, at least in this instance and, ating revenues of 945.6 million euros, increased by of course, in retrospect, this was a typical case of 44.4% (!), while the number of British tourists “any publicity is good publicity.” reached 2.4 million, with revenues of more than 2 The great resilience Greek tourism showed, not billion euros, increased by 30.5%. The common only by maintaining, but also by increasing its feature in both cases is the positive effect of the growth rate despite intense shocks, both internal depreciation of the respective national currencies and external, was translated into improved per- —US dollar, pound sterling— against the euro. formance in quantitative and qualitative terms. Arrivals from Germany also did well (+14.5%), as More specifically, according to data released by the more than 2.8 million visitors generated 2.26 billion Trade with Greece Trade 96
Athens and Epidaurus Festival 2016
The programme of the Athens and Epidaurus Festival for the summer of 2016 includes 71 productions that will be presented at the Odeon of Herod Atticus, the venue of number 260 Piraeus Street, the Ancient Theatres of Epidaurus, as well as the National Theatre, the Athens Concert Hall, and the Athens School of Fine Arts.
By Nicoleta Makri
n Athens, this year’s events will begin on June 10 at the Odeon of Herod Atticus, with I the Greek National Opera’s rendition of Giuseppe Verdi’s Aida, and will end on July 31. In Epidaurus, the Festival will open on July 1st with Aristophanes’ Wealth, directed by Giorgos Kimoulis. The Festival’s Artistic Director, Vaggelis Theodoropoulos, believes that “we have selected the most interesting proposals; that, together, they form a common axis; that this year’s pro- gramme is going to be youthful, alternative and political in the sense that its ears are open to the Greece and the world of 2016. “The programme also includes elements of our plans for the future; plans which respond to observations and to deficiencies —my own The Festival’s THEATRE Artistic Director, included— in an ever-shifting landscape which Vaggelis continues to change radically from year to year. ROMEO CASTELLUCCI SOCÌETAS RAFFAEL- Theodoropoulos. “I believe that every important festival is called LO SANZIO Julius Caesar. Spared parts and the upon to be both national and international, and fox said to the Crow. General linguistics course that its primary objective should be to create cul- Romeo Castellucci first tackled William ture, works and collaborations, not just to host Shakespeare’s Julius Caesar in 1997. Almost them. twenty years later, he revisits this play, in order to “This is something I would like to see ingrained in present a performance-study on oration and our programme, especially in the years to come speech. Although it may seem strange, given that when our scope for commissions and co-produc- the Italian artist and his troupe have accustomed tions will be so much greater.” their audience to a semantic imagery where speech plays a lesser or no role, in Julius Trade with Greece Trade 104 Romeo Castellucci, Julius Caesar.
Caesar.Spare Parts Castellucci manages to diately after midnight. Spectators enter a world achieve a new synthesis. [June 17-20, National created from the playwright’s experiences, influ- Theatre of Greece, Events Hall] ences and, of course, works. [July 8 & 9, Piraeus 260, Building H] LOLA ARIAS Minefield Argentinean author, theatre director and per- JULIEN GOSSELIN – SI VOUS POUVIEZ former Lola Arias presents a lecture performance, LÉCHER MON COEUR 2666 based on the accounts of British and Argentinean Roberto Bolaño, a world famous Chilean writer, veterans who fought on the Falkland Islands, or died in 2003 leaving behind an unpublished thou- Islas Malvinas as they are known in Argentina, in sand-page novel, “2666”, on which the show is 1982. British sovereignty over the islands has based on. The title indicates the apocalyptic always been contested by Argentina. Arias brings atmosphere that permeates the novel. the actual protagonists of that war together on The five parts of the story feature, among others, a stage, in order to share their war experiences, as group of literary critics in search of a secretive writer, well as its impact on their lives, with the audience. a professor on the brink of madness, and a per- [June 28 & 29, Piraeus 260, Building H] plexed American journalist. [July 30 & 31, ATHENS CONCERT HALL, The Alexandra Trianti Hall] RODRIGO GARCIA 4 Controversial Argentinian artist Rodrigo Garcia, the “enfant terrible of modern theatre”, is visiting DANCE the Athens Festival for a third time, with his latest JAN MARTENS The Dog Days Are Over – a production: “4”. Four actors, tied together with a jumped, minimal and political work for eight thin, gossamer-like rope, wander on stage creat- performers ing strong images on a taboo subject: child sexu- With The dog days are over, Jan Martens pres- ality. [July 4 & 5 / Piraeus 260 Building D] ents a study on human endurance. With the main aim of revealing the person hidden YANNIS KAKLEAS Sarah Kane – Psychosis behind the dancer, the well-known artist leads his 4:48 – Look at me group of dancers to a choreography that consists Dedicated to English playwright Sarah Kane, the “of nothing but jumping, strength and geometry.” new performance by Yannis Kakleas starts imme- [June 22 & 23, Piraeus 260, Building H] Trade with Greece Trade 105 Lola Arias, Minefield.
MICHELLE ANNE DE MEY JACO VAN DOR- GREEK NATIONAL OPERA Carmen by MAEL COLLECTIF KISS & CRY Cold Blood Georges Bizet – A new production Following the worldwide success of Kiss & Cry, Carmen, one of the most iconic French operas, Michelle Anne de Mey and Jaco Van Dormael remains as provocative as when it was first per- return with their new performance, titled Cold formed, 140 years ago. The main character, a Blood, which tells the stories of seven weird gypsy girl, is fighting for her freedom and the right deaths. [July 23 & 24, Piraeus 260 Building D] to choose her lovers, instead of being chosen by them. She is a menace for a male-dominated and MUSIC patriarchal society. The only solution is to be elim- MUSIC GREEK NATIONAL OPERA Aida by inated. This is done by love-stricken and Giuseppe Verdi –A new Greek National Opera “betrayed” Don José. An unconventional storyline, production from the Taormina Opera Festival expressed through the equally unconventional at Aida is mostly known for its triumphal march, an the time, and very popular today, music of Georges impressive page of grand ballet music. The Bizet. Conductor: Loukas Karytinos. Director: opera’s popularity is also due to its background, as Stephen Langridge. In the role of Carmen, Rinat the story unfolds in Egypt of the Pharaohs, in a Shaham (24 & 26/7) and Géraldine Chauvet (27 & mythical era. But this is only one of the aspects of 29/7). In the role of Don José, Dimitris Paksoglou Verdi’s Aida. Conductor: Myron Michailidis (10 & (27 & 29/7). With the participation of the Orchestra, 11/6) - Ilias Voudouris (12 & 15/6). In the role of Choir, Ballet and Children’s Choir of the Greek Aida, Cellia Costea (10 & 12/6) and Anda-Louise National Opera. [JULY 24, 26, 27 & 29 / ODEON OF Bogza (11 & 15/6). In the role of Radamès, Dario Di HEROD ATTICUS] Vietri (10, 12 & 15/6) and Sebastián Ferrada (11/6). With the participation of the Orchestra, Choir and ATHENS STATE ORCHESTRA Federico Fellini Ballet of the Greek National Opera. [June 10, 11, 12 - Nino Rota & 15, ODEON OF HEROD ATTICUS] Having selected three pairs of “protagonists” for the Trade with Greece Trade 106 who arestrangersinstrangelands.[June20] evening, dedicatedtothemusicofallpeople mon musicalinterests, presentaspecialmusical Salonico andLamiaBedioui,allartists withcom- Savina Yiannatou, togetherwithPrimaveraen the “other” SALONICO –LAMIA BEDIOUIThesongsof SAVINA YIANNATOU &PRIMAVERA EN 260 OF PIRAEUS MUSIC INTHEGARDEN HEROD ATTICUS] and cherishedmelodies.[July5,ODEONOF enough forustoreminisceoffamousmoviescenes Federico FelliniandNinoRota, whosenamesare to twolegendsofcinemaandmusic: festival, the ASO dedicatestheeveningofJuly5th three concerts itwillperformaspart ofthe Athens JAN MARTENS, Aida. The DogDays Are Over. routes. [July2] a neo-romanticmusicalstyle,throughambient now relationship withtheurbanlandscape.In tronica, presents asoundtrack thatreflects his Michalis Delta, awell-knowncomposerofelec- MICHALIS DELTA violence, andthetransitiontoaruleoflawthatis state thatoffers nolegalcertainty andis basedon es andexperiences the destruct bonded bypowerful,albeitdarkfamilyties,caus- With what? A “closedcircuit”ofhistoricalpersons, Can violencebefoughtagainst,eveneliminated? YIANNIS HOUVARDAS OF EPIDAURUS ANCIENT THEATRE , modernelectronicagoeshandinwith Life isnow Oresteia ion ofaprimitive by Aeschylus Life is 107 Trade with Greece YIANNIS HOUVARDAS Oresteia
based on peace and democracy, but offers no guar- Open Air Film Festival, hosting three shows dedi- antee of attaining the coveted internal balance, cated to William Shakespeare. Three historical freedom and personal happiness. A tight-knit group movies, each one a unique interpretation of a of 12 fine actors shares all roles in all three plays classical play, are shown in the Garden of Piraeus that comprise the Oresteia trilogy, including the 260, which is converted into a large open air cin- Chorus. Translation: Dimitris Dimitriadis Adapted ema. The event is sponsored by the British and Directed by: Yannis Houvardas [July 8 & 9] Council. Macbeth (1971) Polanski presents a nightmarish NATIONAL THEATRE MICHAEL MARMARINOS version of the famous Shakespearean tragedy Lysistrata by Aristophanes that recounts the bloody consequences of the Michael Marmarinos meets the great comic play- unquenched desire for power, using the harsh wright for the very first time, directing Lysistrata, landscape of north Wales as a backdrop. Jon Aristophanes’ most anti-war play, with a group of Finch plays the Scottish war hero, whose high superb performers. The play is based on a new ambitions open a fatal cycle of violence. Director: translation by Dimitris Dimitriadis, while the main Roman Polanski. Screenplay by: Roman character is played by Lena Kitsopoulou. While Polanski, Kenneth Tynan. the Peloponnesian War is still raging, keeping the King Lear (1970) Lear’s descent into the men away from their homes, Lysistrata persuades inescapable realm of madness (as he sees his the women of Athens and Sparta to abstain from empire collapse) begins with his absurd decision their “marital duties”, with the aim of bringing an to distribute his wealth among his three daughters end to the hostilities between the two cities. At the on the basis of their flattery. Peter Brook’s adap- same time, the women seize control of the state tation of King Lear features British theatrical leg- treasury, which funds the war. end Paul Scofield in the leading role. Director: The women’s actions bring immediate results, Peter Brook Screenplay by: Peter Brook. and the male camp tries to respond anyway it The Tempest (1979) Jarman tackles Shakespeare’s can. After lots of give and take, squabble, and swan song. Twelve years after the loss of the duchy negotiation, peace is at last achieved, and the of Milan as a result of his brother’s plotting, Prospero event is celebrated with a Dionysian feast. is stranded on a remote island with his daughter, [August 5 & 6] Miranda, having, nonetheless, mastered the secrets of sorcery. A twist of fate that brings Antonio’s ship to Athens Open Air Film Festival 2016 the island will restore order. Director: Derek Jarman Shakespeare in the city Screenplay by: Derek Jarman. The Athens Festival joins forces with the Athens [July 7, 13 & 20, Piraeus 260, Garden] Trade with Greece Trade 108 Stavros Niarchos Hall. March 12, 2016. Photo: Yiorgis Yerolymbos. Metamorphosis: The Stavros Niarchos Foundation Cultural Centre to the World From June 23 to 26, 2016, the SNFCC welcomes the public and is transformed into an open space of creativity and exploration.
By Nicoleta Makri
Can we literally become different people? Can we symbolic title Metamorphosis: The SNFCC to the change our minds, our emotions, our ways of World. From June 23 to 26, the SFNCC is trans- thinking and of being in the world? formed into a vibrant space of ideas, exploration, The answer is absolutely yes. and interaction, through an innovative pro- Laurie Anderson gramme that comprises cultural, sporting, and educational activities for people of all ages. his year, the Stavros Niarchos Moreover, the visitors will have, for the first time, Foundation Cultural Centre (SNFCC) the opportunity to get acquainted with the new T opens once again its doors to the public, premises of the Greek National Opera and for four days of free-admission events, under the National Library of Greece, as well as to enjoy the Trade with Greece Trade 109 Xylouris White Laurie Anderson by Kennefick © Manolis Mathioudakis © Laurie Anderson
M E T A M O R P H O S I S: Stavros Niarchos Park in its entirety. The SNFCC to the World The Metamorphosis programme brings together Signature text by Laurie Anderson more than 400 artists from all over the world, as Greek and international creators join forces to Can we literally become different people? Can we change our create a grand celebration of participation and minds, our emotions, our ways of thinking and of being in the collaboration, the values on which the SNFCC world? has been built. Visitors become creators, the The answer is absolutely yes. pathways of the East are intertwined with western Many times my life has changed its course because of music. I traditions, and the boundaries of different art heard something that broke my heart or that presented a brand forms are abolished. new way to perceive the world. Art and dance and theater have Music falls in step with nature, dance strides shown me new ways to solve old problems, taken me into inner along with sports, science is turned into play, and and outer space. literature is turned into a performance for the The Metamorphosis festival is sure to do that for both the artists young and the old. In a similar manner, different and the audience. age groups, generations, skills and singularities Each artist and group is so different and yet all are catalytic, they come together on a common space that aspires morph sound and image into new shapes. Omar Souleyman’s spe- to become a meeting place for all. cialty is ecstasy, Tan Dun’s introspection. David Dorfman can The events’ performance Curator is Limor Tomer, shock you into the present. John Luther Adams makes both the General Manager of Concerts & Lectures at the mind and body dance. The voice of Eleftheria Arvanitaki gives Metropolitan Museum of Art in New York, while the shape to the Mediterranean colors. internationally acclaimed, experimental artist The other artists in this astounding array –Xylouris White, Amir Laurie Anderson is the guest Artistic Director. ElSaffar, The Secret Trio, Apollon Retsos and Demy--bring trans- Moreover, Robert Storr, Dean of the Yale School formative individuality to this moment. Street Studio opens the of Art, along with curators Barbara London, Kalliopi stage to the general public. The Greek National Opera premiers at Minioudaki and Francesca Pietropaolo, are once the Alternative stage. again responsible for a video art programme titled Also, hundreds of emerging and established Greek musicians join Fireflies in the Night Take Wing. Magician Mark this moment of change and transformation through participation in Mitton and his troupe will sweep viewers of all site-specific performances. ages away into interactive spectacles of illusion There is no better time than June to shed your skin and become a and imagination. new person. Come and join the celebration. The National Gallery presents an exhibition of Trade with Greece Trade 110 The Book Castle. The lobby of the NLG. April 16, 2016. Photo: Yiorgis Yerolymbos
works by Greek painter Panayotis Tetsis curated The detailed programme of Metamorphosis: by Marina Lambraki-Plaka, while the Athens The SNFCC to the World is available at Conservatory curates and presents, for the first www.SNFCC.org/metamorphosis. time in Greece, two iconic works of musical mini- malism. The Greek National Opera participates in All events are free of charge and are exclusively the programme by staging a performance at the sponsored by the Stavros Niarchos Foundation. Alternative Stage, while the National Library of •The SNFCC as a whole (buildings and open Greece opens its doors to the public for the first spaces), can accommodate up to 32,000 visitors time. Responsibility for the general coordination at any given time. Of these, 4,000 visitors can be of the events lies with Mily Paschali, SNF accommodated within the buildings of the Programme Coordinator for Arts & Culture. National Library of Greece (NLG) and the Greek During these four days, the Metamorphosis pro- National Opera (GNO), which include perform- gramme brings together artists of different per- ance halls, lobbies, the Lighthouse, etc. suasions and styles, such as the groundbreaking •The Stavros Niarchos Foundation Cultural Laurie Anderson, Syrian musician Omar Centre (SNFCC) represents the largest single Souleyman, Greek singer Eleftheria Arvanitaki, donation of the Stavros Niarchos Foundation, American-Iraqi musician Amir ElSaffar, the and includes the construction and complete Xylouris White duo, percussion virtuosos/masters outfitting of new premises for the National Douglas Perkins and Dimitris Desyllas, the inter- Library of Greece and the Greek National nationally renowned Chinese composer Tan Dun, Opera, as well as the creation of the Stavros Greek singer Demy, American choreographer Niarchos Park, which covers a total area of David Dorfman, as well as the famous chess 210,000 m². champion Garry Kasparov and the project’s archi- The events of the Metamorphosis: The SNFCC tect Renzo Piano, aspiring to convey the to the World programme will offer the public SNFCC;s vision for the creation of a space that is the opportunity to get acquainted with the freely accessible by all, belongs to the citizens, and Stavros Niarchos Foundation Cultural Centre, has been designed to accompany the creative before it starts to operate under the Greek wanderings of Greece’s residents and visitors for State, which, as its future owner, will be many years to come. responsible for its management and operation. Trade with Greece Trade 111 The glass façade of the building complex. April 3, 2016. Photo: Yiorgis Yerolymbos
About the Stavros Niarchos Foundation (SNF)
The Stavros Niarchos Foundation (www.SNF.org) lows on the heels of two earlier initiatives of is one of the leading private international philan- €100,000,000 ($130 million) each, in 2012 and thropic organisations worldwide, making grants in 2013. The 2012 initiative, which is now complete, the areas of arts and culture, education, health, also aimed to provide immediate relief from the sports, as well as social welfare. The Foundation adverse effects of the socioeconomic crisis, funds organisations and projects that are expect- whereas the one announced in 2013 aims to ed to have a tangible, lasting and positive impact address the high rate of youth unemployment, on society at large, focusing on vulnerable groups seeking to improve employment prospects and such as children and the elderly, and are also dis- create new opportunities for young people. tinguished for their strong leadership and sound management. The Foundation is also actively The Foundation’s largest single donation is the supporting projects that foster public-private part- Stavros Niarchos Foundation Cultural Center nerships as an effective means for serving public (SNFCC) in Athens, to be completed in 2016. welfare. The total budget of the project amounts to $831 The year 2016 marks the 20th anniversary of the million (€596 million) and includes two donations of Foundation’s philanthropic activity. Since the $6 million (€5 million) each to the National Library launching of its operations in 1996, the SNF has of Greece and the Greek National Opera respec- donated a total of €1.5 billion ($1.8 billion), tively, aiming to support the two organisations’ relo- through 3,438 grants to non-profit organisations cation to their new premises. in 111 nations around the world. Designed by Renzo Piano, the project includes In June 2015, the SNF announced a new the new premises of the National Library of €100,000,000 ($112 million) initiative, in addition Greece, and of the Greek National Opera, as well to its standard donor activities, to help address as the Stavros Niarchos Park. The SNFCC is a the deepening crisis in Greece through the provi- testament and a commitment to the country’s sion of immediate relief to the most vulnerable future, as well as a short- to mid-term economic members of Greek society. The new initiative fol- growth driver. Trade with Greece Trade 112 Athens and Epidaurus Festival 2016
The programme of the Athens and Epidaurus Festival for the summer of 2016 includes 71 productions that will be presented at the Odeon of Herod Atticus, the venue of number 260 Piraeus Street, the Ancient Theatres of Epidaurus, as well as the National Theatre, the Athens Concert Hall, and the Athens School of Fine Arts.
By Nikoleta Makri
n Athens, this year’s events will begin on June 10 at the Odeon of Herod Atticus, with I the Greek National Opera’s rendition of Giuseppe Verdi’s Aida, and will end on July 31. In Epidaurus, the Festival will open on July 1st with Aristophanes’ Wealth, directed by Giorgos Kimoulis. The Festival’s Artistic Director, Vaggelis Theodoropoulos, believes that “we have selected the most interesting proposals; that, together, they form a common axis; that this year’s pro- gramme is going to be youthful, alternative and political in the sense that its ears are open to the Greece and the world of 2016. “The programme also includes elements of our plans for the future; plans which respond to observations and to deficiencies —my own included— in an ever-shifting landscape which THEATRE continues to change radically from year to year. ROMEO CASTELLUCCI SOCÌETAS RAFFAEL- “I believe that every important festival is called LO SANZIO Julius Caesar. Spared parts and the upon to be both national and international, and fox said to the Crow. General linguistics course that its primary objective should be to create cul- Romeo Castellucci first tackled William ture, works and collaborations, not just to host Shakespeare’s Julius Caesar in 1997. Almost them. twenty years later, he revisits this play, in order to “This is something I would like to see ingrained in present a performance-study on oration and our programme, especially in the years to come speech. Although it may seem strange, given that when our scope for commissions and co-produc- the Italian artist and his troupe have accustomed tions will be so much greater.” their audience to a semantic imagery where speech plays a lesser or no role, in Julius Trade with Greece Trade 104 Romeo Castellucci, Julius Caesar.
Caesar.Spare Parts Castellucci manages to diately after midnight. Spectators enter a world achieve a new synthesis. [June 17-20, National created from the playwright’s experiences, influ- Theatre of Greece, Events Hall] ences and, of course, works. [July 8 & 9, Piraeus 260, Building H] LOLA ARIAS Minefield Argentinean author, theatre director and per- JULIEN GOSSELIN – SI VOUS POUVIEZ former Lola Arias presents a lecture performance, LÉCHER MON COEUR 2666 based on the accounts of British and Argentinean Roberto Bolaño, a world famous Chilean writer, veterans who fought on the Falkland Islands, or died in 2003 leaving behind an unpublished thou- Islas Malvinas as they are known in Argentina, in sand-page novel, “2666”, on which the show is 1982. British sovereignty over the islands has based on. The title indicates the apocalyptic always been contested by Argentina. Arias brings atmosphere that permeates the novel. the actual protagonists of that war together on The five parts of the story feature, among others, a stage, in order to share their war experiences, as group of literary critics in search of a secretive writer, well as its impact on their lives, with the audience. a professor on the brink of madness, and a per- [June 28 & 29, Piraeus 260, Building H] plexed American journalist. [July 30 & 31, ATHENS CONCERT HALL, The Alexandra Trianti Hall] RODRIGO GARCIA 4 Controversial Argentinian artist Rodrigo Garcia, the “enfant terrible of modern theatre”, is visiting DANCE the Athens Festival for a third time, with his latest JAN MARTENS The Dog Days Are Over – a production: “4”. Four actors, tied together with a jumped, minimal and political work for eight thin, gossamer-like rope, wander on stage creat- performers ing strong images on a taboo subject: child sexu- With The dog days are over, Jan Martens pres- ality. [July 4 & 5 / Piraeus 260 Building D] ents a study on human endurance. With the main aim of revealing the person hidden YANNIS KAKLEAS Sarah Kane – Psychosis behind the dancer, the well-known artist leads his 4:48 – Look at me group of dancers to a choreography that consists Dedicated to English playwright Sarah Kane, the “of nothing but jumping, strength and geometry.” new performance by Yannis Kakleas starts imme- [June 22 & 23, Piraeus 260, Building H] Trade with Greece Trade 105 Lola Arias, Minefield.
MICHELLE ANNE DE MEY JACO VAN DOR- GREEK NATIONAL OPERA Carmen by MAEL COLLECTIF KISS & CRY Cold Blood Georges Bizet – A new production Following the worldwide success of Kiss & Cry, Carmen, one of the most iconic French operas, Michelle Anne de Mey and Jaco Van Dormael remains as provocative as when it was first per- return with their new performance, titled Cold formed, 140 years ago. The main character, a Blood, which tells the stories of seven weird gypsy girl, is fighting for her freedom and the right deaths. [July 23 & 24, Piraeus 260 Building D] to choose her lovers, instead of being chosen by them. She is a menace for a male-dominated and MUSIC patriarchal society. The only solution is to be elim- MUSIC GREEK NATIONAL OPERA Aida by inated. This is done by love-stricken and Giuseppe Verdi –A new Greek National Opera “betrayed” Don José. An unconventional storyline, production from the Taormina Opera Festival expressed through the equally unconventional at Aida is mostly known for its triumphal march, an the time, and very popular today, music of Georges impressive page of grand ballet music. The Bizet. Conductor: Loukas Karytinos. Director: opera’s popularity is also due to its background, as Stephen Langridge. In the role of Carmen, Rinat the story unfolds in Egypt of the Pharaohs, in a Shaham (24 & 26/7) and Géraldine Chauvet (27 & mythical era. But this is only one of the aspects of 29/7). In the role of Don José, Dimitris Paksoglou Verdi’s Aida. Conductor: Myron Michailidis (10 & (27 & 29/7). With the participation of the Orchestra, 11/6) - Ilias Voudouris (12 & 15/6). In the role of Choir, Ballet and Children’s Choir of the Greek Aida, Cellia Costea (10 & 12/6) and Anda-Louise National Opera. [JULY 24, 26, 27 & 29 / ODEON OF Bogza (11 & 15/6). In the role of Radamès, Dario Di HEROD ATTICUS] Vietri (10, 12 & 15/6) and Sebastián Ferrada (11/6). With the participation of the Orchestra, Choir and ATHENS STATE ORCHESTRA Federico Fellini Ballet of the Greek National Opera. [June 10, 11, 12 - Nino Rota & 15, ODEON OF HEROD ATTICUS] Having selected three pairs of “protagonists” for the Trade with Greece Trade 106 who arestrangersinstrangelands.[June20] evening, dedicatedtothemusicofallpeople mon musicalinterests, presentaspecialmusical Salonico andLamiaBedioui,allartists withcom- Savina Yiannatou, togetherwithPrimaveraen the “other” SALONICO –LAMIA BEDIOUIThesongsof SAVINA YIANNATOU &PRIMAVERA EN 260 OF PIRAEUS MUSIC INTHEGARDEN HEROD ATTICUS] and cherishedmelodies.[July5,ODEONOF enough forustoreminisceoffamousmoviescenes Federico FelliniandNinoRota, whosenamesare to twolegendsofcinemaandmusic: festival, the ASO dedicatestheeveningofJuly5th three concerts itwillperformaspart ofthe Athens JAN MARTENS, Aida. The DogDays Are Over. routes. [July2] a neo-romanticmusicalstyle,throughambient now relationship withtheurbanlandscape.In tronica, presents asoundtrack thatreflects his Michalis Delta, awell-knowncomposerofelec- MICHALIS DELTA violence, andthetransitiontoaruleoflawthatis state thatoffers nolegalcertainty andis basedon es andexperiences the destruct bonded bypowerful,albeitdarkfamilyties,caus- With what? A “closedcircuit”ofhistoricalpersons, Can violencebefoughtagainst,eveneliminated? YIANNIS HOUVARDAS OF EPIDAURUS ANCIENT THEATRE , modernelectronicagoeshandinwith Life isnow Oresteia ion ofaprimitive by Aeschylus Life is 107 Trade with Greece YIANNIS HOUVARDAS Oresteia
based on peace and democracy, but offers no guar- Open Air Film Festival, hosting three shows dedi- antee of attaining the coveted internal balance, cated to William Shakespeare. Three historical freedom and personal happiness. A tight-knit group movies, each one a unique interpretation of a of 12 fine actors shares all roles in all three plays classical play, are shown in the Garden of Piraeus that comprise the Oresteia trilogy, including the 260, which is converted into a large open air cin- Chorus. Translation: Dimitris Dimitriadis Adapted ema. The event is sponsored by the British and Directed by: Yannis Houvardas [July 8 & 9] Council. Macbeth (1971) Polanski presents a nightmarish NATIONAL THEATRE MICHAEL MARMARINOS version of the famous Shakespearean tragedy Lysistrata by Aristophanes that recounts the bloody consequences of the Michael Marmarinos meets the great comic play- unquenched desire for power, using the harsh wright for the very first time, directing Lysistrata, landscape of north Wales as a backdrop. Jon Aristophanes’ most anti-war play, with a group of Finch plays the Scottish war hero, whose high superb performers. The play is based on a new ambitions open a fatal cycle of violence. Director: translation by Dimitris Dimitriadis, while the main Roman Polanski. Screenplay by: Roman character is played by Lena Kitsopoulou. While Polanski, Kenneth Tynan. the Peloponnesian War is still raging, keeping the King Lear (1970) Lear’s descent into the men away from their homes, Lysistrata persuades inescapable realm of madness (as he sees his the women of Athens and Sparta to abstain from empire collapse) begins with his absurd decision their “marital duties”, with the aim of bringing an to distribute his wealth among his three daughters end to the hostilities between the two cities. At the on the basis of their flattery. Peter Brook’s adap- same time, the women seize control of the state tation of King Lear features British theatrical leg- treasury, which funds the war. end Paul Scofield in the leading role. Director: The women’s actions bring immediate results, Peter Brook Screenplay by: Peter Brook. and the male camp tries to respond anyway it The Tempest (1979) Jarman tackles Shakespeare’s can. After lots of give and take, squabble, and swan song. Twelve years after the loss of the duchy negotiation, peace is at last achieved, and the of Milan as a result of his brother’s plotting, Prospero event is celebrated with a Dionysian feast. is stranded on a remote island with his daughter, [August 5 & 6] Miranda, having, nonetheless, mastered the secrets of sorcery. A twist of fate that brings Antonio’s ship to Athens Open Air Film Festival 2016 the island will restore order. Director: Derek Jarman Shakespeare in the city Screenplay by: Derek Jarman. The Athens Festival joins forces with the Athens [July 7, 13 & 20, Piraeus 260, Garden] Trade with Greece Trade 108 Stavros Niarchos Hall. March 12, 2016. Photo: Yiorgis Yerolymbos. Metamorphosis: The Stavros Niarchos Foundation Cultural Centre to the World From June 23 to 26, 2016, the SNFCC welcomes the public and is transformed into an open space of creativity and exploration.
Can we literally become different people? Can we symbolic title Metamorphosis: The SNFCC to the change our minds, our emotions, our ways of World. From June 23 to 26, the SFNCC is trans- thinking and of being in the world? formed into a vibrant space of ideas, exploration, The answer is absolutely yes. and interaction, through an innovative pro- Laurie Anderson gramme that comprises cultural, sporting, and educational activities for people of all ages. his year, the Stavros Niarchos Moreover, the visitors will have, for the first time, Foundation Cultural Centre (SNFCC) the opportunity to get acquainted with the new T opens once again its doors to the public, premises of the Greek National Opera and for four days of free-admission events, under the National Library of Greece, as well as to enjoy the Trade with Greece Trade 109 Xylouris White Laurie Anderson by Kennefick © Manolis Mathioudakis © Laurie Anderson
M E T A M O R P H O S I S: Stavros Niarchos Park in its entirety. The SNFCC to the World The Metamorphosis programme brings together Signature text by Laurie Anderson more than 400 artists from all over the world, as Greek and international creators join forces to Can we literally become different people? Can we change our create a grand celebration of participation and minds, our emotions, our ways of thinking and of being in the collaboration, the values on which the SNFCC world? has been built. Visitors become creators, the The answer is absolutely yes. pathways of the East are intertwined with western Many times my life has changed its course because of music. I traditions, and the boundaries of different art heard something that broke my heart or that presented a brand forms are abolished. new way to perceive the world. Art and dance and theater have Music falls in step with nature, dance strides shown me new ways to solve old problems, taken me into inner along with sports, science is turned into play, and and outer space. literature is turned into a performance for the The Metamorphosis festival is sure to do that for both the artists young and the old. In a similar manner, different and the audience. age groups, generations, skills and singularities Each artist and group is so different and yet all are catalytic, they come together on a common space that aspires morph sound and image into new shapes. Omar Souleyman’s spe- to become a meeting place for all. cialty is ecstasy, Tan Dun’s introspection. David Dorfman can The events’ performance Curator is Limor Tomer, shock you into the present. John Luther Adams makes both the General Manager of Concerts & Lectures at the mind and body dance. The voice of Eleftheria Arvanitaki gives Metropolitan Museum of Art in New York, while the shape to the Mediterranean colors. internationally acclaimed, experimental artist The other artists in this astounding array –Xylouris White, Amir Laurie Anderson is the guest Artistic Director. ElSaffar, The Secret Trio, Apollon Retsos and Demy--bring trans- Moreover, Robert Storr, Dean of the Yale School formative individuality to this moment. Street Studio opens the of Art, along with curators Barbara London, Kalliopi stage to the general public. The Greek National Opera premiers at Minioudaki and Francesca Pietropaolo, are once the Alternative stage. again responsible for a video art programme titled Also, hundreds of emerging and established Greek musicians join Fireflies in the Night Take Wing. Magician Mark this moment of change and transformation through participation in Mitton and his troupe will sweep viewers of all site-specific performances. ages away into interactive spectacles of illusion There is no better time than June to shed your skin and become a and imagination. new person. Come and join the celebration. The National Gallery presents an exhibition of Trade with Greece Trade 110 The Book Castle. The lobby of the NLG. April 16, 2016. Photo: Yiorgis Yerolymbos
works by Greek painter Panayotis Tetsis curated The detailed programme of Metamorphosis: by Marina Lambraki-Plaka, while the Athens The SNFCC to the World is available at Conservatory curates and presents, for the first www.SNFCC.org/metamorphosis. time in Greece, two iconic works of musical mini- malism. The Greek National Opera participates in All events are free of charge and are exclusively the programme by staging a performance at the sponsored by the Stavros Niarchos Foundation. Alternative Stage, while the National Library of •The SNFCC as a whole (buildings and open Greece opens its doors to the public for the first spaces), can accommodate up to 32,000 visitors time. Responsibility for the general coordination at any given time. Of these, 4,000 visitors can be of the events lies with Mily Paschali, SNF accommodated within the buildings of the Programme Coordinator for Arts & Culture. National Library of Greece (NLG) and the Greek During these four days, the Metamorphosis pro- National Opera (GNO), which include perform- gramme brings together artists of different per- ance halls, lobbies, the Lighthouse, etc. suasions and styles, such as the groundbreaking •The Stavros Niarchos Foundation Cultural Laurie Anderson, Syrian musician Omar Centre (SNFCC) represents the largest single Souleyman, Greek singer Eleftheria Arvanitaki, donation of the Stavros Niarchos Foundation, American-Iraqi musician Amir ElSaffar, the and includes the construction and complete Xylouris White duo, percussion virtuosos/masters outfitting of new premises for the National Douglas Perkins and Dimitris Desyllas, the inter- Library of Greece and the Greek National nationally renowned Chinese composer Tan Dun, Opera, as well as the creation of the Stavros Greek singer Demy, American choreographer Niarchos Park, which covers a total area of David Dorfman, as well as the famous chess 210,000 m². champion Garry Kasparov and the project’s archi- The events of the Metamorphosis: The SNFCC tect Renzo Piano, aspiring to convey the to the World programme will offer the public SNFCC;s vision for the creation of a space that is the opportunity to get acquainted with the freely accessible by all, belongs to the citizens, and Stavros Niarchos Foundation Cultural Centre, has been designed to accompany the creative before it starts to operate under the Greek wanderings of Greece’s residents and visitors for State, which, as its future owner, will be many years to come. responsible for its management and operation. Trade with Greece Trade 111 The glass façade of the building complex. April 3, 2016. Photo: Yiorgis Yerolymbos
About the Stavros Niarchos Foundation (SNF)
The Stavros Niarchos Foundation (www.SNF.org) lows on the heels of two earlier initiatives of is one of the leading private international philan- €100,000,000 ($130 million) each, in 2012 and thropic organisations worldwide, making grants in 2013. The 2012 initiative, which is now complete, the areas of arts and culture, education, health, also aimed to provide immediate relief from the sports, as well as social welfare. The Foundation adverse effects of the socioeconomic crisis, funds organisations and projects that are expect- whereas the one announced in 2013 aims to ed to have a tangible, lasting and positive impact address the high rate of youth unemployment, on society at large, focusing on vulnerable groups seeking to improve employment prospects and such as children and the elderly, and are also dis- create new opportunities for young people. tinguished for their strong leadership and sound management. The Foundation is also actively The Foundation’s largest single donation is the supporting projects that foster public-private part- Stavros Niarchos Foundation Cultural Center nerships as an effective means for serving public (SNFCC) in Athens, to be completed in 2016. welfare. The total budget of the project amounts to $831 The year 2016 marks the 20th anniversary of the million (€596 million) and includes two donations of Foundation’s philanthropic activity. Since the $6 million (€5 million) each to the National Library launching of its operations in 1996, the SNF has of Greece and the Greek National Opera respec- donated a total of €1.5 billion ($1.8 billion), tively, aiming to support the two organisations’ relo- through 3,438 grants to non-profit organisations cation to their new premises. in 111 nations around the world. Designed by Renzo Piano, the project includes In June 2015, the SNF announced a new the new premises of the National Library of €100,000,000 ($112 million) initiative, in addition Greece, and of the Greek National Opera, as well to its standard donor activities, to help address as the Stavros Niarchos Park. The SNFCC is a the deepening crisis in Greece through the provi- testament and a commitment to the country’s sion of immediate relief to the most vulnerable future, as well as a short- to mid-term economic members of Greek society. The new initiative fol- growth driver. Trade with Greece Trade 112 euros (+13.6%), while the number of French (including cruises) stood at 24 million (13.3 billion tourists rose by 4% to more than 1.5 million euros, euros) and in 2013 slightly exceeded 20 million generating revenues of more than 1.2 billion euros, (12.1 billion euros). which is a new record for this specific country of Moreover, a study prepared in mid-2015 by the origin. In contrast, arrivals from Russia were sub- Institute of the Association of Greek Tourist stantially reduced to only 513 thousand, despite Enterprises (SETE) estimated that, excluding the reversal detected in December 2015. There cruise-visitor spending, outgoing tourist spending were also remarkable inflows of tourists from other stood at only 13.2% of incoming tourist revenues. countries and regions (e.g. Italy, Turkey, Central The same study also shows that tourism is one of Europe, Balkan countries, Chine), whose presence the key sectors of the national economy, heavily was intensely felt in certain places. affecting all its sectors, while there is a strong cor- The tourist year 2015 closed with almost 26 million relation with the agricultural sector, especially in arrivals, and revenues of approximately 14.2 billion high-end hotels. euros, whereas in the previous year arrivals After all, tourism remains an unrivalled global eco- Trade with Greece Trade 97 nomic growth engine, as international arrivals Hellenic Statistical Authority (ELSTAT) estimates remained above 1 billion, offering one in eleven recession for the year 2015 to 0.2%, revising its ini- jobs worldwide and contributing 10% of world GDP tial estimate of a 0.7% contraction in Gross (data from the World Tourism Organisation - WTO). Domestic Product. This improved picture is attrib- It is worth noting that, always according to BoG uted to the fact that the fourth quarter included final data, the current account deficit for 2015 stood at data on the growth of the services sector, which only 7.5 million euros. The more-than-impressive was better than expected. contraction of this deficit is mainly attributed to the Taking a more detailed account of the year 2015, drop in international oil prices and, secondary, to we can see that the new arrival record —a total of other reasons, such as the growth of revenues 26 million foreign visitors— was, above all, from tourism. Without ignoring or underestimating achieved thanks to the contribution of Greece’s tra- the coincidental nature of this development, we ditional markets. As far as the modes of trans- would like to remind that the Greek crisis was portation are concerned, special mention should caused by the well-known “twin deficits” —the be made to the significant contribution of tourist budget and the current account deficit— and, road arrivals, not only from neighbouring countries therefore, the above situation is very remarkable but also from Central Europe, which rose signifi- and will hopefully become more permanent. For cantly in the previous year and were mainly bound the sake of history, we should mention that the for mainland Greece. This was a very important Trade with Greece Trade 98 France. The top-20destinationsintermsofsearch- nated intheUK,Germany, Italy, theUS,and Most Internetsearchesfortravel toGreeceorigi- while mobilehandsetsearches surgedby72%! for “Travel inGreece”increased by19%lastyear, It isveryinterestingindeedthat Googlesearches sponding touristperformanceof Athens during2015. “El. Venizelos” reflects toagreatextentthecorre- should benotedthattheexceptionalperformanceof Heraklion, Thessaloniki, Rhodes,andChania.It highest traffic volume,followedbytheairports of Venizelos” Athens International Airport, attractedthe 63.4%. Inthepreviousyear, the“Eleftherios arrivals inGreece,byplaneaccountfor If roadarrivalsaccountfor34%oftotal foreignvisitor on localmarkets. consumer behaviourwithobviouspositiveeffects asitmostprobablyreflectsdevelopment, aspecific “ opportunity, itshould benotedthatthecapital’s performance recordedin Athens.” Giventhis and symbol”,withoutofcourse ignoring“thegood 12-month destinationandacting asan“example season, withtheislandofSantorini operatingasa done, includingthecovetedextension ofthetourist regions. Undoubtedly, thereisstillmuchtobe favourable effects ofupheavalinsurrounding stabilisation andreductionofprices,the tent advertisingthroughalternativeimages,the of thepast fewyearstothreemainfactors:consis- not coincidental” andattributingthetouristgrowth good year”,stressingthat“positiveperformanceis unexpected, thereisastrongpossibilityforvery University ofthe Aegean, saysthat“barringthe Paris Tsartas, whoteaches Tourist Growthatthe phere ofstability prevailinginGreece.Professor tination orbecausetheyappreciatetheatmos- recurring visitors,eitherbecausetheylikethedes- ther enhancedin2016. There will beevenmore under certain conditions, tourismgrowthwillbefur- Therefore, therearewell-groundedestimatesthat, choose tovisitGreece. include newbenefits forthetourists thatwill munity, andtheirpricesforthecurrentyearwill are includedinthetop-tenofglobalhotelcom- ty level. Inregardtohotelsinparticular, Greekones the weatherand,evidently, thedestinations’ securi- offered totourists togetacquaintedwithnewthings, air faresandaccommodation,theopportunity 2016 travelwillbemostlyaffected bythepricesof TripAdvisor, the world’s leadingtravelwebsite,in Moreover, accordingtoasurveyconductedby Peloponnese, Thessaloniki, Lefkada, andSantorini. es include Athens, Crete,Rhodes,the further enhancedin2016. tourism growthwillbe under certainconditions, estimates that, There arewell-grounded ” 99 Trade with Greece hotel capacity undergoes a stage of fast refurbish- structure and an upgraded product, the sun and ment and upgrading. the sea, the competitive prices, the feeling of secu- Summarising expectations for 2016, Alternate rity and, above all, the Greeks’ warm smiles make Minister of Tourism Elena Koundoura, stressed us even more confident that the millions of friends that: “Leading international tour operators give about to visit our country this year will be totally sat- their vote of confidence to Greece, and this makes isfied with their choice. us very proud. We worked methodically and quiet- ly, implementing our national tourist strategy in order to strengthen and develop Greek tourism, Meaningful distinctions and this has borne fruit. We will sustain our target- Can many individual distinctions lead to other, ed efforts, in order to lay the groundwork for growth more important ones? Definitely, provided that they that will sustained in the years to come.” indicate positive general developments, especially One could say that the previous year points to the if there are combined with synergies, with obvious path of success for 2016, making Greece even multiplying effects. more attractive for its visitors. History and culture, Recently, Frommer’s, the US-based travel guide, combined with an unmatched natural environment, ranked the Athens Metro among the top ten sub- produce a unique background. The strong per- way systems in the world. Remember that formance of Athens, improved performance in the Frommer’s was founded in 1957 and has pub- cruise sector, both in Piraeus and in other ports lished more than 350 travel guides, selling more around the country, the enhancement of theme than 75 million copies worldwide. tourism in regard to both open-air or wining and “Subways Worth the Ride” is the title of the relevant dining activities, the strengthening of mainland article at Frommers.com, where it is stated that Greece (apart from the islands) with new infra- “Other than safety, cleanliness, and cost, it doesn’t Trade with Greece Trade 100 One could say that the previous year points to the path “ of success for 2016, making Greece even more attractive for its visitors. ” hurt to have amenities like great architecture or A few months ago, TripAdvisor, the world’s leading underground shops and eateries.” travel website, included the Acropolis Museum in Among others, the site’s commentary on the its list of the top-25 museums in the world; the Athens Metro mentions that: “One of the crowning Museum is ranked 11th in the world, 8th in Europe, achievements of this city’s Olympic bid was the and 1st among Greece’s top-10 museums. creation of Attiko Metro, a system with stations The popularity of the Acropolis Museum is, after all, housing archaeological exhibits and items that verified by the significant increase in the number of were uncovered while digging (walls, cisterns, its visitors, Greek and foreign. urns, and even sarcophagi). Even if you don’t need Moreover, in the first quarter of 2016, TripAdvisor to get to any of the 50-plus stations, it’s well worth included a series of Greek hotels at prominent a visit to Syntagma Square or Akropoli stations to places in seven top-hotel lists. These lists have see the relics or Ethniki Amyna station for more been compiled on the basis of user comments. contemporary art installations.” The other subways More specifically, Achtis Hotel in Chalkidiki and comprising the world’s top-ten are: the Moscow Canaves Oia Hotel in Santorini captured the 5th Metro, the London Underground, the Stockholm T- and 12th place respectively in TripAdvisor’s list of Bana, the Tokyo Metro, the New York subway, the the top-25 hotels in the world. Spirit of the Knights Paris Metro, the Dubai Metro, the Hong Kong Mass Boutique Hotel (Rhodes) and Enigma Apartments Transit Railway, and the Beijing Metro. & Suites (Santorini) were ranked 9th and 14th Trade with Greece Trade 101 respectively in the list of the world’s top-25 small hotels. The list of the world’s leading bargain hotels features Lithos by Spyros and Flora (Mykonos) in the 5th place and Chez Sophie Rooms and Suites (Santorini) in the 11th. Moreover, Lindos Blu (Rhodes) was ranked 19th in the list of top luxury hotels worldwide, while Aenaon Villas (Santorini) was ranked 4th in the corresponding list of top-25 B&Bs and Inns. The list of the leading hotels world- wide in terms of service includes Astra Suites (Santorini) in the 9th place and Anastasis Apartments (Santorini) in the 24th place. Sani Beach Club (10th) in Halkidiki and Holiday Village Rhodes (15th) in Rhodes made the new TripAdvisor list of the top-25 Hotels for Families in the world. Greece also has a strong presence in the lists of the best hotels in Europe, with 16 entries. More specifically, Achtis captured the 2nd place in the list of Europe’s top-25 hotels, followed by Canaves Oia Hotel in the 4th place and Trapezaki Bay Hotel (Kefalonia) in the 15th. Spirit of the Knights Boutique Hotel (Rhodes), Enigma Apartments & Suites (Santorini) and Anastasis Apartments (Santorini) were ranked 4th, 7th, and 14th respec- tively in the list of the Europe’s top-25 small hotels. Europe’s list of top bargain hotels features Lithos by Spyros and Flora in the 3rd place, Chez Sophie Rooms and Suites in the 7th place and Lefka Apartments (Chania) in the 19th place. In addition, Lindos Blu was ranked 5th in the list of top-25 lux- ury hotels in Europe, followed by Casa Delfino Hotel (Chania) in the 14th place, and Andronis Luxury Suites (Santorini) in the 15th place. In the list of the top-25 hotels for service in Europe, Astra Suites was ranked 5th, followed by Anastasis Apartments in the 11th place and Achtis in the 20th place, while Aenaon Villas (Santorini) was ranked 4th in the corresponding list of top-25 B&Bs and Inns. Finally, in the list of the top-25 hotels for fam- ilies in Europe, Sani Beach Hotel (Chalkidiki) was ranked 3rd, Holiday Village Rhodes (Rhodes) 5th and Club Med (Gregolimano, Evia) 10th. During these difficult years Greek tourism has shown originality, resilience, reliability, and a human face. Its numerous distinctions, only a few of which were presented above, are in no way coincidental. They resulted from the assiduous and systematic work of knowledgeable and capable people for the promotion of a unique historical and cultural heritage, in an enchanting environment. The large, even larger than last year, numbers of visitors expected in Greece in 2016 will come as a reward for the people who are tirelessly working to ensure that Greece’s friends from all over the world will be fully satisfied with their choice. Trade with Greece Trade 102 A A P n n a a r r ( e a a c c
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s s 113 Trade with Greece Theatre of Dionysus
in venues especially constructed to enable a large hese are monuments of a distinctive cultur- number of viewers to watch the dramas. al heritage, architectural masterpieces In general, the plots of the plays performed in these amphitheatrically built in natural hollows on T venues revolved around stories about gods, hillsides or cut in cliff faces, harmoniously integrat- demigods, and heroes, the mythological ancestors ed in the natural environment, and offering excep- of the Greeks and their kindred tribes, and more tional acoustics. Some of these theatres, after the specifically about war, marriage, adultery, the fate necessary restoration works, are even used today of offspring paying the price for their parents’ mis- for theatrical plays, concerts, and other cultural takes, clashes between men and gods, good and events. evil, duty and human nature, combined with lots of -Ancient Greek theatres remind modern visitors the social satire, criticism against persons and institu- values the ancient Greek civilization was built tions, or even commentary on contemporary politi- on: democracy, learning, civic education. cal and social situations. -At the same time, the fact that these monumental Ancient Greek theatres were not standalone monu- areas, especially in Athens, enable visitors to ments, but were part of a deity’s sanctum and con- watch the modern renditions of the works of stituted the epicentre of collective acts of worship; ancient playwrights from the very seats that were with time, the religious element gradually subsided, occupied almost 2500 years ago by Pericles, albeit without ever being erased, and viewers saw Socrates, Plato, Aristotle and others, verifies, in the dramas as independent works of art or enter- the best possible manner, the ageless value of tainment, while the venues were also used for poet- the intellectual pursuits and moral ruminations of ry and musical competitions, as well as for the Classical Greeks, as well as the cultural continu- assemblies or councils of the city-state’s citizens. ity of Greece’s past and present. Greece of the 5th century BC is the place where Architecturally wise, the first ancient Greek theatres theatre was for the first time given the form in which consisted of two parts: it is currently known to Western civilization. This is • The “orchestra” (which means “dancing place”), the period when the first tragedies and comedies — the heart of the theatre, a wide circular area some of which have survived till this date— were where the actors, the musicians, and the chorus performed, for the first time, by “hypocrites” (actors) Trade with Greece Trade 114 Sikyona, Dodoni, Larissa, Dion, Thassos, as well as Knossos and Festus in Crete. Some of the best preserved ancient theatres are the following: a) Theatre of Dionysus The most ancient surviving Greek theatre is located in Athens, on the south side of the Acropolis, within the area dedicated to the worship of the god Dionysus. The history of the Dionysian theatre begins after 500 BC, when the archaic temple of Dionysus was built on this site and the god’s festi- vals were transferred there from the Agora, where they were originally held. A little to the north from that temple, on the slope of the Acropolis and almost three metres higher, lies a flat circular area, where the festivals in honour of the god were held. This was the site of the Great Dionysia, the most glorious festival held by Athenians in honour of the god, which was celebrated each year, during the month Elaphebolion (late March to early April). This circular area, formed of hard-pressed earth, was almost 25 metres in diameter and constituted the original orchestra of the theatre that would be built later on, around which wooden benches were placed for the audience. The circular dithyrambic dance of Dionysus wor- shipers performed in this area gave birth to tragedy, while the celebrations in honour of the god gave were placed and at whose centre a kind of altar, their place to “dramatic contests”, also directly the “thymeli”, was built; and linked to Dionysus worship. • the “koilon”, the reclining part of the theatre, This is where plays by the great Athenian tragedi- were the viewers’ benches were situated. ans Aeschylus, Sophocles, and Euripides, as well Later on, theatre architecture was enriched through as comedies by Aristophanes, Menander etc. were the addition of the “skene” —a single or two-storey staged for the very first time. structure— that acted as a backdrop and resonator Later on, at the time of orator and statesman for the actors, as well as a backstage area for Lycurgus (ca. 330 BC), the spectators’ wooden changing costumes and setting up various theatri- benches were completely replaced by stone seats cal “machines”, the most important being the one —the remnants of which can still be seen today— that made it possible for gods to descend from the stretching up to the foot of the Sacred Rock of the heavens (deus ex machina) in order to resolve Acropolis, while a wooden building, the skene, was unsolvable problems in the plot of the play. The side attached to the orchestra. It is estimated that these of the scene facing the audience usually depicted new structures brought the capacity of the theatre the facade of a temple or a palace, with three of Dionysus to 15-16 thousand spectators. entrances, the middle of which was used for the It should be stressed that performances in the the- king’s exit. atre of Dionysus were attended by thousands of In Greek antiquity, theatre was identified with the Athenian citizens, as well as metics and foreigners; concept of culture, and cities without theatres were in fact, the state provided destitute citizens with an treated by their neighbours with great scepticism allowance that enabled them to attend the dramat- and disdain. ic plays, which were considered to be lessons in Ancient Greeks founded dozens of theatres culture and democracy. throughout the then known world; even Spartans, The first row of seats comprised 67 marble thrones, whom we have come to view as solely interested in each inscribed with the name of the dignitary that exercising and fighting, had their own theatre. occupied it. At the centre of the row stood the throne Apart from Athens, there were also important the- of the priest of Dionysus. The skene was most like- atres in Eleusis, Argos, Epidaurus, Delphi, Delos, ly a rectangular structure, stretching along the Eretria, Milos, Messene, Megalopolis, Egira, orchestra, with projecting wings at both ends, the Trade with Greece Trade 115 “paraskenia”. The alterations made during the first modern performance of an ancient drama. After Hellenistic period probably had to do only with this its full restoration in 1955, the theatre became the structure, which was refurbished in monumental main venue of the Athens Festival. In the interven- form. ing years, its scene hosted almost all —Greek and In Roman times the skene was extended to part of international— leading artists from the world of the orchestra and was built in stone, while the lower music, dance and, of course, theatre. Enjoying a front of the stage (proscenium) was adorned with performance under the August moon and the shad- the kneeling figures of Sileni, Dionysus compan- ow of the Parthenon is an unforgettable experience ions, which can still be seen today. The orchestra for deeply romantic spectators. took on the shape of a horseshoe and was paved with coloured marble slabs that survive till this date. b) Theatre of Epidaurus In the 2nd century CE (after 160 CE), the Odeon of The ancient theatre of Epidaurus lies within the Herod Atticus was also built on the south slope of precinct of the Asclepeion of Epidaurus, one of the the Acropolis and to the west of the theatre of most important pan-Hellenic sanctuaries of Greek Dionysus, funded by the sophist Tiberius Claudius antiquity, dedicated to Asclepius, the god of Atticus Herodes, scion of a rich Athenian family, in Medicine. The theatre belonged to the city of memory of his wife Regilla. Epidaurus, a small Classical city-state, located on The Odeon’s semicircular koilon comprises marble the nearby west shore of the Saronic Gulf, on the seats and can host 5,000-6,000 spectators. The site of the modern town of Palaia Epidavros, semicircular orchestra and the proscenium date (almost 140 km from Athens and 30 km from the back to the Roman period, while the walls of the city of Nafplio), in what is today the prefecture of skene are really impressive in terms of height and Argolid. construction. The building was externally covered in Over time, the worship of Asclepius, which in marble, with niches adorned with statues. The ancient times led to the development of systematic entire structure was roofed; its wooden roof, made healthcare, was enriched with athletic and artistic of expensive, cedar-of-Lebanon timber, and not contests, as well as drama contests. These con- supported by pillars or other bearings, was consid- tests were held in the sanctuary (theatre, stadium ered to be an architectural marvel. etc.) and constituted an integral part of the celebra- In 1867, the (recently excavated) Odeon hosted the tions in honour of the healer-god, since it was Trade with Greece Trade 116 • The recliningpart The ofthetheatre isperfectly • •Itsbuilding: ancient Greektheatresisperfectlyappliedinthis The typicaltripartite architecturalstructureof in Romantimesandretained its authenticform. Hellenistic theatres,thistheatrewasnotrenovated Contrary towhathappenedwithotherClassicalor monument withinthesanctuary. 5th centurysculptor, andwasthemostimpressive tor from Argos andgrandsonofthesynonymous by Polykleitosthe Younger, anarchitectandsculp- the middleof4thcenturyBC.Itwasdesigned most symmetricalstructureofits kind,wasbuiltin terms ofaestheticsandacoustics,aswellthe ered tobethemostperfectancientGreektheatrein The ancienttheatreofEpidaurus,whichisconsid- health. was beneficialtothepatients’ mental andphysical believed thatattendingtheatricalandotherevents 34 rowsofseats forpriests anddignitaries, and arated byapassage: thelowerpart comprises mately 26degrees.Itconsists oftwoparts, sep- slope ofmountKynortio,atan angleofapproxi- adapted tothenaturalcavity ofthenorthern water flowingfromthe by anopenpassage/drain toremoveanyrain- ter. Itis19.5metresindiameterandsurrounded hard-pressed earth,encasedbyastoneperime- orchestra Theatre ofEpidaurus is aperfectcircle,withfloorof koilon . Heritage Monuments. archaeological site,inUNESCO’s list ofWorld entire Asclepeion, whichisapubliclyaccessible In 1988,thetheatrewasincluded,alongwith mer period,fromJunetoSeptember. diverse programme,whichcoverstheentiresum- Today, the Athens andEpidaurusFestivaloffers a of thegreatestrecognitionsformodernartists. theatrical andotherevents isconsideredtobeone and foreignactors.Participation inthe Festival’s hosts performances featuringmanyleadingGreek became thevenueofEpidaurusFestival,which large numberofspectators. In1955,thetheatre in theearly1950sandcannowaccommodatea Second World War, whilethetheatrewasrestored performances werelaterputonholdbecauseofthe was staged in the ancienttheatreofEpidaurus. The ance ofanancientplay(“Electra”,bySophocles) A fewyearslater, in1938,thefirstmodernperform- 1926) inordertouncovertheancientmonuments. Service started asystematicexcavation(1870- human interventions,untiltheGreek Archaeological The areawasdevastated bynaturaldisastersand the theatreofEpidauruswerepermanentlyclosed. against pagan religions,boththe Asclepeion and tions launchedbytheChristianByzantineemperors In thelate4thcenturyCE,aspart oftheprosecu- • The The • Pergamon, whichgaveitamore monumental form, remodelling sponsoredby EumenesIIof stone, in160/159BCthetheatre underwenta Built inthe4thcenturyBC, originally fromlime- atrical contests andpoeticevents. monies inhonourofthegod Apollo, aswellthe- competitions heldaspart ofvariousreligiouscere- the theatrehostedsingingandinstrumental music steep slopeofmountParnassus.Inancienttimes sacred precinctofPythian Apollo, andisbuiltona preserved theatresinGreece,islocatedwithinthe km tothenorthwestof Athens), isoneofthebest The ancienttheatreofDelphi(approximately160 c) TheatreofDelphi century BC. form thatwasfinalizedin Athens duringthe5th designed forthepresentation ofdramasinthe the Epidaurustheatreshowsthatitwas tators). The entirearchitectureofthescene orchestra’s end totheotheropeningof adjacent tothe ty isestimatedat12-13thousandpersons. for thegeneralpopulation. The theatre’s capaci- stage (mid-2ndcenturyBC),comprises21rows the lowerpart, whichwasconstructedatalater skene open side(thefacingthespec- was oblongandtwo-storeyed, orchestra and closedfromone koilon to the 117 Trade with Greece Theatre of Delphi
while its current form dates back to the early and as part the first Delphic Festival of May 1927 — Roman period (1st Century CE). which was repeated in 1930— the Delphi theatre The orchestra, the actual area where the perform- hosted, in front of an international audience, the first ances and the musical contests were held, has a ancient tragedy performances to be held in an diameter of 18.50 m and is surrounded by a 2.20 ancient theatre after almost 2,000 years metre-wide corridor that enabled the passage of (“Prometheus Bound” and “The Suppliants” by spectators and covers a conduit for the drainage of Aeschylus). The mastermind of the ancient the- rainwater. The horse-shoe shape and paving of the atre’s revival was poet Angelos Sikelianos, who, orchestra’s floor with irregular slabs are Roman-era together with his American wife Eva Palmer, had interventions. The deep, amphitheatric koilon, has a the vision of turning Delphi into a global spiritual total capacity of 5,000 spectators and is vertically centre, the “navel of the earth”. divided into two uneven zones by a horizontal land- In 1987 UNESCO included the archaeological site ing, the “diazoma”, which enables the movement of of Delphi in its list of World Heritage Monuments. spectators among the seats. The lower koilon has 27 rows of seats and is divided into 7 clusters of d) Theatre of Dion seats by vertical symmetrical staircases, while the The ancient theatre of Dion is located in Pieria, on upper koilon comprises 8 rows and is divided into 6 the north foot of mount Olympus, south of the syn- clusters. The seats are inscribed with the names of onymous city that was the ancient Macedonians distinguished spectators, both private citizens and sacred city of par excellence, and west of the tem- officials. Facing the koilon and the orchestra was ple of Demeter. Its construction is dated in the skene of the theatre, a structure of limited Hellenistic times and, most probably, during the height, so as not to hide the splendid natural reign of Philip V (221-179 BC). scenery of the Delphic landscape. The theatre is built on the slope of a low hill, and the The only surviving part of that rectangular building monument’s architect made perfect use of the ter- is its foundation, on a level lower than that of the rain, partially removing the earth and using artificial orchestra. To the north of the stage proper stood the landfills, in order to create one of the most efficient proscenium, a small, pillared gallery facing the structures of this kind. orchestra. In the 1st century CE the front of the The orchestra, approximately 26 metres in diame- proscenium was adorned with a marble relief frieze. ter, had a hard-pressed earth floor, and the koilon Earthmoving works and the first excavations on the had seats made of clay plinths, a peculiarity that is theatre’s site started in 1895. In the interwar period not encountered in any other ancient theatre, while Trade with Greece Trade 118 Theatre of Dion
the walls of the skene were partially made of mar- rent form is the result of successive interventions at ble. various stages of the town’s history. The theatre of Dion was possibly abandoned after The theatre continued to be used by Roman 168 BC, was only put to rudimentary use until the colonists, after being remodelled in order to be early imperial period, and was apparently rendered adapted to the new spectacles enjoyed by Roman totally useless after the erection of Roman theatres society and to accommodate more spectators; it on the same site. Archaeological excavations in the stopped being used as a performance venue during area, which began in 1928 and led to the discovery the early Christian period (5th-6th century CE). of this Hellenistic theatre, took on a more system- Systematic excavation in the theatre began in atic form after 1970, while the Olympus Festival, 1921, was continued in the 1950s and resumed in which was inaugurated in 1972 (and is held each 1974, while a comprehensive programme for the year, in July and August), soon became a cultural site’s maintenance and restoration has been in institution distinguished for the quality and compre- progress since 1993. This theatre has since 1957 hensiveness of its proposals. been hosting the Philippi Festival, which is held During its forty-year presence in the artistic scene of every year in July and August and covers a wide Northern Greece, this festival has introduced excel- range of artistic events. Since 2011 some of the fes- lent plays by leading directors and playwrights, has tival’s events are held at the ancient theatre of the been established as a major cultural event, and nearby island of Thassos. has, over time, attracted many faithful followers. Special emphasis is placed on folklore events, f) Ancient theatre of Eretria which are also enriched with many international The ancient theatre of Eretria —the most impres- participants, while the festival has also established sive structure in this ancient city on the island of a tradition in opera performances. Evia— is one of the oldest known monuments of its kind. It was originally built in the 5th century BC, e) Theatre of Philippi after the city was rebuilt in the aftermath of the The ancient theatre of Philippi is built on the south- Persian Wars, and its heyday was the 4th century eastern slope of the hill on which the citadel of this BC. It is worth noting that the koilon of this theatre, Macedonian town stands (16 km west of the city of in contrast with most other ancient Greek theatres, Kavala), adjacent to and resting on the city wall. Its did not use the natural slopes of the citadel, but was origins are traced back to the reign of King Philip II built on an artificial hill, created with landfills and of Macedonia (mid-4th century BC), while its cur- retaining walls that prevented landslips. Trade with Greece Trade 119 Ancient theatre of Eretria
The theatre of Eretria had another peculiarity: it was of every Greek, since these monuments represent the only one to have a vaulted underground gallery, the key elements of a civilization that was born in which connected the skene with the centre of the this land. orchestra and allowed the emergence, during the This is why special mention should be made to a performances, of the actors impersonating nether- citizen movement that, as part of the “Diazoma” world deities or the dead. society, is systematically working for the restoration The theatre was mostly built with local poros stone, of ancient theatres, with the aim of bringing them and its capacity is estimated at 6,300 spectators, back to life, as theatrical venues and modern cul- while its form is very similar to the form given to the tural and spiritual hubs. theatre of Dionysus in Athens, after its transforma- References tion in 330 BC. 1. Phyllis Hartnoll, A Concise History of the Theatre (Greek edition -translation by Roula Pateraki), Ypodomi Today, systematic efforts are made for the Eretria Publications, 1980 theatre’s full restoration, while its site provides the 2. Leonidas B. Lellos, GREECE - History, Museums, venue for various cultural events during the summer. Monuments (in Greek), Athens 1973 3. Anastasios Stephos, Emmanuel Stergioulis, Georgia The preservation (discovery, restoration, mainte- Charitidou, History of Ancient Greek Literature (in Greek), nance, protection, and promotion) of the ancient Ministry of Education, 2004. theatres that are scattered throughout Greece is, of 4. Brief Tourist Guides (Greek National Tourism Organisation publications) and websites of the Ministry of course, the responsibility of the competent govern- Culture and the Athens and Epidaurus Festival. ment authorities; however, it is also the moral duty
Theatre of Philippi Trade with Greece Trade 120
The top-10 categories of Greek exports to EU countries The year 2015 saw major changes in the structure of Greek exports
Despite the fact that in 2015 Greek exports as a whole fell for a third consecutive year, the performance of most individual sectors reached record highs, amidst a very adverse economic environment.
he year 2015 also saw major changes in the “The proper functioning of the country and its businesses structure and geographical targeting of Greek requires a National Action Plan, summed up by the trip- Texports. According to analysis by the tych: confidence, investment, exports.” Panhellenic Exporters Association and the Export It should be noted that the European Commission, in its Research Centre (KEEM) on provisional data for the winter forecast, revised upwards the estimates regarding entire 2015, the total value of Greek exports decreased by the growth of Greek exports of goods and services in 5.1% to 25.5 billion euros, from 26.9 billion euros in 2014. 2016, citing an expected increase of 1.9% (against a pre- Excluding, though, petroleum products, exports rose by vious forecast for a 1.2% increase), a rate that translates almost 7.8% to 17.9 billion euros from 16.6 billion euros in into additional revenues of 1.1 billion euros (including 2014. petroleum products) for the Greek economy, as compared Commenting on the findings of the analysis, as well as the to last year. overall data concerning the Greek economy, PSE Plummeting international fuel prices, in conjunction with President Christina Sakellaridi, stressed that “the per- last May’s planned shutdown of Greek refineries, which formance and growth of goods exports —excluding petro- affected the overall growth of exports, also had an impact leum products— under extremely adverse circumstances on the geographical distribution of Greek exports. show the way forward with regard to actions and reforms However, it is worth noting that in the previous year devel- aimed at the recovery and transformation of Greece’s pro- oped markets (OECD countries, EU, euro zone, G7, North ductive model. These data become particularly relevant, America) performed better than developing countries. as they demonstrate the crucial nature of a minimum of In particular, total Greek exports to the EU-28 registered a stability and normality in the business environment, in substantial increase (10.6%), rising to 53.3% of total conjunction with the utilisation of the existing export exports (from 45.6% of the total in 2014), mainly thanks to potential. a 13.5% increase in exports to euro zone countries, which “For example, had the export growth rate (excluding oil absorbed 37.3% of total Greek exports (as compared to products) recorded until June 2015 been sustained, an 31.1% in 2014). Excluding petroleum products, the share additional 2.3 billion euros, as compared to 2014, would of EU countries skyrocketed to 65%, against a meagre have flown into the country, leaving a cumulative positive 35% for Third Countries. imprint on public revenues, social security contributions, There was also a great increase in exports to North and the preservation and creation of new jobs. America (+46.6%), to Other Countries of the Americas “In other words, the ‘shutting-down’ of banking borders (+128.5%) and African countries (+18.7%). Smaller per- due to the imposition of capital controls had a greater centage increases can be observed in exports to Other impact than the ‘black hole’ of the pensions system, lead- EU (non-euro) countries (4.3%), Middle Eastern and ing to the imposition of new painful measures on Greece’s North African countries (1%), and Oceania (5.2%). economy and society. In contrast, there was great drop in exports recorded as “At the same time, the problems arising along Greece’s stores and provisions of ships flying either EU or Third physical borders, either because of farmer demonstra- Country flags (-90.9% and -87.8% respectively), as well tions, or because of the refugee inflows and the Schengen as in exports to non-EU European countries (-33.8%). Agreement, add to our concern that the positive effect of There was also a drop in exports (-9.2%) to Asian coun- increased exports on GDP growth may be eliminated. tries (excluding the Middle East). Trade with Greece Trade 122 As far as individual countries are concerned, Turkey (which imports surrounding primary production, manufacturing, and commerce, a large share of Greek petroleum products) fell from the first place caused imports to fall again. More specifically, exports were reduced among Greek export destinations to the third place in 2015. The first by 9.8% in 2015 to 42.5 billion euros (from 47.2 billion euros in place is now occupied by Italy (thanks to the surge of olive oil 2014). However, the largest part of the drop is accounted for by the exports), while Germany is ranked second and the top-five is com- petroleum products sector (-26.4%); excluding petroleum products, pleted by Cyprus and Bulgaria. The US is now in the 6th place (from the drop in imports is marginal (-0.2%, or a mere 75.5 million euros). the 8th), while the United Kingdom fell to the 7th place (from 6th More specifically, imports from the European Union were reduced by place in 2014). Egypt rose in the rankings (to the 8th from the 10th 1.7%, because of the drop in imports from euro zone countries (-3.6%), place in 2014), while Lebanon made the top-ten (rising to the 9th whereas imports from other EU members that are not euro zone coun- place, from 16th in 2014). The top-ten is completed by Saudi Arabia tries rose by 5%. Imports from other (non-EU) European countries fell (which fell one place, from 9th in 2014). by a steep -17.8%. As far as the composition of exports by major product categories is There was also a reduction in imports from North America (-10.1%), concerned, the overall contraction is due to a major drop in fuel Other Countries of the Americas (-14%), Middle East and North Africa exports (by -26.4%). In contrast, agricultural product exports rose by (-23.6%), other (excluding Middle Eastern) Asian countries (-13.6%), a spectacular 12.4%, while there was also an increase in the exports and Oceania (-7.3%). In contrast, there was 10.2% increase in imports of industrial products (+6.8%). In contrast, there was a marginal drop from other African countries (excluding North Africa). in the exports of raw materials, while the overall annual result was In terms of main product categories, apart from petroleum product also negative for the —low-value— exports of “Commodities and imports that fell by -26.4%, there was also a decrease in the imports transactions not classified by category” (-5.3%). of agricultural products (-0.8%), raw materials (-8.1%) and confiden- In terms of individual products, there were no discernible changes in tial items (-30.6%). the top-20, with olive oil being the incontestable star for 2015. Conversely, industrial product imports, which account for 57% of New entries in the list of Greece’s top-100 export products include: total Greek imports and remain the most important category, were Line pipes of a kind used for oil or gas pipelines (24th), olive oil - non marginally up by 1.1% (to 24,252.4 million euros from 23,994.3 mil- virgin (43rd), aeroplanes (58th), yachts and other vessels for pleas- lion euros). ure (67th), mink (73rd), rheostats (76th), electricity meters (82nd), As a result of all the above changes in Greece’s foreign trade pat- tangerines (92nd), petroleum coke (94th), mixtures of olive oil (95th), terns, the trade deficit once again improved by 15.8% to -17.12 bil- and apples (99th). lion euros (from -20.34 billion euros in 2014). The tables present Greece’s top-ten exports to the EU-27 (in terms Negative import growth of value), on the basis of provisional ELSTAT data. Moreover, the The growth of imports in 2014 proved to be short-lived, as the drop table compares these figures to the corresponding ones for the year in fuel prices, the imposition of capital controls and the uncertainty 2014, based on data from the Hellenic Statistical Authority.
JANUARY-DECEMBER JANUARY-DECEMBER 2015 2014 VALUE VOLUME/ VALUE VOLUME/ (Euros) KGR (Euros) KGR SWEDEN 176,058,023 256,367,189 SWEDEN 160,350,770 232,624,042 DAIRY PRODUCE. BIRDS’ EGGS. NAT- DAIRY PRODUCE. BIRDS’ EGGS. NATU- URAL HONEY. EDIBLE PRODUCTS OF 28,045,010 5,114,965 RAL HONEY. EDIBLE PRODUCTS OF 25,939,947 4,715,461 ANIMAL ORIGIN ANIMAL ORIGIN PREPARATIONS OF VEGETABLES, FRUIT, PREPARATIONS OF VEGETABLES, FRUIT, 16,010,167 9,483,162 NUTS OR OTHER PARTS OF PLANTS 16,459,944 9,924,384 NUTS OR OTHER PARTS OF PLANTS MINERAL FUELS, MINERAL OILS & PROD- PLASTICS AND ARTICLES THEREOF 12,909,216 6,094,124 UCTS OF THEIR DISTILLATION. BITUMI- 14,374,513 23,045,542 EDIBLE FRUIT AND NUTS; PEEL OF NOUS SUBSTANCES. MINERAL WAXES CITRUS FRUIT OR MELONS 11,972,743 12,837,462
PLASTICS AND ARTICLES THEREOF 12,418,544 5,801,648 OPTICAL, PHOTOGRAPHIC, CINEMATO- EDIBLE FRUIT AND NUTS; PEEL OF GRAPHIC, MEASURING, CHECKING, PRE- CITRUS FRUIT OR MELONS 10,842,042 10,312,063 CISION MEDICAL OR SURGICAL INSTRU- 11,150,971 20,417 MENTS AND APPARATUS PARTS AND ELECTRICAL MACHINERY & EQUIPMENT ACCESSORIES THEREOF & PARTS THEREOF SOUND RECORDERS & REPRODUCERS, TELEVI- MISCELLANEOUS EDIBLE PREPARATIONS 10,807,847 855,418 SION IMAGE & SOUND RECORDERS & 10,780,059 1,706,501 REPRODUCERS, & PARTS & ACCES- MISCELLANEOUS CHEMICAL PRODUCTS 10,701,974 173,114,467 SORIES OF SUCH ARTICLES ELECTRICAL MACHINERY & EQUIPMENT & PARTS THEREOF SOUND MISCELLANEOUS EDIBLE PREPARATIONS 10,579,996 849,614 RECORDERS & REPRODUCERS, TELEVI- 9,438,897 1,340,455 MISCELLANEOUS CHEMICAL PRODUCTS 10,368,123 175,386,655 SION IMAGE & SOUND RECORDERS & REPRODUCERS, & PARTS & ACCES- OPTICAL, PHOTOGRAPHIC, CINEMATO- SORIES OF SUCH ARTICLES GRAPHIC, MEASURING, CHECKING, PRE- CISION MEDICAL OR SURGICAL INSTRU- 7,878,878 28,925 ARTICLES OF APPAREL AND CLOTH- MENTS AND APPARATUS PARTS AND ING ACCESSORIES, KNITTED OR 7,103,160 310,253 ACCESSORIES THEREOF CROCHETED
PHARMACEUTICAL PRODUCTS 5,717,172 115,061 CONFIDENTIAL ITEMS, STORES 5,728,982 2,332,794 Trade with Greece Trade 123 124 Trade with Greece NOUS SUBSTANCES. MINERAL WAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, COPPER ARTICLES COPPER AND AND OTHER AQUATIC INVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS THEREOF PLASTICS ANDARTICLES PHARMACEUTICAL PRODUCTS THEREOF ALUMINIUM ANDARTICLES FRANCE WAXES NOUS SUBSTANCES. MINERAL UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- CHETED ACCESSORIES, KNITTEDORCRO- OF APPARELARTICLES CLOTHING AND CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF ANIMAL ORIGIN URAL HONEY. EDIBLEPRODUCTSOF DAIRY PRODUCE.BIRDS’ EGGS.NAT- PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, THEREOF ALUMINIUM ANDARTICLES PHARMACEUTICAL PRODUCTS GERMANY RATIONS FUMERY, COSMETICOR TOILET PREPA- ESSENTIAL OILS AND RESINOIDS.PER- ANIMAL ORIGIN URAL HONEY. EDIBLEPRODUCTSOF DAIRY PRODUCE.BIRDS’ EGGS.NAT- APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, BEVERAGES, SPIRITS AND VINEGAR PLASTICS AND ARTICLES THEREOF PLASTICS ANDARTICLES 1,876,807,071 JANUARY-DECEMBER JANUARY-DECEMBER 664,423,622 109,294,093 130,520,039 148,933,082 161,380,371 167,898,327 191,978,435 116,586,240 49,581,302 60,596,237 62,913,094 89,107,965 61,300,944 63,306,969 69,987,018 16,743,248 19,582,734 22,621,729 35,946,493 41,170,084 43,670,445 (Euros) (Euros) VALUE VALUE 2015 2015 1,085,502,851 121,323,686 132,861,744 113,517,481 VOLUME/ VOLUME/ 18,275,530 28,237,124 43,528,380 21,489,488 24,640,178 33,523,358 54,886,095 65,097,043 31,110,429 9,629,431 2,644,823 3,454,259 7,377,947 4,916,652 7,717,736 2,407,906 7,271,410 KGR KGR CEREALS COFFEE, TEA, MATÉ AND SPICES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF TUBERS ROOTS AND EDIBLE VEGETABLES AND CERTAIN FOLIAGE ORNAMENTAL FLOWERS AND BULBS, ROOTS AND THE LIKE;CUT LIVE TREES AND OTHERPLANTS; INCLUDED OR NOT ELSEWHERESPECIFIED OTHER PRODUCTSOF ANIMAL ORIGIN, ANIMAL ORIGIN OF RAL HONEY. EDIBLEPRODUCTS DAIRY PRODUCE.BIRDS’ EGGS.NATU- OTHER AQUATICINVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS& MEAT AND EDIBLEMEAT OFFAL GERMANY ANIMAL ORIGIN URAL HONEY. EDIBLEPRODUCTSOF DAIRY PRODUCE.BIRDS’ EGGS.NAT- APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND ARTICLES OFIRONORSTEEL PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, COPPER ARTICLES COPPER AND AND OTHER AQUATIC INVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS THEREOF PLASTICS ANDARTICLES THEREOF ALUMINIUM ANDARTICLES PHARMACEUTICAL PRODUCTS FRANCE WHEAT GLUTEN TRY; MALT; STARCHES; INULIN; PRODUCTS OF THE MILLINGINDUS- JANUARY-DECEMBER JANUARY-DECEMBER 1798496621 129,186,253 130,774,250 137,605,075 144,197,030 146,739,171 177,932,909 224,430,627 652255254 60,345,630 63,731,414 17,307,860 19,007,074 20,945,000 30,892,302 40,256,130 40,295,609 49,338,103 54,620,401 72,392,693 73,223,303 56,796,580 (Euros) (Euros) VALUE VALUE 2014 2015 1040665626 144,592,597 112,959,353 VOLUME/ VOLUME/ 713041542 45,466,191 20,938,671 25,010,799 26,184,993 53,623,589 20,520,477 29,145,540 14,952,924 24,297,302 34,483,266 11,020,708 4,962,393 7,104,995 7,097,915 1,870,956 4,552,258 6,534,819 3,015,145 KGR KGR CONFIDENTIAL ITEMS,STORES PHARMACEUTICAL PRODUCTS COPPER ARTICLES COPPER AND MAL ORIGIN RAL HONEY. ANI- EDIBLEPRODUCTSOF DAIRY PRODUCE.BIRDS’ EGGS.NATU- THEREOF PLASTICS ANDARTICLES APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, AND OTHER AQUATIC INVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS THEREOF ALUMINIUM ANDARTICLES ETABLE WAXES. PARED EDIBLEFATS. ANIMAL ORVEG- THEIR CLEAVAGE PRODUCTS.PRE- ANIMAL ORVEGETABLE FATS &OILS. NOUS SUBSTANCES. MINERAL WAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- ITALY APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, WAXES NOUS SUBSTANCES. MINERAL BITUMI- UCTS OF THEIR DISTILLATION. MINERAL FUELS,MINERAL OILS&PROD- CO SUBSTITUTES TOBAC- TOBACCO &MANUFACTURED THEREOF & ACCESSORIES INSTRUMENTS & APPARATUS PARTS CISION MEDICAL ORSURGICAL GRAPHIC, MEASURING, CHECKING, PRE- OPTICAL, PHOTOGRAPHIC, CINEMATO- THEREOF PLASTICS ANDARTICLES PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, THEREOF ALUMINIUM ANDARTICLES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF OTHER AQUATICINVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS& PHARMACEUTICAL PRODUCTS NETHERLANDS 2,901,619,005 JANUARY-DECEMBER JANUARY-DECEMBER 205,099,756 233,970,753 321,471,662 462,990,419 615,473,804 506,959,092 58,683,327 55,966,163 73,470,577 76,471,431 96,447,037 17,740,812 20,646,524 23,769,381 23,986,200 29,186,226 37,050,323 41,367,732 42,859,768 49,580,775 70,114,206 (Euros) (Euros) VALUE VALUE 2015 2015 1,357,889,884 377,033,323 3,036,608,486 46,127,251 29,655,467 13,844,406 30,884,741 145,784,590 145,752,073 VOLUME/ VOLUME/ 1,235,145 1,202,850 2,597,774 7,809,434 4,784,973 22,778,541 16,068,931 21,866,205 50,183,494 63,823,311 1,126,230 8,565,541 339,617 KGR KGR FIED ORINCLUDED MAL ORIGIN, NOTSPECI- ELSEWHERE RAL HONEY. EDIBLEPRODUCTSOF ANI- DAIRY PRODUCE.BIRDS’ EGGS.NATU- TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND THEREOF PLASTICS ANDARTICLES PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, THEREOF ALUMINIUM ANDARTICLES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF OTHER AQUATICINVERTEBRATES FISH &CRUSTACEANS, MOLLUSCS & PHARMACEUTICAL PRODUCTS NETHERLANDS ANIMAL ORIGIN OF RAL HONEY. EDIBLEPRODUCTS DAIRY PRODUCE.BIRDS’ EGGS.NATU- COPPER ARTICLES COPPER AND PHARMACEUTICAL PRODUCTS CEREALS THEREOF PLASTICS ANDARTICLES APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, ETABLE WAXES. PARED EDIBLEFATS. ANIMAL ORVEG- THEIR CLEAVAGE PRODUCTS. PRE- ORVEGETABLEANIMAL FATS &OILS. OTHER AQUATICINVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS& THEREOF ALUMINIUM ANDARTICLES NOUS SUBSTANCES. MINERALWAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- ITALY 2,502,183,518 JANUARY-DECEMBER JANUARY-DECEMBER 423,290,170 100,838,194 139,415,484 145,109,864 237,952,125 283,091,590 639,161,214 17,588,141 19,717,520 27,152,564 40,585,470 43,479,812 61,002,876 65,620,602 69,401,670 80,535,397 89,586,330 11,425,686 28,114,014 34,760,211 (Euros) (Euros) VALUE VALUE 2014 2014 2,657,734,642 395,797,104 337,154,412 134,733,327 985,775,552 VOLUME/ VOLUME/ 22,633,418 13,402,501 30,917,354 18,109,069 15,532,500 64,055,535 58,293,109 54,193,039 7,456,219 2,490,344 5,841,548 7,474,302 3,968,018 1,181,834 1,273,007 5,789,358 KGR KGR 125 Trade with Greece 126 Trade with Greece THEREOF AND CABLESROPES AND ARTICLES CIAL YARNS.ROPES CORDAGE, TWINE, WADDING, FELT AND NONWOVENS. SPE- SORIES OFSUCH ARTICLES REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- AND PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT THEREOF PLASTICS ANDARTICLES FERTILISERS PHARMACEUTICAL PRODUCTS NOUS SUBSTANCES. MINERAL BITUMI- WAXES UCTS OF THEIR DISTILLATION. MINERAL FUELS,MINERAL OILS&PROD- IRELAND CHETED CRO- ACCESSORIES, KNITTEDOR OF APPAREL CLOTHING ARTICLES AND THEREOF PLASTICS ANDARTICLES THEREOF ALUMINIUM ANDARTICLES COPPER ARTICLES COPPER AND CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF MAL ORIGIN RAL HONEY. EDIBLEPRODUCTSOF ANI- DAIRY PRODUCE.BIRDS’ EGGS.NATU- NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, NOUS SUBSTANCES. MINERAL WAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- SORIES OFSUCH ARTICLES REPRODUCERS, &PARTS AND ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- AND PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT PHARMACEUTICAL PRODUCTS UNITED KINGDOM PAPERBOARD OF PAPER PULP, OFPAPER OROF PAPERBOARD.PAPER AND ARTICLES APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF ANIMAL ORIGIN URAL HONEY. EDIBLEPRODUCTSOF DAIRY PRODUCE.BIRDS’ EGGS.NAT- 1,079,166,078 JANUARY-DECEMBER JANUARY-DECEMBER 151,665,910 117,661,359 35,595,239 72,278,635 30,627,622 38,195,997 49,528,610 52,347,414 62,607,007 83,662,412 87,155,066 88,160,017 12,412,211 3,642,464 9,258,674 1,278,214 1,573,088 1,583,087 2,333,507 2,466,038 2,136,113 (Euros) (Euros) VALUE VALUE 2015 2015 754,351,459 105,637,470 169,069,286 VOLUME/ VOLUME/ 39,594,000 61,527,030 15,144,761 39,387,574 19,424,692 78,845,237 19,861,033 11,516,695 9,384,598 3,695,001 1,131,625 923,283 965,808 681,921 167,615 377,841 973,399 182,627 78,129 KGR KGR MISCELLANEOUS CHEMICAL PRODUCTS PREPARATIONS PERFUMERY, COSMETICOR TOILET ESSENTIAL OILS AND RESINOIDS. CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, & CABLESROPES ARTICLES THEREOF CIAL YARNS.ROPES CORDAGE, TWINE, WADDING, FELT &NONWOVENS.SPE- MATERIALS THE LIKEOFMAN-MADE TEXTILE MAN-MADE FILAMENTS;STRIP AND ANIMAL ORIGIN URAL HONEY. EDIBLEPRODUCTSOF DAIRY PRODUCE.BIRDS’ EGGS.NAT- THEREOF PLASTICS ANDARTICLES PHARMACEUTICAL PRODUCTS FERTILISERS IRELAND COFFEE, TEA, MATÉ AND SPICES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF TUBERS ROOTS AND EDIBLE VEGETABLES AND CERTAIN FLOWERS &ORNAMENTAL FOLIAGE BULBS, ROOTS AND THE LIKE;CUT LIVE TREES AND OTHERPLANTS; INCLUDED NOT ELSEWHERESPECIFIEDOR OTHER PRODUCTSOF ANIMAL ORIGIN, ANIMAL ORIGIN URAL HONEY. EDIBLEPRODUCTSOF DAIRY PRODUCE.BIRDS’ EGGS.NAT- OTHER AQUATICINVERTEBRATES FISH AND CRUSTACEANS, & MOLLUSCS MEAT AND EDIBLEMEAT OFFAL LIVE ANIMALS UNITED KINGDOM CEREALS JANUARY-DECEMBER JANUARY-DECEMBER 106,972,322 135,124,063 979,880,823 33,985,813 38,605,500 55,379,797 55,489,246 59,985,626 64,408,922 77,482,558 86,618,433 33,232,663 1,023,917 1,136,322 1,293,890 1,352,103 1,367,325 1,443,171 1,629,921 2,962,999 6,801,643 7,863,587 (Euros) (Euros) VALUE VALUE 2014 2014 652,776,606 VOLUME/ VOLUME/ 38,202,000 49,136,869 18,382,374 98,813,770 43,189,570 20,382,840 74,593,120 17,490,726 11,875,544 9,873,847 3,648,441 1,046,056 120,171 907,003 174,312 520,353 534,896 258,427 770,005 17,936 54,652 KGR KGR CHETED ACCESSORIES, KNITTEDORCRO- OF ARTICLES APPAREL &CLOTHING SORIES OFSUCH ARTICLES ACCES- AND PARTS & REPRODUCERS, SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF MISCELLANEOUS EDIBLEPREPARATIONS ANIMAL ORIGIN URAL HONEY. EDIBLEPRODUCTSOF DAIRY PRODUCE.BIRDS’ EGGS.NAT- NOUS SUBSTANCES. MINERAL WAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- PHARMACEUTICAL PRODUCTS THEREOF ALUMINIUM ANDARTICLES FURSKINS. MANUFACTURES THEROF DENMARK LIKE OFMAN-MADE TEXTILE MATERIALS MAN-MADE FILAMENTS;STRIP & THE SORIES OFSUCHARTICLES REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS & RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND PHARMACEUTICAL PRODUCTS NOUS SUBSTANCES. MINERALWAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- THEREOF ALUMINIUM ANDARTICLES THEREOF PLASTICS ANDARTICLES APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, & OTHER AQUATIC INVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS PORTUGAL JANUARY-DECEMBER 127,372,680 JANUARY-DECEMBER 146,502,041 10,615,310 13,754,938 19,109,422 26,026,212 12,846,218 16,129,799 40,442,023 10,490,874 11,738,554 3,088,615 3,525,787 5,758,444 5,976,102 6,860,101 8,149,179 2,849,308 3,141,207 3,602,383 6,274,167 7,748,026 (Euros) (Euros) VALUE VALUE 2015 2015 VOLUME/ VOLUME/ 60,502,651 20,279,235 34,143,782 82,800,095 2,782,540 6,636,377 3,530,434 5,879,788 3,957,031 3,775,179 9,467,493 1,628,965 7,480,513 395,729 585,721 261,750 188,116 866,465 817,786 717,703 196,419 85,253 KGR KGR NOUS SUBSTANCES. MINERAL WAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- SLAG ANDASH ORES, PLASTERING MATERIALS, CEMENT LIME & SALT; SULPHUR;EARTHS AND STONE; TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND THEREOF PLASTICS ANDARTICLES TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND PHARMACEUTICAL PRODUCTS THEREOF ALUMINIUM ANDARTICLES APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, OTHER AQUATICINVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS & PORTUGAL OISO UHARTICLES SORIES OFSUCH REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT CROCHETED ING ACCESSORIES, KNITTEDOR OF APPARELARTICLES CLOTH- AND NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF MISCELLANEOUS EDIBLEPREPARATIONS ANIMAL ORIGIN URAL HONEY. EDIBLEPRODUCTSOF DAIRY PRODUCE.BIRDS’ EGGS.NAT- FURSKINS. MANUFACTURES THEROF PHARMACEUTICAL PRODUCTS THEREOF ALUMINIUM ANDARTICLES DENMARK ANCES PARTS THEREOF MACHINERY &MECHANICAL APPLI- NUCLEAR REACTORS, BOILERS, JANUARY-DECEMBER 216,791,200 JANUARY-DECEMBER 100,354,433 16,698,550 36,612,799 15,306,705 18,408,508 11,617,470 4,905,285 4,951,768 5,025,775 5,501,489 6,058,246 6,589,091 8,938,367 9,689,638 2,950,542 3,127,704 5,485,276 6,260,648 7,493,674 8,676,323 2,355,907 (Euros) VALUE (Euros) VALUE 2014 2014 VOLUME/ 91,092,409 VOLUME/ 34,438,138 1,433,321 1,253,814 4,057,771 3,314,002 1,551,447 7,602,468 2,819,741 7,509,167 3,799,257 6,047,784 798,883 196,671 285,019 533,191 331,201 187,118 83,280 94,167 88,072 KGR 1,682 KGR 127 Trade with Greece 128 Trade with Greece ALUMINIUM AND ARTICLES THEREOF ALUMINIUM ANDARTICLES SORIES OFSUCH ARTICLES REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT CONFIDENTIAL ITEMS,STORES COPPER ARTICLES COPPER AND THEREOF PLASTICS ANDARTICLES ETABLE WAXES PARED EDIBLEFATS. ANIMAL ORVEG- THEIR CLEAVAGE PRODUCTS.PRE- ANIMAL ORVEGETABLE FATS AND OILS. PHARMACEUTICAL PRODUCTS OTHER AQUATICINVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS& NOUS SUBSTANCES. MINERAL WAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- ANCES PARTS THEREOF MACHINERY &MECHANICAL APPLI- NUCLEAR REACTORS, BOILERS, SPAIN APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, CROCHETED ING ACCESSORIES, KNITTEDOR OF APPARELARTICLES CLOTH- AND COPPER ARTICLES COPPER AND THEREOF ALUMINIUM ANDARTICLES PHARMACEUTICAL PRODUCTS THEREOF AND ACCESSORIES TRAMWAY ROLLINGSTOCK; PARTS VEHICLES OTHER THAN RAILWAY OR THEREOF PLASTICS ANDARTICLES NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, CONFIDENTIAL ITEMS,STORES TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND BELGIUM JANUARY-DECEMBER 696,959,731 JANUARY-DECEMBER 117,739,336 346,725,548 25,980,979 26,925,360 28,435,237 30,638,563 31,513,216 36,548,702 42,691,546 76,840,606 82,576,944 10,341,749 13,798,049 15,590,961 18,757,484 22,344,981 24,548,934 26,361,275 54,061,082 61,366,172 9,625,541 (Euros) (Euros) VALUE VALUE 2015 2015 460,485,896 200,328,010 365,272,083 VOLUME/ VOLUME/ 13,203,229 17,950,802 23,725,595 16,450,734 22,480,808 28,674,706 8,597,348 3,652,162 5,413,062 6,264,099 6,706,269 9,201,725 1,293,236 2,480,341 4,526,149 1,687,038 854,412 544,816 342,464 KGR KGR APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, OF. IMITATION JEWELLERY COINS PRECIOUS METAL, &ARTICLES THERE- PRECIOUS METALS, METALS CLADWITH CIOUS ORSEMI-PRECIOUSSTONES, NATURAL ORCULTURED PEARLS,PRE- COPPER ARTICLES COPPER AND THEREOF ALUMINIUM ANDARTICLES THEREOF AND ACCESSORIES TRAMWAY ROLLINGSTOCK; PARTS VEHICLES OTHER THAN RAILWAY OR PHARMACEUTICAL PRODUCTS PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, THEREOF PLASTICS ANDARTICLES TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND CONFIDENTIAL ITEMS,STORES BELGIUM CROCHETED ING ACCESSORIES, KNITTEDOR OF APPARELARTICLES CLOTH- AND COPPER ARTICLES COPPER AND THEREOF ALUMINIUM ANDARTICLES THEREOF PLASTICS ANDARTICLES CONFIDENTIAL ITEMS,STORES PHARMACEUTICAL PRODUCTS OTHER AQUATICINVERTEBRATES FISH &CRUSTACEANS, MOLLUSCS& APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, NOUS SUBSTANCES. MINERALWAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- SPAIN CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF JANUARY-DECEMBER 317,949,199 JANUARY-DECEMBER 159,035,669 674,074,686 14,465,302 15,072,751 17,175,394 23,822,828 24,864,678 49,307,006 67,901,157 11,742,946 13,447,527 22,550,451 24,417,336 31,706,587 32,849,943 75,040,515 86,686,236 13,025,724 38,678,011 7,479,036 9,376,951 (Euros) VALUE (Euros) VALUE 2014 2014 335,859,420 360,980,890 608,304,698 VOLUME/ 32,476,802 VOLUME/ 19,596,111 17,621,521 13,193,357 16,069,613 14,165,085 1,091,586 1,895,953 5,180,566 8,582,607 4,711,399 3,795,729 9,073,740 3,585,231 962,187 419,839 496,356 703,712 27,573 KGR KGR IRON AND STEEL IRON AND CONFIDENTIAL ITEMS,STORES THEREOF ALUMINIUM ANDARTICLES MISCELLANEOUS EDIBLEPREPARATIONS TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND SORIES OFSUCH ARTICLES REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT OTHER AQUATICINVERTEBRATES FISH &CRUSTACEANS, MOLLUSCS& NOUS SUBSTANCES. MINERAL WAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- AIRCRAFT, SPACECRAFT, &PARTS THEREOF MAL ORIGIN RAL HONEY. EDIBLEPRODUCTSOF ANI- DAIRY PRODUCE.BIRDS’ EGGS.NATU- LUXEMBOURG PLANTS; STRAW AND FODDER FRUIT; INDUSTRIAL OR MEDICINAL MISCELLANEOUS GRAINS,SEEDS AND OIL SEEDS AND OLEAGINOUSFRUITS; GLUTEN MALT; STARCHES; INULIN; WHEAT PRODUCTS OF THE MILLINGINDUSTRY; CEREALS COFFEE, TEA, MATÉ AND SPICES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF TUBERS ROOTS AND EDIBLE VEGETABLES AND CERTAIN INCLUDED NOT ELSEWHERESPECIFIEDOR OTHER PRODUCTSOF ANIMAL ORIGIN, MAL ORIGIN RAL HONEY. EDIBLE PRODUCTSOF ANI- DAIRY PRODUCE.BIRDS’ EGGS.NATU- OTHER AQUATICINVERTEBRATES FISH &CRUSTACEANS, MOLLUSCS& MEAT AND EDIBLEMEAT OFFAL FINLAND JANUARY-DECEMBER JANUARY-DECEMBER 182,335,800 23,362,747 31,826,278 10,165,682 24,583,700 89,456,151 1,379,276 1,594,958 2,619,890 3,354,778 4,269,541 4,830,025 8,497,143 9,429,867 4,433,711 (Euros) (Euros) VALUE VALUE 284,596 453,187 478,796 564,856 588,084 785,679 936,386 2015 2015 VOLUME/ VOLUME/ 15,296,399 41,105,409 80,247,683 3,920,167 9,991,570 3,191,273 1,584,977 6,732,531 124,272 247,337 152,263 172,121 311,731 976,918 319,467 472,512 200,616 355,147 196,462 69,659 KGR 4,136 KGR 323 SPECIFIED ORINCLUDED ANIMAL ORIGIN,NOT ELSEWHERE URAL HONEY. EDIBLEPRODUCTSOF DAIRY PRODUCE.BIRDS’ EGGS.NAT- TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND & CABLESROPES ARTICLES THEREOF CIAL YARNS.ROPES CORDAGE, TWINE, WADDING, FELT &NONWOVENS.SPE- CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF PHARMACEUTICAL PRODUCTS MISCELLANEOUS EDIBLEPREPARATIONS NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, FURSKINS. MANUFACTURES THEROF CONFIDENTIAL ITEMS,STORES FINLAND ALUMINIUM AND ARTICLES THEREOF ALUMINIUM ANDARTICLES THEREOF PARTSSITES ANDACCESSORIES TOYS, GAMES AND SPORTS REQUI- ARTICLES OFIRONORSTEEL ANIMAL ORIGIN URAL HONEY. EDIBLEPRODUCTSOF DAIRY PRODUCE.BIRDS’ EGGS.NAT- THEREOF ALUMINIUM ANDARTICLES STEEL IRON AND ANCES PARTS THEREOF MACHINERY &MECHANICAL APPLI- NUCLEAR REACTORS, BOILERS, TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND OTHER AQUATICINVERTEBRATES FISH &CRUSTACEANS, MOLLUSCS& SORIES OFSUCHARTICLES REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT LUXEMBOURG NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, JANUARY-DECEMBER 165,928,146 JANUARY-DECEMBER 19,179,089 89684947 2,088,970 2,523,219 2,902,257 3,160,371 4,604,674 7,264,718 8,482,727 9,940,381 1,649,945 4,923,097 (Euros) VALUE (Euros) VALUE 340,410 379,822 385,840 404,712 723,872 87,104 95,050 65,387 74,665 2014 2014 VOLUME/ 59,045,447 VOLUME/ 1,204,959 3,388,149 5,780,858 37112460 1,198,837 410,648 823,724 260,001 521,342 138,084 237,111 131,348 382,967 142,703 110,880 10,748 13,288 30,925 21,598 36,062 78,631 KGR KGR 129 Trade with Greece 190 Trade with Greece ROOTS AND TUBERS ROOTS AND EDIBLE VEGETABLES AND CERTAIN FLOWERS &ORNAMENTAL FOLIAGE BULBS, ROOTS& THE LIKE;CUT LIVE TREES &OTHERPLANTS; OR INCLUDED GIN, NOT ELSEWHERESPECIFIED OTHER PRODUCTSOF ANIMAL ORI- ANIMAL ORIGIN URAL HONEY. EDIBLEPRODUCTSOF DAIRY PRODUCE.BIRDS’ EGGS.NAT- OTHER AQUATICINVERTEBRATES FISH &CRUSTACEANS, MOLLUSCS& MALTA NOUS SUBSTANCES. MINERAL WAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- TUBERS ROOTS AND EDIBLE VEGETABLES AND CERTAIN ETABLE WAXES PARED EDIBLEFATS. ANIMAL ORVEG- THEIR CLEAVAGE PRODUCTS.PRE- ANIMAL ORVEGETABLE FATS &OILS. CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF THEREOF PLASTICS ANDARTICLES SORIES OFSUCH ARTICLES REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, THEREOF ALUMINIUM ANDARTICLES ANIMAL ORIGIN OF RAL HONEY. EDIBLEPRODUCTS DAIRY PRODUCE.BIRDS’ EGGS.NATU- PHARMACEUTICAL PRODUCTS AUSTRIA PLANTS; STRAW &FODDER FRUIT; INDUSTRIAL ORMEDICINAL MISCELLANEOUS GRAINS,SEEDS& OIL SEEDS&OLEAGINOUSFRUITS; WHEAT GLUTEN TRY; MALT; STARCHES; INULIN; PRODUCTS OF THE MILLINGINDUS- CEREALS COFFEE, TEA, MATÉ AND SPICES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF 1,844,461,657 JANUARY-DECEMBER JANUARY-DECEMBER 135,749,257 236,617,079 40,606,037 15,238,273 16,412,159 10,352,789 13,801,205 17,654,232 19,629,175 20,031,346 12,390,913 4,662,971 4,805,339 7,535,527 9,621,788 2,508,497 2,605,126 3,340,231 5,361,003 7,155,160 8,212,081 (Euros) (Euros) VALUE VALUE 2015 2015 429,688,847 461,859,347 VOLUME/ VOLUME/ 12,566,879 90,549,781 11,936,955 1,562,673 1,453,855 7,666,474 2,196,273 2,058,377 4,324,085 2,789,615 6,604,230 5,732,239 1,053,912 1,386,824 1,148,163 1,148,389 347,142 618,150 214,721 28,388 KGR KGR ROOTS AND TUBERS ROOTS AND EDIBLE VEGETABLES AND CERTAIN ETABLE WAXES. PARED EDIBLEFATS. ANIMAL ORVEG- THEIR CLEAVAGE PRODUCTS.PRE- ANIMAL ORVEGETABLE FATS &OILS. CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF THEREOF ALUMINIUM ANDARTICLES THEREOF PLASTICS ANDARTICLES ANIMAL ORIGIN URAL HONEY. EDIBLEPRODUCTSOF DAIRY PRODUCE.BIRDS’ EGGS.NAT- NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, SORIES OFSUCHARTICLES REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT PHARMACEUTICAL PRODUCTS AUSTRIA THEREOF WATCHESCLOCKS AND PARTS AND PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, THEREOF PLASTICS ANDARTICLES TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND SHIPS, BOATS &FLOATING STRUCTURES ANCES PARTS THEREOF MECHANICALMACHINERY APPLI- AND NUCLEAR REACTORS, BOILERS, PHARMACEUTICAL PRODUCTS ARTICLES SORIES OFSUCH REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT NOUS SUBSTANCES. MINERALWAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- MALTA CHETED ACCESSORIES, KNITTEDORCRO- OF APPARELARTICLES CLOTHING AND BEVERAGES, SPIRITS AND VINEGAR JANUARY-DECEMBER JANUARY-DECEMBER 178,641,426 129,004,573 13,656,616 13,697,733 13,700,825 16,351,617 18,183,006 41,592,410 88,934,170 5,306,870 5,386,557 5,998,078 1,317,616 1,325,481 1,351,795 1,380,769 2,332,256 2,724,337 8,358,072 8,529,842 1,311,123 4,457,711 (Euros) (Euros) VALUE VALUE 2014 2014 148,733,262 165,177,727 VOLUME/ VOLUME/ 76,041,402 11,021,619 2,510,740 1,001,388 9,218,422 5,440,158 5,858,600 4,377,144 3,751,434 4,819,505 1,240,007 349,340 529,900 390,850 268,630 469,975 217,738 102,801 90,489 KGR KGR 173 ALSRPS&ATCE THEREOF CABLES ROPES & ARTICLES YARNS. TWINE, CORDAGE,ROPES& WADDING, FELT &NONWOVENS.SPECIAL TERING MATERIALS, LIME&CEMENT SALT; SULPHUR;EARTHS &STONE; PLAS- OTHER AQUATICINVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS& PHARMACEUTICAL PRODUCTS ARTICLES SORIES OFSUCH REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT ANCES PARTS THEREOF MECHANICALMACHINERY APPLI- AND NUCLEAR REACTORS, BOILERS, PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, BEVERAGES, SPIRITS AND VINEGAR NOUS SUBSTANCES. MINERAL WAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- RUS FRUIT ORMELONS EDIBLE FRUIT &NUTS;PEEL OFCIT- LATVIA ANCES PARTS THEREOF MACHINERY & MECHANICAL APPLI- NUCLEAR REACTORS, BOILERS, PUTTY &OTHERMASTICSINKS COLOURING MATTER; PAINTS &VARNISHES. DERIVATIVES DYES,PIGMENTS&OTHER TANNING OREXTRACTS; TANNINS & THEIR SORIES THEREOF MENTS & APPARATUS PARTS & ACCES- CISION MEDICAL ORSURGICAL INSTRU- GRAPHIC, MEASURING, CHECKING, PRE- OPTICAL, PHOTOGRAPHIC, CINEMATO- PRODUCTS STARCH ORMILK.PASTRYCOOKS' PREPARATIONS OFCEREALS,FLOUR, PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, FATS. ANIMAL ORVEGETABLE WAXES CLEAVAGE PRODUCTS.PREPARED EDIBLE ANIMAL ORVEGETABLE FATS &OILS. THEIR CONFIDENTIAL ITEMS,STORES SORIES OFSUCH ARTICLES ACCES- & PARTS REPRODUCERS, & SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF ESTONIA BEVERAGES, SPIRITS AND VINEGAR JANUARY-DECEMBER JANUARY-DECEMBER 24,864,249 11,659,463 2,149,420 2,546,172 1,139,697 8,313,059 (Euros) VALUE (Euros) 347,033 386,793 559,028 691,896 745,545 782,774 815,629 VALUE 203,736 327,295 348,703 367,809 373,747 539,226 579,690 776,996 832,041 2015 2015 VOLUME/ 12,795,062 23,134,655 VOLUME/ 1,603,044 4,266,922 1,031,860 4,970,302 136,510 120,338 947,945 630,833 258,322 448,622 221,624 178,140 97,798 14,724 24,720 92,441 46,243 70,663 27,545 KGR KGR 2,168 CLES THEREOF ROPES AND CABLESROPES& ARTI- SPECIAL YARNS.CORDAGE, TWINE, WADDING, FELT &NONWOVENS. PUTTY AND OTHERMASTICSINKS MATTER; PAINTS &VARNISHES. MENTS AND OTHERCOLOURING THEIR DERIVATIVES DYES,PIG- TANNING OREXTRACTS; TANNINS & VEGETABLE WAXES PREPARED EDIBLEFATS. ANIMAL OR OILS. THEIR CLEAVAGE PRODUCTS. ANIMAL ORVEGETABLE FATS AND PRODUCTS STARCH ORMILK.PASTRYCOOKS' PREPARATIONS OFCEREALS,FLOUR, NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, ARTICLES SORIES OFSUCH REPRODUCERS, &PARTS AND ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT THEROF FURSKINS. MANUFACTURES ESTONIA FURSKINS. MANUFACTURES THEROF OTHER AQUATICINVERTEBRATES FISH &CRUSTACEANS, MOLLUSCS& PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, BOARD PAPER PULP, OFPAPER OROFPAPER- PAPERPAPERBOARD.OF AND ARTICLES PARTSANCES THEREOF MACHINERY& MECHANICAL APPLI- REACTORS, BOILERS, NUCLEAR CEREALS PHARMACEUTICAL PRODUCTS CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF SORIES OFSUCHARTICLES REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT BEVERAGES, SPIRITS AND VINEGAR LATVIA APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, BEVERAGES, SPIRITS AND VINEGAR MISCELLANEOUS CHEMICAL PRODUCTS JANUARY-DECEMBER JANUARY-DECEMBER 14,564,202 1,458,273 8,713,744 1,166,472 2,527,041 2,563,526 (Euros) (Euros) VALUE VALUE 378,544 402,886 447,584 539,031 671,816 777,452 389,982 560,168 567,507 601,630 645,995 663,312 856,957 265,443 284,820 336,399 2014 2014 VOLUME/ VOLUME/ 4,480,081 1,344,000 1,688,314 7,840,181 105,649 606,352 696,542 399,103 127,606 152,176 229,274 242,910 452,236 590,500 78,474 79,880 24,448 20,567 50,493 KGR KGR 8,587 660 722 131 Trade with Greece 132 Trade with Greece NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, TOBACCO SUBSTITUTES TOBACCO &MANUFACTURED THEREOF ALUMINIUM ANDARTICLES KNITTED ORCROCHETEDFABRICS PAPERBOARD OF PAPER PULP, OFPAPER OROF PAPER &PAPERBOARD. ARTICLES NOUS SUBSTANCES. MINERAL WAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF LITHUANIA NOUS SUBSTANCES. MINERALUCTS OF THEIR DISTILLATION. WAXES BITUMI- MINERAL FUELS,MINERAL OILS&PROD- RATIONS PREPA- FUMERY, COSMETICOR TOILET ESSENTIAL OILS AND RESINOIDS.PER- NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, THEREOF PLASTICS ANDARTICLES SORIES OFSUCH ARTICLES ACCES- & PARTS REPRODUCERS, & SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT ANCES PARTS THEREOF MACHINERY &MECHANICAL APPLI- NUCLEAR REACTORS, BOILERS, TOBACCO SUBSTITUTES TOBACCO &MANUFACTURED PHARMACEUTICAL PRODUCTS RUS FRUIT ORMELONS EDIBLE FRUIT &NUTS;PEEL OFCIT- ALUMINIUM & ARTICLES THEREOF POLAND OTHER MASTICS INKS PAINTS VARNISHES. PUTTY & & MENTS &OTHER COLOURINGMATTER; NINS & THEIR DERIVATIVES DYES,PIG- TANNING ORDYEINGEXTRACTS; TAN- ARTICLES SORIES OFSUCH REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS & RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT PHARMACEUTICAL PRODUCTS JANUARY-DECEMBER JANUARY-DECEMBER 356,875,067 26,515,140 50,307,375 20,474,400 21,355,415 23,228,302 24,925,082 26,092,292 27,617,164 39,192,199 64,182,749 2,008,692 4,205,965 7,502,764 9,268,151 1,068,262 1,128,103 1,405,019 1,472,048 1,567,962 1,873,906 (Euros) (Euros) VALUE VALUE 962,320 2015 2015 239,905,920 VOLUME/ VOLUME/ 32,919,599 46,503,212 27,077,635 67,891,668 19,454,632 11,944,895 7,440,398 1,931,131 7,890,046 2,295,497 1,517,046 3,136,016 1,134,635 869,555 385,703 193,882 199,614 526,448 113,847 467,118 12,120 KGR KGR THEREOF & CABLESROPES AND ARTICLES CIAL YARNS.ROPES CORDAGE, TWINE, WADDING, FELT &NONWOVENS. SPE- FURSKINS. MANUFACTURES THEROF THEREOF ALUMINIUM ANDARTICLES NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, SORIES OFSUCH ARTICLES ACCES- & PARTS REPRODUCERS, & SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT PHARMACEUTICAL PRODUCTS KNITTED ORCROCHETEDFABRICS TOBACCO SUBSTITUTES TOBACCO &MANUFACTURED BOARD P PAPER PULP, OFPAPER OROF PAPER &PAPERBOARD. ARTICLES OF CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF LITHUANIA & CABLESROPES ARTICLES THEREOF CIAL YARNS.ROPES CORDAGE, TWINE, WADDING, FELT &NONWOVENS.SPE- ANCES PARTS THEREOF MACHINERY &MECHANICAL APPLI- NUCLEAR REACTORS, BOILERS, ARTICLES SORIES OFSUCH REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, THEREOF PLASTICS ANDARTICLES PHARMACEUTICAL PRODUCTS RUS FRUIT ORMELONS EDIBLE FRUIT &NUTS;PEEL OFCIT- THEREOF ALUMINIUM ANDARTICLES POLAND PREPARATIONS PERFUMERY, COSMETICOR TOILET ESSENTIAL OILS AND RESINOIDS. APER- JANUARY-DECEMBER JANUARY-DECEMBER 328,247,604 28,734,408 16,883,138 17,159,416 24,009,544 24,473,853 30,185,865 39,003,707 70,687,225 11,601,615 1,168,747 1,185,362 1,303,378 1,457,428 1,704,532 1,807,333 1,956,557 2,656,306 7,801,641 7,859,243 (Euros) 7,611,194 VALUE 829,460 (Euros) VALUE 2014 2014 VOLUME/ 228,599,304 18,679,589 11,771,319 VOLUME/ 27,305,967 74,590,868 23,666,559 1,155,242 1,627,182 2,981,719 1,833,442 9,353,376 1,045,614 1,787,253 3,947,484 330,064 453,781 193,975 106,557 196,679 623,828 13,483 KGR 1,426 KGR IRON AND STEEL IRON AND APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, THEREOF PLASTICS ANDARTICLES BASE METAL OF MISCELLANEOUS ARTICLES ARTICLES SORIES OFSUCH REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT TUBERS ROOTS AND EDIBLE VEGETABLES AND CERTAIN THEREOF ALUMINIUM ANDARTICLES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF ELEMENTS OROFISOTOPES OF RARE-EARTH METALS, OFRADIOACTIVE GANIC COMPOUNDSOFPRECIOUSMETALS, INORGANIC CHEMICALSORGANICORINOR- CONFIDENTIAL ITEMS,STORES SLOVAKIA ANCES PARTS THEREOF MACHINERY &MECHANICAL APPLI- NUCLEAR REACTORS, BOILERS, ROOTS & TUBERS EDIBLE VEGETABLES &CERTAIN COSMETIC OR TOILET PREPARATIONS ESSENTIAL OILS&RESINOIDS.PERFUMERY, CHETED ACCESSORIES, KNITTEDORCRO- ARTICLES OF APPAREL &CLOTHING NOUS SUBSTANCES. MINERALWAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- COPPER ARTICLES COPPER AND SORIES OFSUCH ARTICLES REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT RUS FRUIT ORMELONS EDIBLE FRUIT &NUTS;PEEL OFCIT- THEREOF ALUMINIUM ANDARTICLES PHARMACEUTICAL PRODUCTS CZECH REPUBLIC JANUARY-DECEMBER JANUARY-DECEMBER 194,691,484 18,049,399 23,300,014 86,644,187 19,084,930 19,438,369 31,563,806 35,132,597 2,188,358 2,195,203 2,586,850 2,651,608 3,029,166 4,340,979 6,405,768 6,222,330 6,477,970 6,841,965 7,138,305 8,385,803 8,768,795 3,328,117 (Euros) (Euros) VALUE VALUE 2015 2015 109,962,281 VOLUME/ VOLUME/ 12,437,038 70,733,643 31,010,434 97,846,675 14,311,407 11,337,358 2,377,399 1,587,009 2,757,467 1,209,148 2,563,787 6,658,250 1,365,783 3,032,421 863,806 285,873 135,762 396,100 458,023 671,632 117,220 KGR KGR NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, COSMETIC OR TOILET PREPARATIONS ESSENTIAL OILS&RESINOIDS.PERFUMERY, COPPER ARTICLES COPPER AND TUBERS ROOTS AND EDIBLE VEGETABLES &CERTAIN ANCES PARTS THEREOF MACHINERY &MECHANICAL APPLI- NUCLEAR REACTORS, BOILERS, RUS FRUIT ORMELONS EDIBLE FRUIT &NUTS;PEEL OFCIT- SORIES OFSUCH ARTICLES ACCES- & REPRODUCERS, &PARTS SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT THEREOF ALUMINIUM ANDARTICLES PHARMACEUTICAL PRODUCTS CZECH REPUBLIC BASE METAL OF MISCELLANEOUS ARTICLES ARTICLES OFIRONORSTEEL ANCES PARTS THEREOF MACHINERY &MECHANICAL APPLI- NUCLEAR REACTORS, BOILERS, THEREOF ALUMINIUM ANDARTICLES SORIES OFSUCH ARTICLES REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT THEREOF PLASTICS ANDARTICLES STEEL IRON AND TUBERS ROOTS AND EDIBLE VEGETABLES AND CERTAIN CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF CONFIDENTIAL ITEMS,STORES SLOVAKIA CROCHETED ING ACCESSORIES, KNITTEDOR OF APPARELARTICLES CLOTH- AND JANUARY-DECEMBER JANUARY-DECEMBER 192,030,446 15,904,355 26,716,210 28,077,736 42,721,368 10,415,597 21,246,935 62,005,048 6,007,835 6,980,538 7,580,635 9,171,970 1,546,175 1,616,471 1,871,295 2,057,892 2,330,550 2,579,900 2,748,314 3,105,848 4,639,840 7,411,880 (Euros) (Euros) VALUE VALUE 2014 2014 VOLUME/ VOLUME/ 30,526,501 10,939,890 86,054,586 44,761,186 21,114,869 5,764,491 1,092,028 1,175,933 7,966,628 3,317,712 2,058,385 1,439,121 2,618,173 2,966,248 2,288,179 253,026 295,770 601,274 227,268 169,835 876,910 144,768 KGR KGR 133 Trade with Greece 134 Trade with Greece FLOWERS AND ORNAMENTAL FOLIAGE BULBS, ROOTS AND THE LIKE;CUT LIVE TREES AND OTHERPLANTS; INCLUDED NOT ELSEWHERESPECIFIEDOR OTHER PRODUCTSOF ANIMAL ORIGIN, MAL ORIGIN RAL HONEY. EDIBLEPRODUCTSOF ANI- DAIRY PRODUCE.BIRDS’ EGGS.NATU- OTHER AQUATICINVERTEBRATES FISH &CRUSTACEANS, MOLLUSCS& MEAT AND EDIBLEMEAT OFFAL LIVE ANIMALS ROMANIA ARTICLES SORIES OFSUCH REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT ARTICLES OFIRONORSTEEL ANCES PARTS THEREOF MACHINERY &MECHANICAL APPLI- NUCLEAR REACTORS, BOILERS, PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, PLASTICS & ARTICLES THEREOF CEREALS COPPER & ARTICLES PHARMACEUTICAL PRODUCTS ALUMINIUM & ARTICLES THEREOF RUS FRUIT ORMELONS EDIBLE FRUIT &NUTS;PEEL OFCIT- HUNGARY CEREALS COFFEE, TEA, MATÉ AND SPICES RUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF CIT- TUBERS ROOTS AND EDIBLE VEGETABLES AND CERTAIN JANUARY-DECEMBER JANUARY-DECEMBER 107,826,997 722,505,254 63,480,402 69,845,509 72,940,783 98,710,413 12,517,952 16,358,339 13,059,600 25,196,712 28,013,520 30,832,989 36,165,646 51,081,824 16,513,115 2,612,803 2,652,168 4,291,748 5,190,851 6,856,323 7,324,846 9,294,129 (Euros) (Euros) VALUE VALUE 2015 2015 156,052,305 726,252,884 161,113,454 VOLUME/ VOLUME/ 12,137,199 62,570,466 17,056,685 39,200,637 91,677,275 35,097,171 22,897,095 11,948,800 1,816,003 3,055,281 1,547,082 5,367,406 6,240,083 4,875,831 4,275,018 7,115,105 359,187 615,981 206,423 KGR KGR AT N CESRE THEREOF PARTS AND ACCESSORIES TOYS, GAMES AND SPORTS REQUISITES NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, MINOUS SUBSTANCES. MINERAL WAXES PRODUCTS OF THEIR DISTILLATION. BITU- MINERAL FUELS,MINERAL OILS AND THEREOF ALUMINIUM ANDARTICLES APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, SORIES OFSUCHARTICLES REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT COPPER ARTICLES COPPER AND STEEL IRON AND CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF THEREOF PLASTICS ANDARTICLES ROMANIA SORIES OFSUCH ARTICLES REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, ANCES PARTS THEREOF MACHINERY &MECHANICAL APPLI- NUCLEAR REACTORS, BOILERS, CEREALS THEREOF PLASTICS ANDARTICLES COPPER ARTICLES COPPER AND PHARMACEUTICAL PRODUCTS THEREOF ALUMINIUM ANDARTICLES RUS FRUIT ORMELONS EDIBLE FRUIT &NUTS;PEEL OFCIT- HUNGARY MISCELLANEOUS CHEMICAL PRODUCTS JANUARY-DECEMBER 654,162,181 JANUARY-DECEMBER 104,730,376 13,583,195 21,494,136 25,632,286 32,508,078 36,721,883 41,624,162 53,988,815 61,527,971 64,399,603 90,162,203 14,030,299 14,996,400 18,942,032 3,581,343 3,837,105 4,201,941 6,506,712 7,803,334 8,572,039 2,034,342 (Euros) VALUE (Euros) VALUE 2014 2014 126,724,144 171,267,593 706,342,641 VOLUME/ 14,109,239 46,554,196 VOLUME/ 11,601,519 51,298,119 17,014,693 45,744,963 95,617,685 2,961,312 3,616,448 6,230,376 9,936,595 4,637,802 3,898,489 1,419,995 5,590,156 342,252 610,553 132,122 972,427 KGR KGR APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, THEREOF PLASTICS ANDARTICLES NOUS SUBSTANCES. MINERALWAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- BULGARIA KNITTED ORCROCHETEDFABRICS STEEL IRON AND ACCESSORIES, KNITTEDORCROCHETED OF APPARELARTICLES CLOTHING AND CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF SORIES OFSUCHARTICLES REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT THEREOF ALUMINIUM ANDARTICLES TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND ANCES PARTS THEREOF MECHANICALMACHINERY APPLI- AND NUCLEAR REACTORS, BOILERS, A BASISOFPLASTER WAXES’ AND DENTAL PREPARATIONS WITH ARTICLES, MODELLINGPASTES, ‘DENTAL PREPARATIONS, CANDLES AND SIMILAR PARED WAXES, POLISHINGORSCOURING PREPARATIONS, ARTIFICIAL WAXES, PRE- WASHING PREPARATIONS, LUBRICATING SOAP, ORGANICSURFACE-ACTIVE AGENTS, PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, THEREOF PLASTICS ANDARTICLES SORIES OFSUCHARTICLES REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT PHARMACEUTICAL PRODUCTS THEREOF ALUMINIUM ANDARTICLES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF ELEMENTS OROFISOTOPES EARTH METALS, OFRADIOACTIVE PRECIOUS METALS, OFRARE- OR INORGANICCOMPOUNDSOF INORGANIC CHEMICALSORGANIC NOUS SUBSTANCES. MINERALWAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- SLOVENIA 1,340,705,410 JANUARY-DECEMBER 103,189,791 195,330,589 JANUARY-DECEMBER 105,252,134 157,663,805 36,281,232 36,431,454 46,267,327 54,150,786 55,799,969 56,717,197 62,662,217 67,575,703 23,387,141 1,283,139 1,544,354 1,662,989 1,788,933 1,919,268 3,513,465 3,666,213 2,208,118 (Euros) (Euros) VALUE VALUE 2015 2015 1,633,505,252 150,744,606 466,190,479 144,350,971 252,921,401 VOLUME/ VOLUME/ 78,451,297 10,609,413 25,677,803 14,239,741 80,020,762 92,044,761 3,709,624 6,106,899 7,650,211 1,334,835 5,910,131 2,556,093 1,143,865 148,361 960,877 105,560 100,660 KGR KGR IRON AND STEEL IRON AND SORIES OFSUCH ARTICLES ACCES- & REPRODUCERS, &PARTS SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND ACCESSORIES, KNITTEDORCROCHETED OF APPARELARTICLES CLOTHING AND THEREOF ALUMINIUM ANDARTICLES APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF THEREOF PLASTICS ANDARTICLES NOUS SUBSTANCES. MINERALWAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- BULGARIA KNITTED ORCROCHETEDFABRICS ANCES PARTS THEREOF MACHINERY ANDMECHANICAL NUCLEAR REACTORS, BOILERS, APPLI- PREPARATIONS WITH A BASISOFPLASTER PASTES, ‘DENTAL WAXES’ AND DENTAL AND SIMILAR ARTICLES, MODELLING OR SCOURINGPREPARATIONS, CANDLES WAXES, PREPARED WAXES, POLISHING CATING PREPARATIONS, ARTIFICIAL AGENTS, WASHING PREPARATIONS, LUBRI- SOAP, ORGANICSURFACE-ACTIVE NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, THEREOF PLASTICS ANDARTICLES PHARMACEUTICAL PRODUCTS ARTICLES SORIES OFSUCH REPRODUCERS, &PARTS AND ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY &EQUIPMENT THEREOF ALUMINIUM ANDARTICLES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF ELEMENTS OROFISOTOPES EARTH METALS, OFRADIOACTIVE PRECIOUS METALS, OFRARE- OR INORGANICCOMPOUNDSOF INORGANIC CHEMICALSORGANIC NOUS SUBSTANCES. MINERALUCTS OF THEIR DISTILLATION. BITUMI- WAXES MINERAL FUELS,MINERAL OILS&PROD- SLOVENIA 1,417,258,394 JANUARY-DECEMBER 109,675,480 255,032,553 JANUARY-DECEMBER 52,407,553 56,615,137 56,958,427 57,321,940 59,773,261 67,683,579 68,057,600 36,797,394 17,091,334 48,851,370 94,626,193 1,154,488 1,470,491 1,696,566 2,060,671 2,267,624 2,418,481 3,019,384 4,171,956 (Euros) VALUE (Euros) VALUE 2014 2014 1,565,337,122 104,979,305 170,073,004 407,610,339 148,988,656 VOLUME/ 13,606,051 10,746,901 29,406,018 75,229,478 VOLUME/ 76,318,985 55,284,501 5,210,313 7,362,239 5,254,450 2,328,208 1,034,816 1,053,421 7,643,809 1,411,098 208,677 102,439 81,276 KGR KGR 135 Trade with Greece 136 Trade with Greece LWR N RAETLFOLIAGE ORNAMENTAL FLOWERS AND BULBS, ROOTS AND THE LIKE;CUT LIVE TREES AND OTHERPLANTS; ELSEWHERE SPECIFIEDORINCLUDED OTHER PRODUCTSOF ANIMAL ORIGIN,NOT ANIMAL ORIGIN URAL HONEY. EDIBLEPRODUCTSOF DAIRY PRODUCE.BIRDS’ EGGS.NAT- &OTHER AQUATICINVERTEBRATES FISH &CRUSTACEANS, MOLLUSCS MEAT AND EDIBLEMEAT OFFAL LIVE ANIMALS CYPRUS WHERE SPECIFIEDORINCLUDED VEGETABLE PRODUCTSNOT ELSE- VEGETABLE PLAITINGMATERIALS; PLANTS; STRAW AND FODDER FRUIT; INDUSTRIAL ORMEDICINAL MISCELLANEOUS GRAINS,SEEDS AND OIL SEEDS AND OLEAGINOUSFRUITS; COFFEE, TEA, MATÉ AND SPICES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF TUBERS ROOTS AND EDIBLE VEGETABLES AND CERTAIN ORNAMENTALFLOWERS AND FOLIAGE BULBS, ROOTS AND THE LIKE;CUT LIVE TREES AND OTHERPLANTS; ELSEWHERE SPECIFIEDORINCLUDED OTHER PRODUCTSOF ANIMAL ORIGIN,NOT ANIMAL ORIGIN URAL HONEY. EDIBLEPRODUCTSOF DAIRY PRODUCE.BIRDS’ EGGS.NAT- OTHER AQUATICINVERTEBRATES FISH &CRUSTACEANS, MOLLUSCS& MEAT AND EDIBLEMEAT OFFAL CROATIA CEREALS COFFEE, TEA, MATÉ AND SPICES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF TUBERS ROOTS AND EDIBLE VEGETABLES AND CERTAIN 1,530,821,242 JANUARY-DECEMBER JANUARY-DECEMBER 125,409,553 457,645,344 28,040,754 80,862,789 79,743,008 92,024,819 30,804,498 34,419,525 35,545,467 39,894,251 40,259,315 44,122,778 1,734,718 1,905,012 2,039,988 2,201,491 2,264,824 2,401,416 3,184,428 7,275,406 9,894,874 (Euros) (Euros) VALUE VALUE 2015 2015 1,405,781,797 973,804,951 112,335,542 VOLUME/ VOLUME/ 16,492,766 60,505,283 12,697,704 2,173,877 7,445,063 3,544,213 1,473,909 2,463,464 1,577,873 3,522,794 9,247,121 4,277,975 6,468,988 1,045,851 9,916,401 288,413 624,212 313,197 48,326 KGR KGR BEVERAGES, SPIRITS AND VINEGAR MISCELLANEOUS EDIBLEPREPARATIONS RATIONS FUMERY, COSMETICOR TOILET PREPA- ESSENTIAL OILS AND RESINOIDS.PER- THEREOF PLASTICS ANDARTICLES OR CROCHETED ING ACCESSORIES, NOT KNITTED OF APPARELARTICLES CLOTH- AND THEREOF PARTSSITES ANDACCESSORIES TOYS, GAMES AND SPORTS REQUI- APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, PHARMACEUTICAL PRODUCTS SORIES OFSUCH ARTICLES REPRODUCERS, &PARTS & ACCES- SION IMAGE&SOUNDRECORDERS RECORDERS &REPRODUCERS, TELEVI- & PARTS THEREOF SOUND ELECTRICAL MACHINERY& EQUIPMENT NOUS SUBSTANCES. MINERAL WAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- CYPRUS CROCHETED ING ACCESSORIES, KNITTEDOR OF APPARELARTICLES CLOTH- AND ARTICLES THEREOF ROPES AND CABLESROPES AND SPECIAL YARNS.CORDAGE, TWINE, WADDING, FELT AND NONWOVENS. ARTICLES OFIRONORSTEEL OF PAPERBOARD CLES OFPAPER PULP, OFPAPER OR PAPERPAPERBOARD. AND ARTI- APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, PHARMACEUTICAL PRODUCTS THEREOF PLASTICS ANDARTICLES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTS;PEEL OF NOUS SUBSTANCES. MINERALUCTS OF THEIR DISTILLATION. WAXES BITUMI- MINERAL FUELS,MINERAL OILS&PROD- THEREOF ALUMINIUM ANDARTICLES CROATIA 1,338,542,682 JANUARY-DECEMBER 102,241,797 364,505,642 JANUARY-DECEMBER 29,366,293 33,646,050 34,212,598 34,523,042 40,860,047 45,155,444 57,574,919 74,133,749 14,739,520 19,153,590 71,554,182 1,341,586 1,449,459 1,731,788 2,047,304 2,679,590 2,682,140 2,894,374 7,671,966 (Euros) VALUE (Euros) VALUE 2014 2014 574,651,125 995,929,845 VOLUME/ 57,367,001 10,924,276 VOLUME/ 19,004,285 10,248,921 93,113,477 25,721,011 6,184,076 4,497,655 1,134,180 8,444,378 6,860,575 1,718,709 4,312,220 1,827,580 1,549,629 1,290,737 398,430 317,819 42,123 75,783 KGR KGR
Source: ELSTAT
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