The Legal System, Justice and Opportunity Yanos Gramatidis Hon

bponline.amcham.gr

THE MAGAZINE OF THE AMERICAN-HELLENIC CHAMBER OF COMMERCE

MAY-JUNE 2015 Vol. XIV | No. 78

Thought Leaders Legal Reform— 10 (+1) Proposals

ALBA BUSINESS REVIEW ENTREPRENEURIAL GROWTH ▼ PRO BONO A TALE OF TWO LAWSUITS ▼ URBAN LANDSCAPE DESIGNING THE “SMART” CITY ▼ FULBRIGHT STORIES EXPANDING KNOWLEDGE ▼ PLUS TRENDS & TRADE MAKERS VIEWPOINT TRAVEL USA The Legal System, Justice and Opportunity www.amcham.gr Yanos Gramatidis Hon. President, American-Hellenic Chamber of Commerce CHAM IC BE EN R L O L F E C H

- O

N M

R R

E C

E M A ê ê 1 9 3 2 American-Hellenic Chamber of Commerce

AMCHAM 1

BUSINESS PARTNERS CE

CONTENTS |

MAY-JUNE 2015

AMERICAN-HELLENIC CHAMBER OF COMMER CHAMBER OF AMERICAN-HELLENIC THE BOARD THE CORPORATE LAW USA LAW CORPORATE TRENDS & TREND MAKERS TRENDS & CHAMBER NEWS CHAMBER BUSINESS REVIEW ALBA LANDSCAPE URBAN INTERVIEW THE LEADERS THOUGHT THOUGHT FOR FOOD NAMES & FACES IN THE NEWS IN THE & FACES NAMES ECONOMICS HERITAGE BIZ BUZZ ONE WORLD USA TRAVEL FULBRIGHT STORIES A B2B Toolbox Preserve Natural Capital and Get Financing Entrepreneurship and Social Value KAPILOU GOUNIDELLIS & YIANNIS BY STRATOS Ureneck Smyrna, The Fire, and One American with Lou BY EVA ADOSOGLOU Designing The “Smart” Urban Future BY GEORGE BELLAS Yanos Gramatidis, Hon. President, American-Hellenic Chamber of Commerce Legal Reform—10 (+1) Proposals BONO PRO of Two Lawsuits A Tale BY GEORGE S. KOUNOUPIS J.D. Investing in Internal Investigations: The Surprising Value-Adds of Compliance DENISE D. VASEL, BY GEORGE A. STAMBOULIDIS, A. FERGUSON AND KAITLYN What Are the Ethical Implications of Emerging Tech BY NAYEF AL-RODHAN Entrepreneurial Growth Is Not About Building Castles Entrepreneurial Growth on Quicksand BY VASILIS THEOHARAKIS Education and Research BY DR. EVANGELOS KYRIAKIDIS Papastratos—Continuous Support to the Country and Those in Need Discover America—New Mexico CE BPONLINE.AMCHAM.GR

38 40 44 BUSINESS2BUSINESS 46 48 VIEWPOINT 24 26 42 12 18

10 22 4 6 14 16 19 20 .PRESS CHAMBER AMERICAN-HELLENIC CHAMBER OF COMMER CHAMBER OF AMERICAN-HELLENIC

.PRESS CHAMBER OWNER Commerce of Chamber American-Hellenic Center Business Politia Avenue Messoghion 109-111 Athens 26 115 699.3559 210 +30 Tel: 698.5686-7 210 +30 Fax: [email protected] E-mail: BRANCH OFFICE Street Irakleiou Vassileos 47 Thessaloniki 23 546 239.337 286.453, 2310 +30 Tel: 225.162 2310 +30 Fax: [email protected] E-mail: ISSN 1109-4990 CODE: 6526 CODE: ISSN 1109-4990 beyond 10 40 24 entrepreneurial growth DIRECTOR Spirtounias Elias [email protected] PUBLISHER & EDITOR Matera Raymond [email protected] ADVERTISING Loli Alexandra [email protected] DESIGN snack• PRINTING & BINDING S.A. Publishing Greece Northern challenging environment and opportunity in today’s and opportunity in today’s managers—in Greece and examines characteristics of Vasilis Theoharakis of ALBA Dr. Evangelos Kyriakidis on Dr. Evangelos Kyriakidis Yanos Gramatidis discusses Yanos Gramatidis discusses

Greece’s legal system, justice Greece’s legal system, PLEASE RECYCLE approaches to training heritage BUSINESS PARTNERS IS THE BIMONTHLY MAGAZINE MAGAZINE BIMONTHLY IS THE BUSINESS PARTNERS OF THE AMERICAN-HELLENIC CHAMBER OF COMMERCE VOLUME XIV | NUMBER 78 XIV | NUMBER VOLUME DIRECTOR’S DESK

Whether or not Greece is able to reach and maintain a sustained agreement with our European partners and the IMF is, at this point, somewhat independent of the attitude, approach, and positions the Greek government maintains. It is the nature of the Greek position that is most troublesome—an unwillingness to approach reform as a true necessity, reform that will lead to real development. Today, we give the image to the world that Greece is, once again, not interested in creating a viable, competitive, and integrated economy. Greece’s positions, with few exceptions, are in stark contrast to what is perceived globally as necessary for development and investment. By magic, it seems, according to current thinking, growth will be interwoven with unlimited financial support of the State that is to continue its incessant clientele activities and create more debt—rather than a bold, sustainable plan for development. Take FDI. Investment is being pursued with an authoritative and oftentimes clumsy manner—all without a stable and investment-friendly environment. One has the feeling that the message is that companies should feel obliged to invest in Greece. These approaches, to one degree or another, represent the entire political spectrum. Greek politicians, it seems, are expert at maintaining outdated perceptions of what inclusive economic development means, at the expense of society and progress of the country, and prefer instead to play party games. A glowing example of this is the education system. Most countries today, including those of the developing world, understand how essential a forward-looking, responsive, and effective education is to prepare children and young adults so they might flourish and distinguish themselves. In Greece, by contrast, we excel at rewarding mediocrity and discouraging excellence. For strong and sustainable growth, appropriate values must be in place, supported by strong institutions, a rigorous framework, and a supportive infrastructure. Accountability, responsibility, merit, equity and fairness make a state strong and democratic. In spite of these challenges, or perhaps because of them, the American-Hellenic Chamber of Commerce will continue to raise the serious debate needed, through its programs and activities, on how the country’s productivity and growth might rebound and be sustained, on how we can create hundreds of thousands of new jobs, with new skills, new services, and new products, to make a new Greece that we all deserve.

ELIAS SPIRTOUNIAS Executive Director

The American-Hellenic Chamber of Commerce A DYNAMIC, PROACTIVE CHAMBER

The American-Hellenic Chamber of Commerce was established ber of the U.S. Chamber of Commerce in Washington D.C. and the in 1932 and is one of the largest, most active, and dynamic Amer- European Council of American Chambers of Commerce (ECACC). ican Chambers in Europe. Virtually all American companies that do business in Greece and Greek companies that engage in trade with the United States are members of the Chamber. MISSION STATEMENT The Chamber's membership is comprised of more than 1,000 The American-Hellenic Chamber of Commerce strives for con- proactive companies that seek to expand business horizons, cre- tinuous improvement of American-Hellenic commercial and ate new business partnerships, and take advantage of trade and financial relations, through increased membership and through investment opportunities in today's global economy. the organization of top-quality events, exhibitions, fora, seminars, The American-Hellenic Chamber of Commerce is an active mem- and congresses on both sides of the Atlantic.

2 | BUSINESS PARTNERS | MAY-JUNE 2015

American-Hellenic Chamber of Commerce

EXECUTIVE COMMITTEE COMMITTEES Anastasopoulos Simos President | N. PETSIAVAS S.A. AGROTECHNOLOGY COMMITTEE Members: Argiriou Notis, Bezergiannis Stella, Chriss Dimitrios, Efthymiadis Thymis, Karagiorgos Nikolaos, Katsaros Georgios, Kouides Antonis, Bakatselos Nikolaos Vice President | PYRAMIS METALLOURGIA A.E. Kouimtzis Athanasios, Koukakis Athanasios, Michailides Ekaterini, Nakas Ioannis, Vergos Evangelos | Coordinator: Nikos Tsavdaroglou Karayannis Angelos Vice President | KARAYANNIS K. GROUP AUDITORS COMMITTEE Members: Felonis Athanassios, Kerameas George, Sabatakakis OF COMPANIES Kyriacos | Coordinator: Andriana Chadjianagnostou CORPORATE GOVERNANCE COMMITTEE Chair: Papacostopoulos Constantine | Members: Panayotopoulos Litsa Secretary General | BOSTON HAMILTON LTD. Apsouris John, Charalambous Yiangos, Dimou Ioannis, Hadjisotiriou Paula, Iliadaki Sassa, Petalas Apostolos, Shiamishis Andreas, Theodoulidou Maria | Coordinator: Daphne Papadopoulos Thanos Treasurer | CHEVELLAS S.A. Constantinidou Canellopoulos Paul Counselor | AIG GREECE CORPORATE SOCIAL RESPONSIBILITY COMMITTEE Members: Alexiou Maria, Katsouli Katerina, Konti Kiara, Macheras Alexia, Menidiati Manina, Vrachatis Ioannis, Zevgoli Kyriacou Marios Counselor | KPMG CERTIFIED AUDITORS Nafsika | Coordinator: Angela Boyatzis Mamidaki Eleftheria Counselor | MAMIDOIL-JETOIL S.A. ENERGY COMMITTEE Chair: Karayannis Angelos | Members: Alexopoulos George, Desypris John, Ekaterinari Rania, Peristeris George, Rigas Mathios, Stassis George | Saracakis John Counselor | SARACAKIS BROTHERS S.A. Coordinator: Angeliki Dikeoulia GREEK ECONOMY CONFERENCE COMMITTEE Chair: Αnastasopoulos Simos | Members: Antoniades Vassilis, Bacacos George, Mamidakis Eleftheria | Coordinator: Angeliki Dikeoulia Spirtounias Elias Executive Director INFORMATION TECHNOLOGY & COMMUNICATIONS COMMITTEE Chair: Poulidas Spyros | Members: Antonakou Peggy, Galani Agathi, Kolokotsas Dionisis, Monokrousos Antonis, Moraitis Andreas, Peppas Nikolaos, Sabatakakis Kyriakos, Tsiboukis Antonis | Coordinator: Georgia Mamali INNOVATION, EDUCATION & ENTREPRENEURSHIP COMMITTEE Chair: BOARD OF DIRECTORS Panayotopoulos Litsa | Members: Darda Dimitra, Lelakis George, Makios Vassilios, Papadakis Georgios, Pateraki Evangelia, Persidis Andreas, Pilitsis Loukas, Printzos Michael, Alexopoulos George | HELLENIC PETROLEUM S.A. Raptopoulos Manos, Rizopoulos Yannis, Tsiboukis Antonis, Tsoukalis Alexandros | Anastasiou Despina | DOW HELLAS S.A. Coordinator: Katerina Tzagaroulaki INSTITUTE ON ECONOMIC POLICY AND PUBLIC GOVERNANCE President: Simos Antonakou Peggy | MICROSOFT HELLAS S.A. Anastasopoulos | Steering Committee: Kotsalos George, Koussia Venetia, Mina Zooullis, Sage Antoniades Vassilis | THE BOSTON CONSULTING GROUP Jim, Passaris Despina | Executive Officer: Angeliki Dikeoulia INSURANCE, SOCIAL SECURITY & LABOUR MATTERS COMMITTEE Chair: Kremalis Apostolides Pascal | ABBVIE PHARMACEUTICALS S.A. Konstantinos | Members: Abatzoglou Theodore, Andriopoulos Stavros, Canellopoulos Paul, Christidou Agni, Christofides Angeliki, Ioannou Christos, Karmiris George, Kikilias Elias, Bacacos George | P. BACACOS, CHEMICAL & PHARMACEUTICAL Kollas John, Konstantinidis Theodore, Koussia Venetia (Dr.), Lisseos Panayotis, Lyssimachou Triantafyllos, Michos Stathis, Oikonomopoulou Antouaneta, Pelidis Manos, Plomaritis PRODUCTS CO. S.A. George, Poulias Alkiviadis, Sarantopoulos Dimitris, Siatounis Manolis, Spyrakos Fotios, Costopoulos Alexandros | FORESIGHT STRATEGY & Spyropoulos Rovertos, Tzotzos Apostolos, Vafeiadis Ioannis, Vlassopoulos George, Zoulaki Aggeliki | Coordinator: Voula Tseritzoglou COMMUNICATIONS IPR COMMITTEE Members: Ailianou Andromahi, Economou Alexandra, Galanopoulou Katerina, Kargarotos Iakovos, Kyriakides John, Makris Antonis, Michos George, Coustas John | DANAOS SHIPPING CO. LTD Paparrigopoulos Xenophon, Zachou Dora | Coordinator: Daphne Constantinidou Kafatos Vassilis | DELOITTE BUSINESS SOLUTIONS S.A. LEADERSHIP COMMITTEE Chair: Miropoulos Artemis | Members: Kalligeros John, Katsivelis Pavlos, Kerastaris Antonis, Kofinas Kyriakos, Mamidakis Eleftheria, Mavropoulos Kartsanis Georgia | CEO CLUBS GREECE Michael, Olympios Spyros, Panteliadis Aristotelis, Rabbat Vassilis, Raptopoulos Emmanuel, Kokorotsikos Paris | EUROCONSULTANTS S.A Roussos Michalis, Saracakis Alexandros, Vlachos George | Coordinator: Ritana Xidou LEGISLATIVE REFORM COMMITTEE Chair: Kyriakides John | Members: Alexandris Kosmatos Makis | JOHNSON & JOHNSON CONSUMER S.A. Panos, Alexandris Spyros, Margaritis Evangelos, Scorinis George, Tsibanoulis Dimitris | Coordinator: Daphne Constantinidou Kostas Stavros | Economist MEDICAL DEVICES & DIAGNOSTICS COMMITTEE Chair: Liakopoulos Theodore | Kouidis Marilena | KOUIDES A.P.L. S.A. Members: Anagnostopoulos Stefanos, Anastassiou Yannis, Baracos Christos, Boulougouris George, Christopoulou Martha, Deligiannis Konstantinos, Derkos Kalogridis, Hoffman- Koussia Venetia | MANPOWERGROUP S.A. Luecke Manuela, Krinos Gregory, Maroutsis George, Michalitsis Iakovos, Nikas Dimitris, Strouzos Anastasios | Coordinator: Voula Tseritzoglou Koutsoureli Eftychia | QUEST HOLDINGS S.A. NORTHERN GREECE COMMITTEE Chair: Bakatselos Nikolas | Members: Alexopoulos Kyriakides John | KYRIAKIDES GEORGOPOULOS LAW FIRM Charis A., Gigilinis Alexandros, Kafatos Vassilis, Kanelakis Ioannis, Katsaros Georgios, Kokorotsikos Paris, Kouides Antonis, Kouimtzis Athanasios, Koukountzos Konstantinos, Lazaridis Socrates | ATHENS EXCHANGE Mitsiolidou Olga, Vlachos Panos | Coordinator: Nikos Tsavdaroglou Lekkakos Stavros | PIRAEUS BANK S.A. PHARMACEUTICAL COMMITTEE Chair: Ahmad Haseeb | Members: Apostolides Pascal, Capone Carlo, Charalampidis Savas, Commissaris Jeroen, Dakas Christos, Filiotis Spyros, Frouzis Manos Alexandros | PIRAEUS BANK S.A. Konstantinos, Gerassopoulos Marcos, Greco Roberto, Kefalas Nikos, Kofinas Konstantinos, Lorge Emmanuel, Malataras Kimon, Nordkamp Hendrikus Hermannus (Erik), Papagiannopoulou Mytilineou-Daskalaki Sophie | MYTILINEOS HOLDINGS S.A. Vassiliki, Pateraki Evangelia, Tarou Iphigenia | Coordinator: Voula Tseritzoglou Papalexopoulos Dimitri | TITAN CEMENT COMPANY S.A. PUBLIC AFFAIRS COMMITTEE Members: Canellopoulos Paul, Kyriacou Marios, Papadopoulos Thanos, Saracakis John | Coordinator: Xidou Ritana Papazoglou Panagiotis | ERNST & YOUNG (HELLAS) S.A. TAXATION COMMITTEE Chair: Stavros Costas | Members: Achilas Ioannis, Altiparmakis Passaris Despina | PROCTER & GAMBLE HELLAS M.E.P.E. Christos, Ampeliotis Evangelos, Anastasiadis Harris, Desipris Antonis, Doucas Spyros, Filippopoulos Dimitris, Gigantes Stavros, Govaris Vassilis, Kanellatou Athena, Kerameus Plessas Dennys | LOCKHEED MARTIN (INTERNATIONAL) S.A. George, Kyriakides Stelios, Laskaratos Panagiotis, Leventis Thomas, Lianopoulos Themis, Mitsios Stephanos, Nasiopoulou Maria, Panagiotidis George, Papadatos Eugene, Papandreou Sage Jim | PFIZER HELLAS A.E. Cristina, Pothos Panagiotis, Samothrakis George, Savvaidou Katerina, Savvas Evangelos, Sfakakis Konstantinos, Spyriouni Litsa, Stavrides Vassilis, Stavropoulos Ioannis, Tapinos Grigoris, Trakadi Stylianopoulos Andreas | NAVIGATOR TRAVEL & TOURIST Maria, Tsakonas Yannis, Yiannacou Sofoklis | Coordinator: Katerina Tzagaroulaki SERVICES LTD. TOURISM COMMITTEE Chair: Stylianopoulos Andreas | Members: Ananiadis Tim, Argiri Byron, Fokas Makis, Marriott Carol, Mavropoulos Michael, Panayotopoulos Panos, Van de Tsamaz Michael | HELLENIC TELECOMMUNICATIONS Winkel Bart, Vrachatis Ioannis | Coordinator: Angeliki Dikeoulia ORGANIZATION S.A. (OTE) WOMEN IN BUSINESS (WIB) COMMITTEE Chair: Sideri Anastasia | Members: Alexaki- Catsambi Hariklia, Anagnostopoulou Popi, Katsou Nelly, Kazakopoulou Betty, Labrou Tsiboukis Antonis | CISCO HELLAS S.A. Marica, Miliopoulou Georgia-Zozeta, Milona Martha, Siropoulou Niki, Stoumbou Myladie, Tarou Iphigenia, Tsemperlidou Katerina, Tzimea Deppie, Velliotou Peggy | Coordinator: Xenokostas Panagiotis | ONEX S.A. Angela Boyatzis

4 | BUSINESS PARTNERS | MAY-JUNE 2015

CHAMBER NEWS

11th Athens Tax Forum WIB LUNCHEON The Chamber and its Taxation Committee held the 11th Athens Tax Forum, marked by with Giovanna great success and participation, under the title: Taxation versus the contemporary demands of the political, economic and social environment, on April 20, 2015 at the Athe- Kampouri naeum Intercontinental Hotel. The Women in Business (WIB) Com- Speakers discussed good governance proposals in view of planned tax measures, both mittee of the American-Hellenic temporary (radical) and structural, aimed to secure fiscal stabilization and trigger eco- Chamber of Commerce hosted its nomic growth in Greece, entrenched in a deep and prolonged economic crisis. 5th WIB Women Leader Luncheon The Athens Tax Forum 2015 was designed to offer delegates first-hand knowledge of cru- with Giovanna Kampouri on May 7, cial taxation issues and provided the decisive platform for high-level dialogue between 2015 at the King George Hotel. the public and the private sectors in Greece. Delegates included distinguished State offi- Giovanna Kampouri discussed cials, taxation experts, accountants, consultants, professors, decision and policy makers, deploying alpha leadership in chal- and members of the Greek business community. lenging times. She highlighted four The Forum produced constructive dialogue, craft practical suggestions, and highlighted trends that are affecting the global valuable proposals to overcome current weaknesses of the national tax system. The Fo- environment: the shift of influence rum, attended by more than 350 delegates, focused on those tax policies to be followed from the west to the east, a new that will lead to healthy fiscal positions and economic growth. workplace that no longer provides security as it has in the past, dwin- SIMOS ANASTASOPOULOS STAVROS KOSTAS KATERINA SAVVAIDOU dling natural resources, and the continued impact of IT. Giovanna said that effective leaders ensure the “human” is at the center of the equation and they do not view the world in terms of consumers or buyers; in other words a more ho- listic rather than mosaic approach. She also said that leaders employ the three As in order to stay ahead of the curve: Anticipate, Align, Ac- PANEL DISCUSSION PANEL DISCUSSION complish. The event was attended by more than 170 people, primarily women in business, who understand the power, value, and benefits of learning and networking—to build relationships that enhance their understanding of today’s challenging world and further their objectives in a face to face manner.

AMBASSADOR JAN VERSTEEG, NEDERLANDS EMBASSY, GIOVANNA KAMPOURI, SIMOS ANASTASOPOULOS, PANEL DISCUSSION PANEL DISCUSSION ANASTASIA SIDERI

6 | BUSINESS PARTNERS | MAY-JUNE 2015 3rd Annual Exposec-Defenseworld Conference

rd The 3 Exposec-Defenseworld International Defense & Security Conference: National SIMOS ANASTASOPOULOS, MARIA KOLLIA-TSAROUCHA, Defense & Security Strategy in Today’s Challenging World, took place on May 5 & 6 at DIMITRIS LAKASAS, KOSTAS FOTAKIS, LITSA PANAYOTOPOULOS, NIKOLAS BAKATSELOS the Athens Ledra Hotel and was marked by great success and participation by stakeholders of the defense and security sectors of Greece. EDUCATION, The conference was organized by the American-Hellenic Chamber of Commerce and INNOVATION, Symeon G. Tsomokos S.A., under the auspices of the Ministry of National Defense and with the support of the Hellenic Manufacturers of Defense Material Association ENTREPRENEURSHIP (SEKPY), the Hellenic Aerospace and Defense Industries Group (HASDIG) and the THESSALONIKI Centre for Security Studies (KEMEA). CONFERENCE More than 300 distinguished guests, representatives of the diplomatic, military, political, academic and business community attended the conference and took part in The Chamber, in cooperation with Al- the constructive dialogue and shared their valuable knowledge and expertise with the exander Innovation Zone, held the Ed- conference delegates. ucation, Innovation, Entrepreneurship This year’s conference focused on the parameters that can guarantee a modernized Thessaloniki Conference at Noesis, Sci- defense and security system which, with a specific prioritized agenda, would shield ence Center and Technology Museum in Greece from external and internal dangers, protect and promote Greek interests, Thessaloniki, on April 27. lead domestic industry to sustainable development, and these in accordance to EU The event focused on the need to adopt and NATO policies. a new economic model that will invest in education—with an emphasis on inno- PANOS KAMMENOS DAVID D. PEARCE NIKOS DENDIAS vation and an outward orientation. The conference was attended by members of the government and the diplomatic community, young entrepreneurs, members of the business community and students.

NEW PHARMACEUTICAL COSTAS ISYCHOS EMMANOUIL SFAKIANAKIS YIANNIS PANOUSSIS COMMITTEE PRESIDENT HASEEB AHMAD

LUIGI REBUFFI ANASTASIA CHRISTODOULOPOULOU IASON FOTILAS

Haseeb Ahmad, Managing Director of MSD Greece, Cyprus and Malta, is the new President of the Chamber’s Phar- maceutical Committee. Haseeb was born and raised in Liverpool, U.K. He started his career at MSD UK as a Medical Sales Representative.

MAY-JUNE 2015 | BUSINESS PARTNERS | 7 CHAMBER NEWS

Leadership Forum On May 14 the Chamber’s Leadership Simos Anastosopoulos and Executive os of Mercedes-Benz, Aristotelis Panteli- Committee hosted its Leadership Forum Director Elias Spirtounias welcomed the adis of Metro, and Giorgos Vlachos of Folli for young adults at the Cotsen Hall of more than 200 young people. Leadership Follie. The young delegates had the oppor- the American Archaeological School in Committee Chairman Artemios Miropou- tunity to listen to the experienced views of Athens. The event focused on Professional los moderated the event. some of Greece’s most successful managers Opportunities and Developing an En- Speakers included Vassilis Rabat of Xerox, and pose questions about developing their trepreneurial Spirit. Chamber President Michalis Roussos of ISS, Ioannis Kalliger- professional potential.

ELIAS SPIRTOUNIAS SIMOS ANASTOSOPOULOS ARTEMIOS MIROPOULOS ARISTOTELIS PANDELIADIS

VASSILIS RABAT IOANNIS KALLIGEROS

TradeUSA Construction Mission Chamber Calendar The Chamber, in collaboration with the Hel- th lenic-American Chamber of Commerce in June 10-11 New York, 4 US investment New York and Enterprise Greece, co-orga- Forum nized the 2015 TradeUSA Construction Mis- June 16-17 Athens – Onassis Cultural Cen- sion on March 23 to 27, 2015 in New York tre, International Law Conference City, which was sponsored by AIG Greece. th The delegates of the mission had the talk June 22 Thessaloniki, 4 Agrotechnology Conference business, network and gain insight on the status of development, design and construction industry in New York City and the June 24 Athens, General Assembly mission opened opportunities to create a new presence in this dynamic market. Members of Greek delegation were matched with 23 U.S. Companies, engaged in June 26-July 2 New York, Trade USA 2015, Specialty Food Mission (Delegation to US) 72 b2b meetings, and went on site visits, combining first-hand understanding and hands-on experience with ongoing NYC construction projects. The Chamber is September 22-23 Athens – Athens Ledra pleased to report that the mission gained extensive media coverage—both in the Hotel, 14th HealthWorld Conference USA and in Greece Based on the mission’s success, the Chamber intends to develop September 28 Athens – National Theatre, this trade delegation into an annual event and expand to other states and cities in the Athens Culture Symposium US, identifying suitable partners for Greek firms.

8 | BUSINESS PARTNERS | MAY-JUNE 2015

ALBA BUSINESS REVIEW

Entrepreneurship is the

BY VASILIS THEOHARAKIS, PH.D. engine of growth for all ASSOCIATE PROFESSOR OF MARKETING & ENTREPRENEURSHIP, ALBA GRADUATE BUSINESS SCHOOL open economies. AT THE AMERICAN COLLEGE OF GREECE

but on its “mittelstand.” The 99% of Ger- ENTREPRENEURIAL GROWTH IS NOT ABOUT man companies classified as “mittelstand”, are SMEs that are 95% family owned and are the “hidden champions”; they contain Building Castles in their ranks world market leaders across several market niches. These SMEs place a particularly high emphasis on R&D, are on Quicksand export oriented and have a long-term approach. A significant contributor in the creation of these hidden champions is Germany’s superb vocational training sys- t is well established that the largest por- portantly, governments had a consistent tem that provides skilled labor. tion of new jobs comes from young and commitment in providing a stable busi- Overall, the economic growth of a country upcoming companies rather than from ness environment, with no change in cor- comes from the systematic support of en- large established corporations that have porate tax rates, even under intense pres- trepreneurship. Unfortunately, for too reached a plateau. Therefore, if a country sure from lenders during the crisis. many years entrepreneurship has been seen wantsI to enjoy a competitive and growing Ireland’s pro-business support provided a as an act of evil in Greece. With its complex economy, it needs to provide an attractive solid ground for its companies to make it and continuously changing laws, managing playground for the creation of entrepre- one of the biggest exporters of pharmaceu- a company in Greece is a lot more challeng- neurial “gazelles” that leap forward in tech- ticals in the world (28% of total exports) ing; energy that could be invested to en- nology creation and international custom- followed by chemicals, data processing hance the international customer base or er acquisition. The resulting trade surplus equipment and software. The trade sur- products is consumed by the uncertainty from the exports of such companies offers significant benefits to the local economy. Let’s compare the economies of Greece and Ireland to better understand how the THE TRADE SURPLUS FOR IRELAND IN 2014 WAS systematic approach for attracting knowl- MORE THAN 35 BILLION EURO WHILE THE TRADE edge-intensive businesses can dramatical- DEFICIT OF GREECE IS EXPECTED TO BE MORE THAN ly affect a country’s economic progress. The comparison appears to be fair since 19 BILLION EURO! in 1980 they had similar GDPs per capita (about $6000). Although Ireland has less than half of Greece’s population and plus for Ireland in 2014 was more than and complexities created by the state. It is one could claim it has fewer resources, it 35 billion Euro while the trade deficit of not accidental that the 2015 Economic has managed to regularly generate trade Greece is expected to be more than 19 bil- Freedom Index, ranks Greece in the 130th surpluses since the late 1980s. The Irish lion Euro! It is therefore not a surprise that position as a “mostly unfree” country, just miracle has been linked with consider- while the two countries started with near- surpassing Bangladesh. Countries need to able investment in domestic higher ed- ly the same GDP per capita in 1980 their provide a stable and supporting environ- ucation and the systematic targeting of citizens are in vastly different financial po- ment to attract businesses and need to keep foreign direct investment supported by a sitions today (Ireland: $50,5k vs. Greece: in mind that they are not alone in this low corporate tax rate. Irish government $22k - 2013). Besides Ireland, when exam- game; they compete against 190 other officials acted as ambassadors for attract- ining Germany we discover that the EU’s countries. “Gazelles” will seek to be hosted ing investment and went on well-planned export powerhouse does not only depend by countries that offer a stable ground that roadshows, especially in the U.S. More im- on the large conglomerates we all know, will support their leap forward.

10 | BUSINESS PARTNERS | MAY-JUNE 2015

NAMES & FACES

...in the news PAUL KRUGMAN SPEAKS IN ATHENS Nobel-laureate economist Paul Krugman ▼ ATTICA GOVERNOR IN THE U.S. delivered a lecture at the Athens Concert Attica Region Governor Rena Dourou was invited Hall on April 24 and urged the government by two American universities to participate in their to keep its position over austerity mea- lecture programs. sures, such as calls for further cuts to wag- On April 17, Governor Dourou addressed an au- es and pensions. dience at New York University on “The Dawn of PAUL KRUGMAN Mr. Krugman said that a primary surplus Another Attica” and on April 21 delivered a speech must now be achieved through structural at Princeton University on “A New Face for Greece. reforms, not new austerity measures. What Difference Can a Woman Make?” Referring to reforms such as fighting tax evasion and others, he said that results should not always be expected immedi- ▼ CEO SENITMENT DOWN ately and that what mattered was their implementation. He Greek CEOs were less optimistic over economic developments in the said the Greek economy had shown progress but disputed country in the first quarter of 2015, accordong to the ICAP-CEO Gen- that this was the result of fiscal austerity. On investments, eral Index, measuring economic sentiment. he noted that investing in Greece might carry a high risk The survey, based on a sample of 3,020 CEOs of the largest Greek en- at present but would also bring a much higher return if an terprises, showed a growing concern among high-ranking executives agreement is reached. over developments in the Greek economy. The index fell to 113 in the He urged the Greek government to accept an “honourable first quarter from 150 points in the fourth quarter of 2014, while the compromise” and advised against an exit from the euro, expectations index fell to 120 from 137. Only 11% of CEOs expect con- which he said would be “nightmarish.” move for Greece ditions in their business sectors to be better, down from 31%. while also creating a major problem for the euro system. Mr. Krugman also met with Prime Miniser Tsipras and Presi- ▼ BIGGER MAC dent Pavlopoulos. Premier Capital Hellas announced an investment plan worth more than 10.5 million Euros to expand its McDonald’s network in Greece over the next three years. Premier opened its 21st McDonald’s restau- REZA MOGHADAM— rant in Thessaloniki, at the One Salonica Outlet Mall, a project worth SIMPLIFY INVESTMENT FRAMEWORK 650,000 euros, and plans to operate a network of 30 McDonald’s restau- Greece needs to simplify the institutional rants in the next three years. The company, which took over as devel- framework to allow investments and re- opmental licensee of McDonald’s in Greece in 2011, has invested more move the obstacles on investing in land than 5.5 million Euros to expand the chain. and property, the Vice-Chairman for Global Capital Markets at Morgan Stanley, Reza ▼ FOLLI FOLLIE Moghadam said at an event organized by the

Since 1982 fashion group Folli Follie has rapidly expanded its product REZA MOGHADAM Athens-based research institute IOBE. line and global presence. Today, Folli Follie jewelry, watches, bags and Moghadam also said that it will be difficult to accessories are distributed in 24 countries at 500 points of sale. Folli achieve high growth rates in Europe if the banking system Follie is present in most major cities, including London, Hong Kong, doesn’t help, which will not happen unless the banks are not New York, Dubai, Beijing, Soul and Athens. The company plans its freed from their bad loans portfolios. next major move in Australia and to boost its presence in airports in the United States, Canada and Latin America.

TELL THIS TO YOUR BOSS TECH BUBBLE SPEAKER’S The higher we are placed, the more It has become appallingly obvious that our humbly we should walk. technology has exceeded our humanity. CORNER —Marcus Tullius Cicero —Albert Einstein

12 | BUSINESS PARTNERS | MAY-JUNE 2015 ▼ ROYAL CARIBBEAN RECOGNIZES NAVIGATOR On the occasion of Royal Caribbean Cruises Global Tour Operator Con- ference in Miami, Navigator Travel & Tourist Services Ltd won two coveted BEN FLANNER HEAD FARMER, PRESIDENT, distinctions; the 2014 “Leadership in BROOKLYN GRANGE, NYC Sustainable Shore Excursions” and © RANDY DUCHAINE “Shore Excursion Manager’s Choice” awards. “Navigator has been an esteemed and valued partner for decades,” said Roberta Jacoby, Managing Director for Global Tour Oper- Up On The Roof ations at Royal Caribbean Cruises Ltd. Navigator’s President & CEO Andreas Stylianopoulos said “The greatest honor for any services provider is praise that comes directly from the client. Our relationship What are the key points regarding rooftop gardening with Royal Caribbean remains strong and I am proud that this loyal as a business? bond is based on acknowledged merit.” The key points for rooftop farming as a business are mostly financial: achieving proper yields per unit of ▼ CITIZENS’ HOUR area, growing and selling appropriate crops which Alternate Civil Protection Minister Yiannis Panousis has extended help to achieve those yield goals, and finding large, flat “Citizens’ Hour” to include himself and the leadership of the ministry, spaces to create good farms. The leasing, access, and which will receive members of the public to hear complaints, propos- governance of the roofs are also very important con- als and any other feedback at the ministry for two hours each month. siderations. The measure had already been announced at the level of local police stations, where station chiefs will receive residents and establish direct What impacts can the gardens have on heat zones? feedback with citizens in a bid to cultivate better relations between the Rooftop agriculture, and green roofing as a general police and the public. To make an appointment call 210-698 8177. industry, can create a cooling effect on the surrounding environment in a city. In our dense urban environments, ▼ ATHENS AIRPORT DISTINCTION we experience an urban heat island effect where the air In this year’s “Routes Europe,” the largest airline and airport network- is substantially warmer than in the surrounding area. ing route development forum in Europe, AIA was voted by the airlines Particularly during the peak, hottest days of summer, as the winner in the 4-20 m. passengers category in the 2015 Routes this leads to a lot of energy consumption to cool the inte- Marketing Awards, in recognition of the dynamic, tailor-made sup- riors of buildings, as well as an uncomfortable outdoor port it offers to its airline partners in their developmental efforts. environment. Green roofs combat this heat island effect substantially, especially if scaled up across a city. ▼ ARISTOTLE UNIVERSITY-MIT RESEARCH The identification of bacteria and bacterial products that will help bal- How can gardens combat unemployment? ance the immune system of humans and protect them against cancer Rooftop agriculture provides jobs, though at this point a and autoimmune diseases is the goal of collaboration between the Lab- small amount. Rooftop and other farms can also provide oratory of Pathology at the Veterinary Department of the Aristotle job training programs, and provide the community with University of Thessaloniki (AUTH) and the Department of Compar- important skills to join the workforce in various areas. ative Medicine at the Massachusetts Institute of Technology (MIT). Cancer, autoimmune diseases and obesity are becoming epidemic. The  www.brooklyngrangefarm.com/ hope is to find bacteria and bacterial products that can be consumed by humans so that they can have a balanced immune system and reduce the risk of cancer and autoimmune diseases.

DEAD ON TEENAGE MUTANTS FEAR SQUARED Failure is not fatal, but failure True terror is to wake up one morning A lot of people are afraid of heights. Not me, to change might be. and discover that your high school class is I’m afraid of widths. —John Wooden running the country. —Steven Wright —Kurt Vonnegut

MAY-JUNE 2015 | BUSINESS PARTNERS | 13 HERITAGE ECONOMICS

Heritage is ever growing,

BY EVANGELOS KYRIAKIDIS as more heritage is SENIOR LECTURER IN AEGEAN PREHISTORY, LEVENTIS SENIOR FELLOW IN HERITAGE MANAGEMENT, discovered, and more UNIVERSITY OF KENT, CANTERBURY is created with time. Yet budgets are shrinking.

Education if they had access to training in these diverse roles. This is precisely the role of the Initia- tive for Heritage Conservation, founded to and Research promote good practice in heritage management, acting as a catalyst for change, bringing relevant actors to work together. IHC trains current and future heritage managers ow are we, as active profession- oped and disseminated, we need to create a in areas essential for their work, yet are not al citizens, to reverse the tide wave of support that will have ripple effects included in the formal training they have of decreasing resources and across the globe. But training in what? Nel- received. IHC achieves this through three entropy? How are we to max- son Mandella encouraged us to teach peo- strands of training programs: imize our resources to render ple how to fish rather than provide them 1 An Internationally acclaimed MA pro- heritageH a sustainable resource of educa- with fish. But what constitutes ‘fishing’ in gram in Heritage Management, a collab- tion, culture, pride and development? our case? We have made an important ob- oration between the Universities of Kent One solution provided by several worth- servation in this regard. and the Athens University of Economics while projects internationally is to fundraise, Most heritage managers in this world are, if and Business from countries, individuals, corporate or we take the optimistic scenario, experts in 2 An extensive summer school program institutional donors, and then to effectively the content of what they manage, whether a in heritage visualization, public engage- project manage to make sure this funding museum collection, the history of the Pelo- ment, heritage photography and, from has a maximum impact for the preservation ponnesian war, the history of 20th c. archi- next year, heritage interpretation of heritage, and thus attract further dona- tecture, an archaeological site, body tattoo- 3 A newly introduced 1-2 week workshop tions. This is an important strategy because ing in Bosnia, or a historic neighborhood. series on specialized issues in heritage management, ranging from branding to fundraising and from temporary exhibi- HERITAGE MANAGERS WOULD BE MUCH MORE tions design to communications for cul- EFFECTIVE … IF THEY HAD ACCESS TO TRAINING IN tural organizations All three cutting edge program strands tar- THESE DIVERSE ROLES get current and future heritage managers of all ages. We collaborate with a host of international partners, ranging from the large ‘beacon’ projects are necessary, both in Yet they spend only a small fraction of their Centre for Advanced Spatial Technology at the valuable work they achieve and to pro- working time using that specific expertise, the University of Arkansas and the Swed- mote good practice. However, this strategy spending most of their time engaging with ish NGO Cultural Heritage Without Bor- is insufficient on its own. It is often entirely audiences, local communities and stake- ders to the intergovernmental organization top down, and is unsustainable. Unsustaina- holders, managing personnel, budgets or for the preservation of heritage ICCROM ble because time is against heritage, and be- projects, strategizing, fundraising, collabo- and the Victoria and Albert Museum, as cause without an investment in local, grass- rating with experts in other fields, educating well as companies such as Leica, Metrica roots human resources and expertise such and so on. These are fields they have never and others. a strategy requires the continuous input of been trained in. Heritage managers would resources from the top. be much more effective and empowered to  For more information on the programs of the Ini- In other words, we need education and render heritage a sustainable resource for tiative for Heritage Conservation visit training, we need good practices devel- culture, education, pride and development www.inherity.org

14 | BUSINESS PARTNERS | MAY-JUNE 2015 GREECE: THE PATH FROM A GREAT PAST TO A GREAT FUTURE The Role of Economics, Rule of Law & Best Practices June 16-17, 2015 www.lawconference2015.amcham.gr

The American-Hellenic Chamber of Commerce and

C the American Bar Association - Section of International Law M are proudly organizing Y the 1st International Law Conference CM to be held June 16-17, 2015 MY at the Onassis Cultural Centre. CY

CMY

K The conference, the first of its kind in Greece, will examine the various legal systems, compare and contrast best practices among the different systems. The panels will focus on the importance of the Rule of Law to ensure economic stability and growth and identify pathways which may serve as models for future practices. The Program is practical and utilizes and encourages a comparative approach across legal systems (US, Greece & EU, and others) toward a better understanding of each legal system’s differences, similarities, and the types of legal systems and regulations which serve competitiveness, transparency, and established “rule of law” criteria. Prominent judges, attorneys, legal academics, entrepreneurs and policy makers from United States, Europe and Greece will participate as speakers at the conference.

KEYNOTE SPEAKERS

NIKOLAOS PARASKEVOPOULOS, Minister of Justice, Transparency & Human Rights MARCELO BOMBAU, Chair, American Bar Association Section of International Law PAULETTE BROWN, President-Elect, American Bar Association PANAGIOTIS PIKRAMMENOS, Former Prime Minister, Honorable President of the Council of State MYRON STEELE, Former Chief Justice of the Supreme Court of Delaware JUDGE DELISSA RIDGWAY, United States Court of International Trade JUDGE PANAGIOTIS LYMPEROPOULOS, Athens Court of Appeal JUDGE ATHANASSIOS RANTOS, Vice President, The Council of State JUDGE CHARALAMBOS MACHERAS, First Civil and Commercial Chamber, Supreme Court of Greece BIZ BUZZ

Mary Katranzou Receives BFC/Vogue Designer Fashion Fund Greek-born, London-based designer Mary Katranzou has been awarded the BFC/ Vogue Designer Fashion Fund, a 275,000 pound cash booster to help business development. Ms Katranzou rose rapidly as an up-and-coming fashion designer, with … an adult is made up of around her collections featured prominently in the 7,000,000,000,000,000,000,000,000,000 international press. She has been recognized (7 octillion) atoms? for her daring, original, and bold work in … all of the bacteria in an average per- printed textiles. In addition to developing son’s body weigh about 2kg? her own label, Mary has worked for labels … a red blood cell can make a com- such as Adidas, M for Moncler, and Swarovs- plete circuit of a human’s body in 20 ki, Longchamp and TopShop. Mary’s father, seconds? Vlassis Katranzos was a long-standing … there are more bacteria in a per- member of the American-Hellenic Chamber of Commerce and, before Mary began her undergraduate studies, she interned at the Chamber under Business Partners publisher son’s mouth than there are people in and editor Raymond Matera. the world? … every human being shares 99% of their DNA with every other human— and 98% with a chimpanzee? Deloitte: Lack of Leadership Skills … light would take 0.13 seconds to travel around the earth? Lack of skills in leadership is the most significant problem facing the heads of human ... a medium-sized cumulus cloud resources departments in Greek enterprises, according to a report by Deloitte. The weighs about the same as 80 elephants? third annual report on “Human Capital Trends 2015: Leading in the New World of Work,” … more microorganisms are trans- based on a sample of more than 3,300 directors of human resources and enterprises ferred shaking hands than kissing? in 106 countries around the world, showed that 83% of respondents said lack of skills in … human DNA could stretch from the their leadership was their greatest concern. The second most important issue was redefining the operation of human resources department (83%). The third most important earth to the sun 600 times? issue was organizing culture and commitment (76%), with 50 pct of respondents saying … since atoms mostly consist of empty they were “slightly prepared” to meet the challenge. space, humanity could fit in a sugar The report also showed that 66% of respondents said workers were “chocking” in the cube? prevailing labor environment, and 74% said that complexity of the labor environment was a significant problem. Green— The New Color Fill ‘er Up—With Sunshine of Cola The faculty of the Department of Mechanical The Green Cola Company in Thrace, for Engineering at Piraeus University of Applied decades a bottler for Greece’s Coca Cola, Sciences have completed a solar powered began bottling Green Cola and is recording charging station for electric cars. The station impressive sales. The soft drink uses Ste- turns solar power into electricity and charges via rather than sugar for its sweetner and electric car batteries—meaning charges do not uses natural aromas, such as green coff- have to rely on the national grid. Now in the fee beans. According to the company, they pilot stage, the 100% green charging station is do not view their product as a competitive being used for training and research. Greece produces the majority of its electricity threat to Coca-Cola, the undisputed mar- from lignite and natural gas. ket leader.

16 | BUSINESS PARTNERS | MAY-JUNE 2015 GREEK MICROBREWERIES— THINK LOCAL American newspaper USA Today has highlighted the many new microbreweries in Greece serving pints of locally-brewed beer. According to the report, “A new wave of Greek microbreweries is hoping to capitalize on “Get Me to the Ecclisia on Time” quenching the thirst of travelers and Destination Wedding Magazine has highlighted wedding options in some of Greece’s locals despite the country’s ongoing most romantic settings. “From May to October, Greece provides a romantic backdrop economic crisis. Corfu Beer and a for weddings filled with fresh Mediterranean cuisine, local wines and joyous traditions. dozen other microbreweries that have For drama, head to Santorini, where whitewashed villages cling to black-lava cliffs opened in Greece in recent years with Aegean views. Mykonos is tops for a cosmopolitan vibe and a 24/7 beach-party stress that entrepreneurship in the scene. For something more low-key, consider Crete, mixing ancient civilizations and southern European country isn’t easy.” scenic beaches; Corfu, boasting Venetian and French architecture and stunning bays; or “But they’re hoping business will flour- Rhodes’ medieval old town.”—www.destinationweddingmag.com ish if newly elected Greek Prime Min- ister Alexis Tsipras fulfills his promises to end the steep tax hikes, harsh spending cuts and other austerity measures. ‘Things would definitely be Greek Entrepreneurship Profile better’ if austerity ended, said Yannis The new Global Entrepreneurship and Development Institute Paraskevopoulos, one of four partners (GEDI) index shows that Greeks have great start-up skills. The who founded the Santorini Brewing Washington DC-based institute’s survey examines 14 factors Company in 2012.” to assess a country’s entrepreneurship ranking. Greece shows Microbreweries started cropping up outstanding strengths—combined with some notable short- in Greece in the early 2000s. But two comings. On the plus side are start-up skills (even though they years ago, the industry began taking may result from an active grey economy) and small business off after lawmakers eager to boost en- orientation. Other positives include human capital, technolo- trepreneurialism overturned an 1822 gy absorption, and risk capital. Weakness include opportunity law that forbade producing anything perception, risk acceptance, and cultural support. but beer in breweries, freeing produc- The Global Entrepreneurship and Development Institute (The GEDI Institute) is a ers to experiment with new products research organisation that advances knowledge on links between entrepreneurship, such as soft drinks and unleashing economic development and prosperity. The institute was founded by world-leading new investment in the sector. entrepreneurship scholars from the LSE, George Mason University, University of Pécs and Imperial College London.  http://thegedi.org/

MAY-JUNE 2015 | BUSINESS PARTNERS | 17 ONE WORLD

Papastratos recently announced a significant social contribution, in cooperation with the Holly Archdiocese of Athens and All Greece.

2013 the flagship program “Preparing for Tomorrow,” a vocational training program for 1,300 people. This was the first time PAPASTRATOS— ever that a company entirely funded such a program without making use of any State or European funds and without even a sym- bolic participation fee for those attending. Continuous Support Papastratos also contributes significantly to the areas where it operates. In 2013, it do- nated to Agrinio, birthplace of its founders, to the Country the assets of the Papastratos Foundation: two 6,000 sq.m. buildings in the center of the city, plus 1.5 million Euros and the services of the and Those in Need Foundation’s management to further develop the properties for the growth of the city. In 2014, in Athens, the company funded a amely, the company is provid- country, which exceeds 30,000 members. study for the upgrade of Keramikou Street, ing for 100,000 meals to the At the initiative of the company’s manage- in Metaxourgio, and renovation works at a soup kitchens of the Church. ment, Philip Morris International signed central pedestrian street, where volunteers “Through the work of the a Cooperation Agreement with the Greek of Papastratos participated. Two years ear- Church we can all show soli- government for the purchase of more than lier, Papastratos had supported the Munic- darityN to those who are in a difficult position 50% of the Greek oriental tobacco produc- ipality of Athens to restore damages caused due to the financial crisis,” said Papastratos tion for the period 2013-2015, an agree- during protests in Syntagma Square. Chairman Mr. Nikitas Theophilopoulos, ment that surpasses 150 million Euros. In Aspropyrgos, where its factory is located, after announcing to Archbishop Hierony- Recently, the first 130 tobacco growers Papastratos has been supporting the Social mus the decision of the company to sup- completed a specialized educational pro- Grocery and the Social Pharmacy while, in port his work. gram implemented in collaboration with 2013, it funded the construction of play- This is not the first time that Papastratos the American Farm School. The program— grounds. has responded to social and financial needs entirely funded by Papastratos—focused Finally, the company has contributed sig- brought about by the crisis. In recent years on the practices of “Precision Agriculture,” nificantly to the battle against illicit tobac- the company has undertaken significant in- designed to improve entrepreneurship in co trade through financial assistance and itiatives that—as they state—exceed 1 mil- the field of tobacco growing through new equipment to law enforcement agencies to lion Euros in value. practices and technologies. tackle a problem that affects the industry, It is not all gloom and doom in Greece The company also covered the heating oil State revenues and the whole of society. today and the good news should be made cost for 50 schools in six tobacco-growing We should all—even more so large compa- known; it is important, therefore, for such areas of Northern Greece during the winter nies—support society and make every effort initiatives to be highlighted. of 2012-2013; thus, almost 2.500 pupils at- to alleviate the consequences of the human- Since the beginning of the crisis, Papastra- tended classes in warm classrooms. itarian crisis of the last few years. And when tos has put significant emphasis on support- Aiming at unemployment Papastratos, in this is not just a lip service, but is put into ing the tobacco growing community of the cooperation with SEV/IVEPE, launched in action, it should be acknowledged.

18 | BUSINESS PARTNERS | MAY-JUNE 2015 TRAVEL USA

On the occasion of Greece’s entry into the Visa Waiver Program, the U.S. Commercial Service of the American Embassy in Athens is showcasing all 50 states and five territories in Business Partners.

Discover America—New Mexico ★

ew Mexico is a where adventure and culture come together in an experience that can be matched nowhere in the United States. Where authenticity speaks LAND OF to you from the art, food, architecture and people all rooted in the Native ENCHANTMENT American, Spanish and cowboy cultures. Add a landscape where valleys, mesas and mountains glow with every spectrum of color under a deep blue LAND AREA 121,500 sq miles sky and you have New Mexico True. Authenticity can be found in the hundreds of art gal- N POPULATION 1,920,000 leries in Santa Fe. In the red or green chile that is served in any combination of ingredients in restaurants across the state. In the Native American dances and Pueblos that are cen- STATE CAPITAL Santa Fe turies old. For adventure that feeds the soul, come to New Mexico. LARGEST CITY Albuquerque • Outdoor adventure ranges from snow skiing in the winter, white water rafting in the summer, mountain zip lines and some of the most spectacular and affordable golf in LOCAL TIME MST – 9 hrs behind Greece the country. CLIMATE New Mexico averages 256 sunny • Scenic Byways –New Mexico offers some of the most iconic roads in the United States with days a year, has four distinct seasons and a range of fly drive options – take the Billy the Kid Scenic Byway or how about Route 66? due to geology different areas of the State

WHITE SANDS, © NEW MEXICO TOURISM DEPARTMENT can vary widely, with high temperatures in desert areas to snow fall for skiing in the mountains.

 For more information: New Mexico Tourism Department 491 Old Santa Fe Trail Santa Fe, NM 87501 505.827.7400 [email protected] wwwnewmexico.org

MAY-JUNE 2015 | BUSINESS PARTNERS | 19 FULBRIGHT STORIES

Stratos Gounidellis and Yiannis Kapilou were awarded Fulbright BY STRATOS GOUNIDELLIS & YIANNIS KAPILOU Scholarships to attend the Summer Institute for European Student Leaders on Social Entrepreneurship Entrepreneurship in the United States. and Social Value

hen we heard about the met people who do not hesitate to strug- Drayton of Ashoka pointed out, “social “Summer Institute on gle to make their countries better places to entrepreneurs are not content just to give Social Entrepreneurship” live. Moreover, our daily interaction with someone a fish or teach someone how to Fulbright Scholarship we them helped us acquire experiences, knowl- fish. They will not rest until they have revo- were both immediate- edge and maturity while we became more lutionized the fishing industry.” ly motivatedW because of its social context. open-minded and learned how to cooper- The Americans were friendly, open-mind- We felt really proud when we learned we ate in a more effective way with people of ed and had a concrete understanding on were selected as the main candidates for different mentalities. The interaction with the need for social responsibility. That this scholarship. And then, on July 29, we these fantastic people gave us the chance helped us understand the prosperity social boarded the plane for Indiana University, in to broaden our horizons, learn more about entrepreneurship could offer Greece, espe- Bloomington, where the program was held. other cultures and, of course, to have the cially in light of the financial crisis. Having Undeniably, it was a great experience be- best time of our lives. All the things we dis- businesses empower ideas and apply solu- cause we learned more about entrepre- cussed, with the participants from Europe, tions to social problems is a great achieve- neurship, and especially about social en- made us adopt a more pan-European way of ment for a country. Being overwhelmed by trepreneurship. To be more specific, we thinking and, in the end, a more global one. our financial difficulties, we tend to forget understood what a social entrepreneur is and what distinguishes him/her—in a better way—from other entrepreneurs. In addition, as participants of the program, WE LEARNED TO IDENTIFY SOLUTIONS WHERE we visited “Stone Belt,” a non-governmen- OTHERS IDENTIFY PROBLEMS tal organization which is also located in Bloomington that prepares, supports and empowers people with developmental dis- In the current period of recession, social that we need to have a society that helps its abilities. As a result, we learned to identify entrepreneurship could be a viable option own people. A society that nourishes ideas solutions where others identify problems for Greece. Social entrepreneurship is all of compassion and commitment to future and ways to implement solutions on a large about making profit—and using this prof- entrepreneurs. A society that does not hesi- scale. We also participated in volunteer ac- it to solve a crucial social problem. And in tate to support innovative concepts and en- tivities and visited a number of organiza- Greece there are many problems to over- able young people to make the change they tions that have applied social entrepreneur- come. The Summer Institute provided us would like to see in the world. ship to make their society a better place to with the tools to recognize the root cause All in all, this experience was life changing, live. And they succeeded. of some social problems and how to come and above all it taught us that a social entre- During these five weeks we met great and up with innovative ideas to solve them. It preneur must be stubborn. And we strongly inspiring people, each having a really strong is high time that we understood the sig- believe that we, Greeks, have that in super- background and social participation. We nificance of helping others because, as Bill abundance.

20 | BUSINESS PARTNERS | MAY-JUNE 2015 Smyrna, The Fire, and One American

Lou Ureneck is the author of The Great Fire, a surprising story about the American relief Committee and the American-arranged evacuation of Greek PHOTO: KALMAN ZABARSKY FOR BOSTON UNIVERSITY PHOTOGRAPHY and Armenian refugees from Smyrna. was forced to leave their homes and go to a A professor of journalism at Boston place that was very strange to them - some University, Lou was a 2011 Fulbright of them didn’t even speak Greek.

Fellow at the National University in Kiev. The Great Whose story gets told? Fire is published by HarperCollins and in Greece by Any event has more than one story that Psichogios. Lou is interviewed for Business Partners stands behind it and the story of Smyr- na is infinitely interesting because there by Eva Adosoglou, a Fulbright Scholar from Greece are at least five or six different narratives pursuing her Masters at Boston University. that stand behind it. There is the Turkish, the Greek, the Armenian the Jewish, the British and the American narrative. The American is divided in 2 parts: missionary This book required you to do a lot of re- of the Greeks who survived at Smyrna, and business. So history is complex and we search… survived because the Americans evacuated try to simplify it in order to tell the story Yes, 4 years of research. The book has taken them. If that evacuation hadn’t occurred but one of the big questions that a writ- me to many places from Greece to the U.S. another quarter of a million Greeks would er has to ask himself is whose story gets and most importantly Washington, where have died. And it wasn’t really a response of told. I think the story ultimately belongs there are more records about Smyrna than the American government but a response to the victims so I felt an ethical impulse anywhere else in the world. There were three of individual Americans who were present to tell the story of the Greeks and the Ar- groups of Americans who left extensive re- and arranged the evacuation. menians. Also, I told the American story cords of what happened during the destruc- because I am an American and I thought tion of Smyrna: the missionaries, the U.S. What is the difference of the way we refer Americans would be interested. Military and the American business people. to what happened in Smyrna with the way The principal source of my information that Turkish people refer to it? Any lessons learned? What could Greek in Greece was the Asian Minor Research Two different events: the Turkish peo- people have done differently? Center in Athens, which has interviews with ple generally know there was a fire and Be sure that your stand by your friends and survivors. Also, In Izmir I retraced the line generally know that Greeks left and that your friends stand by you. Also, don’t over- of retreat of the Greek army by car and by there was conflict. But there is not detailed reach. Greece was trying to do something foot and talked with a Turkish officer. knowledge about what happened. On the that was next to impossible: to occupy other hand, the Greek people remember most of western Anatolia. The Greek army What was the most exciting thing that you it as a very painful and disastrous moment had a line that went from the Sea of Mar- found from your research? in Greek history. They are very aware of mara all the way down to Ephesus. This I was surprised to see how involved the Turkish brutality - and of course that’s true, was a military challenge that would be dif- Americans were at Smyrna and I don’t but there is a lot more to it than that: many ficult even for a big nation. So its military think most Greeks realize it but nearly all people died, the ethnic Greek population strategy was in question.

MAY-JUNE 2015 | BUSINESS PARTNERS | 21 URBAN LANDSCAPE

BY GEORGE BELLAS ELECTRICAL AND COMPUTER ENGINEER, MBA, DESIGNING DEPUTY CEO, GAIA SA THE “SMART” URBAN FUTURE

OVER THE LAST COUPLE OF YEARS A NEW SET OF FACTORS HAS BEEN EMERGING THAT IS ALREADY DECISIVELY FORMULATING THE WAY THE URBAN ENVIRONMENT IS BEING DESIGNED.

ccording to the UN’s medi- working technologies, “big data” storing nology is constantly evolving and is able um projections, the world and processing, cloud computing and the to provide solutions that are cost effective population is going to rise by “Internet of things,” which are constantly and can be integrated into various sets of 40% in the next 40 years and taking hold, create a landscape where in- applications. the amount of population to telligent systems, devices and sensors will resideA in urban centers is expected to rise be connected with each other sensing, SMART CITIES to 70%. Modern urban centers must be de- processing and analyzing a vast amount of In this context our cities face the challenge signed in a way that will secure that both datasets from any aspect of human activity. to be reshaped and become smarter in order infrastructures and buildings will be able to Finally, renewable energy sources tech- to reduce their environmental consequenc- accommodate the population and provide a better living environment. At the same time all the strategies formu- lated either by national or international The technology to develop smarter organizations are clearly pointing out that sustainability and energy efficiency must be systems is not a vision of the future— considered as the key notions in approaching any human activity. but a reality of today Moreover, the recent technological trends in the ICT sector relating to wireless net-

22 | BUSINESS PARTNERS | MAY-JUNE 2015 es and carbon footprint, be more efficient healthcare, education and tourism while at phisticated and more suitable for commer- in their use of resources, provide a better the same time similar systems can be devel- cial buildings, the truth is that all these tech- living environment for their residents and oped in the fields of emergency management, nologies are equally applicable in residential create a competitive profile in order to at- street lightning and other urban services. buildings at a very reasonable cost basis. tract investments. At the same time it is In fact, the “smart” home is a reality, since evident that the benefits of the smart ap- SMART BUILDINGS most all manufacturers are riding the wave proach are substantial and the technology In any case, at the core of the smart de- of the internet of things and, in this way, de- to develop smarter systems is not a vision of sign approach lies the basic element of vices and applications related with HVAC the future—but a reality of today. the city landscape—residential and com- (heating, ventilating air conditioning), white The infrastructure networks of cities pro- mercial buildings. Residential and com- good elements, security and access systems, vide a vast potential for becoming smarter, mercial buildings are responsible for 40% audio-video systems, motorized systems, since in most of the cases they are old, do of energy consumption and 36% of CO2 monitoring systems and communication not have the ability to provide data to their emissions in the EU, and these percentag- systems that are destined for residential operators and end users and, even if they es are similar in all developed economies. buildings can be easily interconnected with do, these data are scattered across various As a result, policy makers in the EU have each other. As a result, the “smart” home will agencies and authorities. shaped a strategy, and are in the process of be shortly established as the benchmark for Energy networks face the challenge to in- drafting specifications, with the goal that residential building construction. corporate systems that will provide grid all buildings constructed after 2020 in the Taking into consideration that there are al- automation and flexible distribution, smart EU will have zero energy consumption. ready substantial investments taking place metering and demand response, the inte- These new high-performance buildings in the abovementioned fields and that pub- gration of renewable sources in the energy should integrate available energy-saving lic bodies like the European Commission mixture and the implementation of systems technologies and renewable energy sourc- are willing to further support the smart ap- that will track down their operation on a real time basis, providing data about demand, cost, faults and the like, both to their operators and end users. In the same context water networks, sewage networks and solid waste EU policy makers have shaped a management systems can likewise integrate similar solutions in order to be upgraded. strategy, and are in the process of Another untapped field that should be drafting specifications, with the goal upgraded is the field of urban mobility. Urban mobility is one of the top-three that all buildings constructed after priorities that all cities, either in mature or emerging economies, are striving to 2020 in the EU will have zero energy deal with. It is a necessity that apart from consumption investing in the necessary infrastructure for enhancing the mobility conditions in cities, a set of smart systems could be developed that will provide charging infrastructure for electrical vehicles, toil- es in order to achieve the abovementioned proach by providing funding, it is clear that ing and congestion charging services and goals. In this context smart systems are of the new business ecosystem comprised of information to residents about the traffic the utmost importance for the operation equipment manufacturers, building and conditions and public transit possibilities. of high performance buildings, since they infrastructure constructors, designers and Moreover the development of unified traf- will collect, process and analyze all the data engineers, software and mobile applica- fic management systems is one of the key from the separate building elements in or- tions developers, and others, and that been applications in order to collect the neces- der to regulate its operation and secure that spawned around the smart approach, will sary data, monitor traffic conditions and energy consumption remains at its lowest be further developed. In any case, the provide the necessary output in order to levels. At the same time these smart sys- smart design approach is the new reality constantly enhance mobility conditions. tems integrate all the other functions of the for the urban development and it is safe to In the same context the public services sector building (safety, fire protection, video sur- predict that for the next 10-15 years it will can provide to the citizens a new bundle of veillance and the like). shape a new field of opportunities for a va- digital services in the fields of e-government, Although these smart systems may seem so- riety of entrepreneurial ventures.

MAY-JUNE 2015 | BUSINESS PARTNERS | 23 THE INTERVIEW

THE LEGAL SYSTEM, JUSTICE AND OPPORTUNITY

Has Greece wisely used its crisis as an opportunity to reform its legal and YANOS GRAMATIDIS, court systems? HON. PRESIDENT, The main problem in the case of the Greek financial crisis was that the latter was viewed more as a debt crisis rather than as an opportunity to strengthen AMERICAN-HELLENIC the competitiveness of the Greek economy. This is the reason why the measures Greece agreed with its lenders were fragmentary and not systematic, while at CHAMBER OF the same time these measures did not cover certain issues with a profound effect on the economy, such as the legislative process and the organization and ad- COMMERCE, WHO IS A ministration of justice. In parallel, the accession of Greece in the 2010 austerity LAWYER, DISCUSSES program was not preceded by a thorough investigation of the real problems of the Greek economy’s competitiveness; thus, specifically in the case of legislative SOME OF THE KEY process and of the legal system in general, the chronic problems in these sectors were not identified. These same problems exist even today so we can reasonably ISSUES GREECE’S LEGAL assert that, at least until now, a great opportunity has been missed.

SYSTEM FACES TODAY. Why would a country in need of radical change, acknowledged by all stakeholders, not unite in its effort to enact change that would, in a word, eradi- cate bad practices? The paradox in Greece is that the notion of stakeholder signifies both the citizen as a social unit as well as the citizen as an organized member of business activity. That is, the citizen operates under two identities, the directions of which do not coincide. What serves the citizen as an agent of economic activity, does not serve the individual pursuit of the same citizen as a social unit. Hence, what is good for the economy and for the common good, gives way to the individual pursuits. This prevents progress. Also, I’m afraid that Greece’s problem is not just financial, it is mainly political. This political problem, furthermore, is not a conflict of political ideologies rather than a conflict between political groups who aim only to stay in power. The essence of politics, which normally should have at its core the service of citizens and ensuring prosperity, has been absent for decades now.

24 | BUSINESS PARTNERS | MAY-JUNE 2015 What are some of the consequences of this failure? The main consequence is that the public interest is not served, the organization and functioning of the economy remains inward oriented, while international best practices for the proper and competitive operation of the economy are not being adopted. The legislative production is excessive, chaotic and incoherent, and the legislative texts are obscure and difficult to implement. This all has to do with the absence of direction and specific aims. The organization of justice is not rationalized, making it problematic, while the awarding of justice takes place with incredible delays that effectively constitute the absence of justice; also the quality of judicial work is low, mainly due to the lack of information and specialization of the employees of the judicial branch. It should also be noted that the State, when faced with increasing numbers of pending cases, reacted with the en- actment of measures aiming to bar the access of citizens to court and/or with the devaluation of the legal protection provided. Indeed, these last six critical years, in the field of Administrative Justice for example, various pieces of legislation introduced a series of procedural burdens for the citizens, increased the cost of the administrative proceedings, and devalued the content of judicial protection.

Are there any bright spots in the reform process? Yes, there are a few, relating mainly to the electronic filing of lawsuits, to the issuance of various judicial certificates, to the implementation of tele trial in some occasions, to the electronic surveillance of prisoners when they are giv- Every law should en a temporary exit permission, to the disciplinary law relating to civil public servants, and others. include a clause for Approaching the issue from a systemic perspective, what foundational layers the periodic inspection need to be addressed so that a healthy legal and court system can be created? In relation to the confusing legislative complexity it is necessary to codify the of its effectiveness or legislation so that the legal research may be facilitated for all interested parties and also for the citizen to know at all times what the applicable law is of the State in usefulness and for the each case. Moreover, every law should take into account all aspects of the coun- automatic continuation try’s economic development and the effects of its implementation on such development. Further, any legislative initiative from any institution should take place or repealing of same in coordination with all other stakeholders to maximize the efficacy of any new law. Finally, every law should include a clause for the periodic inspection of its effectiveness or usefulness and for the automatic continuation or repealing of same. In relation to justice, the mission of the Ministry of Justice should be clearly de- termined and its connection with the judicial branch clarified. Further, we should How might the process of reform and improvement complete the design and implementation of e-justice in order to facilitate citizens proceed over the long term, with best practices, task and entrepreneurship by reducing the delays and costs of the legal system. The forces, or annual targets, so that Greece might over- specialization of judges by subject is necessary in order to prevent bad judgments come, once and for all, its poor performance and and enhance the faith of the parties in the judicial process. Finally, the premises serve its citizens well? and means of the judicial function should be rationalized so that operating costs It is necessary to strengthen the General Secretariat for are reduced and the performance of the judicial office is strengthened. the Monitoring and Coordination of Government Work with the necessary scientific staff so that each How does judicial reform complement social, employment and entrepre- branch of economic development, among them Justice, neurial advancements? to be represented in this body by the right people. In Ιt is obvious that justice is a key parameter for measuring the competitiveness of relation to Justice, the task of this coordinating body the economy with immediate effect and contribution to the GDP. The fast and will be to monitor and coordinate the legislative work qualitative administration of justice facilitates the smooth conduct of business and the functioning of Justice. Only thus a high level of as well as the smooth development of labor relations. Finally, it consolidates both the legislative work and law enforcement may be society’s faith in the institutional role of justice and helps strengthen public con- maintained, while at the same time the administrative fidence in state institutions. and effective operation of justice may be improved.

MAY-JUNE 2015 | BUSINESS PARTNERS | 25 THOUGHT LEADERS

THE JUDICIAL SYSTEM LIES AT THE HEART OF A COUNTRY’S SOCIAL AND ECONOMIC FRAMEWORK. BUSINESS PARTNERS PRESENTS 10 (+1) THOUGHT LEADERS—WHO PRESENT PROPOSALS FOR A MORE EFFECTIVE LEGAL SYSTEM IN GREECE. —Raymond Matera

GREECE'S JUDICIAL SYSTEM JOHN C. KYRIAKIDES PARTNER - KG LAW FIRM

PRESIDENT, LEGISLATIVE An(other) Area in Need REFORM COMMITTEE AMERICAN-HELLENIC CHAMBER OF COMMERCE of Reform

he Greek judicial system is to- cases is about 900.000 whilst the total num- can be no doubt that the Greek govern- day, more than ever before, in ber of judges is no more than 2.700. ment, along with the Bar Associations of serious need of reform. The If Greece does not react promptly to adopt the country, must believe in this reform and number of backlog of cases is effective dispute resolution mechanisms to adopt a judicial system that will be more immense and the average time diminish the time it takes to resolve dis- competitive, yet still of high quality, that to resolveT a civil or administrative dispute putes, it will not only fail to attract foreign will benefit us all. exceeds 5 and 8 years, respectively. Suffice investments but it will surely drive away the At the same time, given the current state of to say that before the Greek civil and ad- very few remaining investors who are the Greek financials, such reforms need to take ministrative courts, the number of pending driving force behind each economy. There into account that the human resources are

26 | BUSINESS PARTNERS | MAY-JUNE 2015 THOUGHT LEADERS IN

limited and therefore all attempts to accel- • The allocation of all sorts of debt collec- who has already studied the file in light of erate proceedings must be made through a tion disputes (irrespective of the amount the first hearing. better use of the existing resources. in dispute) to the exclusive competence of These proposals, would allow for a better Some proposals that would have little or no the Magistrate Judges. allocation of the judges composing the financial impact on the State budget are the • Th e increase of the competency of the single three-member tribunals, who are now in- following: member courts to cases involving disputes volved even in simple debt collection mat- • The promotion of Alternative Dispute Res- up to €500.000, without taking into consid- ters. Ideally of course, the organization of olution (ADR) Mechanisms such as arbi- eration any potential claim for moral dam- the courts will be improved through the tration, mediation and pretrial conciliation. ages (which is traditionally used by litigants increase of the number of judges and their • The adoption of a pre-trial stage to ensure as a tool to basically choose their forum). greater specialization in specific areas. that all procedural questions (e.g. compe- • The amendment of provisions on trial ad- But there is no doubt; no matter how this tency, applicable law, legal standing etc.), journments, to ensure that in the event of is achieved, the reform of the Greek judi- are examined and resolved prior to the in- a contentious adjournment of a trial, the cial system will benefit the society and the troduction of the case to trial. next hearing date will be set within no economy by strengthening the sense of le- • The exclusion of Magistrate Judges from the more than 3 months after the initial hear- gal certainty and by securing proper and proceedings on obtaining affidavits, a task ing date and necessarily before the same timely award of justice. Both are factors which can be borne exclusively by notaries. juridical composition or reporting judge, that affect and attract investors.

MAY-JUNE 2015 | BUSINESS PARTNERS | 27 THOUGHT LEADERS

The Three “S” that May Make the Difference for Greece

ne of the most important key fac- ments have tried to attract foreign investors in tors that determine the decision of various ways; for instance, by providing them an entrepreneur to invest in a given special tax incentives and the possibility to receive territory is the local tax regime. Low special services from Enterprise Greece, which is tax rates are not the only criterion the official agency of the Greek State to promote for Ointernational investors; they prefer countries investments in Greece and exports from Greece. EPAMEINONDAS STYLOPOULOS that have a specific, simple and stable tax system. However, these initiatives have not been success- ATTORNEY-AT-LAW, LL.M., ACIARB Those preconditions offer to the potential inves- ful, given that they have been hardly followed by tor the assurance that the host country will honor local and international entrepreneurs. Most of his willingness to invest there. them received the advice from their counsels that INTERNATIONAL Unfortunately, Greece may not fulfill these re- despite those incentives the local tax system is quirements due to the local tax regime, which is unspecific, complicated and unstable, and conse- INVESTORS not specific, simple and stable. The fact that the quently unpredictable. Therefore, those investors PREFER tax laws are changing every year, that they are be- decided to avoid investing in Greece. COUNTRIES ing implemented only after Ministerial Decrees In sum, Greece should adopt a predictable tax re- THAT HAVE A have been issued, and nobody is in the position gime, in order to attract investors, because these SPECIFIC, SIMPLE to predict the actual tax rate payable at the end of investors also know that they have to overcome every year, are simple examples of the uncertainty other key factors that may affect their choices, AND STABLE TAX that an investor has to overcome before his ‘trip’ such as bureaucracy, corruption and aged civil SYSTEM to our country. servants. Then, we will be thrilled to inform our Throughout the last years all national Govern- mailing list, in order for them to start packing…

STYLOPOULOS & ASSOCIATES

Our Office was founded in 1972 by its senior the best services and results to our clients for partner, Leonidas Stylopoulos. The approach to the most areas of the legal spectrum. the legal services we provide is to act under the As an acknowledgment of our efforts, we have terms of justice and the society; this is the phi- been included as a Recommended Firm both losophy on which we have built our reputation in the prestigious IFLR 2015 Financial & Cor- throughout the last 40 years. porate Guide and the Global Law Experts Guide The range of our services covers clients on and we have won an Award as ADR Lawyers of legal issues both in the public and private the Year – Greece in the International Acquisi- sector. The Office, since its foundation, keeps tion Magazine Awards. attracting talented and committed lawyers Our vision and priority is to offer a broad range specialized in Commercial, Corporate, Civil, of legal services fulfilling the current and future Tax, Trademarks and Labour Law delivering needs of our clients.

34 OMIROU STR., 10672, ATHENS, GREECE | T: +302103832518 | F: +302103821568 | E: [email protected] | W: WWW.SLO.GR

28 | BUSINESS PARTNERS | MAY-JUNE 2015 LEGAL REFORM Healthcare Compliance A PARADIGM SHIFT FOR GREECE

he call to systemic reform in the the unique needs and risks faced by each company healthcare industry towards more independently of the standing regulations, indus- compliance is loud and clear in both try and professional codes of conduct; the lack of the EU and the US. It could easily compliance programs on the rack makes guidance therefore make a great policy oppor- for their effective implementation all the more vital. tunityT in the Greek case. To begin with, any business should be encouraged But the prerequisite to any reform is actual forming to observe the ten hallmarks of good Compliance in the first place. Unfortunately, the recent Health Programs. These are high-level commitment, IOANNA MICHALOPOULOU LL.M. Transparency Law 4316/2014 is in dire need of written policies, periodic risk-based review, FOUNDING PARTNER guidance, however solid in its base principles. Ex- proper oversight and independence, training pected Ministerial Decisions and EOF circulars and guidance, internal reporting, investigation, have not been issued yet to facilitate its implemen- enforcement and discipline, third-party relation- tation by pharmaceutical companies. Other issues, ships, and monitoring and testing. ROBUST such as data protection and the consent option or Robust compliance programs, essential to sup- COMPLIANCE obligation for disclosure by healthcare professionals port and act in addition to standing laws in or- and organizations have not yet been demarcated. der to deter and detect violations, need guidance PROGRAMS Still, a policy challenge that’s not being entirely in order for the Health Industry to achieve the NEED GUIDANCE met should not be a missed great business op- aforementioned hallmarks. Moreover, guidance IN ORDER FOR portunity. Greece’s ongoing efforts towards a is what will make these program elements truly THE HEALTH more conclusive legislative framework should complementary and create an impenetrable com- INDUSTRY TO still be the source of inspiration and an impor- pliance culture, which will be immune to misin- tant priority for every Greek company inside the formation or legislative ambiguities. Reform in ACHIEVE THESE healthcare industry to form its own compliance Healthcare Compliance needs above all inspira- HALLMARKS program. But successful ones must be tailored to tion, time, monitoring and legal expertise.

MICHALOPOULOU & ASSOCIATES

In the shifting sands of medical and healthcare and Life Sciences industries – in areas such as law, a deep engagement with current and up- e-Health, consent to treatment in clinical trials, coming Greek and EU legal issues is a precon- personalized treatment, funding, compliance dition to legal success. Michalopoulou & As- and corporate governance issues, intellectual sociates prides itself on the exceptional talent property, data protection, parallel trade, clinical of its team of professionals; individually, they negligence, public procurement, antitrust & have developed significant legal experience parallel trade, patent protection, biotechnologies, working for international law firms, multina- marketing practices, reimbursement, consumer tional corporations in the medical, life sciences law, medical devices, malpractice, product lia- and pharmaceutical industries and a vast array bility, licensing, anti-bribery and global compli- of private and public organizations. ance. The firm has delivered excellence through In the last 15 years we have evolved to a special- sophisticated legal services and successfully ized legal services firm to multinational compa- fulfilled disparate business or individual needs, nies, providing solutions and maximizing client putting the law under the microscope and the investments in the Medical, Pharmaceutical client first - at every stage of a legal process. 40, AG. KONSTANTINOU ST., “AITHRIO” BUSINESS CENTER (Α 16-18), 15 124 MAROUSI, ATHENS, GREECE T: 210 330 52 30 | F: 210 330 52 32 | E: [email protected] | W: WWW.LAWGROUP.GR

MAY-JUNE 2015 | BUSINESS PARTNERS | 29 THOUGHT LEADERS

For a New Beginning

he most severe contemporary inefficien- track which would radically change the existing cy faced by the Greek judicial system is status quo in access to justice. the excessive delay in the way justice The answer to the justifiable query as to what shall operates and which, inevitably, equals be done with the pending court cases is that these to denial of justice, as per a well-known would be heard in a more timely fashion, since legal T maxim “justice delayed is justice denied. they would not be burdened by the new ones. DR. CONSTANTINE G. HADJIYANNAKIS Both citizens and legal entities are affected when Requirements for carrying out this proposal: they seek redress before the courts. Legal practition- a) A responsible and thorough study of the same. ers are also gravely affected, both morally and ma- For instance, I refer to the exceptional study terially, in their everyday legal and court practice. conducted by the Business Environment Obser- Continuous legislative attempts towards its reso- vatory of the Hellenic Federation of Enterprises, THE ONLY lution have had no positive outcome as the Min- for the acceleration of the administrative justice. SOLUTION IS istry of Justice statistics and the relevant press b) A pilot scheme commencing on 15.09.2015 to releases reveal. be applied on individual courts nationwide. TO INITIATE I strongly believe that the only solution is to ini- c) Legislative initiatives for the implementation A FORWARD- tiate a forward-looking reform in the modus op- of the necessary reforms. LOOKING REFORM erandi of the court processes. In particular, from d) Additional employment positions for judges, IN THE MODUS the judicial year commencing on 15.09.2016 on- clerks, managers. OPERANDI OF THE wards all the new cases filed with the courts shall A necessary prerequisite for the implementation be dealt with independently from the pending of the proposed changes is the uninterrupted sup- COURT PROCESSES ones. This would allow the court and justice sys- port and contribution of both the judiciary and tem in general to make a re-start, a kind of a fast the legal practitioners towards a radical reform.

NOMOS LAW FIRM

NOMOS is a law firm located in Thessaloniki its legal consultation throughout their devel- with a 20-year presence and expertise in the opment. provision of high quality legal services. NOMOS NOMOS also advises a wide range of interna- maintains a broad nationwide network of asso- tional clients since its legal team comprises of ciates and is a member of the Law Firm Net- multilingual lawyers with academic and pro- work, an international association of law firms. fessional qualifications acquired from foreign NOMOS undertakes both contentious and institutions. non-contentious legal assignments on behalf Finally, the quality of its services has been of companies and private clients. certified since 2005 under ISO 9001 : 2008 by It specializes in the establishment of medi- the International Certification Organization TÜV um-sized and large companies and provides HELLAS (TÜV NORD).

1, VALAORITOU STREET, 546 26 THESSALONIKI | T: +30 2310 263665 | F: +30 2310 222 405 | E: [email protected] | W: WWW.NOMOS.GR

30 | BUSINESS PARTNERS | MAY-JUNE 2015 LEGAL REFORM

Public Contracts Disputes

uring the last few years, significant money for the litigant parties but also so as legislative measures have been adopt- to ensure consistency of jurisprudence (case ed regarding the resolution of dis- law) in this important field. putes arising from public contracts. b. The existing processes for arbitration, concil- Still, some issues have not been ad- iation, mediation and technical investigations dressedD effectively and relevant legal procedures are highly bureaucratic and should be replaced remain complex and costly for the parties involved. by simpler and clearer ones so that the parties In particular: involved can easily refer to them. At the same a. Nowadays, both administrative and civil time, esteemed (national or international) in- ATHANASSIOS CHR. SAFARIS courts are competent for the resolution of stitutions should also be entitled to be appoint- SENIOR PARTNER disputes arising from public contracts de- ed arbitrators. pending on whether a public contract is con- c. Courts should be expressly allowed by law to THE PROCESSES sidered an administrative one (which is the issue Payment Orders against the State for the FOR ARBITRATION, case when the State enjoys a dominant posi- settlement of the latter’s obligations as such tion towards the other contracting party) or arise from public contracts, within the gen- CONCILIATION, not. Given that such distinction is not easily eral context of addressing payment delays MEDIATION made, since the dominance of the State usu- issues, as it is in any case provided in Direc- AND TECHNICAL ally derives directly from the law, it would tive 2011/7/EE, which has been incorporated INVESTIGATIONS be advisable to base the competence of the into local legislation. So far, there has been ARE HIGHLY courts mainly on the statutory criterion and varying jurisprudence of the Supreme Court, to expressly provide for exceptions to this which results in the contractors’ not being BUREAUCRATIC general principle, in order to save time and treated consistently.

AVRAMOPOULOS & PARTNERS LAW FIRM

Avramopoulos & Partners, founded in Athens lawyers are highly regarded for their depth of in 1989, specializes in Corporate and Commer- expertise in highly complex matters and for cial transactions, Mergers and Acquisitions, their superior representation of our clients’ Tax, Employment Law, EU and Competition, interests on critical domestic and internation- Dispute Resolution and Arbitration, Real Estate al issues. and Construction, Public Procurement, Proj- Most importantly, we foster an inclusive envi- ects and Privatization, Information Technology ronment where legal experts across practice & Telecommunications, Administrative and areas work closely together to attend to our Public Law, Banking, Finance and Capital Mar- clients’ needs and provide timely, cost-ef- kets, Energy Law, Media and Entertainment, fective, and results-oriented advice. It is this Aviation Law, and Intellectual Property. approach that differentiates us, both in the Offering high levels of excellence and breadth local market and abroad, where we are es- across all these practices to both individuals pecially proud to be cooperating with some of and international corporations, we are known the most prominent law firms in Europe and as one of the leading law firms in Greece. Our the U.S.A.

70, PANORMOU STREET, 115 23 ATHENS, GREECE | T: +30 210 6912200 | F: +30 210 6911211 | E: [email protected] | W: WWW.AVRAMOPOULOS.COM

MAY-JUNE 2015 | BUSINESS PARTNERS | 31 THOUGHT LEADERS

Combating Lack of Transparency and Corruption

ombating lack of transparency and The policy and legislative making process must corruption. be open and allow for the public to participate in According to Transparency Interna- the shaping of laws. Data pertinent to the num- tional’s Corruption Index of 2011, ber of public employees serving in governmental Greece was rated as the most corrupt authorities must be disclosed, codes of ethics and countryC in Europe and ranked 78th out of 178 conduct must be adopted and applied strictly not PANOS ALEXANDRIS countries globally, whilst in 2014 it ranked 69th only in the private but also in the public sector PARTNER out of 175 countries examined. There can be no and penalties for breach of such codes (or of or- doubt that in the recent years, Greece made steps dinary legislation), must be harsh, immediate TRANSPARENCY in the right direction through the “Open Govern- and exemplary. IMPROVES THE ment” project, which not only enhanced trans- Transparency policies will help promote efficien- parency but allowed citizens to access online gov- cy and fair competition whilst at the same time CREDIBILITY ernmental data, decisions and information. The they will combat corruption, bribery, tax evasion OF A STATE effort, which gained immediate public acceptance, and money laundering. In a nutshell, transparen- AND IN TURN IT must be preserved and enhanced even further. cy improves the credibility of a State and in turn HELPS IMPROVE At the same time and as anti-corruption legis- it helps improve finances and reduce unemploy- FINANCES lation is enacted in more and more developed ment. Greece must turn the fight against cor- countries, Greece has a lot to do to meet interna- ruption into a national priority. Wide-range and AND REDUCE tional standards. Governments need to be open painful structural reforms in favor of transparen- UNEMPLOYMENT about and allow citizens to have access to finan- cy will surely help Greece’s battered economy get cial and accounting data regularly and in time. back on its feet.

KYRIAKIDES GEORGOPOULOS LAW FIRM

Kyriakides Georgopoulos Law Firm (est. the duration of our relationship and that they 1930’s) is one of Greece’s oldest and most receive from us legal services of the outmost reputable law firms employing today over 100 quality. All lawyers specialize in specific highly skilled lawyers actively involved in the practice areas, understand our clients’ objec- provision of legal services to high profile Greek tives and business needs and aim to deliver and international clients. legal solutions even in the most complex Our approach to both the relationship with transactions or situations. our clients as well as to our internal pro- KG pioneered in the Greek market by becom- cesses provides a measurable benefit to ing the first ISO certified law firm in 2006 and our clients: we strive to ensure that they still remains one of a handful of ISO 9001 certi- remain engaged and up-to-date throughout fied law firms in Greece.

28 DIMITRIOU SOUTSOU STREET, 11521 ATHENS GREECE T: +302108171500 | F: +302106856657 | E: [email protected] | W: WWW.KGLAWFIRM.GR

32 | BUSINESS PARTNERS | MAY-JUNE 2015 LEGAL REFORM Facilitating Foreign Real Estate Investments in Greece

n the present situation of the Greek finan- dox of these restrictions is made more appar- cial crisis, foreign investments are absolutely ent considering that citizens of the EU/EEA do critical to a much wanted recovery. To that not need a permit to invest in such areas, while effect legislation has been passed during the investors from other countries like the USA or last years to facilitate such endeavors; howev- Canada do. Thus a US company is obligated to er,I certain provisions of Greek legislation are still apply and obtain a border zone permit in order acting as a deterrent to foreign investors. Such to invest in one of the most touristic regions in FOTIS P. ANASTASOPOULOS LL.M. examples are the provisions of L. 1892/90 which the world even though the US does not share PARTNER ATHENS OFFICE & MARIA V. TSILIGIRI LL.M. prohibit citizens and companies, outside the borders with Greece and more importantly is PARTNER THESSALONIKI OFFICE European Union and the EEA, entering agree- an allied country. A simple proposal would be ments that concern real estate in border zone to incorporate exceptions in order to allow, in CERTAIN regions without previously obtaining a permit. certain cases, non EU/EEA citizens and compa- Needless to say that these zones cover regions nies to avoid time consuming procedures and at PROVISIONS which arguably are the most interesting, invest- the same time allow the restriction border zone OF GREEK ment wise, parts of Greece (coastal areas and provisions to fulfill their true national security LEGISLATION islands). Given the fact that currently the single purpose without however damaging the de- STILL ACT AS growth engine of the Greek economy is tourism, velopment of the border regions. In that sense A DETERRENT such restrictions result to an obvious deterrent, bilateral treaties could exclude from the above by depending foreign investments on a permit border zone restrictions citizens and companies TO FOREIGN clearance, usually granted of course, but only of certain countries that could contribute to the INVESTORS after time consuming procedures. The para- growth of the injured Greek Economy.

SCIENTIA LEGIS LAW FIRMS

Scientia Legis was formed in 2007 by the law information technology, commercial, banking firms “Tsichrintzis & Associates” headed by Dr. and financial law. Angelos K. Tsichrintzis, and “Margaropoulos Building from our positions in Athens and & Associates” headed by Nikolaos K. Marga- Thessaloniki, Greece, and in our effort to ex- ropoulos, in their effort to develop a nationwide tend the support to our clientele beyond Greek coverage and secure consistent quality ser- borders, we have expanded the Scientia Legis Scientia Legis vices to our clients all over Greece. Group through affiliations with highly ac- Scientia Legis engages in a full range of cor- credited local firms in neighboring countries, porate representation and civil litigation with and now the Scientia Legis Group provides concentrations in corporate, business transac- its services also in Italy, Bulgaria, Serbia and tional, taxation, intellectual propery, real estate, Cyprus.

1, GR. AFXENTIOU & KASSAVETI STR., 145 62 ATHENS-GREECE | 61, NIKIS AVENUE, 546 22 THESSALONIKI-GREECE T: +30 2106777990, +30 2310553602 | F: +30 2106777494, +30 2112686834 | W: WWW.SCIENTIALEGIS.EU

MAY-JUNE 2015 | BUSINESS PARTNERS | 33 THOUGHT LEADERS Legal System Reform Overview

he optimal version of a country’s legal permanent basis. Relations with international system should act as a guarantor of Bar Associations must be enhanced together with social equality while simultaneously the incorporation of practices that would benefit being an effective instrument for the the younger members, mostly related to the use business community. of technology and the internet. A properlyT functioning judicial system lies upon The Judiciary suffers from overloading of pend- MARCEL CREMER three pillars: Law schools, Bar Associations and ing cases. Immediate measures are required to ATTORNEY-AT-LAW Judiciary. There are still steps to be taken in order quell this phenomenon. Such would be: the con- to improve their performance and social impact. stant advocating of the use of alternative dispute At Law schools, students are taught law but their resolution, the separation of cases according to rapport with the business world is limited. Few their nature, along with the training of judges classes offer them a taste of what it is to be part of in sectors most needed (eg white collar crime, an entrepreneurial community, while other fac- technology issues etc), the creation of an in- ulties have started to build such bridges. Admin- ternational type dispute resolution center with A PROPERLY istration offices must operate fully and cater for the assistance of foreign judges and arbitrators, FUNCTIONING all students’ needs in conjunction with well-con- providing comfort to foreign investors and final- nected career offices. The increase of non-legal ly the increase in parties’ costs when a case is JUDICIAL SYSTEM subjects in the syllabus, such as soft skills, is a wrongfully brought before the Court. LIES UPON THREE must and will assist them to accurately manage Lastly, a commitment from the government that PILLARS: LAW the upcoming challenges. independent authorities shall enjoy the privi- SCHOOLS, BAR The Bar Associations should disengage from any lege of not being patronized by the State in their ASSOCIATIONS affiliation with political parties and adopt an in- function. novative leadership style. Aim at full transpar- Achieving the aforementioned reforms shall ac- AND JUDICIARY ency (2015 is the first year that the Athens Bar celerate the dawn of a new day as the impact to Association’s finances have been audited) on a society will be valuable multifold.

CREMER & PARTNERS

Cremer & Partners has been offering both pri- order to ensure cost and time optimisation. vate and corporate clients a high standard of le- The Office is a proud member of UIA (Union gal advice since it was founded in 1974. Our team Internationale des Avocats), AIJA (Associa- is made up of 4 lawyers, with more than 75 years tion Internationale des Jeunes Avocats), ILA of experience collectively, all of whom are able to (International Law Association), ULI (Urban advise in both English and Greek language. Land Institute), CIArb (Chartered Institute of Our underlying philosophy abides by the princi- Arbitrators). ples of high quality and cost efficient customer It maintains close links with Law firms in Eu- service, confidentiality and effectiveness, while rope, Middle East and the U.S.A. and is also a at the same time we aim to provide a complete member of the Hellenic-American Chamber of service package through our fixed partnership Commerce, the Hellenic-Russian Chamber of with a notary public and a financial advisor in Commerce.

51, TINOU ST | T: +30 210 8232157 | F: +30 210 8232431 | E: [email protected] | W: WWW.CREMER-LAW.COM

34 | BUSINESS PARTNERS | MAY-JUNE 2015 LEGAL REFORM Legal Reform in the Greek Judicial System

ne of the major regulatory issues cur- its of such cases; rently evident in the Greek economy (b) legal framework providing for specific short and subsequently in the banking in- timelines upon which magistrates will have to dustry affecting both banks and bor- advance the process on a purely documentary rowers relates to a slow dispute res- basis (without the need to set hearing dates) olutionO legal system and the difficulties found in and to issue their decisions; and the enforcement processes. We have highlighted (c) legal framework providing for a mandatory out- NICHOLAS PAPAPOLITIS below these areas of law, which we consider that of-court mediation process for settling disputes PARTNER in practical terms are able to be amended with prior to the dispute reaching the trial process. specific proposals on legislative changes. Enhancing the enforcement process could come The Greek courts due to their work load of cases through the: handled and their staffing are in practice very slow (i) Introduction of appropriation rights CREATION OF A in resolving disputes and therefore any forward (ii) Minimizing cost of registering a mortgage projection by a lender in terms of outcome of a dis- (iii) Codification of enforcement framework SEPARATE COURT, pute cannot be accounted for with certainty since The codification of all provisions relating to the SPECIFICALLY there is a) no specific timeline and b) in practice enforcement proceedings and auction processes RESPONSIBLE such disputes may take years to get resolved. are codified and streamlined into one set of rules FOR HANDLING Creation of a separate court, specifically respon- that could include any exceptions, such as special DISPUTES sible for handling disputes between banks and provisions for the Greek State, so that lawyers, borrowers with the following characteristics: judges and notaries-public can devote more time BETWEEN BANKS (a) magistrates with specific knowledge relating to applying the rules rather than trying to deci- AND BORROWERS to such disputes and ability to assess the mer- pher and interpret them.

PAPAPOLITIS & PAPAPOLITIS

Papapapolitis & Papapolitis is a leading full Greek market, coupled with our dedicated service Greek law firm founded in 1898, with a approach to add value to our clients’ business unique international outlook. objectives, have resulted in the delivery of a The firm represents leading Greek and in- work product of the highest quality in today’s ternational businesses ranging from credit global business environment. institutions, financial sponsors, private equi- As a full service firm we regularly represent ty, hedge funds and corporations operating clients in cross border and strategic transac- across industry sectors such as financial tions, as well as complex litigations and high- services, telecoms, energy, food, gaming, con- stake disputes before the Greek courts and struction and real-estate development. arbitral tribunals. Our clients include some of the world’s largest We are one of the few firms with a dedicat- financial institutions, investment firms and ed Funds practice which has advised on the Fortune 500 corporations, as well as Greek majority of foreign direct investments by US listed and privately held corporations. investment firms that have taken place in the Our unique international outlook within the Greek market.

5 VENTIRI STREET, 11528 ATHENS, GREECE | T: +30 210 36 15 544 | F: +30 210 36 09 168 | E: [email protected] | W: WWW.PAPAPOLITIS.COM

MAY-JUNE 2015 | BUSINESS PARTNERS | 35 THOUGHT LEADERS

VALUE FOR TIME JUSTICE DISMISSAL— Procedure to Avoid Judicial Delays

ne of the major concerns of the for- mapping the Greek court network by means of a mer Greek government was the rad- “real time” justice is still at large. There is a need ical reform of the Greek Civil Proce- for modernization of the judicial system and op- dure Code. In light of the Creditors’ eration of civil courts according to the United guidelines, a legislative reform com- States judicial standards and its expeditious dis- mitteeO was held and its members were invited to missal procedure. PANAGIOTIS DRAKOPOULOS submit their proposals and positions regarding The so called “motion to dismiss” provides that SENIOR PARTNER the introduction of new procedural provisions in each lawsuit is assessed by a judicial committee favour of smooth and time-effective dispute reso- that has the discretion to “throw out” the case at lution and litigation proceedings in Greece. a preliminary stage, before even any evidence is AN OBSOLETE The principal notion of the reform proposals presented. The committee may dismiss the case JUDICIAL lied in the weary Greek civil justice system and on one of several grounds, including lack of juris- outdated enfocement procedures, leading often diction, ill-founded grounds, etc., allowing, how- MECHANISM to excessive delays in hearing dates (they may ever, for a simultaneous evidence presentation by IMPEDES be set even several years after the lawsuit has both plaintiffs and defendants, submitting, inter ECONOMIC been filed) and hindering the decision-issuance alia, affidavits and witnesses statements. A coor- SECURITY, procedure. Beyond any doubt, an obsolete ju- dinated attempt to implement such a modern ac- DISCOURAGING dicial mechanism impedes economic security, tion plan would definitely facilitate the rule-mak- discouraging potential investors from entering ing process, avoiding current court deadlocks POTENTIAL the Greek market. and leading to well-justified and immediately INVESTORS Despite a promising list of suggested actions, enforceable verdicts, subject to appeal only above the absence of a strategic action plan towards re- a certain monetary threshold.

DRAKOPOULOS LAW FIRM

Drakopoulos Law Firm has been providing key stock exchange markets, active in several legal advice to businesses since 1992. The firm industries. With an offering of legal services responds efficiently to complex legal problems across 11 countries out of three main offices, proposing flexible commercial solutions to in Athens, Tirana and Bucharest, Drakopoulos clients looking for lawyers who understand Law Firm is strategically positioned to serve their business vision and assist them in ma- clients with presence or interests in the entire terializing it in a secure and sustainable way. SE Europe region. The firm’s approach is to of- The firm is involved in all aspects of corporate fer uniform, streamlined service for the entire life, by providing advice in the fields of Corpo- region, geared towards having its clients avoid rate, M&A, Commercial, EU and Competition, dealing with 11 different interfaces, 11 different Public Procurement and PPPs, Industrial and legal systems, 11 different mentalities; instead, Intellectual Property, Labour, Tax, International the firm offers 1 single point of reference, 1 Transactions. Amongst the firm’s clients are interface, 1 (top quality, western-like) “style” of major multinationals and companies listed on service, for the entire region.

332, KIFISSIAS AVENUE, 152 33, HALANDRI | T: 210 6836561 | F: 210 6836538 | E: [email protected] | W: WWW.DRAKOPOULOS-LAW.COM

36 | BUSINESS PARTNERS | MAY-JUNE 2015 LEGAL REFORM Reforms in the Tax Disputes Resolution Procedures

he main reforms of the judicial / pro- b) Imposition of provisionary measures, such as cedural system (as all substantial re- freezing of bank accounts forms of the general legal framework) c) Criminal prosecution procedures for tax eva- demand, among others, realism and sion and money laundering wide social acceptance, in order for Basically, the tax payer does not have any judi- themT to not lead to extreme situations. cial protection for a significant time period, given The above observation has special meaning when that the appeal before the administrative courts CONSTANTINE PAPACOSTOPOULOS applied in cases of tax dispute resolution proce- presupposes the completion of a special appeal LAWYER/MANAGING PARTNER dures, given that the existing legal framework is procedure before the Tax Authorities and the not oriented, as it should, mainly to the equita- payment of 50% of the amounts of tax, surcharges ble resolution of the dispute, but rather gives the and fines assessed. impression that it was designed for tax collection It is therefore clear that the above legal system BASICALLY, purposes, and it therefore presents obvious signs may lead to the violation of constitutionally pro- THE TAX PAYER of coercion. tected rights and potentially to the financial dis- DOES NOT HAVE Schematically, according to the existing frame- aster of the tax payer. ANY JUDICIAL work that regulates the resolution of tax disputes, I believe that a substantial reform of the tax dis- PROTECTION FOR three procedures may be initiated against the tax putes procedures is required, in order to provide payer after the issue of the tax assessment note by sufficient judicial protection to tax payers and to A SIGNIFICANT the Tax Authority: eliminate cases of arbitrary treatment or unfair TIME PERIOD a) Public revenue collection process solutions, both of which de facto lead to corruption.

C. PAPACOSTOPOULOS & ASSOCIATES

C. Papacostopoulos & Associates (CPA Law) is of various specializations, and cooperates also an independent Greek law firm, established in with distinguished Law School professors. 2001. The majority of our lawyers were since Having extensive experience in all business 1990, part of the then tax department of KPMG sectors we can evaluate the long-term needs in Greece, an international audit, tax and advi- of our clients as well as the everyday require- sory organization, providing at the same time ments of their businesses. We work closely legal support to KPMG. Currently, CPA Law is with them to offer clear – comprehensive an independent member of KPMG’s Interna- legal advice, taking into consideration their tional tax and legal network. Our law firm en- particular needs, helping them achieve their gages approximately 10 experienced lawyers business goals.

3, STR. TOMBRA STREET | T: +30 210 20 62 159 | F: +30 210 60 62 111 | E: [email protected] | W: WWW.CPALAW.GR

MAY-JUNE 2015 | BUSINESS PARTNERS | 37 PRO BONO BY GEORGE S. KOUNOUPIS J.D.

A TALE OF TWO LAWSUITS

IN A TALE OF TWO CITIES, BY CHARLES DICKENS, THERE IS A QUOTE: “IT WAS THE OF BEST TIMES, IT WAS THE WORST OF TIMES, IT WAS THE AGE OF WISDOM, IT WAS THE AGE OF FOOLISHNESS……IT WAS THE SEASON OF HOPE, IT WAS THE WINTER OF DESPAIR.”

o a small business, one in which The “economics of the cash register,” anx- growth and drive economies. The nervous the owners have scraped to- iously counted by my parents at the end entrepreneurs who have struggled to get gether their hopes and dreams of the day, did not have much room for together capital to invest in a new business and staked their children’s fu- excesses because a pile of bills had to be want to compete but cannot accept risk to ture, a lawsuit can be all of these paid first, including payroll for a number of their very existence—risk from those they things. T I grew up with lessons in economics people who depended on the restaurant for perceive with power to destroy them. taught by my Greek parents. In the 1960s their wages. There was no room for large And so, it is with this background that I sit my father (a Sparta city hall civil servant), legal bills, or bureaucratic and regulatory in my law office years later and have before and my mother (a nurse for IKA), left for expenses, since the cash register was nearly me two lawsuits. While a lawyer would say the United States to put all of their sparse empty when all wages and costs were paid. these are “lawsuits,” a “real” person would savings into a restaurant business, joining Fear and uncertainty are great disincentives say that these are about people’s livelihood. my uncles. I believe that the experience of to any small business and I doubt if my par- It is the good lawyer who can see beyond Greek-American immigrants in the U.S. is ents would have formed a business in the the cold, faceless, dehumanizing law books particularly enlightening and should not be United States if people were saying about and courtrooms to the scared, vulnerable dismissed. In no other place have Greeks it what people are now saying about the people behind the disputes. Just as with created so much entrepreneurial wealth Greek legal system and business regulation. economics, the law should be practiced by with so little government help or support. Small and medium enterprises provide job individuals with a feel for the human con-

38 | BUSINESS PARTNERS | MAY-JUNE 2015 dition. Law should serve people, not force and remand for retrial, a clear and materi- the trial. A settlement was out of the ques- people to stare into the dead, vacant eyes of al error of law by the judge would be nec- tion, because settlements generally do not bureaucrats and lawyers who rotely recite essary. Given the published opinions, the happen in Greece. I told him that I wished regulations, while human beings squirm chances of an appeal could easily be meas- that I could sit down with the judge and the and beg for some practical or common ured. If our Complaint had not presented a other lawyer and say to the other side: sense understanding. recognized legal case or if, after discovery, “Look, I have seen all the documents you In the first case, the client was an executive we had not produced any facts to support are going to produce and I have questioned of a Greek company who had been sent to our claim, our case would have been long and taken statements of all your witness- the U.S. on promises of a long-term con- dismissed, perhaps three months or six es—and you will likely lose. You know ex- tract aimed at developing the U.S. market. months after the Complaint filing (in Mo- actly how the judge will rule because they He uprooted his family and moved to the tions to Dismiss and Summary Judgment must follow the published opinions. Why U.S., changing schools for his kids and sell- Motions—both pre-trial). The client got not settle, since at trial we will seek our full ing his former home in Greece, only to be terminated for no reason months later. We filed a suit in New Jersey, which consisted of putting down in a Complaint the basic facts on which our case was based. Right “Why not settle, since at trial we will at the start, if our legal theory was merit- less we would face serious sanctions as the seek our full damages plus interest and Plaintiff’s lawyers. The other side “answered” formally in 30 attorneys fees?” This could not happen or so days, saying that he was a bad ex- in Greece. ecutive, and filed (at that time) its own counterclaims for having “overpaid” our client. We knew, 60 days post-filing what the other side’s case would be about. The judge ordered 3 months “discovery” to ex- justice in a timely and economic way—be- damages plus interest and attorneys fees?” change documents and interview witnesses cause justice delayed is justice denied. This could not happen in Greece. Moreo- under oath, in what is called “depositions.” But as I told you, there is a second lawsuit in ver, I had to tell the client that we would The judge set the trial eight months from my office. The client, a manufacturer of likely not be heard on the trial date, being the filing of the Complaint. Four months goods, had entered into a contract with a 22nd on the list, with prior “adjourned” after required exchange of documents and Greek company and the Greek buyers, dis- cases ahead of us. Another delay was likely questioning of each other’s witnesses un- satisfied with the agreement, sued him in (going on 2 ½ to 3 years now) for trial. As to der oath, we knew that the other side had Greek court. The client was upset, insisting the panel of judges, who knew as to their no real proof that our client was a bad that he did nothing wrong and that such real world or business experience or wheth- employee. Since the required discovery of lawsuits were bad for business and highly er their decisions could be predicted based documents and witnesses had taken place disruptive. He had utilized another lawyer on prior, similar cases? Even after trial, I outside court, both sides could assess their to defend him in Greece but in the two further explained (2-3 years out), a long chances at trial. Each side could also essen- years that had passed since he was sued he road of appeals was likely with a potential tially predict how the judge would rule on knew little about the case or his legal de- for remand and retrial—so that the whole the law, since numerous former precedents fense. His Greek lawyer assured him that thing had to be done all over again. The cli- and detailed decisions by other courts in these things would be found out 20 days ent was upset not only because of the legal similar cases were published and had to be before the trial, which loomed now eight fees but also because the delay would de- followed. Six months after the filing of our months out. The client insisted that he had prive him of essential money he needed to Complaint the judge ordered mediation. A proof and witnesses completely proving run business operations, pay wages and good settlement was achieved to avoid a tri- that the other side’s contentions were false, make a living for his family. The client had al since the documents and witnesses to be but he was told that there was no way to come to his “winter of despair.” He ques- presented at court were known in advance. dismiss the case before trial. In fact, he told tioned, now, the wisdom of doing business There was uncertainty as to whom the court me he had his own claims against the other in Greece. Which system would make you or jury would believe on certain disputed side. I told him that such “counterclaims” more comfortable if you were a foreign in- facts, but this was not enough to motivate could only be filed 30 days before the trial, vestor? I know the one my late Greek par- the parties to take that risk. As to appeals and that this would mean a further delay of ents would choose.

MAY-JUNE 2015 | BUSINESS PARTNERS | 39 CORPORATE LAW USA

BY GEORGE A. STAMBOULIDIS, DENISE D. VASEL, AND KAITLYN A. FERGUSON INVESTING IN INTERNAL INVESTIGATIONS: THE SURPRISING VALUE-ADDS OF COMPLIANCE

hile at first glance con- olating their core compliance obligations.2 and even corporate espionage concerns. In ducting internal corpo- Couple this trend with the vast network of this way, internal investigations serve a sig- rate investigations may regulatory schemes prevalent in corporate nificant value-add function, detecting cost- seem like a tremendous America today and the potential pitfalls for ly leaks in the corporate dam and sealing drain on resources, the even a well-intentioned corporation be- them before real damage occurs. realityW is that a corporation’s failure to prop- come manifestly apparent. Internal inves- erly examine its internal workings (especially tigations are integral to ensuring that com- I. LEGAL BENEFITS where there are indicia or suspicions of mis- pliance programs are functioning properly The most immediate benefits of conducting conduct) is shortsighted. The Department of and are often the only way to inform a cor- an internal investigation are usually legal Justice (DOJ) recently announced a policy poration as to misconduct on the part of in nature. Whether a corporation has been shift with a re-emphasis on corporate com- its employees. Once so aware, a company put on notice that it is under a government pliance programs,1 and the Securities and is able to respond and take any necessary investigation or an internal “red flag” has Exchange Commission (SEC), like most gov- actions to ensure the best possible outcome been detected, an internal investigation can ernment regulators, has explicitly detailed for its shareholders. help ensure that a corporation maximiz- similar sentiments and regulatory goals. Moreover, internal investigations, aside es its ability to deal with any misconduct, As a result of this shift in policy and the from just seeking to prevent government internally, before being faced with outside attendant increased scrutiny, companies prosecution, are also tools for companies oversight or, worse, criminal prosecution. and banks that have ignored such warn- to detect, assess, and address areas of loss, These benefits can be concrete in nature ings are now facing major penalties for vi- inefficiency, corruption, employee loyalty, (such as point reductions under the Federal

40 | BUSINESS PARTNERS | MAY-JUNE 2015 Sentencing Guidelines) or more intangible, ed correctly, they also have immense po- Internal investigations and audits should be as a way to demonstrate to the government tential to be value-adds to the business. An tailored to the company – focusing on the the corporation’s sincere desire to follow the internal audit should seek to assess not only key business, industry, geographic, and reg- law and properly handle the misconduct. explicit legal requirements, such as compli- ulatory regimes faced by the entity. Process- ance with the Federal Corrupt Practices Act es for oversight should be streamlined, and A. Compliance Programs Advance Key (FCPA), but also employee relations and loy- experienced, efficient, and specialized per- Legal Obligations alty, execution of proper financial controls sonnel should be utilized to execute the au- A robust compliance system may demon- and processes, inclusion of key legal provi- dits in a robust but cost-effective manner to strate to the government that a corporation sions in company contracts, protections for maximize benefits and minimize expenses. is serious about compliance. Both the U.S. key intellectual property, and oversight of Attorney’s Office3 and the SEC4 look to a va- business processes. Many of the key legal III. CONCLUSION: REINFORCING riety of factors when evaluating a company’s compliance elements surveyed in an internal CORPORATE CULTURE level of culpability in the face of wrongdoing. investigation/audit are also major potential The Department of Justice unambiguously Among those factors are the “nature and se- drains to business efficiency and productiv- expects companies to facilitate and ensure a riousness of the offense,” the company’s his- ity. For example, a company with deficient corporate culture of compliance. Where tory of similar misconduct, and how quickly accounting procedures or internal controls that does not occur, the government will and efficiently the company responded once is not only running afoul of SEC rules and hold the company – and individuals – liable. it was on notice of the wrong. And, even if regulations and FCPA requirements, but is “A company must ensure that its directors a company cannot avoid a government re- also leaving itself open to theft, waste, and and senior management provide strong, ex- sponse, a commitment to a robust inves- loss. Failure to execute a proper audit leaves plicit, and visible commitment to its corpo- tigatory program may demonstrate that a a company susceptible to legal interference rate compliance policy. Stated differently, non-prosecution agreement or a deferred by the government and vulnerable to ex- and again, [it is] ‘tone from the top.’”8 A prosecution agreement is sufficient to achieve ploitation by rogue employees or compet- strong internal investigation/audit program the government’s aims, rather than an indict- itors. As Loretta Lynch stated, “Companies should be a basic, readily accessible tool in ment, complaint, and/or guilty plea.5 Such an that employ robust and effective compliance the workbox of any compliance officer, gen- agreement may even allow a corporation to programs are not only better able to detect eral counsel, or CEO. Such programs reme- forgo a formal indictment – instead agreeing, and identify potential compliance issues that dy and remediate legal violations and areas for example, not to commit any felonies and may negatively affect the company’s business of loss otherwise undetectable to the com- to an obligation to disclose any future related and reputation, but also those unusual in- pany and, when properly executed, strength- misconduct to the appropriate authorities. stances where an employee is intent on cir- en both the compliance and the business cumventing a company’s internal controls.”7 viability of the overall enterprise. B. Sentencing Guidelines Perhaps the most concrete manner in which a robust compliance program, including in- 1 http://www.natlawreview.com/article/doj-warning-about-corporate-compliance-programs-proba - ternal investigations, can pay dividends is tion-and-external-compliance-mo 2 with respect to point reductions under the See e.g. Bank of America paying $16.55 billion for financial fraud (http://www.justice.gov/opa/pr/bank-amer- 6 ica-pay-1665-billion-historic-justice-department-settlement-financial-fraud-leading); BNP Paribas paying Federal Sentencing Guidelines. Although $8.9 billion for its role in illegally processing financial transactions for countries under U.S. economic sanc- the Guidelines are no longer mandatory, tions (http://www.justice.gov/opa/pr/bnp-paribas-agrees-plead-guilty-and-pay-89-billion-illegally-process- their guidance continues to carry signifi- ing-financial); Bridgestone Corp. paying a $425 million fine for price-fixing conspiracy (http://www.justice.gov/ opa/pr/bridgestone-corp-agrees-plead-guilty-price-fixing-automobile-parts-installed-us-cars) cant weight, not only with respect to actual 3 U.S. Dept. of Justice U.S. Attorneys’ Manual 9-28.300 sentencing, but also in regard to the range 4 From Securities and Exchange Act of 1934, Release No. 44969/ October 23, 2001. Available at https:// of fines that the government may seek as www.sec.gov/litigation/investreport/34-44969.htm. 5 part of a settlement agreement. For an example of a non-prosecution agreement, see http://www.justice.gov/criminal/fraud/fcpa/cases/ archer-daniels-midland/adm-npa.pdf 6 The Federal Sentencing Guidelines use a points-based system to determine recommended sentencing. II. INTERNAL INVESTIGATIONS Certain aggravating factors can increase the number of points used in the sentence calculation, while AND AUDITS ARE GOOD certain mitigating factors can decrease the number of points. Any such decrease of points can directly lead to a more lenient sentence. BUSINESS 7 September/October 2013 interview with (then) U.S. Attorney for the Eastern District of New York (now Businesses typically perceive internal inves- Attorney General) Loretta Lynch, available at http://www.justice.gov/usao/nye/pr/2013/doc/cep-2013- tigations and audits as resource drains and 09-turteltaub-lynch.pdf 8 Remarks by Assistant Attorney General for the Criminal Division Leslie R. Caldwell at the 22nd Annual expensive insurance policies. It is true that Ethics and Compliance Conference, Atlanta, GA, United States, Wednesday, October 1, 2014. Accessible they can be costly in terms of financial assets via http://www.justice.gov/opa/speech/remarks-assistant-attorney-general-criminal-division-les- and man-hours, but if designed and execut- lie-r-caldwell-22nd-annual-ethics.

MAY-JUNE 2015 | BUSINESS PARTNERS | 41 FOOD FOR THOUGHT

BY NAYEF AL-RODHAN PHILOSOPHER, NEUROSCIENTIST, GEOSTRATEGIST AND AUTHOR, AND AN HONORARY FELLOW, WHAT ARE THE ETHICAL UNIVERSITY OF OXFORD, UNITED KINGDOM. IMPLICATIONS OF EMERGING TECH

n the past four decades, technology has about new ethical and regulatory challenges. a larger number of drones, a development fundamentally altered our lives: from the Precise genetic engineering techniques, one which can be both welcomed (for instance, way we work, to how we communicate, of the highlighted technologies, will likely China flies drones to help fight pollution) to how we fight wars. These technologies solve some of the main controversial ele- and anticipated, as the growth in dangerous have not been without controversy, and ments in the GMO debate, for example the drone flights around populated areas ap- manyI have sparked intense debates, often fact that genetic engineering was neither pears to be developing ahead of regulations. polarized or embroiled in scientific ambi- precise nor predictable. The range of proce- Autonomous systems, artificial intelli- guities or dishonest demagoguery. dures associated with GM crops is precise gence (AI) and robotics, while already The debate on stem cells and embryo re- in the initial process of cutting and splitting decades-old technologies, will continue to search, for example, has become a hot-but- genes in the test tubes. But the subsequent expand their functionalities and enter new ton political issue, involving scientists, poli- steps are uncontrolled and some mutations eras of continuous specialization. More in- cy-makers, politicians and religious groups. can occur and alter the functioning of the tuitive, emergent AI could change speech Similarly, the discussions on genetically natural genes in potentially harmful ways. and conversational software with unprece- modified organisms (GMOs) have mobilized A precise technique that would achieve great- dented precision, helping millions of peo- civil society, scientists and policy-makers in a er accuracy and greater predictability over ge- ple and also redefining the way we com- wide debate on ethics and safety. The devel- netic mutations is, of course, a net improve- mand and interact with computers. opments in genome-editing technologies are ment on conventional GMOs. It is, however, just one example that bio research and its im- critical that this technique is properly studied ROBOTS AS INTELLIGENT pact on market goods are strongly dependent and implemented in a sustainable way and AS HUMANS on social acceptance and cannot escape pub- that it doesn’t just give renewed legitimacy to New-generation robotics will increasingly lic debates of regulation and ethics. genetic engineering in agriculture. have more autonomy and capacity to react More accuracy is also expected in the oper- without pre-programming, which compli- ETHICAL AND REGULATORY ation of drones with the adaptation of the cates all current debates on robotics: the CHALLENGES Sense and Avoid equipment. This will have trust and reliance invested in a robot will The World Economic Forum’s list of top unequivocal security benefits, helping to have to be greater, bringing us closer to the 10 emerging technologies of 2015 includes avoid collisions of drones with other drones point of being on a par with robots. Neuro- those that aim to resolve some of the ethi- or piloted systems. morphic chip technology further illustrates cal debates posed by an earlier generation of The critical offshoot of this innovation is that this. This is among the most revolutionary technologies, as well as others that will bring it will encourage and enable the operation of developments in AI and a radical step fur-

42 | BUSINESS PARTNERS | MAY-JUNE 2015 ther in computing power. Mimicking the would release antibodies only in contact ent economies and recalibrate geopolitical intricacies of the human brain, a neuro-in- with cancerous cells, etc. The moment of relations. Recyclable thermostat polymers, spired computer would work in a similar the print button for biology is nearing. Ef- reportedly discovered by accident, will fashion to the way neurons and synapses fectively, this could also mean that in a not dramatically change fabrication and man- communicate, and potentially be able to too-distant future, smart pharmacology ufacturing, leading to new standards in in- learn or develop memory. This would imply will permit us to receive a constant supply of dustries. Globally, the advent of distributed that, for instance, a drone equipped with a anti-depressants or neuro-enhancers every manufacturing is bound to lead to a reas- neuromorphic chip would be better at sur- time our dopamine level drops. The ethical sessment of the meaning of value chains and veillance, remembering or recognizing new consequences of such developments should infrastructure: rather than ship parts of a elements in the environment. be thought through. Having our emotions given product, some companies will simply However, immediate ethical red flags controlled in detail by smart machines will trade information, leaving it to the customer emerge: building neuromorphic chips would pave the way for dangerous forms of de- to finalize the manufacture of the product. A create machines as intelligent as humans, the pendences and new understandings of our suite of other technologies, such as 3D print- most superior and intelligent species in the humanity and the emotions that define us. ing, informatics and robotics are enabling universe. These technologies are demon- Genome-based treatment, based on wid- a paradigm shift to a dematerialized future strations of human excellence yet computers er and cheaper availability of genome with endless possibilities for customization. that think could be devastating for our spe- data, will provide new ways to customize cies and, as Marvin Minsky has put it, they the therapeutic protocol and enhance our CHANGES AHEAD could even keep humanity as pets. control over diseases and medical treat- The Forum’s list of top 10 emerging technol- The interest in smart machines is now also ment. The speed, accuracy and costs of ge- ogies for 2015 alerts us to important chang- pursued in additive manufacturing meth- nome-reading have changed dramatically es on the horizon for all sectors. As always, ods, which are increasingly integrating in just a matter of years: a decade ago, this we must welcome innovation and the ben- smart materials into manufacturing. These process was a billion-dollar effort, while efits it brings us. But we must also remain materials could adapt, change properties, today the price has dropped sharply to committed to sustainable development, tak- interact or respond to their environments. around $8,000. As we are truly starting to ing into account issues of inequality, human With 4D Printing, which takes into account gain more precise tools to fight life-threat- dignity and inclusiveness. Finally, this year’s the transformation that occurs over time, ening diseases, a range of other issues arise. top emerging technologies also remind us some materials will adapt and repair by Inevitably, the emerging technologies of the of the importance of political commitment. themselves, without maintenance, or they future will redefine our understanding of Take the example of the transition towards could be pre-programmed to disintegrate on biology, the material world and manufac- fuel cell vehicles: it will require huge infra- their own. This will raise new questions of turing. The implications will further extend structural adaptations and conversions. In standardization, traceability and copyright. into geopolitics and global balances of pow- fact, it’s estimated that if the US government More radical disruptions will occur once er. Fuel cell vehicles are finally expected to spent the same putting a man on the moon the technology transitions to the organic make their way to the market and reduce de- ($100 billion in today’s dollars), the shift world, making it possible to assemble bio- pendency on oil or emissions that contribute to hydrogen-powered cars and gas stations materials that evolve and develop on their to climate change. In the long term, this will that pump hydrogen would be significantly own, design cancer-fighting robots that accentuate the vulnerability of oil-depend- eased. Often, the technology itself is actually available, but it takes a massive exercise of political will to bring about change. Some technologies might progress inde- We must welcome innovation and pendently of political support. But good governance, examinations of dual-use risks the benefits it brings us. But we must and ethical considerations must still remain guiding posts at all times. Ultimately, how also remain committed to sustainable we approach the regulation of emerging development, taking into account technologies will inevitably have wide implications – not only for security and ethics, issues of inequality, human dignity and but for our definition of human dignity and inclusiveness. equality of individuals.  Source: World Economic Forum; www.weforum.org

MAY-JUNE 2015 | BUSINESS PARTNERS | 43 INFO@AMCHAM B2B

The Deep Web

Though the average person may think they paywalls, or requires special software to THE WHAT YOU SEE WEB have full access to the internet, most only access—and it’s massive…Yet it’s almost touch the tip of the iceberg that is the web. completely out of sight. According to a Google and other search engines access study published in Nature, Google indexes what’s called the surface web, which is the no more than 16 percent of the surface equivalent of about .03 percent of the inter- web and misses all of the deep web. Any net. The rest is known as the deep web and given search turns up just 0.03 percent of it’s somewhat of a mystery. No one knows the information that exists online (one in exactly how big it is, but estimates range 3,000 pages). It’s like fishing in the top two from 450 times to 6,000times larger than feet of the ocean—you miss the virtual the surface web. You can only access the Mariana Trench below. deep web with special software, but once But its crime-fighting beginnings didn’t you tap into it, you enter a world where last very long. According Lev Grossman, your searches, transactions and every other the deep web is now an “electronic haven online dealing become totally anonymous. for thieves, child pornographers, human THE DEEP WEB Developed by the US Naval Research Labo- traffickers, forgers, assassins and peddlers ratory, the deep web—originally called The of state secrets and loose nukes.” And that’s Onion Router, or Tor—officially launched enforcement to communicate secretly and just the first layer of it. The deep web’s evil in 2003 as an open-source project intended safely. According to Popular Science: underbelly is a closed network known as as a way for intelligence agents, political It’s a place where online information the dark web, a terrifying world where any- informants in other countries and law is password protected, trapped behind thing and everything can and does happen.

Dining: For Business and Pleasure A Plaka Favorite BYZANTINO

Yes, it’s in Plaka. No, it does not have an and Greek salad. It offers an enjoyable fish exciting menu. Yes, plenty of tourists go soup, baked giant beans, black eyed peas there. But, Byzantino also caters to many and assorted vegetables in oil (ladera). Greek diners and has a few good things Byzantino also grills chops, steaks and going for it. First, it is an old Athens tav- souvlaki to order, garnished with fries erna that has not changed much over the or oven roasted potatoes. House wine, a years—with a traditional wait staff (men) fairly standard selection of bottled wines who do not add superfluous modern and mainstay beers accompany lunch or flourishes. Besides, sometimes you really dinner—every day of the year. must take sometime to a lunch or dinner So, when you need a Plaka taverna that in Athens’ tourist haven. most tourists will enjoy, something that of- Byzantino has a full larder of cooked foods fers “traditional” Greek food without much from which to choose, veal with sauce, flash—Byzantino may fit the bill very nicely. chicken lemonato, pork with celery, baked Byzantino fish fillets ala Spetsiosa, as well as the tra- 18 Kydathineon St, Plaka ditional Moussaka, Pasticcio, cheese pies 210 322 7368

44 | BUSINESS PARTNERS | MAY-JUNE 2015 The Business Bookshelf The Second Curve THOUGHTS ON REINVENTING SOCIETY Jargonaut CHARLES HANDY, RANDOM HOUSE LEARNING OPPORTUNITY Charles Handy’s books on management— A phrase that refers to mistakes made that including Understanding Organizations and Gods will somehow be turned into future break- of Management—have changed the way we view throughs. It’s a nice way of saying someone business. His work on broader issues and trends, screwed up and we’re trying to make the such as Beyond Certainty, has changed the way best of it. we view society. In The Second Curve, Handy builds on a life’s work to glimpse into the future and see what challenges RAMP RATE and opportunities lie ahead. He looks at current How quickly a business can expand. The trends in capitalism and asks whether it is a sus- ramp rate is a growth trajectory in terms of tainable system. He explores the dangers of a sales, profits, or margins. society built on credit. He challenges the myth that remorseless growth is essential. He even asks whether we should rethink our roles in life – as BACKHOE DAY students, parents, workers and voters – and what The information industry’s equivalent of a the aims of an ideal society of the future should be. snow day, or what happens when employ- “Already, as I see it, too much of all that is new favors the few and not the many. ees are sent home after a network outage Society is out of balance. Power is unequally distributed. In business, the information blamed on careless backhoe work along the economy is turning into a winner-takes-all one, where the likes of Amazon, Face- buried fiber line. book and Google dominate and gobble up any daring newcomer.”—Charles Handy BUFFER An area of memory on a computer to tem- porarily store output or input data. A “buffer” will hold data that is being transferred from A RESORT TO REMEMBER a high-speed device to a low-speed device until the transaction is complete. A common BY ANDREAS STYLIANOPOULOS PRESIDENT, NAVIGATOR TRAVEL & TOURIST SERVICES LTD use of buffers is to hold the data sent to a printer as the printer accepts the informa- Sometimes, getting away is tion at its own pace. the best revenge—and living well while you are there. Get- ting away and living well is the TECHNOLOGY CAVE combination that works at Blue Slang for a tween’s bedroom, staples in “the Palace, in Elounda, Crete. A technology cave” include a TV, computer, Starwood Luxury Collection stereo, iPod, and cell phone. Resort and Spa, Blue Palace is a retreat for the body, a gift for the senses, and a balm for the soul. A secluded compound on a gentle incline, Blue Palace is most ideal for ul- AC OR .AC timate relaxation. Within its grounds are five restaurants, a private beach, One of several top-level domains assigned a spa, pools, lux rooms, suites and villas, a library, leisure activities, and to URLs that are of an academic nature, secluded relaxation areas. generally for countries outside the U.S. (as The resort lies opposite the famed Spinalonga Island, to which guests may opposed to .edu, which is primarily for aca- take a caique and which provides the backdrop for the sea views—ensured demic Web sites within the U.S.). from every room. The nearby small port of Plaka offers some alternative dining in traditional seafood tavernas. But guests at Blue Palace need not worry about wandering too far—why  http://www.netlingo.com leave the grounds when the retreat is the journey?

MAY-JUNE 2015 | BUSINESS PARTNERS | 45 TRENDS & TRADE MAKERS

Aristotle University Cooperates with MIT UN: WATER COMPETITION CAUSES UNSUSTAINABLE Aristotle University of Thessaloniki (AUTH) and EFFECTS the Massachusetts Institute of Technology (MIT) are working together to identify bacteria and bac- UNESCO’s 2015 World terial products that will help balance the immune Water Development Re- system of humans and protect them against can- port warns that today’s cer and autoimmune diseases, according to The- unsustainable growth ophilos Poutahidis, associate professor at AUTH. creates obstacles to pru- Scientists found that helicobacter hepaticus (a dent water management. Helicobacter that exists only in the gastrointesti- By 2050, global water nal system of mice) accelerates breast and pros- demand is projected to tate cancer, whereas the Lactobacillus reuteri increase by 55 per cent, mainly due to (a gram-positive probiotic bacterium) not only growing demands from manufacturing, helps reduce the risk of breast cancer, but also thermal electricity generation and domes- has a positive effect on the skin and the regen- tic use. However, competition in water eration of hair follicles, while protecting the tes- imposes great obstacles to sustainable ticles and thymus against alterations caused by development. The UN body underlined that aging. Moreover, Lactobacillus reuteri protected “managing and allocating water across the mice from obesity, despite the consumption competing developmental sectors to meet of food that caused it. multiple challenges is required to ensure that benefits created for one group of stakeholders do not disadvantage others.” Around 748 million people today still do not have access to an improved source of First Stop: San Diego, California! drinking water, and water demand for manufacturing is expected to increase by 400 per Representatives of the career centers of the National Technical University of Athens, Ar- cent between 2000 and 2050 globally.” istotle University of Thessaloniki, Democritus University of Thrace, and the University of Piraeus travelled to California to explore how university career centers operate in the U.S. and contribute to youth entrepreneurship, innovation and job creation. The Greeks held meetings at the University at California at San Diego (UCSD), San Di- ego State University (SDSU) Career Center, and the San Diego Workforce Partnership to CARNIVAL VISTA TO CALL learn more about governmental support for skill development programs; public-private PIRAEUS HOME partnerships that lead to young adult job placement; and programs designed to retain young adults in high-impact sectors. Following San Diego the delegates travelled to other cities in California.

Leo’s Bagels Are Back Following its closure, Leo’s Bagels is reopening, giv- ing authentic bagel lovers (think New York bagels) a chance to nosh on the real thing. Leo Gavallias learned The 133,500 ton Carnival Vista will home the secrets of real bagel making from Jewish bakers in port in Pireaues when it launches its his native New York and, after moving to Athens, sup- Mediterranean itinerary in Spring 2016. plies the local market with the real thing. In addition The ship, which will accommodate up to to the traditional flavors—plain, sesame, poppy seed, 4,000 passengers, is being built in Italy onion—Leo has added new, old world flavors—walnut, and will introduce some groundbreaking chocolate chip, mastic.orange, olive, dried tomato and features—a skyride, an IMAX theater, an a few others. Pass the lox and cream cheese please. onboard brewery, open air cycling experi- More info=http://www.houseofbagels.gr/ ence, and more.

46 | BUSINESS PARTNERS | MAY-JUNE 2015 WWW.

THE STUFF OF LIFE

Learning about natural systems can be very helpful

Tree of Life http://www.tolweb.org/tree/ ToL provides information about biodiversity, the characteristics of different groups of organisms, and their evolutionary history

Encyclopedia of Life http://eol.org/ ATHENIAN BREWERY Documents all of the 1.9 million living spe- LAUNCHES HEINEKEN EXPORTS cies known to science. TO CHINA AND ITALY ActionBioscience http://www.actionbioscience.org/ Athenian Brewery began exporting Heineken beer to China and Italy. The beer is Promotes bioscience literacy and bring produced at the Patras plant and follows an of investment 2 million Euros. This move attention to seven bioscience issues of critical current importance: 1) Biodiversity, will strengthen employment in local communities as the beer is brewed using Greek 2) Environment, 3) Genomics, 4) Biotech- barley and domestic raw materials. “Initially, the new production line will be covered nology, 5) Evolution, 6) New Frontiers, and by existing employees but gradually this will involve seasonal hiring,” said CEO 7) Science Education Zooullis Minas. Product to China will move through the Piraeus port and for Italy from the port of Patras. The company hopes exports to these two countries this year Animal Diversity Web to represent 50% or more of total exports, which is expected to reach 20.5 million Eu- http://animaldiversity.org/ ros. Athenian Brewery distributes its products in 26 countries on 5 continents. An online database of animal natural history, distribution, classification, and conservation biology

World Ocean Review http://worldoceanreview.com/en/ All about oceans A (MORE) DIGITAL EU E.U. Today, digital tools are becoming more and more pervasive. Whether you’re CTstudying, so- cialising, or shopping – online tools could well be helping you. DIRE TRUST THE MARK But when it comes to using those opportunities, people and businesses face many barriers: The Greek Electronic Commerce Associ- from inefficient parcel deliveries across borders, to geo-blocking of your favourite films, ation (GRECA) announced the introduction music or other content. of a “trustmark” for Greek online stores, in The EU Commission wants to trigger real change for consumers and businesses alike. cooperation with the ELTRUN laboratory As Commission President Jean-Claude Juncker put it, “Every day, Europe is losing out by of the Athens University of Economics and not unlocking the great potential of our huge digital single market. Jobs that should be there Business. are not being created. Ideas – the DNA of Europe’s economy! – do not materialise to the The trustmark is designed to increase extent they should. Let’s change this for the better.” Internet shopping confidence and security A digital single market could generate up to €340 billion a year for the EU economy; it is a when carrying out online transactions. major priority of the Juncker Commission. Today the Commission held an orientation de- ELTRUN, the only certified laboratory of bate on the steps needed to achieve it, and agreed on action in three main areas: e-commerce in Greece, will conduct the 1. Better access for consumers and businesses to digital goods and services trustmark monitoring of e-shops. 2. Shaping the environment for digital networks and services to flourish 3. Creating a European Digital Economy and Society with long-term growth potential The main areas for action include issues like parcel delivery, modernising copyright, sim- plifying VAT, ensuring investment in high-speed internet networks, and helping people develop their digital skills.

MAY-JUNE 2015 | BUSINESS PARTNERS | 47 VIEWPOINT

The European Commission Preserve and the European Investment Bank are launching a new Natural Capital financing instrument for projects promoting the and Get Financing preservation of natural capital, including adaptation he European Commission and revenue streams and profit margins. to climate change. the European Investment Bank The NCFF is to establish a pipeline of rep- (EIB) signed an agreement en- licable, bankable projects that will serve as trusting the EIB with the man- a “proof of concept” and that will demon- agement of the Natural Capital strate to potential investors the attractive- FinancingT Facility (NCFF), one of the two ness of such projects. new financial instruments under the LIFE Eligible projects will address payments for Programme. The NCFF will provide loans ecosystem services, green infrastructure, and investments in funds to support pro- biodiversity offsets and investments for in- jects which promote the preservation of novative pro-biodiversity and adaptation natural capital, including adaptation to cli- businesses. The final recipients for NCFF mate change, in the Member States. are public or private entities, including pub- The EIB will contribute a total budget for the lic authorities, land owners and businesses. Investment Facility of € 100 – 125 million The size of NCFF projects will typically be for 2014-2017. The European Commission between €5 and €15 million. will contribute €50 million as a guarantee EU Commissioner for Environment and for the investments, and €10 million for a Maritime Affairs Karmenu Vella said: “The support facility. Beneficiary companies and Natural Capital Financing Facility will help financial intermediaries will provide signif- potential investors to access finance to in- icant additional financing. vest in projects that benefit nature and help THE FINAL RECIPIENTS The main aim of the NCFF is to demon- adapt to climate change. The new Facility strate that natural capital projects can gen- projects will pilot innovative ways of fi- FOR NCFF ARE erate revenues or save costs, while deliver- nancing biodiversity and make it crystal PUBLIC OR PRIVATE ing on biodiversity and climate adaptation clear that protecting nature can also gener- ENTITIES, INCLUDING objectives. Currently there are clear barri- ate revenue and save costs.” PUBLIC AUTHORITIES, ers to the uptake of many natural capital In addition to the Investment Facility, the LAND OWNERS AND projects, including lack of experience, long NCFF also includes a support facility for investment and project payback periods, project preparation and implementation BUSINESSES and uncertainties about target markets, for investments eligible under the NCFF.

THE AMERICAN-HELLENIC CHAMBER OF COMMERCE

Become a Member bponline.amcham.gr To become a member of the American-Hellenic Chamber of Commerce, one of Greece’s To subscribe to Business Partners, most preeminent and proactive business organizations, apply on the Chamber website at send an e-mail to [email protected], www.amcham.gr, send an e-mail to [email protected], call the Chamber at 210-699-3559, call the Chamber at 210-699-3559, or or fax the Chamber at 210-698-5687-7 and request an application form. fax the Chamber at 210-698-5687-7.

48 | BUSINESS PARTNERS | MAY-JUNE 2015 INYT27_PP_GREECE_208x280mm_2.indd 1 21/10/2013 19:13 on ! http://bponline.amcham.gr