THE ATHENS CHAMBER OF COMMERCE AND INDUSTRY Trade with Greece

ANNUAL BUSINESS, ECONOMIC AND POLITICAL REVIEW

No 46 2015

“We aim at turning political change in Greece into a new impetus for Europe” Alexis Tsipras, Prime Minister of Greece

membership. However, strikingadeal withour painful alternatives, whichmayjeopardize its euro negotiation fails,thecountry willbefacedwith country's abilitytoraisemarket funding.Ifthe ners iscrucial,sinceitdirectly linkedtothe Reaching aviableagreement withGreece'spart- The governmentisfacedwith atoughreality. Euro zone. country, orenterunchartedwaters,outside the and, ofcourse,restorestability andliquidityinour whether wewishtostay ourEuropeancourse milestone forGreece'sdayafter, signifying and creditors,anagreementthatwillbecomea upon tosignanewagreementwithourpartners E editorial the barenecessities. any customers.Whatitmeansforahouseholdnottobeablecover withclosedbanksandwithout means forabusinesstohavesurvive a governmentnottobeablepaysalariesandpensions.Whatit We allknowwhatdefault,creditevent,Grexitmean.Whatitmeansfor Vice-President ofEurochambres President ofthe ACCI, Constantine Michalos, to reachdefinitedecisions.Itwillbecalled the Greekgovernmentwillbecalledupon verything suggests that,inthenearfuture, necessity is anabsolute for economicgrowth Creating conditions low-cost state borrowingisnot availableanymore. plan,cohesion given that the option of am and implementanewnational growthandsocial The governmentwillhaveto immediatelydraft cially weakestgroups ofthepopulation. the impact of the crisis,especiallyonfinan- support socialcohesionandgradually ameliorate generate increasednationalwealth,inorderto country's humanresources. A growththatwill ployment, andwillenablethemobilizationof to helpthecountrydealwithscourgeofunem- a growththatwillcreatehigh-qualityjobsinorder again createtheconditionsforeconomicgrowth; the majorityofGreeksociety, ishow wewillonce What isreallyatstake forthemarket,butalso permanently exitingthecrisis. partners isnotenoughforboostinggrowthand ple and 

1 Trade with Greece Our positions about what is needed for the future instruments such as venture capital funds, are clear: business angels, soft loans, startup funds in ● Speeding up and completing structural change areas such as new technologies, agricultural in both the economy and the state. Not as a production etc. demand of the lenders, that has to be satisfied ● Boosting the competitiveness of domestic pro- in any way and at any cost. But as a national duction. Decisive interventions, within the necessity, aimed at establishing a modern, bounds of European legislation, for reducing productive and competitive economy. energy costs, and especially industrial power ● Formulating a clear national development plan, prices. Further simplification of procedures, and with a far-reaching orientation and explicit priori- reduction of the cost of setting up a business. ties. Utilizing the country's comparative advan- Creation of Industrial and Business Parks. tages, though the creation of new innovative ● Supporting the export activities of Greek enter- industries for the production of top-quality, inter- prises. Expansion of co-financing and guaran- nationally competitive, high-added-value goods. tee programmes for export-oriented enterprises; Differentiating and upgrading the output of establishment of an Import-Export Development conventional industries, to ensure that their Bank, drawing on successful examples from competitiveness is not solely based on the cost abroad. factor. Operationally linking agricultural pro- Provision of special tax incentives for engaging duction and the food industry. in extrovert business activities. ● A simple, stable and competitive tax system. ● Speeding up administrative reform, the priorities Featuring a 15% tax rate on the entire taxable being the restructuring of the public sector, the income of legal entities, the upgrading of the design of advanced organization charts, the Tax Procedure Code in regard to fines and establishment of qualitative and quantitative audits, a gradual reduction of VAT rates, the productivity targets, the creation of a serious exemption from VAT for small enterprises with evaluation system, with incentives and mecha- annual gross incomes of up to €25,000, and a nisms for awarding and attracting the best. radical overhaul of property taxation. ● A bold plan for fighting tax evasion. Promotion In conclusion, I would like to stress that the business of e-invoicing, and introduction of incentives world understands the difficulties the government is for both businesses and consumers to facing in its negotiation with our partners and credi- increase the use of electronic transactions. A tors. Realism, though, dictates that there is an potential reduction in tax rates will be condi- urgent need for reaching an agreement that will tional on the results of this project. satisfy Greece's partners and will set the econo- ● Utilization of NSRF 2014-2020 funds for my on a new course, boosting sound entrepre- improving the competitiveness of small and neurship and strengthening the country's social medium-sized enterprises. Enhancement of fabric. Trade with Greece Trade 2 pages

6. We aim at turning political change in Greece into a new impetus for Europe. By Alexis Tsipras, Prime No 46 2015 Minister of Greece Annual Business, Economic and Political Review by the Athens Chamber of Commerce and Industry 8. Our aim is the administrative reform of the state. PUBLISHER: By Nikos Voutsis, Minister of Constantine Michalos, ACCI President the Interior and Administrative EDITORIAL SUPERVISION: ACCI Press Office, John Fotinias Reconstruction 7-9 Akadimias str. Athens - tel 210 3646043 MANAGING EDITOR: 10 . Bold measures for restarting the Theodore Vamvakaris economy. By George Stathakis, Minister of CONSULTING EDITOR: Economy, Infrastructure, Shipping and John Triiris Tourism

PHOTO: 12. Greece will regain an important place Costas Lakafosis in the global economic and business Iakovos Hatzistavrou Cover photo: GEFYRA S.A. / Nikos Daniilidis environment. By Panos Kammenos, President of the Independent Hellenes party, Minister of TRANSLATION: National Defence Nick Roussos LAYOUT - DTP: 14. Restoring and enhancing the growth ALFA - OMEGA PUBLICATIONS LTD prospects of the Greek economy: a top 80 Filikis Etairias Halandri, tel 210 6841889 priority. Creative Art Director: By Alekos Flabouraris, Minister of State Manoli Evangelia responsible for Coordinating Government PRINTING: Work Khartan Holding Limited 16. The structural upgrading of Greek tourism. ÅôÞ óéá åðé ÷åé ñç ìá ôé êÞ, ïé êïíï ìé êÞ êáé ðï ëé ôé êÞ Ýêäï óç ôïõ By Elena Kountoura, Alternate Minister of Åìðï ñé êïý êáé Âéïìç ÷áíé êïý Å ðéìå ëçôç ñßïõ Á èç íþí Economy, Infrastructure, Shipping and ÅÊÄÏ ÔÇÓ: Tourism Êùíóôá íôß íïò Ìß ÷áëïò, ðñü å äñïò Å ÂÅ Á 18. The agrifood complex as a growth ÅÐÉ ÌÅËÅÉÁ ÅÊ ÄÏÓÇÓ Ãñáöåß ï Ôý ðïõ ÅÂÅ Á, Á êáäç ìß áò 7-9 Á èÞ íá ôçë 210 3646043 instrument. Áñìüäéïò: ÃéÜííçò ÖùôåéíéÜò By Vangelis Apostolou, Alternate Minister of Agricultural Development and Food ÁÑ×É ÓÕ ÍÔÁÊÔÇÓ - ÓÕ ÍÔÏÍÉ ÓÔÇÓ ÅÊ ÄÏ ÓÇÓ: Èï äù ñÞò Âáìâá êÜ ñçò 20. Trade is an engine for social and ÓÕÌÂÏÕËÏÓ ÅÊÄÏÓÇÓ: economic prosperity and growth. ÃéÜííçò ÔñéÞñçò By Nikolaos Chountis, Alternate Foreign Minister for European Affairs ÖÙÔÏÃÑÁÖÉÅÓ: Êþóôáò Ëáêáöþóçò Ιάκωβος Χατζησταύρου Φωτογραφία εξωφύλλου: ΓΕΦΥΡΑ Α.Ε. / Νίκος Δανιηλίδης

ÌÅ ÔÁÖÑÁ ÓÇ: Íß êïò Ñïýó óïò ÄÇÌÉÏÕÑÃÉÊÏ - ÇËÅÊÔÑÏÍÉÊÇ ÓÅËÉÄÏÐÏÉÇÓÇ: ÁËÖÁ - ÙÌÅÃÁ ÅÊÄÏÓÅÉÓ ÅÐÅ ÖéëéêÞò Åôáéñåßáò 80 ×áëÜíäñé, ôçë 210 6841889 Creative Art Director: Μανώλη Ευαγγελία ÅÊÔÕÐÙÓÇ: Khartan Holding Limited Tradecontents with Greece

22. Our main goal is to revive the Greek econo- 72. Innovation in Greece: An insoluble equation, my. in a country that can and must change. By Euclid Tsakalotos, Alternate Minister for By Dimitris Markopoulos International Economic Relations 78. The National Cadastre — A fundamental 24. The contribution of Hellenic Armed Forces to project for Greece. security and the establishment of peace. By Panayotis Efthimiades By Kostas Isichos, Alternate Foreign Minister of National Defence 84. The present and future of Greek exports. By Evi Papadosifakis 26. Macedonia-Thrace: an historical crossroads of investment, culture, trade and tourism. 93. Athens Startup Business Incubator By Maria Kollia-Tsaroucha, Deputy Minister for Macedonia-Thrace ENERGY 28. The productive reconstruction of Greece. 102. The new energy policy. By Panagiotis Sgouridis, Deputy Minister of By Christos Colonas Rural Development TOURISM ECONOMY 110. Greek Tourism: the outstanding year 2014. 34. The prospects of the Greek economy in 2015. By Leonidas Tsaoulas By Dimitris Christoulias CULTURE 42. Privatizations: On hold till June. 118. 60 Years of the Athens Festival. By Sophia Dimtsa By Nicoleta Makri

47. There is a dire need to support SMEs, the backbone of the economy. STATISTICS By Yannis Kanoupakis 129. By Anna Diana

54. Dimitris Avramopoulos: “Our biggest concern is the rise of racism and xenophobia, fuelled by populist movements across Europe.” By Dimitris Giannakopoulos

60. Banks: In the maelstrom of political developments. By Nectarios Notis

66. Ocean-going shipping — Always dynamic and extrovert. By Ilias Iliopoulos ATHENS INTERNATIONAL AIRPORT “ELEFTHERIOS VENIZELOS”

March 28th, 2001 marked the onset of a new era for air transport in Greece, with the opening of the Athens International Airport “Eleftherios Venizelos”, which contributed to the transformation of the capital with one of the most modern, functional and safest airports in the world.

Athens International Airport S.A. (AIA) was established in assets, conducts largescale commercial activities and exports 1996 as a PublicPrivate Partnership with a 30year B.O.O.T. the company’s pioneering knowhow in the IT sector. Indeed, (Build Own Operate Transfer) concession to build and approximately 40% of the company’s turnover and a significant operate the airport and has undertaken successfully a series of share of its profits come from nonaeronautical activities. very important roles, i.e. manager of the airport, employer and responsible corporate citizen. AIA is a privately managed com Distinguished as one of the top airports in the world Athens pany, with the Greek State holding 55% of shares, while the International Airport maintains one of the best airport termi private shareholders collectively hold 45%. nals in Europe, equipped with stateoftheart systems, featur ing userfriendly orientation and comfortable waiting areas. Thanks to its favourable geographical location at the cross Furthermore, according to the surveys conducted at the air roads of three continents, stateofthe art infrastructure and port, our passengers and visitors highly appreciate the air topnotch service, the Athens International Airport has earned port’s ambience, the courtesy of staff, the fine and exquisite the trust of passengers, as well as numerous international dis offers of over 120 quality shops, tinctions and awards. restaurants & cafés in its Today, it constitutes one of the major gateways to South Airport Shopping Centre as Eastern Europe and forms a unique entrepreneurial entity of well as the attractive and economic and social development in the Attica basin. Over highly convenient Retail 13,000 people are employed as part of the airport community Park which is located which consists of more than 300 companies closely connected within the Airport com to the Airport Company and contributes to its smooth oper pound. ations while the Athens Airport City is one of the biggest employment engines in Greece, contributing to the national and local economy by 2.63% of the GDP, as proven by the Athens University of Economics and Business relevant study (2013).

During its 14 years of successful operations the airport has served more than 200 million passen gers through 2.5 million flights. AIA, however, is far more than just a gateway to SouthEastern Europe; aiming at continuous growth, AIA develops its extensive real estate Welcome to the Athens International Airport! We aim at turning political change in Greece into a new impetus for Europe

The electoral victory of SYRIZA on January 25th has given fresh hope to millions of people suffering from austerity in Europe. This is a great opportunity to provide the necessary momentum for movement towards the required direction.

By Alexis Tsipras, Prime Minister of Greece

direction of common sense and pragmat- We feel that political change in Greece is to a ic politics that would lead to a realistic great extent compatible with forging a new, mean- A assessment of constraints and capabili- ingful relationship with our European partners, a ties alike, giving precedence to the needs of the relationship based on sincerity, realism and mutu- people over ideology. We need a decisive shift in al understanding. favour of collective interests and popular aspira- After five years of economic downturn and social tions. This is the only way to regain the heart of hardship, our country remains in a dire economic Europeans and restore the prestige of the state. Our problems span many aspects of eco- European project. nomic activity, from financial precariousness to We need to respect democracy and the expression mass unemployment and poverty. of the peoples’ free will, if we are not to surrender Our government’s task is far from being easy. It Europe to the extreme nationalist and populist right. requires major reforms to deal with historically For Greece, the era of austerity, the era of the rooted injustices, as well as the inefficiencies of Memorandums and the troika is over. This is our economic system. definitive and irreversible. Those who act as if the It is absolutely vital for Greece to have its public Greek people never voted or as if their vote is debt restructured. irrelevant, actually render Europe irrelevant in the Greece needs fiscal space in order to be once  eyes of its citizens. again able to plan and organize its economy. Trade with Greece Trade 6 At this critical juncture, Greece should implement lems of tax evasion and corruption. social reforms that will, on one hand, take into The reform of the public sector is the most difficult account the emergency conditions of the econo- task. We have already begun by streamlining the my and, on the other, depart from the practices of government itself. For example, we have already the past. We cannot merely draft reform strate- reduced the number of Ministries. gies on the basis of existing clientelistic practices; Moving to a more economic agenda, we seek to we need new arrangements. attract investments in key sectors and utilize the Therefore, for us change is a normal state of state’s assets more efficiently on a case-by-case affairs. Our reform strategy involves interventions basis, respecting the public interest. aimed at, on one hand, ending stagnation and We aim at the balanced growth of all three sec- moving away from the low equilibrium of the tors of the economy. In this context, as I men- economy and, on the other, influencing the quali- tioned earlier, environmental imperatives affect all tative characteristics of the new equilibrium. the branches of our economy. Change has to be radical – not marginal, because I hope that the message that Greece has entered our economy is still in a state of disarray due to a new historic era has become clear. the collapse of its productive capabilities. We The road ahead will be full of challenges but, with need a shock to revive the economy. And, once the help of our partners, Greece will regain its growth is kick-started, the economy’s substantial poise, exit the crisis, and embark on the process untapped capacity suggests that this growth of inclusive recovery. could be sustained for a prolonged period. The immediate priorities of our reform drive lie in addressing the humanitarian crisis and the des- *From the speech delivered by the Prime perate need to confront Greece’s chronic prob- Minister, Alexis Tsipras, at the OECD. Trade with Greece Trade 7 Our aim is the administrative reform of the state

Greece’s recently elected municipal and regional authorities must be equipped with the tools, the resources and the powers required for responding to extreme social phenomena, which are related to the health, social situation and social cohesion of the country’s population. This is their first and foremost duty.

By Nikos Voutsis, Minister of the Interior and Administrative Reconstruction

here is, however, a pending issue, which ensuring real and honest personnel evaluation, concerns the meaningful reform of local cracking down on political patronage, eliminating Tgovernment legislation, precisely because department overlaps, enabling economies of scale, 5 years have passed since the rearrangement that and covering all needs of the population, thus took place under the “Kallikratis” plan and revealed shaping a new perception of the relationship a series of important institutional, zoning, economic between the citizens and the state. and development-related problems. All these Central to this reform is the fast achievement of the issues need to be redefined on the basis of the targets related to the main parameters of e-gov- experience acquired during this period. ernment, the interconnection of the information At the same time, we are committed to the admin- systems of all ministries, and the multitude of istrative reform of the state itself, an administrative requirements concerning the fulfilment of primary restructuring that starts froma very flexible and production relationships and popular needs. Their small central government, comprising only 10 min- coordination will produce an easily accessible istries, and will move forward with mergers of common base for the implementation of reform organisations and services, as well as the effective policies on crucial issues, such as health benefits, decentralization of state competencies, through a insurance, and cracking down on tax evasion or change in Decentralized Administrations. the evasion of social security contributions. Of The purpose of this plan is not to further reduce the course, access to financial data will be facilitated, number of the state’s workforce; on the contrary, it through the information systems of the Ministry of will make it possible to modernise and fully utilize Finance and other priority sectors for e-govern-  this force in key positions in the apparatus, by ment. Trade with Greece Trade 8 A key point will be the agreement between the country and the European institutions, an agree- ment that will have to be reached in a few months from now. It will become the basis for the country’s strategy in regard to the debt — at least the part of the debt that, according to the agreement, will be deemed to be sustainable. Such an agreement will succeed in releasing the resources required for drafting —at last— a proper public investments budget, as well as for achieving an increase of financial flows from the NSRF, the EU’s structural funds, as well as new funds. These funds can and must be created either for growth, or as part of the Juncker plan, or through specific investment initia- tives, with European assistance. In such a new economic environment, the inde- pendent resources of local governments should be increased. Also imperative is the full independence of local government budgets and balance sheets, on the basis of democratic planning and democratic participatory budgeting. The purpose is to provide local governments of both levels with the ability to manage the resources provided by the state, as well as those created through the services they are forced to quit school or experience the anguish offer, and establish a growth-inducing environment of everyday survival; that the brain drain is already that will become one of the pillars for developing a reality. Of course, it also has to do with the degra- the priorities of the country’s productive recon- dation of urban living conditions or the contraction struction. of social structures, which were kept alive only In this new and much more extensive ministry, thanks to the solidarity and volunteerism of thou- which could be called the “Ministry of the sands of citizens all over the country, as well as the Population”, our top priorities in regard to the new assistance provided by municipalities, regions and Immigration Policy portfolio is the serious stream- institutions. This is the most crucial issue for the lining, in regard to its institutional and citizenship- country. The bridge agreement that was reached in related parameters, of Europe’s new strategy for regard to the first four-months of our government’s dealing with the serious problems brought to the term, offers the necessary elbow room for imple- foreground by migration flows, as well as other menting the first measures of the humanitarian — problems. and not only— pillar of the Thessaloniki programme Apart from these policies, which will be implement- and, above all, enables us to prepare and lay out ed by the Ministry of the Interior per se, mention the timetables for major reforms in the field of has also to be made to a completely new —and, administrative restructuring, as well as the fields of sadly, old for the rest of the European Union— per- institutional revision and reinforcing the society; a ception regarding the crucial issue of waste man- society, which is already in the fifth year of hardship, agement in Greece. This perception will be based with unexpectedly tragic effects, i.e. the impover- on the implementation of EU directives on recy- ishment, and the degradation of the living condi- cling and waste minimization, which are a far cry tions of, households all over the country. from the plans regarding the creation of “pharaon- We are certain that the confidence shown by the ic” mixed-waste processing facilities, and we hope Greek people in this different, new programme for that, quite soon, both the regional and municipal the revival and social rescue of the country is a governments will draft a complete and comprehen- great resource, a great weapon for persuading, sive state-of-the-art plan. after a hard debate, our European partners that In general, we can say that our government’s such an alternative strategy and policy must be recent programme statements include all institu- supported — in contrast to the austerity policies; in tional interventions, emphasizing on a social prob- contrast to the policies that led to loss of at least lem that has emerged and grown to gigantic pro- 25% of Greece’s GDP; in contrast to the policies portions in Greece. Namely, that we are on the that led to thousand of business shutdowns and the verge of a humanitarian disaster; that we have 1.5 decline of the, anyway feeble, Greek social million unemployed; that, each day, many children state. Trade with Greece Trade 9 Bold measures for restarting the economy

Up to 2009, we had been pursuing a growth model that landed the country on the rocks. Let me point out one of its tragic consequences: For the first time in modern economic history, during the period 2000-2009 Greece’s agricultural production was stagnant or decreasing, in absolute terms.

By George Stathakis, Minister of Economy, Infrastructure, Shipping and Tourism

nd for the first time in the country’s histo- Second concept: Widening social inequalities ry we saw a dramatic deindustrialisation improves the performance and competitiveness A of the Greek economy. SYRIZA’s propos- of the economy; ergo the changes in labour rela- al for a productive reconstruction focuses on this tions and so forth. major overhaul that the country’s growth model Finally, the third key concept is that the size of the needs to undergo. We must once again focus on government should be reduced and the tax base making the most of the reconstruction of agricul- should be broadened to include low-income indi- ture, of agriculture’s high added value, of manu- viduals as well. All three concepts failed, bringing facturing — but in a much different manner than Greece to an impasse, as its output fell to 25% of in the past. its previous levels. This model went bankrupt, to be replaced by the This huge reversal leads to two key conclusions. memorandum. The memorandum implied a very First: We believe that reducing —not increasing— specific growth model, based on three concepts, social inequalities is a factor of economic growth. which I will mention in brief: There is also a second conclusion. We must shy Privatizations in a privatized economy. To demon- away from such shortcuts, like those imposed by strate its failure, let me remind you that, to this the memorandum; we must calmly and earnestly date, privatization sales amount to no more than consider the great turnaround that the country so €3 bn. For comparison purposes, in 2009 annual desperately needs. investment in Greece stood at €30 bn: €10 bn in Let me sum up the principles of such a turn- public investment, €10 bn in private investment, around: €10 bn in the banking sector. The idea that pri- ● First: Reducing social inequalities is a factor of vatisations can turn the economy around is an progress. unheard-of theory, and since there are no busi- ● Second: Attributing to the environment the nesses to be privatised we see this great shift same value we attribute to an archaeological towards the sale of infrastructures and public site is a factor of progress.  lands. Total failure. ● Third: Public goods are non-negotiable because Trade with Greece Trade 10 they are a factor of economic growth. This is why we want to remodel the state; to ensure that it will provide public goods in the way we want it to. ● Fourth principle: The perception of the bank- centred system as a fully liberalized sector of the private economy that will be the driver of the country’s economic transformation is wrong. We must strike a new balance between the public and the private sector. ● And the fifth, and fundamental, principle: We must reduce —indeed, we must eliminate— as soon as possible, this huge gray area that lies between the public and the private to the pub- lic sector. And we are talking about an endless gray area.

Which are the specific bold measures required for restarting the Greek economy, and how will this major turnaround, which will eliminate all inherit- ed problems, be brought about? Measure number one: Launching a tender for the country’s radio/television spectrum. Greece is the only European country where radio/TV stations have been operating on the basis of provisional annual permits for the past 25 years. Like certain coffee shops, I believe. Measure number two: Dealing with non-performing tional framework regarding exporters, in order to mortgage loans. We will immediately introduce a render it effective, also continuing to cut down on law establishing the full protection of primary res- red tape by establishing business service centres, idences from foreclosure; restructuring loans; along the lines of the successful Citizen Service transferring all the loans of households living at or Centre institution. below the poverty line from the banks to a public Another contentious issue, which has to be final- management agency; and introducing binding ly and irrevocably clarified: Shops will be closed legislation, based on strict rules and providing for on Sundays. Society knows too well how to han- strong mediation, and aimed at resolving the dle such issues. In Greece, there are many tourist mortgage loan problem for all medium-income areas where the shops are open on Sundays, but households. this is decided on by the local communities, the Measure number three: Managing the business local traders associations, and the local regional loans of small and medium sized enterprises in a authorities. This is exactly the model that we will business-friendly manner, which will make it pos- retain. sible to rekindle small and medium-sized entre- And the final bold measure: Greece has been preneurship — I am using the term small and paying dearly for a huge construction sector, medium-sized entrepreneurship without any whose pricing practices, management and trans- asterisks. parency in regard to major projects require a Measure number four: A new development law, major structural reform. Our growth model will not which will offer strong incentives for the invest- only include a major shift from large projects to ments that the country wants and needs, based the small and medium-sized ones the country’s on industry-specific and geographical criteria, and new growth model really needs, but will also set premised on the idea that we must dispose of the new transparent rules ensuring that government previous development laws and the problems money is used in the way it is supposed to. they created, and turn towards modern and meaningful development laws that offer real * From the speech delivered by the Minister of incentives, mainly to young entrepreneurship, as Economy, Infrastructure, Shipping and Tourism, well as social and private enterprises. George Stathakis, as part of the government’s We will completely transform the complex institu- programme statements in Parliament. Trade with Greece Trade 11 Greece will regain an important place in the global economic and business environment

According to official data by international and European organizations, after six years of deep recession, Greece is gradually recovering. The European Commission estimates that the Greek economy will show 2.5% growth in 2015 and 3.6% in 2016, while other fundamental economic indexes are expected to develop positively, with a gradual reduction of public debt and long-term unemployment.

By Panos Kammenos, President of the Independent Hellenes party, Minister of National Defence

espite the consequences of this reces- ●Greece is a safe country, for both its residents sion, Greece still maintains such strate- and visitors. Dgic characteristics that enable the coun- ●Still, Greece is a global power in strategic sec- try to play an important role in the global business tors of the economy, such as shipping and environment: tourism. ●Greece is a member of the Euro zone, which allows the country to enjoy all benefits of such Especially in regard to the tourist sector, accord- participation, like the reduction of uncertainty ing to the latest available data from the World due to the absence of exchange rate risks, the Travel and Tourism Council (WTTC), the percent- easier circulation of goods, services, capital age increase in arrivals in Greece for 2014 has and labour, lower costs of trade and finance. been the highest in Europe and the fifth highest ●Greece is strategically and geographically located globally. at the crossroads of Europe, Asia and the Middle The exports of Greek products (mainly food & East, which favours its role as an international beverages, industrial products, chemical prod-  transit centre. ucts) are expected to grow by 4.7% in 2015, a fact Trade with Greece Trade 12 that is considered to lead to a recovery of busi- ness investment. The European Commission already esti- mates that investment in Greece will increase by 8.4% in 2015 and 15% in 2016, on a year-on- year basis. This improve- ment is facilitated by the positive trends of key economic indicators:

●According to a report by the European Commission, Greece showed the best progress in reducing the cost of starting a new business. ●In the global competitive- ness rankings of the World Economic Forum (Global Competitiveness Report 2014-2015), Greece improved its ranking by ten places, rising to the 81st place out of 144 countries. ●According to the Global Entrepreneur- ship Index 2015 (GEI), established by the Global Entrepreneurship Network in cooperation with the Institute GEDI (The Global Entrepreneurship and Development Institute), The coming years will be crucial for the future of Greece occupies the 47th place among 130 the country. There is an urgent need to create a countries with competitive advantages such us new national development model, based on the: business start-up skills, human resource capa- bility, technology integration and internationaliza- ●Utilization of the strategic advantages of our tion. country. ●Development of a new relationship between the It’s positive that in February 2015 the economic state and he citizens, based on mutual trust sentiment indicator in Greece rose to 98.2 points and faith to achieve the national objectives. from 95.3 points in the previous month, thanks to ●Enhancement of sound measures for supporting a recovery of consumer confidence by almost 20 entrepreneurship in all sectors of the economy. units, which, according to the Foundation for ●Consolidation of the principles of justice and Economic & Industrial Research (IOVE), is at its transparency in the functioning of the state at highest level since 2009. all policy levels of our economic and social life. All figures reported above reflect Greece’s capa- ●Preservation of social cohesion and equal par- bility to set its economy on the path of recovery in ticipation of all citizens in the various benefits. the near future. This path will not be easy, as the unstable international environment is not con- Based on these principles, and taking into serious ducive to this great effort. consideration the effort that our country has been making on the European level, in order to put an Greek people, having suffered severe sacrifices end to all those sterile policies that simply recycle during the last five years, have proved their deter- and aggravate the economic and humanitarian mination to support the national effort to get our crisis, we can ensure that Greece will regain an country out of this deep recession. Their sacri- important place in the global economic and busi- fices must not be wasted. ness environment. Trade with Greece Trade 13 Restoring and enhancing the growth prospects of the Greek economy: a top priority

Our ministry is responsible for coordinating the government’s work. This means that our planning coincides with that of the government.

By Alekos Flabouraris, Minister of State responsible for Coordinating Government Work

he government’s top priorities are initially my is faced with deflation, stagnation and high to restore and subsequently to enhance unemployment. As correctly pointed out by the Tthe growth prospects of the Greek econ- President of the ECB, Mario Draghi, the quantita- omy. Since we assumed our duties, we started tive easing programme is not enough, and govern- implementing our government programme, devel- ments also need to take similar bold growth initia- oping our initiatives along the following axes: tives. We are confident that we, the European gov- [a] Completing the negotiation with our European ernments and institutions, will finally manage to partners, in order to agree on a new pact for take such initiatives, in order to ensure that the growth and employment in Greece. Our aim is to European economy will not fall any farther reach a settlement regarding Greece’s public behind. debt with the aim of reducing it, and to factor [b] Sweeping changes and reforms in the state, growth (as a percentage of GDP) into debt repay- the political system and the institutional framework ment. This will release public resources for sup- for the operation of the Greek economy. These are porting social cohesion and the growth of the reforms that, among others, aim at: (i) fighting col- Greek economy. Moreover, we aim at helping lusion, corruption, tax evasion, smuggling and oli- bring about a shift in European economic policy, gopolies, in order to establish conditions of sound away from recessionary austerity and towards competition, and free up resources for restoring  growth. Let me remind you that the Greek econo- social cohesion and supporting economic growth; Trade with Greece Trade 14 (ii) reorganizing the public administration by economy under favourable terms. In regard to the improving its efficiency on all levels (municipali- same target, we are quickly advancing our plans ties, regions, the central government, embassies for the creation of a development bank and the etc.), in order to ensure that it acts as a helper issuance of project bonds. In addition, we are ini- and ally to the growth efforts of both citizens and tiating the procedures for revising the NSRF and businesses; (iii) establishing the tools that enable finding additional EU resources that, along with long-term and well-grounded growth planning, for domestic funds, will enable us enhance the pub- example a fair, simple and stable tax system, the lic investment budget. Finally, we are determined completion of the national land registry, reliable to develop state property for growth purposes, spatial planning etc. (iv) decisively dealing with and to this end we are, among others, systemati- red tape, by clarifying and simplifying the legal- cally exploring the option of intergovernmental administrative system, in order to facilitate busi- agreements on specific investment initiatives. ness activity and expedite the dispensation of jus- Our plans for financing the Greek economy aim at tice; (v) supporting the backbone of the Greek creating a strong public and private investment economy, its small and medium-sized enterprises, impetus, in sectors that have a remarkable and in order to help them increase their size and their largely untapped growth potential, such as agri- productivity; (vi) productively utilizing Greece’s food production, manufacturing, energy, new remarkably strong scientific and technological technologies and so forth. The same aim is also potential, especially our scientists who, in the past served by many of the changes and reforms I years, were forced to emigrate en masse, under- mentioned above. mining our country’s growth potential. [d] Dealing with the humanitarian crisis and tak- [c] Restarting the economy and restoring its ing further initiatives in order to start building a financing capabilities. We aim at urgently dealing social state that will protect the weak and will with the over-indebtedness and overtaxation reduce social inequalities. Apart from social jus- imposed on households and businesses by the tice, these will also improve Greece’s growth recessionary and austerity-oriented memoran- prospects, because, as increasingly stressed by dums. We are at the final stage of preparing draft distinguished economists and international laws on the favourable settlement of debts organisations such as the OECD and the IMF, the towards the tax administration and the social increase of social inequality undermines econom- security funds. Moreover, we are preparing a draft ic development. law for dealing with the problem of the banks’ non We believe that, with the support of the popular performing loans. classes and the workers, as well as by rallying all Dealing with the problem of these so-called “red the healthy forces of the business world, our loans” will also be instrumental in restoring the country will soon get back on the path of growth, banking system’s capability to finance the Greek with dignity and social justice. Trade with Greece Trade 15 The structural upgrading of Greek tourism

Greek tourism is on the rise, and this is good for both the sector and Greece’s economy as a whole. The continuation of this favourable trend which came as a result of the collective efforts of the tourism stakeholders and the state, requires constant care and alertness.

By Elena Kountoura, Alternate Minister of Economy, Infrastructure, Shipping and Tourism

he sector is sensitive and requires con- internal tourism, since it is well known that inter- stant monitoring, upgrading of services nal tourism is in decline as a result of the eco- T and products, modernisation, and a nomic crisis, and this is a situation we must deal growth plan. In this context we are shaping a new with and reverse. tourist strategy that will assist the national effort. The main axis of our activities, the fundamental Based on European standards and tested prac- philosophy of our policy is “Tourism for All”. This tices, we are providing realistic solutions that offer will inform the anticipated multiple-benefit out- new prospects for both the country and the prac- come, i.e. to turn tourism into a strong pillar and titioners of tourism. engine of the new national growth effort, with a Our aim is clear: we want a 12-month, 365-days- decisive contribution to the country’s GDP and a-year Tourism. the creation of new jobs. We will move forward on the basis of this The government guarantees the growth and prospect, seeking to produce results, and believ- development of Greek tourism, emphasizing on ing in the common effort with the people and the the high quality of service. In this context, the professional groups that comprise the sector or Ministry of Tourism will promote all the necessary are directly related to it. changes and initiatives that improve the tourist We also emphasize on boosting domestic industry, focusing on PEOPLE and their quality of  demand, as well as on the sustainable growth of life. Trade with Greece Trade 16 Based on dialogue and close collaboration with multi-theme tourism, which comprises special the parties involved in tourism, but always and alternative forms of tourism. focused on the programming principles and the Cruise tourism, health and wellness tourism, main policy directions of the new government, we medical tourism, healing tourism (Greece has the will move towards upgrading Greek tourism. largest number of effective, in scientific terms, In this context, we will emphasize: Initially, on thermal springs in the world); cultural tourism, supporting small and medium-sized tourist enter- religious tourism and ecotourism, rural tourism, prises and encouraging local pacts and growth wine tourism and other forms, such as recreation- synergies on the regional level. We are interested al sports tourism, training tourism and mega- in synergies between local cooperatives, local sporting event tourism (we have seen the boost producer organizations and market agencies on the Classic Marathon gave to the hotels of Athens one side, and tourism entrepreneurs on the other. and how it advertised the city). In addition, con- Because, tourism is also a concern of local soci- ference tourism or winter tourism can decisively eties, whose aim is to upgrade and enrich the help expand the tourist season. tourist product, as well as promoting the compar- ative advantages of our country’s culture and its We aim at rallying together the Ministry of inexhaustible natural environment Tourism, tourist practitioners, tourist employees, Moreover, Greek gastronomy, with its huge variety large and small enterprises, so that we can all of raw materials, the endless wealth of traditional move forward together as part of a collective recipes and its high nutritional value, is one of the effort, in order to bring Greek tourism to the top biggest assets of the Greek tourism package. positions of the global market, where it really In addition, we will promote the development of a belongs. Trade with Greece Trade 17 The agrifood complex as a growth instrument

No one can dispute that it is necessary to put Greece on the path of growth, but this requires far-reaching and scientific planning that takes into account the country’s growth potential and is supported by specific tools and resources.

By Vangelis Apostolou, Alternate Minister of Agricultural Development and Food

owever, its foolproof implementation cific target: to facilitate investments by partisan requires: (a) the drafting of zoning and cronies, provided that they siphoned state and Hland use plans, as well as the simplifi- community resources, giving second priority to cation of the institutional framework regarding all their sustainability. Everyone remembers the infa- necessary licenses; and (b) the unification of all mous law 1262/1982, which filled Greece, espe- financing sources, as well as securing their com- cially Northern Greece, with factories. The empty plementarity and synergy. husks of these factories are still there to remind us of the squandering and improper placement of The necessity of each investment should be funds. judged, not on the basis of its size, but on the The administrative division of Greece into basis of its sustainability, its contribution to Regions may provide the springboard for drafting restarting the Greek economy and, of course, its proposals concerning the development of the respect towards the environment. Investment service sector, as well as the primary and sec- incentives should be given second priority and ondary sectors. The wealth of natural resources; linked to certain targets, such as boosting the biodiversity; the suitability of pedoclimatic employment and contributing to the local soci- conditions in regard to the production of a wide eties. range of quality products with a strong export ori-  All development laws up to this date had a spe- entation; the human resources; and the a culture, Trade with Greece Trade 18 which is interwoven with the land, constitute not comparable to those in urban areas, is not Greece’s most valuable, albeit heretofore unex- enough. It is also not enough to allot abandoned ploited, asset. farmlands, if such allotment is not accompanied This means that a more comprehensive growth by specific support measures. plan should include investments in both tourism, The Greek agrifood industry is very extensive and and the agrifood industry. The latter will occupy a capable of producing goods for which there is dominant position, since it is a productive sector increased demand in global markets, covering, at that is naturally renewed, offers high rewards in a the same time, Greece’s domestic needs. It is short time without actually requiring huge invest- inconceivable to have cheeses from neighbouring ments, and covers the most elementary parame- countries on Greek tables, when the domestic ter of a society’s survival, i.e. nutrition. cheeses are of much higher quality and can cover Self-sufficiency in safe and high-quality foods is the consumers’ needs. It is also inconceivable to one of the greatest challenges a modern agrifood import sugar because we are closing down sugar policy should meet. In Greece, giving top priority factories and abandoning beet production, in a to this policy is key to the development of the agri- period of increased international demand for this cultural sector, because only this policy can utilize commodity. Greece’s comparative advantages to the sector’s All the above are linked to specific targets, as well benefit. as sector-specific and region-specific long-term One of the findings of a recent study by the policies, which need to be effectively supported. Foundation for Economic & Industrial Research This effective support will be realised if the trad- (IOVE) is very telling indeed: in Greece, a 1% ing of farm products and supplies is set on new increase in the output of the primary sector can foundations, in order to eliminate phenomena produce a total GDP growth of 5%. such as the purchase of locally produced animal The growth of employment in the agricultural sec- feeds by livestock farmers at prices double than tor is recently standing out as the —only— posi- those paid to the producers, or the occupation of tive effect of the crisis. As a result, it is reasonable street markets by retailers, instead of the farm- for young people plagued by unemployment to ers/producers themselves. seek refuge to traditional activities, one such Talking about organic and innovative farm prod- being the return to the land, with the prime pur- ucts is not enough — we need to talk about how pose of engaging in agriculture. However, the they will reach the low-income consumers’ table. question is whether rural areas fulfil the condi- This is why the trade unions of this sector are in tions for securing the minimum, i.e. a sustainable need of a new beginning, in order to find their syn- living standard and income. ergistic expression that will turn them into an Making vague references to improved social ben- effective representative and servant of the farm- efits in the rural areas, when these benefits are ers’ concerns and the consumers’ needs. Trade with Greece Trade 19 Trade is an engine for social and economic prosperity and growth

Trade is an engine for social and economic prosperity and growth. It produces real value and has notable impact on jobs. However, addressing the trends behind trade performance, we need to reaffirm the importance of its strategic ground. Exports in Greece averaged €1,597.57 million from 2001 to 2014, while the European Union is the biggest global player in international trade and investment. In 2013, the total value of Greek exports totalled €27,556 million, accounting for 15.1% of Greece’s GDP.

By Nikolaos Chountis, Alternate Foreign Minister for European Affairs

espite the fact that the economic crisis in markets of the EU’s strategic partners continue to Greece has persisted, exports remained persist in various ways. It is of great importance to Dalmost at the same levels as in the pre- recognize that the world economy is becoming vious year, which saw a significant increase. increasingly multipolar, with emerging economies However, a deeper understanding of the factors representing a larger share. Thus, the analysis of that obstruct trade is important, because it would the structure of the domestic trade sector and enable a better evaluation of their systemic global interlinkages should provide the necessary impact. bilateral negotiation agenda, which includes all The 2014 Trade and Investment Barriers Report our trade and economic partners. Greece contin- (TIBR) addresses a selection of key barriers ues to invest in the range of its bilateral relations faced by European Union companies in the mar- with neighbouring and distant countries alike. kets of the EU’s strategic partners, i.e. China, This last remark has an underline, namely bilater- India, Japan, Mercosur, Russia and the United al cooperation with China in the economic/trade States (US). sector, which is translated into real trade flows on  This report stresses that barriers to access to the the ground. Trade with Greece Trade 20 Our policy recommendations will focus on how portive, economic and social priorities in the field we will place job creation at the top of our trade of investment in the EU and the management of policy’s priorities. There are a number of policies human and social resources. With much consid- that should be activated in order to materialize the eration on trade deals, which must promote eco- backbone of international trade and commerce as nomic growth, support jobs and strengthen cross- a functionally integrated process within the design border cooperation, we perceive of trade growth of our freight transportation and supply chain. as more than merely an economic indicator. Trade, as well as bilateral trade patterns are con- Furthermore, within the European Union, the sistent with the growth model of the new Hellenic European Commission has the relevant data on Government. This model comprises two ele- tariff duties, the technical requirements to trade, ments: food health requirements, anti-dubbing and anti- The first one is well-grounded on trade integration subsidy duties, and other issues. with a growth model that will respect locally pro- As part of the European dimension of our policy duced food and goods. Our trade agreements will on trade, we are constantly oriented towards protect product names and processes for certain expanding the possibilities to develop our com- food products associated with specific local food mercial activities and also to defend the need to cultures and economies. actively participate in the conformation of The second one reflects our efforts to work togeth- European policies. We will support all investment er with various institutions and Chambers of opportunities offered by the dynamism of our Commerce, in order to accelerate our combined economy and, in addition, assisted by our excel- policies for creating the conditions that will help us lent scientific and technical human resources, overcome the obstacles to trade development. and with respect to the environment and sustain- Conclusively, the strategic importance of trade able development, we will aim at disseminating reinforces our policies in a large spectrum of sup- the benefits to the entire Greek society. Trade with Greece Trade 21 Our main goal is to revive the Greek economy

The development of international economic relations has a significant value for the new Greek Government, as the efforts to reconstruct the economy and the production capability of our country are entangled with our international relations with our EU partners, as well as with all of our global partners.

By Euclid Tsakalotos, Alternate Foreign Minister for International Economic Relations

s the Alternate Minister for International ● protect Greek investments abroad; Economic Relations, I would like to high- ● make the necessary arrangements for the con- A light the importance of our human clusion of Economic Cooperation Agreements; resources in the Ministry of Foreign Affairs, the and Political Diplomats, the Administrative Staff, and ● set up the stage for business delegations, and of course the Economic and Commercial prepare B2B meetings. Diplomats, who are our “eyes and ears” overseas. Thanks to them, their knowledge and their expertise, Particularly in the exports sector, the Ministry of we are able to detect and enhance the possibilities Foreign Affairs has an important task: to coordi- for economic and commercial cooperation with nate all export-oriented units of the Greek econo- other countries. my. These units range from the productive Their contribution to the promotion of our exports, Ministries and their Departments, the private or to attracting foreign investments and to seeking public enterprises that seek export activity, the out knowhow is of the outmost importance. Chambers of Commerce, the export and trade bodies, even the smallest cooperative, which up The Offices for Economic and Commercial to now had difficulties competing in this demand- Affairs, together with our Embassies and ing environment. Consular Authorities: I would like to elaborate on this part, as our main ● monitor and analyze economic developments in goal is to revive the Greek economy, firstly by the countries of their competence; supporting small and medium-sized enterprises, ● explore the market for business opportunities; which make up the backbone of our national pro- ● provide assistance to attracting foreign invest- duction, and secondly, by bringing to surface new  ments; business and production structures, which will Trade with Greece Trade 22 constitute the basis of our new production model. institutional expertise adjusted to our needs, as The sectors upon which we will stand to accom- well as best practices that will support our devel- plish our goal are not only those in which we tra- opment purposes and the “extrovert” dimension ditionally have an advantage, for example agro- of our economy. As an example, in this respect, products. New sectors may be developed, for we may consider institutional and financial sup- example the science and technology sector, port mechanisms for small and medium-sized which reflects a new dynamic trend for entrepre- enterprises (SMEs), which have been quite suc- neurs. The competitive advantage of our country cessfully introduced in a number of countries. in the field of our new scientists’ knowledge and By all means, our foreign policymaking will build expertise must, at last, be revealed. upon the expertise attained during, and the suc- We intend to attach special attention to the field of cessful undertakings of, the previous years, while investments, which have been relentlessly pinpointing and putting forward the necessary inno- regressed during the last couple of years. Our vation elements, which will provide our production immediate priority lies in attracting the kind of — base with a fresh vision and a new constructive new— investments that support our overall plan direction. of productive reconstruction — the type of invest- Our actions will aim at supporting the underlying ments that fall under the wider framework of economic logic of economic cooperation and soli- respect to the environment and that of social darity, which offers, in return, much higher benefits sharing benefits. The field of infrastructure may than the logic of unfair competition and social be a good example of investments that contribute dumping. Within this context, we will seek to further to the sustainable development of the economy. develop and expand our bilateral economic rela- Moreover, in the field of international economic tions, with both our traditional partners and the relations we intend to introduce the necessary emerging economies. Trade with Greece Trade 23 The contribution of Hellenic Armed Forces to security and the establishment of peace

Greece, a country on the southern edge of the Balkan Peninsula, on the border with Eastern Europe and the Middle East, and a member of the European Union from its early years, has an established geostrategic position that is amplified by its participation to major international organizations.

By Kostas Isichos, Alternate Minister of National Defence

t has combat-effective Armed Forces that not tories of our defence industry, together with the only ensure our territorial integrity and inde- Deputy Minister of Defence, Nikolaos Toskas, Ipendency, but also contribute in such a man- shortly after assuming our duties. During this sur- ner that our country, even nowadays, in the diffi- vey we came across the great wealth, cutting- cult years of a long economic recession, contin- edge technology and expensive machinery ues to be a lasting factor that guarantees stability owned by that industrial unit of Hellenic Defence in its wider region. Systems S.A. (EAS). The contribution of the Hellenic Armed Forces to But today, our national defence industry is sacri- security and the establishment of peace in the ficed on the altar of the united European defence wider region is commonly acknowledged. It is our policy, which is driven by six European Union belief that this fact is one of the most dynamic countries that account for 87% of the industrial components of Greek economy. Our strategic aim production of defence material, as well as is also to reconstruct our productive capacity. We Brussels’ bureaucracy. cannot speak about reconstruction of production The new National Defence Industrial Strategy that without also including our defence industries. is about to be elaborated, except from the estab- Marking this is our priority, and was established lishment of a new Common Defence Industrial  with a joint official on-site survey at one of the fac- Carrier under the state’s control, and with the aim Trade with Greece Trade 24 of improving coordination, reinforcing collaboration ment of veiled activities, the assurance of jobs and maximizing the utilization of the production and the coverage of known shortages in highly- potential of our companies, also includes the skilled personnel. reconsideration of the legal framework on defence ● to explore all possibilities, on the European and material procurements, which transposed EU international level, for contracting transnation- Directive 2009/81/EC (on the coordination of pro- al agreements regarding defence products and cedures for the award of certain works contracts, services that will boost the viability prospects supply contracts and service contracts by contract- of our indigenous Defence Industry. For this ing authorities or entities in the fields of defence purpose, in collaboration with the Ministry of and security) into our national legislation. Foreign Affairs, we integrate military diplomacy The revision of that law is planned in a manner in our planning, using our country’s embassies that safeguards the vital security interests of the all over the world. country, in the context of the provisions of article ● to reinforce research and innovation in the 346 of the Treaty on the Functioning of the defence sector; to affiliate all Research European Union, which stipulates that any mem- Centres of the Hellenic Armed Forces under a ber state of the EU can take any measure single national carrier, which will network with deemed necessary for protecting its vital interests domestic and foreign defence industries, uni- and its security, and in regard to the production or versities and R&D centres, as well as the trading of arms, munitions and defence material. Military Academies and Military Schools of the This was recently corroborated by the President Armed Forces. of the Athens Chamber of Commerce and Industry, Konstantinos Michalos, who not only Concluding, I would once again like to point out pointed at the negative impact this law could have that, the political will of the government of on the indigenous Defence Industry, but also SYRIZA and the Prime Minister, Alexis Tsipras, stressed that, although Greece is one of the most would not be enough to change the development important buyers of Defence material in Europe, it path that we are planning for Greece, as the only has the obligation to reclaim its negotiation power prospect of escaping the economic crisis (which and claim back the rights on behalf of the nation- causes suffering and misery to the Greek people) al Defence Industry, a thesis that we wholeheart- is to face difficulties with dignity and abnegation. edly agree with. My daily interaction with the personnel of the Armed Forces assures me that my judgment is Our immediate priorities are: right, and allows me to declare that the greatest ● to develop the non-productive assets of our asset of this place is its human resources: worthy, companies, which will include among others, capable, highly experienced professionals, with a the unification of production lines, the abolish- great sense of responsibility. Trade with Greece Trade 25 Macedonia - Thrace: an historical crossroads of investment, culture, trade and tourism

The wider region of Macedonia and Thrace is a major hub for tourism, commerce, cultural interchange, the production and transporta- tion of goods, as well cultural and historical wonders, having cross-border relations with four states (Turkey, Bulgaria, FYROM, and Albania) and strong relations with the other nearby states, such as Serbia and Romania.

By Maria Kollia-Tsaroucha, Deputy Minister for Macedonia-Thrace

t has ports, airports, and a state-of-the-art crushing taxation that were imposed across the road network (Egnatia Highway), while all board and without any growth rationale; the failure I aspects of its infrastructures are continually to deal with energy costs; the mismanagement and upgraded. The proof of the region’s huge geopolit- poor absorption of previous European funds; and ical, commercial and productive value is demon- the lack of straightforward central planning. strated by the fact that, despite its indisputable We should also remember that, in the past few Greekness, it has become a “holy grail” for all sur- years, the crisis caused a huge “hemorrhage” of rounding nations, which quite often in history skilled personnel abroad, which no one tried to pre- sought to establish sovereign rights on its territory. vent. The main responsibility of the Ministry is to create But Greece is changing to the better. an effective springboard for investment proposals The new political trend is to approach investments and plans that will highlight the huge value of that will be sustainable and profitable, both for the Macedonia and Thrace and promote their compre- investors, and for the country and its citizens. In hensive and meaningful development. this context, there will be changes in the tax sys- The policies pursued by the previous governments tem, directly aimed at promoting investment, in proved to be ineffective, and some of them were conjunction with cutting on red tape, while the actually an impediment to any investment effort. improvement of industrial relations is an incentive  We are referring to the stifling red tape and the for keeping skilled personnel at home. Trade with Greece Trade 26 Tourism and promotion of our cultural heritage Macedonia and Thrace boast some of the most beautiful beaches in the world, which lie at close proximity with magnificent archaeological wonders: Mount Athos, one of the most sacred places world- wide, the protection of which, as well as the pro- motion of its cultural heritage is a major issue; Mount Olympus, one of the most famous moun- tains in the world. Obviously, we are referring to a region combining elements that can only be found in very few places on the globe and, with the appropriate planning and the support of the business world, can become a great magnet for attracting historical, cultural, med- ical, religious and leisure tourism. The opportunities for appropriately exploiting the region’s advantages are huge, and it is obvious that everybody will be mobilized towards their uti- lization.

International trade relations The Thessaloniki International Fair (HELEXPO), which falls under our Ministry’s jurisdiction, is the largest organizer of expositions, conferences, and trade and cultural events in South-eastern Europe. solutions. The mobilisation and utilisation of this Hundreds of thousands of visitors from Europe and scientific potential is one of our priorities. all over the world gather at HELEXPO, as part of Our jurisdiction also includes the Alexander the expositions that are held throughout the year. Innovation Zone, which hosts twelve leading Our aim is to fully exploit its huge potential, even research and innovative entrepreneurship organi- for strengthening relations with the countries sations of Thessaloniki, and which facilitates con- Greece shares borders with. tacts with potential investors, research organiza- Our aim is also to support and promote the unique tions and individual researchers, in order to pro- and high-quality agricultural and livestock farming mote innovative business ideas. Dozens of scien- products of each area of Macedonia and Thrace. tific and business teams are already working under Our comparative geographical advantage makes it the auspices of AIZ. imperative to develop and promote the ports of In regard to practical matters, the AIZ is success- Northern Greece, while we should also focus on fully implementing programmes for the promotion initiatives related to the advancement of Greece’s of cross-border business and academic efforts, trade relations, as well as the provision of support such as the TRIGGER and SMART SPEC pro- to the business community of our area of responsi- grammes, which provide support to entrepreneurs bility. exploring new business prospects.

Innovation and young scientists Implementation of the Development Law Promoting innovation, as well as supporting young Finally, we must be actively involved in the drafting scientists and entrepreneurs is another top priority of the new Development Law —one of our main of ours. priorities— with the aim of enhancing economic Our aim is to identify and eliminate, as quick as and social cohesion in Macedonia and Thrace, possible, most of the bureaucratic and economic actively promoting growth prospects, providing obstacles that hold back the development of our investors with information, and attracting invest- region and impede innovation. To get, though, a ments. complete picture and succeed in completing an The problems that have been identified during this efficient central plan, we need to cooperate with period will have to be dealt with in a timely and dras- the academic institutions of the region, because tic manner, in order to release the real potential of they are the ones that possess the knowledge, as the region’s business world and develop collabora- well as the analytical and scientific tools required tions with international groups, to the benefit of our for identifying problems and proposing effective national economy. Trade with Greece Trade 27 The productive reconstruction of Greece

Greece is, as a result of structural weaknesses, in the unfortunate position of being faced with a huge public debt and an economic recession that does not help it service its obligations.

By Panagiotis Sgouridis, Deputy Minister of Rural Development

t is well known that no debt can be repaid if no recoveries of illegal staid aid to farmers. there is no production and, as our forefathers Moreover, the rational absorption of funds from I said, “you can’t repay debts with debts.” the rural development programme (RDP) will pro- Therefore, the economy’s recovery is a “neces- vide a new boost to agricultural enterprises. sary good” for Greece and the reconstruction of Finally, biodiversity, which we will protect because the primary sector is one of its main pillars. it is our heritage, along with a green growth that We aim at restructuring crop farming, livestock respects the environment, open new vistas for farming and fish farming facilities, in order to turn rural tourism. The aim of our effort is to equip them into drivers for improving the quality of tourism, our country’s flagship, with an additional exports. To do this, however, we must first competitive advantage: the “Greek Mediter- restructure producer mentality. ranean diet”. This feedback loop will help mobilize We aim at connecting the secondary with the pri- the economy, create new jobs and increase the mary sector, so as to improve the standardisation GDP. of Protected Designation of Origin products. The All foreign investors wishing to invest in this pro- same stands for Protected Geographical Indication ductive effort will have the unreserved assistance or Traditional Speciality Guaranteed products. of the Ministry of Rural Development, with all the We aim at ensuring that from 2015 to 2020 no tools it possesses. Nevertheless, our main con- new fines will be imposed on the country due to cern is to ensure that: the implementation of the new agricultural policy  and any changes it may imply, while there will be Greeks live off their land and its beauty. Trade with Greece Trade 28 facilities, inordertoturntheminto livestock farmingandfish drivers forimprovingthequality “ restructuring cropfarming, restructuring of exports. We aimat ” 29 Trade with Greece OUR COURSE Along with its organic growth during the and Geniki Bank. In March 2013, it 1990s and 2000s, Piraeus Bank made a acquired the banking operations in series of strategic moves in order to Greece of Cyprus Bank, of Cyprus establish a strong presence in the Popular Bank and of Hellenic Bank. In domestic market. June 2013, it acquired Millennium Bank Therefore, in 1998, the Bank absorbed of Greece. In April 2015, Piraeus Bank the activities of Chase Manhattan in acquires the good part of Panellinia Greece, it acquired MacedoniaThrace Bank. These transactions are important Bank and the small specialized bank steps towards restructuring the Greek Credit Lyonnais Hellas, while in early banking system, a process in which 1999 it obtained control over Chios Piraeus Bank has participated as a key Bank and absorbed the activities of pillar from the outset. National Westminster Bank PLC in In June 2013, Piraeus Bank completed Greece. its recapitalization process after applica In June 2000, the Bank unified its bank tion of the PSI, achieving the highest ing activities in Greece through the participation of the private sector absorption of the commercial Banks of among the Greek systemic banks, both MacedoniaThrace and Chios. in absolute and relative terms. In April In 2002, Piraeus Bank acquired control 2014 the Bank successfully completed a over ETBAbank, while its absorption capital increase amounting to €1.75 bil was completed in December 2003. lion. The new shares were allocated Piraeus Bank Group, seeking to imple abroad to institutional and other quali ment a strategy for its expansion in the fied investors through a book building Southeastern Europe and Eastern process, as well as in Greece through a Mediterranean markets, initially public offer to investors, recording a acquired Pater Credit Bank in positive response, which demonstrates Romania, which was renamed into investor confidence in the prospects of Piraeus Bank Romania. Piraeus Bank and hence, the Greek In 2005 it acquired the Bulgarian banking sector. Eurobank (renamed into Piraeus Bank The total capital adequacy ratio of the Bulgaria), strengthening the 12year Group in accordance with the Basel III presence of the Group there, while the framework is equal to 12.5% on 31 merger of Piraeus Bank branches in December 2014, while the Common Bulgaria with Eurobank was completed Equity Tier 1 ratio stands at 12.4%. in March 2006. Furthermore, in 2005, it entered the Serbian market by acquiring Atlas Bank WHAT WE OFFER (renamed into Piraeus Bank Beograd), as Piraeus Bank leads a Group of compa well as the Egyptian market by acquiring nies covering the entire spectrum of the Egyptian Commercial Bank operations and activities of the financial (renamed into Piraeus Bank Egypt). sector in Greece (universal bank). By Finally, within 2007 Piraeus Bank Group means of its special expertise and most expanded its international presence in capable executives, it develops innova Ukraine by acquiring International tive products and services, thus sup Commerce Bank (renamed into Piraeus porting healthy entrepreneurship in all Bank ICB), and in Cyprus by establishing sectors of the economy, extroversion, Piraeus Bank Cyprus and by means of innovation and in general it supports a the acquisition agreement of the Arab modern competitive growth model for Bank of Cyprus network. the Greek economy. In this context it focuses its activities on LATEST DEVELOPMENTS the field of mediumsized companies, In 2012, Piraeus Bank acquired the the primary sector, especially following "good" part of Agricultural Bank of the acquisition of ATEbank, consumer Greece (selected assets and liabilities) mortgage lending, "green" entrepre neurship, the provision of capital market services and investment banking, as well as on the financial leasing market. All its services can be provided both through its branch network and through the innova tive Winbank electronic banking net work. WHAT WE PROMOTE SUSTAINABILITY DECLARATION "We will also support and finance compa nies, institutions, organizations and projects which offer added value and which benefit people and the environment through the sup port of depositors and investors wishing to promote individual and corporate social responsibility in a sustainable society" Piraeus Bank Group Executive Committee, 7 June 2010

Piraeus Bank Group, by combining busi ness development and social responsibili ty, systematically promotes its relations with its social partners through specific actions, whereas special attention is given to protecting the natural, as well as the cultural environment. By acknowledging that sustainable devel opment principles are a fundamental pre requisite for healthy entrepreneurship, it incorporates environmental criteria in its business processes and develops strate gies for the constant improvement of its environmental performance, the reduc tion of its environmental footprint, the enhancement of green entrepreneurship, the management of climate risk, as well as the protection of biodiversity, in order to contribute to dealing with the major social and environmental problems of the planet.

At the same time, through its Cultural Foundation, the Bank operates a network of 7 and soon 9 thematic museums across Greece, which has the ability to transfer highstandards cultural activities to the Greek periphery in a meaningful and effective manner. The contribution of the Historical Archives of the (PIOP) Piraeus Bank Group Cultural Foundation, which oper ates in a renovated industrial complex in the Tavros region, is also very important.

34 Trade with Greece The prospects of the Greek economy in 2015 After six years of recession, Greece is back on the path of growth

Fighting unemployment, creating a stable tax system, enhancing extroversion, attracting investment, as well as promoting innovative business plans, are Greece’s top priorities in its effort to exit the six-year crisis, which had tragic consequences for the entire Greek society. In fact, a survey by the Centre for Economic Planning and Research (KEPE) shows that the Greek economy’s prospects of permanently exiting the recession in the short-term have actually improved.

By Dimitris Christoulias

he favourable picture painted by the restored financing to the private sector of the available data is corroborated by a series economy being the key catalyst for developments Tof expectation-related indicators, as well in the future. as the forecasts generated by KEPE’s recession In a recent report, the European Commission probability and short-term prediction models. stresses that the Greek economy returned to posi- As far as the prospects of private consumption tive growth in the second quarter of 2014, as private are concerned, the continuation and possible consumption was boosted and exports increased. enhancement of the improvement already record- Following six years of recession, the Greek econ- ed in regard to this fundamental will mainly omy returned to growth in 2014, says the depend on securing and preserving conditions of European Commission in its report, pointing out stability and safety in the domestic economic that the real gross domestic product (GDP) environment, as well as on the potential allevia- “increased by 0.4% y-o-y in the second quarter of tion of the overall financial burden faced by 2014 and by 1.6% y-o-y in the third quarter, sup- households. ported mainly by rising private consumption and In regard to the growth of investment and exports the strong performance of exports, especially in the short term, KEPE points out that the devel- tourism and shipping.” In addition, “investment opments in these two fields are now expected to increased in the third quarter of 2014 for the first be, to a great extent, interrelated. The dynamic time since 2008.” recovery of investments is a necessary condition The report also says that the growth momentum for the further substantial improvement of exports, was strong in the second half of 2014, despite the  with the combination of economic stability and fact that the early election affected confidence Trade with Greece Trade 35 and investment, further noting that, following its in 2014 will remain strong; improvement in October and November 2014, the • the further increase in the exports of goods “Economic Sentiment Indicator fell to 98.9 in and services; December, its lowest reading since April.” • the realization of investment projects financed According to the European Commission, growth with funds from the NSRF, the European in 2014 is estimated at approximately 1% year- Investment Bank and the newly-established on-year, albeit uncertainty is expected to affect Hellenic Investment Fund; growth in the first quarter of 2015. • the continuation of the repayment of all arrears The prospects of the Greek economy for the year of the public to the private sector; 2015 also seem promising according to the gov- • the further improvement of competitiveness; ernment budget that was recently tabled to and the enhancement of confidence in the Parliament, which forecasts a recovery at a rate Greek economy. of 2.9%. More specifically, it is estimated that the real economy will be positively affected by: Another key factor will be the improvement in the liquidity conditions of the economy, which are • the recovery of private consumption; expected to benefit from the successful comple- • the further enhancement of investments, as tion of the process for enhancing the banks’ cap-  the foreign investor interest that was recorded ital adequacy, as well as from the monetary poli- Trade with Greece Trade 36 again expected tobepositivein2015,as the 11.7%. The contribution oftheexternalsectoris reduced by2%andinvestment improvedby sumption increasedby1.6%, publicconsumption almost 2.1percentage points, withprivatecon- Domestic demandispredicted tocontribute recovery ofinvestment,aswellfromexports. GDP growthismainlyexpectedtoresultfromthe operations, whichwillendinSeptember2018. perform aseriesoftargeted long-termrefinancing cy pursuedbytheEurozoneanddecisionto “ Commission initsreport. returned togrowthin2014,saystheEuropean Following sixyearsofrecession,theGreek economy estimated toincrease by0.3%,whilethe GDP Harmonized IndexofConsumer Prices(HICP)is activity andlabourreforms. Inaddition,the 2.6%, asaresultoftherecovery ofbusiness 2014. Employmentisprojected toincreaseby labour forcein2015,ascompared to24.8%in on anationalaccountingbasis,at22.6%ofthe expected tofallagain,anditisestimatedstand, increase byonly2.2%. The unemploymentrateis increase by5.2%,whileimports areprojectedto exports ofgoodsandservicesareprojectedto ”  37 Trade with Greece deflator is projected at 0.4%, mostly affected by more efficient civil service and, third, the low domestic demand, reduced unit labour costs, enhancement of investor protection institutions, and the structural changes that improve the oper- designed to make it easier to attract foreign ation of markets for goods and services. A key pil- investors. A major driver for attracting productive lar for the development of the Greek economy will investment is the privatisation programme. The also be the realization of reforms aimed at cutting Greek economy has major challenges to face in on red tape and ensuring the smooth operation of 2015, with tourism playing, once again, a decisive the state. Structural changes will facilitate the role in regard to the country’s growth. economy’s transition to a new growth model, An improvement in economic sentiment in which will be based on the production of interna- Greece and a steep increase in consumer confi- tionally tradeable goods and services instead of dence are also recorded by the Conjunctural the production of non-internationally tradeable Indicators Survey of the Foundation for Economic ones, and on savings and investment instead of & Industrial Research (IOVE) for February 2015. consumption. The achievement of this target More specifically, the Economic Sentiment requires the smooth operation of product, labour Indicator of Greece rose to 98.2 in February, from and capital markets, the creation of a business 95.3. However, this month also featured a mis-  environment with low bureaucratic costs and a match between consumer expectations and busi- Trade with Greece Trade 38 come of the negotiation with Greece’s partners regarding the financing agreements, which is still ongoing and its end-result cannot yet be predict- ed. The conclusion of this negotiation will, after all, be the number one determinant of the coun- try’s fate in the forthcoming years. This is why the Bank of Greece insists that this crucial period calls for concerted national effort within the Euro zone, in close collaboration with European and international institutions, in order to secure that the Greek citizens’ sacrifices were not in vain, and to continue reconstructing the economy with the aim of achieving sustainable growth. More specifically, according to the annual report of the Bank of Greece: The recovery of total employment by 0.3% and of dependent employ- ment by 2.3% were two major positive develop- ments. However, the unemployment rate remains high and is the highest in the EU. In addition, the long-term unemployment rate continues to rise, increasing the risk of human capital depreciation. Unit labour costs decreased further in 2014, owing to the increase in productivity and the reduction of employer contributions, thereby help- ing the economy gain in competitiveness. It is worth noting that the Greek economy’s structural competitiveness has been showing signs of improvement since 2013. More specifically, Greece moved up to 81st place, from 91st in 2012 in the rankings of the World Economic Forum’s global competitiveness index, while according to the World Bank’s “ease of doing business” rank- ing, Greece climbed to the 61st place, from 65th and 89th, respectively, in the past two years. However, “low access to financing, red tape and tax policy instability remain the biggest drags on the international competitiveness of Greek busi- nesses.” According to the Bank of Greece, total investment remains particularly low, despite the increase in public investment, reflecting a drop in ness expectations, as consumer confidence private investment mainly as a result of limited improved by almost 20 points and stood at -30.6 bank lending and high borrowing costs. from -49.3 in January, while business confidence This drop in private investment is mainly evident deteriorated. in residential investment, whereas productive At the same time, the Bank of Greece points out in its business investment has started to show signs of annual report that, due to the fact that the year 2014 recovery. The feeble increase in investment by was the very first time the recession was halted and 1% in the third quarter of 2014, the first increase positive growth rates were recorded, in conjunc- of any kind since 2008, is possibly the signal of a tion with the elimination of huge government and recovery that may continue in the forthcoming current account deficits, as well as the implemen- years. tation of major structural reforms, it can be argued The year 2014 saw negative inflation, the result of that the main conditions are there for the final exit reduced unit labour costs, low aggregate of the Greek economy from the crisis and the demand, the downward effect of indirect taxes on resumption of fast growth rates in the immediate prices and —especially in the final months of future. However, this sanguine prospect is, 2014— the decrease in international oil prices. It according to the report, overshadowed by the is estimated that structural reforms in the labour  prolongation of uncertainty in regard to the out- Trade with Greece Trade 39 The banking system’s “ capacity to finance the real economy does not depend on capital adequacy alone, but also on its liquidity. ” medium term refer to our ability to fulfil the transi- tional agreement struck with our partners, a pos- sible deterioration in public finances and reform fatigue. If these uncertainties can be contained,” says the Bank of Greece, “then the economy can and should continue to recover in 2015.” More specifically, the exports of goods and services, as well as private consumption, are expected to boost the economy, along with the increase in business investment. The further improvement of structural competitiveness, and possibly of cost competitiveness, is expected to have a positive impact, combined, on one hand with the restora- tion of the Greek businesses’ proper access to financing and, on the other hand, the improve- ment of the business climate. The development of disposable incomes, the decline in the general level of prices, and reduced uncertainty are expected to have a positive effect on consumer spending during 2015. Therefore, the Bank of Greece estimates that private consumption will “increase in the year as a whole, supported by the fall in oil prices and the ensuing strengthening of Greek households’ real disposable income.” At the same time, the banking system’s capacity to finance the real economy does not depend on capital adequacy alone, but also on its liquidity. The recent rights issues provided Greek banks with a sufficient capital base, “but their liquidity has come under considerable strain, especially in the last few months.” Deposit balances remain much lower than their pre-crisis levels, while the banks still have no access to money markets, except for small amounts of high-cost borrowing. After the recent decision of the Eurosystem to and product markets also contributed to this exclude securities issued or guaranteed by the deflationary environment. Greek government from the list of collateral In regard to the prospects of the Greek economy, acceptable for open market operations, the value the latest available data point to positive GDP of eligible securities held in Greek bank portfolios growth in 2015, which is expected to pick up in has diminished. The banks can still draw liquidity 2016. “The main elements of uncertainty weigh- through the emergency liquidity assistance (ELA)  ing on the prospects for economic activity in the mechanism of the Bank of Greece, but this entails, Trade with Greece Trade 40 in accordance with the rules of the Eurosystem, 10.9% in 2013 and 11.7% in 2012. The drop in substantially higher financing costs. prices is more pronounced in large urban centres, In regard to the domestic property market, in as compared to other major Greek cities and 2014 there was sustained, albeit reduced, pres- other areas; it is also more pronounced in the sure on the commercial values, prices and rents case of older and larger properties, in relatively of both residential and commercial properties. more expensive areas of the country. The shift of The obstacles to the market’s recovery are com- home buyers towards smaller and cheaper prop- pounded, among others, by high unemployment erties in medium-cost areas, which was evident rates, the tax burden on real property, financing since the outset of the crisis, gained momentum limitations, the drop in investment for the con- in 2014. struction of new houses and the difficulties ema- Despite the fact that the stock of unsold homes nating from an ever-changing tax regime (capital remains large, research carried out by real estate gains tax, readjustment of real property objective firms during 2014 shows that there is increased values etc.) Moreover, the first signs of stabiliza- interest for low- and medium-value properties, tion that were recorded in the property market which are viewed as alternative forms of invest- since the last months of 2013, as a result of the ment. It is estimated that this has been also facil- improvement in the economic climate, and in eco- itated by the substantial decrease in the property nomic expectations, seem to have been adverse- transfer tax (to 3% in 2014), which, in the near ly affected at the end of 2014 by increased uncer- future, is expected to help boost the very low tainty due to developments in the political arena. resale rates in the domestic market. The decline In the housing market, both prices and transac- of housing prices may possibly be sustained in tions continued to decrease in 2014, albeit at a the following quarters, albeit at more moderate more moderate pace. rates. Moreover, the report of the Bank of Greece More specifically, the data collected by credit also states that the gradual stabilization of the institutions show that apartment prices fell by an housing market could also be expedited by the average rate of 7.5% in 2014, as compared to settlement of the bad loans issue. Trade with Greece Trade 41 PPrriivvaattiizzaattiioonnss:: OOnn hhoolldd ttiillll JJuunnee

The picture is still unclear in regard to the sale of state assets, as the privatisation programme was initially cancelled, only to be reinstated as one of the pillars of the agreement reached with Greece’s international creditors at the Eurogroup, while the government has decided to put all relevant procedures on hold until June, in order to ensure that all co-responsible ministers have been given all the requisite information.

By Sophia Dimtsa  Trade with Greece Trade 42 In his letter to the Eurogroup, the Finance Minister stresses that: “To attract investment in key sectors and utilize the state’s assets efficiently, the Greek authorities will: Commit not to roll back privatizations that have been completed. Where the tender process has been launched the government will respect the process, according to the law.” The above passage is accompanied by a com- mitment that the government will “safeguard the provision of basic public goods and services by privatized firms/industries in line with national pol- icy goals and in compliance with EU legislation,” a rather vague statement that has evidently been added to the text in order to offer the Greek side enough elbow room for renegotiating the terms of the tenders, since it is obvious that the govern- ment attempts to renegotiate certain deals, such as those concerning the site of the former airport of Hellenikon or the regional airports. The question, however, is which model will be used for the utilization of state assets. The plan- ning of the new government suggests that each case will be evaluated on an ad hoc basis, in the context of either intergovernmental agreements or concession arrangements. Things are also unclear in regard to the fate of the Hellenic Republic Asset Development Fund (HRADF), as the original intention of the govern- ment was to abolish it, with the competent deputy Minister Nadia Valavani asking for the resignation of its Board of Directors, only to recant until fur- ther notice. According to the latest official state- ment, the HRADF would be merged with all simi- lar organisations and companies responsible for the development of state properties, such as the Public Properties Company (PPCo S.A.), while, a few days ago, the government decided to put on hold all ongoing privatization tenders, such as owever, despite the fact that the those for the Piraeus and Thessaloniki Port Minister of Finance, Yanis Varoufakis, Authorities (OLP and OLth) and TRAINOSE. Hhas sent a letter to Greece’s lenders, It should be reminded that most of the assets reassuring them that there will be no repeals of included in the Medium-Term Fiscal Strategy pro- privatizations that have already been concluded gramme had been transferred to the HRADF and or are still underway, there are certain ministers were classified in three sub-categories: Land within the government who insist that the deals Development, Infrastructure and Corporate. should be cancelled. The HRADF is currently in control of 867 proper- In the official letter sent by Yanis Varoufakis to ties and 49 holdings in state companies. The Greece’s international creditors, the government most important of these holdings include a 35.5% pledges that there will be no reversal of privatisa- stake in Hellenic Petroleum, 17% of the PPC (the tions that have already been concluded and no Greek state holds 34% of the company), 74% of unwarranted obstacles to the conclusion of those OLP and OLTh (and 100% in ten other ports), that are currently in the tendering process, such 30% of the Athens International Airport (the state as the Egnatia Highway, the Athens International controls another 25%), 27% of the Athens Water Airport, the Public Power Corporation, Hellenic Supply and Sewerage Company (EYDAP —  Post, and the securitisation of state property. another 10% held by the state), 74% of the Trade with Greece Trade 43 Thessaloniki Water Supply and Sewerage According to its annual report, in 2013 the Company (EYATH), as well as 100% of TRAIN- HRADF had a turnover of €6.8 million, with after OSE equity. Moreover, the Greek state holds a tax losses of €460 thousand. 65% stake in the Public Gas Corporation (DEPA The privatisation programme, as implemented so — the remainder is controlled by Hellenic far by the HRADF, presents the following picture: Petroleum) and a 90% stake in Hellenic Post (ELTA). Regional Airports Certain state properties (such as the Cassandra The tender has been completed, with Fraport- property etc.), as well as marinas, had also been Sientel as concessionaires for a total period of 40 slated for development. years. Based on the agreement, the projected Privatization revenue targets have undergone revenues of the Greek state exceeded €10 billion. many downward revisions since the Fund’s incep- The lump sum that would have to be paid upon tion in 2011, while privatization deals worth €5.4 conclusion of this deal stands at €1.234 billion. billion were concluded, leading to the payment of Moreover, the joint venture would have to pay an almost €3 billion, since there are still payments annual rent of €22.9 million, as well as 28.6% on due. its annual ΕΒΙΤDA. The agreement has not yet In terms of value, the largest privatizations till this been ratified by the Court of Auditors. date concern the sale of 33% of the Greek Organization of Football Prognostics (OPAP), as Hellenikon well as the sales of the International Broadcast The tender has been completed and awarded to Centre (IBC), the State Lottery, prime properties a joint venture led by Lamda Development. It has at Kassiopi (Corfu), Paliouri (Chalkidiki) and been ratified by the Court of Auditors and the only Aphantou (Rhodes), and the Astir Palace thing that remains is the signing of the agree-  Vouliagmeni hotel. ment. Trade with Greece Trade 44 (Rossiyskie Zheleznye Dorogi). still remainsin the gameisRussianRailways will becalledin. Apparently, theonly bidderthat have beendeemedtobestate aidto TRAINOSE, come tofruition,morethan €850 million,which sor that,incasetheprivatisation dealdoesnot TRAINOSE, astheEUhadwarned its predeces- than toproceedwiththeprivatisationofatleast The governmentapparently hasnootheroption binding offers onMarch24. (ROSCO) havebeencalledtosubmittheirnon- Hellenic Company forRollingStock Maintenance All potentialbiddersfor TRAINOSE andthe TRAINOSE on holduntilJune. their finalstage, albeittheprocesshasbeenput mitted. The tenderswere expectedtomove underway andnon-bindingbidshavebeensub- halfway completed. The tendersarealready the ports ofPiraeusand Thessaloniki, isalmost The privatisationofGreece’s twolargest ports, Ports had alsoindicatedits intentiontowithdraw. shortly beforetheelections,Canadianfund announced thatitdrops outofthetender, while, because oftheelection. ΤΕRNA recently mission ofbindingbids,whichwasputonhold to movethesecondstage, concerningthesub- performed duediligenceonIPTO andwereready listed. As amatteroffact,thesecompanies had withdrew— expressinginterestandbeingshort- as wellanIndiancompany, whicheventually Elia, theChinaState GridandaCanadianfund, four foreigngroups —Italy’s TERNA, Belgium’s (IPTO) waslaunched inthespringof2014,with Independent Power Transmission Operator The processfortheprivatizationof IPTO The projects thathavebeencompleted include: ing portfolio oftheexisting company. PPC”, i.e.30%ofthepowergenerating andtrad- assets thatwouldbetransferredto the“small procedure forhiringanadvisortosetasidethe A fewmonthsagothecompany hadlaunchedthe process nevertookoff. relevant lawhadalsobeenpassed, albeitthe decided bythepreviousgovernment;infact, and technically, privatisationsalesthathadbeen This isoneofthemostdifficult, bothpolitically two andsellingthe“smallPPC”. forward withtheplanforsplittingcompany in Power Corporation,stating thatitwillnotmove on theissueofprivatisationPublic Energy PanagiotisLafazanis,remainsadamant of ProductiveReconstruction,Environmentand The government,throughthecompetentMinister PPC “ •The saleofmobile telephonylicenses •The saleofa 10% stake in OTE on an case willbeevaluated suggests thateach new government The planningofthe ad hoc basis. ”  45 Trade with Greece •The licenses for the Video Lottery Terminals •the privatisation of IPTO (VLTs) of OPAP •the privatisation of the Piraeus Port Authority •the sale of OPAP’s monopoly (OLP SA) •the sale of the International Broadcast Centre •the Marina of Alimos (IBC) •the Peace and Friendship Stadium (SEF) •the sale of state assets •the Olympic Assets •the sale of the State Lottery •the sale of state properties abroad •the sale of the Hellenic Gas Transmission •the sale of 14 Boutique Hotels System Operator (DESFA), for which the final •the sale of a state property in Ermioni signatures remain •the sale of properties in Plaka, Athens •the sale of a 33% stake in OPAP • and Castelo Bibelli •the sale & lease back agreements for 28 state properties The following tenders are in the preparation stage: •the sale of Astir Palace Vouliagmeni, for •the small PPC which the final signatures remain •the privatisation of DEPA •the concession agreement for Hellenikon, •the South Kavala Natural Gas Storage facility which, however, has not been signed yet, as •the regional ports the government is considering the possibility •the sale of Hellenic Petroleum of renegotiating the price •the Egnatia Highway •the concession agreement for the Regional •the development of the marinas Airports, which also has not been signed yet •the privatisation of Hellenic Post •the Marina of Lavrio The following tenders are underway: •the concession agreement for the •the marina of Pylos “Eleftherios Venizelos” Athens International •the Digital Dividend Airport, with a revision of the terms being •the privatisation of the Thessaloniki Port highly possible Authority (OLTh SA) •the sale of an additional 10% stake in OTE •the sale of TRAINOSE •the sale of various state properties. Trade with Greece Trade 46 There is a dire need to support SMEs, the backbone of the economy “Without businesses there can be no employment.” This maxim, by the President of the UHC and the ACCI, Constantine Michalos, highlights the importance of small and medium- sized entrepreneurship, which is, admittedly, the backbone of the Greek economy, as well as of many other economies throughout the world.

By Yannis Kanoupakis

uring his last visit to Washington, on the Closures and unemployment occasion of the Transatlantic Trade and In 2014-2015, total employment in SMEs is esti- DInvestment Partnership, Mr. Michalos, in mated to fall by 106,000 people, while the total his capacity as the Deputy President of number of enterprises will be reduced by 40,000. Eurochambers, stressed that “we will have to The final figures for the previous year are expected ensure the SME’s representation in any institu- to include a 2.8% drop in enterprise added value tional mechanism that will be created by the and a 3.6% drop in employment, while these neg- Partnership, including the SME Committee.” ative rates are estimated at 1.4% and 2.2% In Greece, in particular, this is the sector that has respectively for the next year. In Greece, based suffered the greatest pressure and has borne the on the latest available data, as per the end of brunt of the cost imposed by the crisis. 2014 there were 531,059 SMEs that employed Unfortunately, many small and medium sized enter- 1,757,129 people, generating an added value of prises were forced to shut down, while even more €34 billion. Almost 280,000 commercial enterpris- are currently fighting tooth and claw to survive; not es employed 624,500 people, accounting for  only for themselves, but also for their workers. 17.6% of total employment in the economy, and Trade with Greece Trade 47 contributed 11% of Greece’s GDP. During the cri- the direct contact with consumers and the sis (2008-2014), commerce suffered severe pres- increased risks Greek small and medium-sized sures, which led to the loss of almost 100,000 entrepreneurs are called to undertake. enterprises and 220,000 jobs. A key feature of the sector is the great number of According to the business community, the most small and micro enterprises, which are struggling urgent issue for Greece is the creation of new to cope with increasing competition. enterprises and jobs for 1.3 million ex-employers Commerce, a principally open profession, is and wage earners, who found themselves out of  indeed characterised by certain peculiarities, work. The improvement of the economy’s per- which are related to the fluctuations of the market, formance is expected to enable young people to Trade with Greece Trade 48 enter the labour market, render social systems Confederation of Hellenic Commerce (NCHC), sustainable and solve the households’ problems. there was an improvement in the overall liquidity of In order for this to happen, though, Greece’s real corporations and limited liability companies in 2013. economy must become more attractive to private In contrast, almost 6 out of 10 general-limited part- investment — and this requires an improvement nerships and sole proprietorships indicated a sub- in competitiveness. stantial decrease in their liquidity. In 2014, most corporations and limited liability Liquidity is the issue companies estimated that their liquidity remained  According to surveys carried out by the Trade and unchanged, while one in three companies reported Services Institute (INEMY) of the National an improvement. Trade with Greece Trade 49 50 Trade with Greece almost 4outof 10GPs-LPsandSPshave once pointing, instead, tostability or anincrease,while that theirsalesandprofits willnotbereduced, out of10corporationsandLLCs haveestimated both salesandprofitability. For2015,morethan7 year results wouldincludethefurtherreduction of out of10GPs-LPsandSPsclaimed thattheend- profits wouldnotbereduced,whilemorethan6 rations andLLCsestimatedthattheirsales their profits. Fortheyear2014,8outof10corpo- SPs reportedareductioninboththeirsales,and companies. Incontrast,8outof10GPs-LPsand part oftotal profitability isgeneratedbyonlyafew However, thisispartly deceiving,sincethelargest years ofaccumulatedlosses. with pre-tax profits of€1billion,followingthree- corporations andLLCsreturnedtoprofitability, In regardtosalesandprofits, in2013commercial liquidity. as 6outof10predictedafurtherdeterioration pessimism continuedtoplagueGPs-LPsandSPs, dicted increasedliquidity, whileuncertainty and four outoftencorporationsandLLCshavepre- was possibleorverypossible.Fortheyear2015, and SPsbelievedthatashutdown during2014 in 10corporationsandLLCs2GPs-LPs current obligations.Itshould,also,benotedthat1 sible, orverypossible,tobeunablemeettheir than 4in10GPs-LPsandSPsconsidereditpos- almost 3in10corporationsandLLCs,more they arenoteligibleforbankfinancing,while partnerships andsoleproprietorships reportedthat It isworthnotingthat6outof10general-limited “ brunt ofthecostimposedbycrisis. suffered thegreatestpressureandhasborne In Greece,inparticular,thisisthesectorthathas ● A simple,stable andcompetitivetax system. new prospects arethefollowing: would breathenewlifeintoSMEsandoffer them Three veryimportant interventions-reformsthat Reform isnecessary ber ofnon-agriculturalsalariedemployees). employment fellto7.1%(11.6% ofthetotal num- from 4.5%in2008.Incontrast,temporary employment incommerceroseto8.4%2014 Part-time employmentasapercentage oftotal salaried employees. ily members,whileaccountingforonly16.3%of of theself-employedand40.3%assistingfam- ber ofemployers,and30.5%thetotal number Commerce accounts for31.6%ofthetotal num- loss of208,000netjobpositions(or25%). Compared to2008,commercehasregistered a 700,000, to1995levels. third yearinarow, employmentintradefellbelow almost 31,700,i.e.by4.8%year-on-year. Fora sixth consecutiveyear, sinceitwasreducedby employment, indicatingthatemploymentfellfora employment and20.4%ofnon-agricultural In 2014,commerceaccountedfor17.5%oftotal again predictedadropinbothsalesandprofits. radical overhaul ofpropertytaxation. annual grossincomes ofupto€25,000,and a exemption fromVAT forsmallenterpriseswith audits, agradualreductionofVAT rates,the Tax ProcedureCodeinregardtofinesand income oflegalentities,the upgrading ofthe Featuring a15%tax rateontheentiretaxable ”  ● Boostingthe competitivenessofdomestic pro- important: The followingarealsoconsidered tobevery ● UtilizationofNSRF2014-2020fundsfor ● A boldprogrammeforfightingtax evasion. duction. Decisive interventions,withinthe production etc. areas suchasnewtechnologies, agricultural business angels,soft loans,startup fundsin instruments suchasventurecapital funds, medium-sized enterprises.Enhancementof improving thecompetitivenessofsmalland tional ontheresults ofthisproject. A potentialreductionintax rateswillbecondi- to increasetheuseofelectronictransactions. incentives forbothbusinessesandconsumers Promotion ofe-invoicingandintroduction ● SupportingtheexportactivitiesofGreekenter- ally beenimplemented, thefirsttwo-months of That said,and before anyoftheabovehas actu- Reduced turnover Parks. ness. CreationofIndustrialandBusiness and reductionofthecostsettingupabusi- prices. Furthersimplificationofprocedures, energy costs, andespeciallyindustrialpower bounds ofEuropeanlegislation,forreducing activities. incentives forengaginginextrovert business examples fromabroad.Provision ofspecialtax Development Bank,drawingonsuccessful es; establishment ofanImport-Export tee programmesforexport-orientedenterpris- prises. Expansion ofco-financingandguaran-  51 Trade with Greece 52 Trade with Greece businesses. lower thanthoseoffered byapparel-footwear tainment andedificationitems,offered discounts ment stores,aswellbusinesses sellingenter- sector thebusinessbelongsto. Householdequip- counts areclearlydifferentiated dependingonthe According todata fromthesamesurvey, dis- offered exceptionallyhighdiscounts ofupto80%. of morethan40%,andaveryfewbusinesses to 40%,whileonlyoneinthreeoffered discounts most businesses(46%)offered discounts of20% during thesecondhalfofFebruary. decreasing demandfacedbycommercialoutlets 16/2 to28/2,afactthatdemonstratesthe than 2outof10(15%)indicatedtheperiodfrom itable periodwas thatfrom1/2to15/2,whileless out of10respondents stated thatthemostprof- were heldduringexactlythatperiod.Similarly, 3 sales period,despitethefactthatelections the period12/1-31/1asbestofwinter more than5outof10merchants (55%)indicated some casesevenreached80%.Itistellingthat 30% andinmostcasesexceeded50%,while generous offers, withdiscounts thatstarted from since thevastmajorityofmerchants madevery high, ashasbeenthecaseinpast fewyears, It isworthnotingthatdiscountrateswererather decrease ofmorethan40%. almost oneinfour(23%)reportedaturnover pointed toa30-40%decreaseinsales,and to a0-10%drop.Oneinfiverespondents (20%) sales reducedby21-30%andonly10%pointed to a11-20% reduction,afurther23%spokeof drop indemand,as23%ofrespondents referred Responses varyinregardtothescopeofthis were slightlyimproved. level, andhardlyoneinten(8%)saidthatthey while twooutoften(22%)saidthatsaleswere stated thatsaleswerereducedyear-on-year, INEMY, thevastmajorityofrespondents (70%) More specifically, accordingtoasurveyby reduced by€930billion. mated tofallapproximately€4.44billion, turnover forthe2015wintersalesperiodisesti- 17.3%, whileitshouldalsobementionedthat and ayear-on-yeardropof-2.37%),stands at- (January-February 2014:turnoverof€5.37billion sales, ascompared tothatofthepreviousyear weighted dropindemandduringthe2015winter between 2010and2011 (-17.64%). The average trade iscomparable tothedropexperienced The year-on-yeardecreaseofturnoverinretail during thewintersalesperiodisconcerned. 2015 revealedthe“coldreality”asfardemand In termsofturnover, the2015wintersales period More specifically, duringthewintersalesperiod, 40%, oneout of fourlost21-30%and11-20%, than 40%ofits turnover, oneoutoffivelost31- turnover, oneoutoffourrespondents lostmore In regardtotheextentofyear-on-year dropin vious year. 2015, ascompared tothesameperiodofpre- reduced turnoverforthewintersalesperiodof turnover ofmorethan30,000in2014,reported Moreover, eightoutoftenbusinesseswitha reported ayear-on-yeardropinturnover. apparel-footwear, where76.5%ofthebusinesses The sectorthatsuffered thegreatestpressureis tered anincrease. less thesameturnover, andonlyoneintenregis- year basis,almostoneinfourreportedmoreor saw theirturnoverdecreasein2015onayear-on- More specifically, sevenoutoftenbusinesses was worsethanthatofthepreviousyear.  ●Fifty fivepercentoftherespondents stated that ●Any year-on-yearincreases in turnoverarevery decrease by1-10%. and finally, onlyoneintensawtheirturnover “ 20% increase. turnover, whiletheremainderreportedan11- respondents pointedtoa1-10%increase in small indeed.Morespecifically, 71%of will bereducedby40,000. number ofenterprises people, whilethetotal estimated tofallby106,000 employment inSMEsis In 2014-2015,total ” performance in thepast 4.5years. Consumer Price Indexto104.32points, its worst for a23rdconsecutivemonth broughtthe the incessantdropingeneral levelofprices on-year decrease(inJanuary 2014);asaresult, 2.8% year-on-year, ascompared toa1.5%year- years havebeenconsolidated. Authority, thedeflationarytrends ofthepast two according todata bytheHellenicStatistical respond tosuchalluringwintersales,while, finally taken theirtollonconsumers,whofailedto There isnodoubtthattheausteritypolicieshave In January2015,thedomestic marketshrankby period wasrankedlast. period from16/2/2015tilltheendofsales from 1/2/2015to15/2/2015(30%),whilethe 12/2/2015 to31/1/2015,followedbytheperiod the bestperiodofwintersaleswasfrom 53 Trade with Greece Dimitris Avramopoulos Our biggest concern is the rise of racism and xenophobia, fuelled by populist movements across Europe

The most critical portfolio, that of migration policy and internal security, at the most crucial junction of Europe’s common future, amidst war and terrorist threats at the eastern and southern borders of the EU, is being handled by Dimitris Avramopoulos, European Commissioner for Migration, Home Affairs and Citizenship.

By Dimitris Giannakopoulos Photos: Iakovos Hatzistavrou

n a Europe that daily receives tens of thou- called to implement an advanced framework for sands of immigrants, both regular and irregu- the protection and safety of the citizens; and, at Ilar, when the member states’ social struc- the same time, to create the appropriate condi- tures are severely tested by acts of blind terror- tions for embedding migration in the design of ism, while economic conditions lead to the rise of growth strategies and, of course, further safe- delinquency and violence, Mr. Avramopoulos is guarding Greece. Trade with Greece Trade 54 munity tofindtheir placeandhaveabrightfuture inoursocieties. comprehensive and effectivepoliciesthatallow all migrants ofall originandcom- The EuropeanCommission isdeterminedtobuild on,andfurtherdevelop,coherent, ments acrossEurope. Our biggestconcernistheriseof racismandxenophobia,fuelledbypopulistmove- inside Europe.We needto change theperceptionofpublicopiniononmigration. Finally, wemust not forgetanimportant additionalchallengethat wearefacing, and internalEUpolicies. To achievetheseobjectives,migrationhasto beembeddedinallrelevantexternal ● To makeEuropeattractivebyopeninglegal channelsandsupportingintegration. irregular migrationflows; ● To reinforceEurope’s bordersinrespectofmigrants rights andtobettermanage of trafficking); ● To assistmigrants inneedof protection(beitasylumseekers,refugeesorvictims Agenda onMigration,withcentralobjectives: That iswhytheCommissionwillpresentacomprehensiveapproach inaEuropean All migrationchallengesarecloselyinterrelatedandrequireaEuropean response. cies atthelocal,regionalandnationallevels. port MemberStates inimplementinganddevelopingintegrationmeasurespoli- fully part ofoursocieties.TheEuropeanCommissionwillcontinuetohelpandsup- People whoseekandobtain refugeestatus intheEuropeanUnionshouldbecome an important resourceforthehostcountry. cessful andiftheiraccesstoemploymentisencouragedfacilitated, theycanbe that refugeesarenotaburden;onthecontrary, iftheintegrationprocessissuc- more balanceddistributionofresettledrefugees.MemberStates needtounderstand The CommissionisactivelydiscussingwiththeMemberStates onhowtoensurea needs todomore. establish atrulyEuropeanprogrammefortheresettlementofrefugees.ButEurope cedure, includingattheborders. At thesametime,aseriouseffortmustbemadeto Asylum Systeminordertoensureeffective,safeandfairaccesstheasylumpro- urgent needforEUMemberStates toimplementfullytheCommonEuropean Regarding accesstotheasylumprocedureandassistance torefugees,thereisan Europe. tries oforiginandtransittowarnpeopleabouttherisksembarkingonjourneys tators. TheCommissionisalsoputtinginplaceawarenesscampaigns inmanycoun- important initiativestotackle smuggling,resultinginthearrestofhundredsfacili- To protectpeoplefromthesecriminals,theEuropeanUnionhasundertaken many pay afortunetoruthlesssmugglersforpassage toEurope. hands oftraffickersandwerevictimsviolenceincludingsexualabuse.Migrants reach Europebycrossingthesea.DuringtheirjourneytoEurope,manyfellinto ditions. Lastyear, 3.000personsareestimatedtohavelosttheirlivesattempting Smuggling isdangerousandexposespeopletounsafeinhumanetravellingcon- ing towardsEuropetoprotectthem. influx ofpersonstowardsEuropeandthiswillnotgoaway. Thesepeoplearelook- Political andeconomicinstability inmanyregionsoftheworldgeneratesaconstant alised world.Itbringsrichnessandopportunities,butitalsocomeswithchallenges. Migration todayispart andparcel ofoursocieties.Itisaninherentfeatureglob- As theGreekCommissionersaid: lems. burden,” hesays,pointingoutthatEuropemustaddresstheirneedsandprob- the EUbysea.“EUMemberStates needtounderstand thatrefugeesarenota ing thefactthat3,000peopleweredrownedonlylastyear, whiletryingtoenter must urgentlytake initiativeforestablishing acommonasylumsystem,stress- Interviewed for“Trade withGreece”,Mr. Avramopoulos points outthattheEU Road MapforAsylum

55 Trade with Greece In this context, Mr. Avramopoulos is setting in visit many of these countries, starting from motion changes in the system for the granting of Belgrade. asylum, which is governed by the Dublin II and III legislation and stipulates that asylum-seekers Asylum must submit the relevant application in the first Priority is given to the clear classification of types European country of entry. The proposal con- of asylum and the methods used for granting asy- cerns the resettlement of more refugees to other lum. The European Union has one of the most EU countries, so that the burden is equally dis- advanced asylum protection systems in the world. tributed among member states. As the Commission said, “Now is the time to fully In regard to European policy on legal migration, and coherently implement the recently adopted the Commissioner states that “of course, we can- Common European Asylum System. The not ignore the levels of unemployment in the EU, Commission will take all efforts that existing diver- but, at the same time, we must understand the gences in national asylum policy practices disap- needs of the labour market in an aging Europe.” pear.” Moreover, deepening the cooperation with According to the Commission, “Europe will have third countries will be essential to address the to attract the right talent to be more competitive at root causes of migration, as well as mainstream- a global level.” ing migration into the design of development In regard to irregular migration and the effort to strategies. Finally, the Commission is determined tackle human trafficking, the Commission points out to intensify the efforts of the European Union in that, according to Frontex, there were 278,000 regard to relocation and resettlement, in close irregular border crossings in 2014, nearly double dialogue with Member States and third countries the 2011 figure. Mr. Avramopoulos stated that get- that host important numbers of refugees. ting at the root of the problem requires the enhancement of collaboration with third countries, Blue Card i.e. both countries of origin and transit countries. He Along with addressing existing unemployment, said that the EU has intensified its cooperation with Europe will have to attract the right talent to be these countries — not only African countries, but more competitive at a global level. This is the rea- also Turkey, Serbia and Kosovo. Mr. Avramopoulos son why the European Commission will launch a  also added that in the following days he would review of the EU Blue Card Directive. This chal- Trade with Greece Trade 56 preserve anarea withoutinternalborders,as well The Commission’s key premiseonMigrationisto Securing theexternal borders the Rabat,KhartoumorBudapest processes). agreements andcooperationframeworks (e.g. third countries,alsothroughexisting readmission countries androutes,inclosecollaborationwith further developconcretetoolstargeting priority actions againsthumansmuggling,andintendsto He isworkingtowardsacomprehensivesetof enhances theCommission’s actionsinthisarea. fight againsthumantrafficking, Mr. Avramopoulos existing legislationonirregularmigrationandthe advantage ofbyhumantraffickers. Basedonthe migrants makeuseofsmugglers,oraretaken nomic, aswellcriminalreasons.Manyofthese People migrateirregularlyforpolitical,social,eco- Human trafficking in countriestestedbythecrisis,suchasGreece. economic-labour marketenvironment,especially ety, maysoonbeinstrumental inreversingthe actual professionalneedsofeachEuropeansoci- management oftheBlueCardaccordingto cy. According toMr. Avramopoulos, theproper more horizontal approachtolegalmigrationpoli- in discussionwithMemberStates, includingona lenging andlong-termprocesscanonlywork –Continuing to reinforcetheefficiency–Continuing ofthe major elements arealreadyunderdiscussion: current criminalandterrorist threats. Certain security, soastomeet thechallengesposedby which willreorienttheEuropean Union’s internal Agenda onSecurityforthe period2015-2020, European Commissionwilladopta In regardtoterrorism,inthecomingmonths Terrorism the Commission. European BorderGuard Teams intoaction”says want toreinforcetheworkofFrontexandput resources amongstMemberStates ifwetruly European Union.“We needtopoolmore ing challengeattheexternalbordersof and humanresourcestobetteraddresstheevolv- budget rise,aswellmoreoperationalassets extent Frontex,theEU’s Border Agency, needsa opportunity fordiscussingwhetherandtowhat the European Agenda onMigrationwillprovidean ders isofvital interesttoall. The preparation of enforcing thesurveillanceofEU’s externalbor- European Unionandthememberstates, and Border managementisajointresponsibilityofthe borders infullrespectoffundamental rights. only besustained ifEuropemanagesits external as asolidasylumandmigrationpolicythatcan Schengen Information Systemwithevenmore  57 Trade with Greece stringent, targeted, informed and non-discrimi- Moreover, the Commission will also continue to nating controls; work with the European Parliament and the –Considering whether the existing legal penal Council in order to adopt rules on a European framework is in need of reinforcement; Passenger Name Record (PNR) system, which –Strengthening cooperation between Europol and will improve our capability to prevent and detect other European agencies and threat assess- terrorism and serious crime. ment bodies, in particular IntCen (Single Intelligence assessment Centre). Internal security –Intensifying the work required to make the rele- In a recent speech in the aftermath of the tragic vant information accessible to law enforcement terrorist attack in Paris, Mr. Avramopoulos agencies, for the purpose of better preventing stressed that the effort to reinforce the internal and pursuing criminal activities across EU and security of the EU should be based on four areas: international borders; -Reinforcing the exchange of information on illegal 1. Prevention of radicalization  firearms on both the EU and international levels. The Commission will support member states in Trade with Greece Trade 58 Information System (SIS). It must be ensured that Europol receives all necessary information from all Member States. Moreover, the flow of informa- tion between Member States and EU agencies must be improved.

3. Travel routes of terrorists The movements of terrorists must be anticipated and prevented. An EU Passenger Name Record directive (EU PNR) is necessary to enhance sub- stantially the security of all European citizens. “Let me underline,” said Mr. Avramopoulos, “my willingness to work together with the European Parliament and the Council – headed by the preventing and addressing radicalisation. The Latvian Presidency now – to formulate a legal Radicalization Awareness Network (RAN) is instrument that is effective and respects funda- already very active in this field and its future mental rights.” He also said that the Commission Centre of Excellence will reinforce the effective- is currently “developing common risk indicators ness of the overall effort. and criteria for entering relevant alerts in the Moreover, online terrorist propaganda has to be Schengen Information System (SIS).” dealt with. Member states must play a major role in this effort. The Commission will continue to 4. Firearms cooperate with the Internet industry and to deep- There is legislation in place on the illicit manufac- en the dialogue in order to develop concrete turing and trafficking of firearms. The implemen- workable solutions. tation of this legislation is currently under review and the Commission will submit to the European 2. Information sharing Parliament and the Council a report on the situa- The Commission has approved new measures for tion and whether any further legislative action is increasing the efficiency of the Schengen needed. Trade with Greece Trade 59 Banks: In the maelstrom of political developments

The role and divinations of “Super Mario”, the conditions of asphyxiation in the market and Athens’ limits in the negotiations.

By Nectarios Notis

or more than three months now, Greek realized since last summer. systemic banks have been caught in the Greek depositors were feeling increasingly confi- Fmaelstrom of political developments in dent, choosing to place their savings back in Greece and the Euro zone. Greece. The great goal of the previous year, which was As a result, credit institutions needed less and nothing less than restoring liquidity, among others less money from the mechanisms of the through the return of deposits to the country’s European Central Bank, thus reducing their  banking system, had tentatively started being dependence from Frankfurt. Trade with Greece Trade 60 indicative of the picture described above:

● In just three months —December 2014, and January and February 2015— more than €20 billion were withdrawn from the banks. Thus... ● ...total deposits in Greek banks fell from a high of €237 billion (April 2009) to approximately €140 billion this February. As a result... ● ...the Greek banks’ dependence from the Eurosystem, i.e. the European Central Bank and the Emergency Liquidity Assistance (ELA) facility, increased in January to €87.4 billion from €56 billion at the end of 2012 (increased by 56%). This happened because domestic credit institutions were forced to borrow almost €5.2 billion from the ELA in January, while they also drew liquidity of €82.2 from the European Central Bank.

Under these circumstances, the Bank of Greece started making repeated requests for raising the ELA’s funding limits, with Europe’s central banker, Mario Draghi, sparingly increasing this amount and making —as expected— any decisions con- ditional on developments in the negotiations between the Greek government and its lenders. In essence, the lenders leave Athens no room for initiative or manoeuvre in regard to siphoning liq- uidity from the Greek banking system with the aim of covering any obligations of the state. This is clearly evident in the weekly decisions of the ECB, which increases the Emergency Liquidity Assistance but only to the point of making sure that credit institutions remain solvent. This is bet- ter illustrated when taking into account that the government seeks funding from the deposits held by state agencies with Greek banks (ergo the increase of the relevant limit to €1.3 billion at the meeting of March 25th, since central bankers can hardly conceal their irritation and concern for all this). According to banking sources, the European Central Bank is hardening its stance in regard to the Greek government’s intentions to draw fund- ing from the Greek banks, and this serves a dual goal: To reinforce the Greek banking system against a This was the case up until November. possible accident, by providing the absolutely Because then, the rushed presidential election necessary breather it needs, and to shut the door and the expectation —which finally became a to the Greek state —since the ECB has not raised reality— of an early parliamentary election the ceiling in regard to lending against Greek caused uncertainty in Athens to skyrocket. treasury bills— in a bid to compel the government So, the situation was once again reversed, and to a swift completion of its negotiation with the remained unchanged even after the election, lenders. owing to the starkly divergent views between the “We have been given explicit directions by the new Greek government and the troika. ECB to refrain from financing any state obliga-  The following three facts are characteristic and Trade with Greece Trade 61 clear from the outset that the lenders would not give the go ahead for increasing the €15 billion limit in “Bank officials emphatically regard to the issuance of treasury bills, as they had done in August 2012. state that “there will be no To what extent, though, can the condition of Greek systemic banks be affected by the govern- problem.” As they say, this ment’s decision to use the deposits and reserves is not a matter of billions of state agencies —effectively taking on domestic of euros and “the system debt— to repay its debt obligations? Bank officials emphatically state that “there will be can withstand such no problem.” As they say, this is not a matter of outflows.” billions of euros and “the system can withstand such outflows.” ” April: a crucial month tions.” This is what seasoned banking executives However, the key issue is to ensure that the say whenever given the opportunity, adding that asphyxiating conditions, which are getting worse “the financing link between the state and the day by day, will not persist in April. The leadership banks was severed on February 11th, when the of the banking system is greatly concerned that, European Central Bank revoked the waiver” (that in such a case, the problem will be huge. allowed banks to use Greek government debt as Successfully covering —notwithstanding the collateral for loans). appropriateness of the method— the obligations It has to be pointed out that —always in accordance for March, does not automatically deal with those with the same sources— despite the reaction and for April. In case lenders continue to shy away the communication offensive of the Greek govern- from providing financial assistance to the country, ment (which spoke of a double standard), it was  Athens will be faced with an extremely distressing Trade with Greece Trade 62 and, therefore, totheentireeconomy, thedepos- increasing burdenonthemarket, thebusinesses, soon aspossible.“Eachdayof delayimposesan ment andthelendersmustcome toanend,as soap operaofanegotiationbetween thegovern- In anycase,though,thebankers stressthatthis same executives,withmarked concern. witness anewwaveofdepositoutflows,” saythe with thecreditors,itishighlypossiblethatwewill management. If,however, thereisameltdown engage inanythingfancy, justeveryday micro- daily outflows ofdeposits, sincewedonot “We canendure,solongastherearenohuge answering thisquestion. The trendofdepositoutflows isthekeyto system? How strongisthebanking government andits lenders. thing dependsonthenegotiationsbetween are safe,meaningfullyadding,though,thatevery- Bank ofGreeceoffer assurancesthatthebanks both theGovernorandcertain executivesofthe In anycase,though,andgivenopportunity, on banks. situation, whichwillhaveaverynegativeimpact “It istooearlyto talk aboutreinstating thewaiver. day— orderintheGreekbanking system. should dosoastorestore—at theendof and gaveclearinstructions onwhat Athens funding, MarioDraghiraised seriousconcerns, Greek governmentbondsas collateralforECB waiver, i.e.theabilityofGreekbankstouse Clarifying hispositioninregardtoreinstating the signs concerningthebankingsystem. Nicosia inearlyMarch,sendmultiplewarning The decisionsreachedbycentralbankersin ECB The multiplewarningsignsofthe the samesources. long, becauseitwillleadtomassshutdowns,” say businesses. However, itcannotbesustained for This isthesituationfacingthousandsofsmall the creditextendedbysupplierstotheirclients. “Today, themarketisonlyfunctioningbecauseof damaging thecountry’s imageabroad. accuracy tothecollapse oftherealeconomy, also This deadlycombinationleadswithmathematical overladen— shouldersoftheGreekbanks.” burden fallsonthe—weakand,currently, already itors andthelenders. At theendofday, this  63 Trade with Greece We cannot rule out the possibility that the ECB from the Economic and Monetary Union; but the will keep on pursuing the same policy even after isolation of the country within the Euro zone will the end of the four-month period. It all depends on be very painful and will sent severe shocks the government,” says a bank executive, mean- throughout the economy, and the banking system ingfully adding: “Unless the government does the in particular.” unexpected and before April is out realises some symbolic reform, which will demonstrate its inten- Draghi’s red lines tion to honour the agreement.” According to certain analysts, well versed in the Moreover, the fact that the European Central ways and tactics of Frankfurt, the central banker’s Bank has left Greece out of the quantitative eas- comment that “It’s absolutely essential that [the] ing game and the corresponding downpour of solvency [of Greek banks] be maintained” is not a money and liquidity that has been soaking the mere theoretical statement. Quite the contrary. Euro zone since March 9th, has —apart from its In essence, it describes the red lines that the strictly financial reasons— its own semiotics in European Central Bank will draw in the negotia- regard to Greece’s place in the single currency. tions with Athens, red lines that concern —and “Draghi’s decision may be a temporary one,” esti- adversely affect— the banks’ capital adequacy. mate some analysts, “until Greece implements This comment mainly refers to the issue of deal- the programme and takes the appropriate meas- ing with the “red loans” (as non-performing loans ures; but this move clearly shows that, if things are called), in regard to which the government are not expedited, the country —and its banking had made many promises —both before and after system— run the risk of missing the train of devel- the elections— to households and businesses opments in the Euro zone. alike.  “This is not to say that we will be shown the exit The Frankfurt side is expected to play hardball Trade with Greece Trade 64 and try to lower the Greek government’s aspira- Because banks will have to —without necessarily tions of honouring these promises. aiming or wishing to do so— put the brakes on The message is clear: “It may sound harsh, but successive loan restructuring deals, pull the car- there is no way that nobody will lose their homes pet under the feet of businesses that have been or their businesses” as a result of the implemen- struggling for years, and decide to write-off tation of the measures provided for by a new household loans that will never be repaid. financing agreement for Greece. It is estimated that, as Mr. Draghi stresses that How, and from where, will Greek banks get the “the ECB is the central bank of Greece, but it’s money to cover their new funding requirements also the central bank of all the other countries” for this year? and that it “is a rule-based institution. It’s not a The answer is —once again— given by “Super political institution”, he will also make it clear — Mario”: when necessary— that Greek borrowers are no “The recapitalisation fund ... [is] readily available different than borrowers in Ireland, Portugal or to face any sudden negative contingency that Spain, who lost their homes or their businesses might materialise”, he said. as a result of over-indebtedness and the crisis. And quite correctly. What is the meaning of these comments? With one difference, though: That, until a final and definite agreement is reached That now €10.9 billion is available —both in theo- (or for such an agreement to be reached), the gov- ry, and in practice— in the EFSF. This means that, ernment will find itself in a very difficult position, in order for these funds to be disbursed, the since it will have to back out on its promises Greek government will have to do a lot, and agree regarding non-performing loans and foreclosures to even more that neither is expected, nor —and — mainly to households, but also to the banks. this is even more important— it wishes to do. Trade with Greece Trade 65 Ocean-going shipping: Always dynamic and extrovert

By Ilias Iliopoulos

One of the most dynamic and purely extrovert productive sectors of the Greek economy, which plays a leading role on both the European and global levels, is Greek ocean-going shipping.

reek shipowners swiftly managed to get transport services. over the consequences of the global cri- Gsis that hit international trade after 2008, The leading position of Greek and by utilizing human talent and new technolo- shipping gies can now successfully respond to competitive a) In mid-2014, Greek shipowners controlled  demand for the provision of high-quality maritime 4,894 ocean-going vessels totalling 291.7 million Trade with Greece Trade 66 the total) with 1,878 vessels of a total dead- weight tonnage of 145.5 million, while Japan holds the first place (156.3 million) and China the third place (124.7 million).

Greek shipowners also control 10.6% of the global LNG carrier fleet, 13.9% of the refined oil-products and chemicals tanker fleet, 7.9% of container ships and 4.2% of passenger carriers.

-Based on the number of vessels with a gross ton- nage of more than 1,000 GT, Greeks are ranked fifth in the world, below Japan (controlling 8,613 vessels of with a gross tonnage of more than 1,000 GT), Indonesia (6,774 vessels), China (6,479 vessels) and the US (5,003 vessels), and above Germany (4,211 vessels), Singapore (3,556 vessels), Russia (2,852 vessels), Norway (2,787 vessels) and S. Korea (2,652 vessels).

b) The value of the Greek-owned ocean-going fleet was estimated at $105.7 billion in early 2015, increased by 4.5% year-on-year. It is the number one fleet worldwide in terms of value, representing 15.5% of total maritime transport capacity ($680 billion), and followed by Japan (13.2%), China (10.4%), Germany (7.3%) and Singapore (5.6%).

In terms of vessel type, the value of the Greek- controlled merchant fleet is broken down as fol- lows: ●Dry bulk carriers: $35.5 bn ●Container ships: $12.3 bn ●Liquefied Natural Gas (LNG) carriers: $12.3 bn ●Liquid Petroleum Gas (LPG) carriers: $3.9 bn ●Tankers: $41.7 bn

c) The contribution of ocean-going shipping to the EU’s GDP is crucial and is estimated at more than €150 billion per year. DWT (168.9 million GT). In terms of deadweight tonnage, 46.7% of this -In terms of deadweight tonnage (DWT), Greek amount is generated by the Greek-owned mer- shipping is ranked first in the world, followed by chant fleet, followed by Germany, with 20%. Japan (242.6 million) —which it surpassed in the past two years—, while China (190.6 million) and d) As far as the national merchant fleet (Greek- Germany (126.4 million) hold the third and fourth flagged ships) is concerned, Greece is ranked places respectively, second in terms of gross tonnage in the European Union —and 7th in the world—, controlling Per type of vessel, Greek shipowners hold: 21.04% of the European merchant fleet of ves- ● the first place in tankers, with 1,217 vessels of sels of more than 1,000 GT, with a total tonnage a total deadweight tonnage of 118.6 million of 41.83 million tonnes. Malta is ranked first in (24% of the corresponding global fleet), fol- Europe on a national fleet basis (24.76% of the lowed by the Japanese (40.2 million DWT) and European fleet, with a total tonnage of 49.23 mil- the Chinese (32.9 million DWT); lion), while Cyprus is ranked third (10.17% of the European merchant fleet, with a total tonnage of  ● the second place in dry bulk carriers (16.4% of Trade with Greece Trade 67 20.21 million). It should be noted, though, that, evident, with emphasis on specialized vessels according to relevant estimates, Maltese-flagged (LNG/LPG carriers, container ships, petroleum vessels with a total gross tonnage of 41.5 million product tankers). and Cypriot-flagged vessels with a total gross ton- nage of 15.5, are controlled by Greek interests. Contribution to the Greek economy e) The rise of the Greek-owned merchant fleet Despite the overall difficulties the shipping indus- during the past few years is the outcome of two try has been facing in the past few years (reduced parallel processes, the increase in its tonnage, access to bank financing, gradual increase of and its modernisation through newbuildings and excess tonnage, volatile fright markets), its contri- the purchase of younger (second-hand) tonnage bution to Greece’s GDP (wages and employers’ from the secondary market. It is telling that its social security contributions, amortization, corpo- average age stands at 9.9 years, as compared to rate profits and output taxes) has been stabilised a world average of 12.4 years. It is estimated that at 7-8% of the total, while, as far as employment the investments made by Greek shipowners dur- is concerned, shipping and its associated activi- ing 2014 (purchases of second-hand tonnage and ties —at sea and ashore— provide more than orders for newbuildings) stood at $14 billion, 200,000 direct and indirect jobs.  while a tendency to differentiate the fleet is also After all, maritime transport is considered to be Trade with Greece Trade 68 the preferential treatmentafforded tocapital from According toarticle 13ofthislegislativedecree, this fiercelycompetitivesector. remained afixedpointofreference overtime,in which, owingtoits constitutionalforce, has investment andprotectionofcapital fromabroad”, world, waslegislativedecree 2687/53“onthe highest-quality maritimetransportpowerinthe owned ocean-goingshippingasthebiggestand The maindriverfortheemergenceofGreek- The existingtaxregime activities andcharities. banking etc.,aswellbysponsoringcultural investments inenergy, construction,tourism, country’s economyinvariousways,through Greek shipownershavebeensupportingthe Finally, oneshouldnotoverlookthefactthat the period2013-2016. off contribution of€420million,tobepaid during quences oftheeconomiccrisis,throughanone- in ordertohelpthestate dealwiththeconse- increased its share inthecountry’s tax revenues, 2014— wherebytheGreekshippingindustry ratified bytheGreekParliamentonOctober1st, Union ofGreekShipowners(UGS)—whichwas Agreement signedbythegovernmentand Special mentionshouldbemadetotheVoluntary key roleinthecreationofaservicessurplus. almost €15billioninforeignexchange,playinga ocean-going shippingprovidesthecountrywith in termsofaddedvalueperemployee,while the mostproductivesectorofGreekeconomy state aidtomaritimetransport, theapplicationof shipping, has issued aseriesofguidelines on level playingfieldforallEU memberstates in The EuropeanCommission, in abidtosecure all overEurope. other nationsaswell,whileit iscurrentlyinforce over, thesystemwassubsequentlyadoptedby led tothemeteoricriseofGreekshipping;more- system guaranteesstability andconfidence, The constitutionalprotectionafforded tothistax the tax obligationoftheshippingcompany. from taxation, giventhatthetonnagetax exhausts vessel’s age—whilecorporateprofits areexempt —based onthescaleofgrosstonnageand nage tax: specifictax ratesaresetpermetricton more favourable.Greecehasadoptedtheton- the tax regimeofanothercountryisdeemedtobe registeredseat,whichcaneasilychangeif ator’s national watersandveryfarawayfromtheoper- to thefactthatthisactivityiscarriedoutininter- than othersectorsoftheGreekeconomy, owing Ocean-going shippingistaxed muchdifferently tion. most important beingtheonesconcerningtaxa- going ships thatoperateininternational waters,the series ofprovisionsaimedatsupportingocean- financing toGreek-flaggedvessels,alsoincludesa favourable termsinregardtotheprovisionofbank This article,apart fromstipulating various the Greekflag. total registered tonnageofatleast1,500thatfly economic growth,alsoincludesvesselswitha abroad withtheaimofexpeditingcountry’s  69 Trade with Greece which was indefinitely extended in the spring of and productive cooperation between Greek gov- 2014. ernments and the shipowning community. These EU guidelines set the framework for the It is estimated that the contribution of Greek- adoption of certain, primarily fiscal, measures by owned ocean-going shipping to the country’s member states, which help restore the competi- economy could lead to the doubling of the annual tiveness of the Community fleet, with the aim of added value generated by the industry and the containing the flight of European vessels to third- creation of 70,000 new jobs in the next five years. country flags, creating new jobs for workers from The key demands of the industry, as set out by EU member states, and further developing a high- the European Community Shipowners’ value-added maritime cluster. Associations (ECSA), which features a substan- These guidelines include a series of advantages tial Greek membership, concern the following: for the shipping industry, related to the taxation of the vessel, the social security contributions of ●The continuation of the EU-approved state aid to seamen and shipowners, the training of seafar- shipping, mainly in the form of tonnage tax and ers, the promotion of research etc. the subsidization of employer social security The compatibility of the relevant regulations contributions, which enabled the preservation adopted by individual member states, including of the Community fleet and the increase in the Greece of course, with EU law is judged on the number of European seafarers. European basis of the aforementioned guidelines. shipowners, who have been pushing for a common shipping policy, do not consider these Demands- Prospects regulations to be privileges, but necessary There are still lots of potential for increasing the measures for safeguarding the competitiveness contribution of Greek-owned ocean-going ship- of the European Union’s shipping industry ping to the Greek economy, despite the fierce against third country fleets, since the stability of international competition — especially from Asia. the relevant institutional framework is the best The main prerequisites for achieving this goal — guarantee for the security of investments, and as is the case for any other business activity— the strongest motive for their expansion. are the existence of a steady growth-oriented ●The provision of the appropriate financial sup-  regime and the consolidation of a feeling of trust port and, in general, the creation of the requi- Trade with Greece Trade 70 site mechanisms (global standards, instead of rules with European-only scope) that will help the shipping industry conform with environ-

mental protection rules (reduction of CO2 emis- sions etc.) Although shipping is the most energy-efficient means of transportation, the fact that 90% of international trade is conducted through the use of ships certainly imposes a heavier responsibil- ity on the sector and makes it necessary for states to be more effective in helping European merchant fleets adapt to the corresponding requirements. ●Shipping is an industry whose success depends on the human factor. In spite, though, of Europe’s long-standing maritime tradition, these days the seafarer’s profession is attracting less and less young people, causing serious structural problems and giving rise to the risk that, in the immedi- ate future, there will be no officers and special- ized personnel available in EU, and especially Greek, shipping. Maritime training in Europe has to get upgraded and adapted to the new conditions, while it is also necessary to improve the industry’s image, in order to offer young people with increased incentives for selecting ocean-going shipping. ●The simplification of administrative procedures and the abolition of the various customs obstacles that still exist in European ports would signifi- al challenges, while Greece is becoming a magnet cantly facilitate the work of the shipping industry for attracting all types of economic activity that is and its contribution to growth. related to international maritime transport. It is now ●Finally, the full liberalisation of international trade up to the state to take the measures required for would provide a major boost to the activities of attracting as many Greek-owned shipping opera- Europe’s shipping industry. Greek shipowners tors as possible, as well as for developing the mar- and their European peers are fully in support of itime cluster (shipyards, charters, classification the conclusion of international agreements that societies, fuel trading firms, law firms, insurance would lift any existing barriers, both to the pro- and re-insurance groups, banks etc.). vision of maritime services (negotiations for the Trade in Services Agreement — The climate that is currently prevailing —in a period TISA), and to the economic relations between of generalized uncertainty— in shipping is captured the US and the EU (Transatlantic Trade and by the following statement of the President of the Investment Partnership — TTIP). Union of Greek Shipowners: “Greek shipping is offering a lot to the Greek European shipowners, in general, consider ship- economy and is prepared to offer even more, pro- ping to be a global economic activity, and the vided that everyone will respect the existing insti- European Union must take all measures required, tutional framework that governs its operation, and on one hand for establishing equal terms of com- enables it to remain competitive worldwide”. petition among Community fleets and, on the other hand, for continuously improving the com- Bibliography petitiveness of Community shipping, so that it can •“The contribution of Greek-owned ocean-going shipping successfully stand up to international competition. to the Greek economy” — IOVE Study (2013) •“Posidonia 2014” — Special edition, “To Vima” newspa- per (1/6/2014) Conclusions •Speeches made during the 1st Shipping Forum of Thanks to massive investment, Greek shipping has “Naftemboriki” newspaper (24.1.2015). •“The value of the Greek-owned merchant fleet”, article been boldly and decisively dealing with internation- by Elias Bellos, “Kathimerini” newspaper (17.2.2015). Trade with Greece Trade 71 Innovation in Greece

An insoluble equation, in a country that can and must change

Recently, Greece’s new coalition government decided to create a new ministry, that of Research and Innovation, under Mr. Costas Fotakis. This decision was welcomed with a huge sigh of relief by the scientific community, as it was more than evident that the country had, up to now, ignored this field.

By Dimitris Markopoulos

t is no surprise that a well-known scientific faces a crisis, but invested in a different philoso- journal exclaimed that, at last, the new Greek phy as early as the 1990s. In most indicators, Igovernment “is taking science seriously”; that Greece’s rankings are far below the EU average. the country has finally started to resemble the rest Very few investments have been made, even in of the developed world, where such ministries the private sector, which has long been bound by became a reality as early as the 1980s (e.g. the the choices of a large and sluggish state. Greece United Kingdom); and all this when the crisis that has also fallen behind in regard to the quality of broke out in 2009 has dealt a severe blow to the the education system, the link between universi- scientific community, with salary and research ties and industry, the ease of setting up new busi- fund cuts and administrative personnel layoffs. nesses, and technological infrastructure.

Alas. For a country such as Greece, innovation Startup success stories should be a priority for exiting the crisis, not a Some indicators suggest that Greece is perform- mere detail. It should not be a pastime, but a full- ing above the European average, without, of time pursuit, based on front-line planning and firm course, ever taking the lead — however, they are political decisions. It is no coincidence that all the exception, and not the rule. More specifically, international comparisons show that Greece lags notwithstanding any conventional wisdom, it behind in most aspects of innovation, thus run- seems that, based on relevant research by ning the risk of missing the technological revolu- European statistical authorities, Greece is rela- tion, as it missed the Renaissance and the tively open to new ideas (as demonstrated by the Industrial Revolution. In other words, it ranks far national culture index, adjusted for new ideas),  below other countries, unlike Ireland, which also but lags behind in terms of end results, i.e. the Trade with Greece Trade 72 realization of ideas and, most importantly, their tion to action, while quite a few filed for bankrupt- introduction to the market, or the creation of prof- cy. But even larger enterprises that tried to invest in itable ventures. Some ventures became a suc- innovation and, in particular, in e-commerce, have cess in Greece (although most of them led to the nothing to show of it. Today, the number of Greek creation of small and medium sized enterprises, companies whose turnover is actually based on with turnovers of a few thousand euros). For online sales, is very small. E-commerce accounts example, Eshop.gr had a very good start, as an for a mere 0.5% of supermarket sales, while the sit- innovative e-commerce idea, with its three lead- uation is no better in a series of other sectors, such ers also setting up a major network of physical as electrical and electronic equipment. outlets. TAXIBEAT followed a similar path, and At the same time, corporate total expenditure on soon it expanded abroad, in Norway, France and innovation, as well as state subsidies are high, Brazil; there were also a series of other success- albeit without improving the country’s position in ful ventures that, based on information technolo- innovation rankings. Many people may pay lip gy, changed the scheme of things, such as service to innovation; however, participation in Farmers’ Republic, etc. tertiary education is low, along with the availabili- Many people rushed to welcome the “spring” of ty of the necessary scientific personnel, while Greek startups. A new entrepreneurial wave, there was even talk about scrubbing IT courses based on a typical Greek trait: ingenuity. Pretty from Greek schools as part of the drive to reduce soon, though, this trend was reversed, because public expenditure. Apparently, Greece’s perform- of the banking system’s inability to finance such ance is high in regard to the promotion of new-to- efforts, as well as a series of inherent difficulties. the-company products, as well as internal busi-  Many ventures never made the leap from aspira- ness innovation (organizational etc.). Trade with Greece Trade 73 Innovation policies As far as innovation policies are concerned, Greece does not seem to lag behind other coun- tries. Strange as this may seem, in certain areas it is actually implementing good European prac- tices, through agencies such as the Information Society. Even in this case, though, the end results are not sufficient, despite the wide scope of the policies. National resources are spread among many programmes, which cover the entire spec- trum of business modernisation. Although general entrepreneurship is enhanced, there is no focus on innovative entrepreneurship. Therefore, it is clear that, as pointed out by the Athens University of Economics and Business, the Greek model that emerges in practice, can be strengthened by targeted policies that generate profits. There is also an urgent need to promote international partnerships and networking, in order to identify tested ideas, technologies and the mechanisms for their absorption, along with pro- grammes and agencies focused on this field, as well as on supporting innovative entrepreneurship. It has to be stressed, though, that, in the past few decades, technological progress brought about sea changes in many sectors. The need for lifelong learning, which 20 years ago was not even part of our vocabulary, is dramati- cally altering the very essence of education. New technologies are now at the epicentre of develop- ments. Thanks to innovation, information is now easily, swiftly and cheaply accessible. In the near future, we will be being taught Information Technology the way we were once being taught how to read and write. Many executives all over the world are warning that, in a few years, those who do not know how to code will be considered to be “illiterate”, since coding will be at the core of all labour market skills. Today, more than 90% of job positions require high-level digital skills, while the relevant demand is increasing by 3% per year. Why should anyone learn to programme? 1. To have easier access to the labour market. Knowledge of programming offers a competi- tive advantage against other job seekers. 2. Elementary knowledge of code and program- ming will be a main prerequisite for working in fields like Banking, Medicine or Journalism. 3. Because it develops skills like critical thinking, logic, creativity and problem-solving. Programming teaches us how to think! 4. Because it helps us make our life and work easier. It helps us understand everyday life, since everything is based on coding (e.g. the  Trade with Greece Trade 74 regard tothese fields,butitisobviousthat they course, thereare,also,other considerationsin Energy, Environment andPublicHealth.Of Land Planning;Geopolitics ofEnergy;and Energy Production;Urban Development and & Technologies;Management Technologiesfor Networks &New Technologies; Environmental & Environmental Economics&Finance;Smart Law; Hydrocarbons&MineralResources;Energy ciency; Energypolicy/ClimateChange/Energy Energy; RenewableEnergySources/Energyeffi- ported bygovernmentpoliciesincludeElectric imperative. The fieldsinwhichinnovationissup- oped, especiallyafter greengrowthbecame fields whereinnovationcanandmustbedevel- There havebeenlots oftalk inGreeceaboutthe Fields ofInnovation phones andcellphoneapplications) use ofGPSwhiledriving,thesmart- ● the useofnewtechnologies,especiallythe ● ● environment-friendlybusinessactivity; a shift towardsspecializedproducts andservices; ● which comprises: business culture,a“newentrepreneurship”, the Internetinallbusinessactivities,createanew parative advantages inconjunctionwiththeuseof Choosing qualityagainstquantity, exploiting com- much talk aboutit,andnotenoughaction. Our eraisripeforinnovation,buttheretoo innovation? Is Greececonducivetobusiness are innovation-oriented. the structures and processes of of the structuresand processes simplification andflexibility, andforstreamlining cost savings,efficiency andproductivitygains, ment, continuousorganisational improvement, become thebasictoolsforresearch develop- Internet andits applications.ICTs canandmust all businesses,  75 Trade with Greece certain for- eign institutions show great interest in Greece’s status in this area. as well the state; It is no coincidence that innovation and technolo- ● the widening of business opportunities for small gies, as well as their growth potential, were the entrepreneurs, the self-employed, the women, subject of a comparative study conducted by the unemployed, the young, the disabled, and Deutsche Bank, in collaboration with Frankfurt the inhabitants of island and remote areas, Goethe University. This study reviewed the condi- through their participation in information socie- tions prevailing in Greece, Ireland and Portugal: ty and e-commerce. three crisis countries that have been facing a recession for the past few years. In order to bear fruit, business plans must be The bank’s conclusion is that Greece should effectively implemented; this is hard, though, in a focus on investments in the fields of technology country with inherent problems and no collabora- and innovation, and offer incentives for the oper- tive culture. This, in turn, requires, on one hand ation of high-tech firms. And this because it has to the development, mobilization and utilization of be recognized that the major delay of Greece and human resources and, on the other hand the uti- the European South in regard to these matters, lization of cutting-edge technologies. All citizens leaves no room for further progress. must, as working people, realize that entrepre- The study points out that Greece’s national inno- neurship is everybody’s concern, since it means vation system displays many weaknesses and is innovation, efficient resource deployment, new in dire need of improvement, since, in this field, ideas and solutions, continuous improvement. Greece has been too long dependent on import- The combination of entrepreneurship, human ed technologies and expertise. It is also noted capital and new technologies is the key; it is the that the Greek state, as well as most Greek enter- only way out of the crisis and the only source of prises, have not paid too much attention to inno- optimism for the country’s future. vation in the past few years, unlike Portugal, which tried harder, and Ireland, which actually What do foreigners say about managed to attract investment in this field. This is Greek innovation? why, according to Deutsche Bank, there has been And, while a big debate is still underway in Greece no actual improvement of the Greek economy’s regarding the direction the country should follow, innovation indicators. It is telling that the R&D the infrastructures it must introduce and the rea- expenditures of both the public and the private  sons why it has to follow the international trend, sector were lower in comparison to the other two Trade with Greece Trade 76 countries. Moreover, Greece and Greek business tralize and diffuse innovation instead of concen- enterprises feature a low number of patent appli- trating it in urban centres; increase government cations. Apart from that, the study points out that and corporate expenditure in research and tech- innovation is “concentrated on a few sectors such nology; and re-orientate the Greek economy as consumer electronics, IT services and phar- towards more innovative knowledge-intensive maceuticals”, which absorb nearly 50% of corpo- sectors. rate R&D expenditure. According to the study, Greece already enjoys comparative advantages in tourism and transport, Problems with SMEs – a relative as well as in the fisheries sector, tobacco produc- strength in human resources tion, agriculture, food production, textiles, print- The study also notes that small Greek firms find it ing, chemicals and pharmaceuticals, plastics, and very difficult to finance their innovative investment metals processing; therefore, these sectors plans, especially during the current crisis. It is should provide the springboard for investing in estimated that this financing problem could be innovation. solved with the use of EU resources, but this also has not been possible, due to the very low Proposed measures absorption rate of Community funds in Greece. It The study stresses the need for growth-oriented is noted, though, that one of Greece’s relative measures, along with fiscal adjustment meas- strengths could lie in its high-quality scientific per- ures, such as: sonnel. These scientists could be a driver for eco- ● Industry-specific investment programmes for nomic growth, provided that the appropriate con- sectors from the high-technology segment, ditions are there. Moreover, although the “data on and provision of incentives for the creation of higher secondary education indicates at first innovation centres (connection of entrepre- glance that Greece’s situation is pretty good”, the neurship centres with Universities and country is lagging behind in terms of university research programmes). graduates. Greece needs to improve its institu- ● Increasing the absorption rate of EU funds that tional framework; invest in education; connect are earmarked for innovation, technology and research and education; connect university edu- research. cation with business innovation; support the for- ● Attracting strategic and smaller foreign invest- mation of entrepreneurial and innovation net- ment in sectors with high technology intensities. works; attract foreign investment in technology; ● Streamlining the framework that governs the promote alternative financing schemes such as formation of technology firms. venture capitals; improve the absorption of inno- ● Making it easier to finance innovative invest- vation- and technology-related EU funds; decen- ment plans. Trade with Greece Trade 77 The National Cadastre: A fundamental project for Greece

Despite any difficulties, the government will go ahead with the National Cadastre, and there is well-grounded hope that any problems will be dealt with, the necessary funding will be found, and the project will go ahead as planned. After all, one can’t help noticing the great work that has already been done, although there is still a long way to go.

By Panayotis Efthimiades

he financing required for the continuation The Ministry for the Environment expects to find a and completion of the project within the solution to the problem of funding cuts, estimating Tdeadlines is uncertain, while the tender that there is a reserve, which can cover more than concerning the largest part of the 28 surveys 50% of the remaining project. remaining for the completion of the programme It should be noted that there are two more  will undergo a revision. sources of financing that have not been activated Trade with Greece Trade 78 a national land register major project is scheduled to be implemented under the ‘Competitiveness, Entrepreneurship and Innovation’ programme, adopted by Commission decision on December 18 2014. The development of infrastructure and digital services for real estate property registra- tion and management forms part of the invest- ment priorities of this programme.” The Greek side has asked for €220 million that will enable the relaunching of the project, since, after the first stages of the cadastral survey, only 35% of the country has been covered. The history of the project The history of the National Cadastre begins in 1996. The then Minister of Environment, Town Planning and Public Works, Costas Laliotis, announced the launching of the national land reg- ister, pointing out that it was the largest of the large projects — and it actually is. As a matter of fact, Greece and Albania were the only European countries that did not have a national land regis- ter, which, among others, is one of the necessary tools for attracting investments. Almost 20 years later Greece is the only European country that still does not have a land registry, since Albania com- pleted its own in just three years. The project was launched in 1996 and up to this date has covered almost 28% of the country, while, based on current data, it is evident that it will not be completed by 2020. The other European countries not only have land registries, but are also members of EULIS (European Land Information Service), the website that provides access to land registers throughout Europe. This online service provides access to land and yet, although they are legally stipulated. property information for professional customers in These are the collection of €20 fee per property Europe, and is also a hub of information about dif- right in the 322 areas that were surveyed in the ferent land registration conditions in each country. first 3 stages of the cadastral survey (1995-1999), Up to now, Austria, the Netherlands, Lithuania, as well as the collection of 1‰ of the objective Ireland, Spain and Sweden are fully connected to value of the properties included in the next stages the EULIS network, and electronically transmit of the development of the Cadastre in the areas property information. where the project has already been completed. Partly connected countries include England and Wales, Scotland, Finland, FYROM, Slovakia, Corina Cretu, European Commissioner for Belgium, the Czech Republic, Estonia, Georgia, Regional Policy, expressed the support of the Iceland, Latvia, Norway, and Slovenia. European Commission to the efforts for develop- Today, national land registers transmit land and ing and completing the National Cadastre. property data to the EULIS network. Another ten “The Commission supports the development and EU member states are at various stages in regard completion of the national land register project. It to their connection to the EULIS service. is included in the priority projects list jointly estab- The EULIS service offers easy online access to lished with the Commission and the Greek official land and property information from all par- authorities have agreed to complete the project ticipating countries. Land registry organisations act by 2020. In the context of the 2014-2020 period, as suppliers and distributors of land information.  Trade with Greece Trade 79 Corina Cretu, European “ Commissioner for Regional Policy, expressed the support of the European Commission to the efforts for developing and completing the National Cadastre. ”

Registered land registry customers can search for land and property information in any connected register of EULIS by searching in the local service — there are help guides and customer service representatives for assistance. Moreover, EULIS has developed a common termi- nology and translation tool, designed to facilitate the understanding of different legal concepts related to land law in the EU. There is also ELRA, a non-profit association in accordance with the Laws in Belgium, which con- sists of 29 organisations representing the land registries of 22 EU member states. Its primary purpose is the development and understanding of the role of land registration in real property and capital markets. The National Cadastre project was launched on a pilot basis in the mid-1990s, through the assign- ment of small-scale studies all over the country. In 1995-1999, three cadastral survey projects were assigned; they were actually pilot projects, focused on the geographical dispersion of the selected municipalities, as well as on diversity, with the purpose of accumulating experience on a variety of cases (urban-rural areas, islands, mountainous areas etc.). These programmes have been completed and a land register for these areas has gradually been coming onstream since 2003. The projects realized by Ktimatologio SA (Hellenic Cadastre) as part of the Third Community Support Framework were based on a new administrative approach, heavily utilizing economies of scale and the capabilities of state- of-the-art technology. In 2007, a new programme was announced, con- cerning 106 urban Greek municipalities; it is still ongoing. In this programme, cadastral surveys were divided into two phases, with separate ten-  dering processes. The first phase of the cadastral Trade with Greece Trade 80 The mainproblem concernedtheimplementation of theMemorandum,thereare stillgreatdelays. 2020 wasoneofGreece’s commitments aspart Despite thefactthatcompleting thecadastreby The probleminGreece ● 10Greekprefectureswithextensiveruralareas ● 268suburbanmunicipalities, forwhich thenec- that hadbeenset,andconcerned: grammes, whichactuallyoutperformedthetarget announced twonewcadastralsurveypro- ects for 4,000,000propertyrights, thecompany which providedforthetenderingofcadastralproj- In 2011, inimplementation oftheMemorandum, veyed areasbytheendof2009. was successfullycompletedinregardtoallsur- survey, whichwasco-financedbytheCSFIII, (4,346,878 propertyrights). (LPIS) forarea-basedfarmsubsidies data oftheLandParcelIdentificationSystem ding co-financedCSFIIIproject,aswellthe that weredigitalized aspart ofthecorrespon- tion, whicharegoingtoutilizetherelevantdata that haveundergonere-allotmentanddistribu- CSF IIIproject(2,575,119 propertyrights). vey havebeenproducedaspart oftherelevant essary basemaps fortheentireareaundersur- ry, excluding prefecturecapitals, theregionof The 28surveysconcernthe entire Greekterrito- project The 28-survey survey fee. from thecompany’s reserveandthe cadastral lion fromthePA 2014-2020andtheremainder lion fromtheDigital ConvergenceOP),€220mil- secured fromthecurrentNSRF(almost€130mil- claimed thatpart ofthefinancingwouldbe The previouspoliticalleadershipoftheMinistry and theforestmaps. to moveforwardwithboththeNationalCadastre challenging thepreviousgovernment’s decision appealed totheCouncilofState. They are the remainderofcountry, asforestershave Also pendingarethe28surveysthatwouldcover Convergence” OperationalProgramme. cadastre with€120millionfromthe“Digital tion ofGreece’s requesttofinance the national At thesametime,Brusselsannouncedrejec- 2020. order fortheentireprojecttobecompletedby lion propertyrights, i.e.65%ofGreekterritory, in almost 0.6millionhectares, andmorethan16mil- would cover29Greekprefectures,anareaof of amajorcadastralsurveyprogrammethat  81 Trade with Greece Attica and the prefecture of Thessaloniki, where istration and consolidation of the citizens’ real the cadastral survey process is already underway property; under the previous contracts. The surveys were ● Reduces bureaucracy and makes real estate budgeted at €527 million. Six of the surveys have property transfer procedures simpler and already been awarded. faster; According to reports, though, 22 out of the 28 ten- ● Reinforces transparency and security in proper- ders will be cancelled and immediately re-ten- ty transfers; dered, at prices reduced by 12%. ● Upgrades the real estate property market and The 28 surveys that were tendered in regard to raises property values, making it possible to the surveying of 28 Greek prefectures, at a total attract significant investments; budget of €527 million, concern 16 million proper- ● Irrevocably demarcates and ensures state and ty rights, i.e. the remaining 42% of total rights, municipal property; covering almost 65% of Greek territory. ● Protects the environment more effectively. The irrevocable demarcation of forests and coastal The benefits of the National zones will constitute a major weapon against Cadastre encroachment and lawlessness; The National Cadastre introduces innovations ● Is a pivotal tool for the rational organization and that turn it into a truly fundamental project for development of the country. Greece, which produces significant benefits for the citizens, the national economy and the pro- The National Cadastre: tection of environment, since it: 1. Records all deeds that establish, transfer,  ● Proceeds to the definite and incontestable reg- change or abolish rights on properties on a real Trade with Greece Trade 82 property-centred basis. Therefore, one can that had not been included in the 2008 pro- obtain direct, easy and reliable information gramme, which covered 107 regions, as well as in about all existing rights in regard to a certain the former programmes. property. Thus, everything becomes simpler Out of the 107 regions where the collection of own- and more definite. ership declarations began on June 17, 2008, many 2. Guarantees all legal details it records, since have already moved on to the next cadastral survey every deed is registered only after its lawful- phase (e.g. suspension of cadastral data), whereas ness has been checked, meaning that no deed in several of them Cadastral Offices are already in is registered if the transferor is not the person operation (initial registrations). that the cadastre shows to be the beneficiary. The 107-region programme will survey a total 3. Records the geographical description (shape, area of 0.31 million hectares and lead to the reg- location and size) of the property. istration of 6.7 million property rights, covering 2/3 4. Unveils and systematically records the state’s of Greece’s population. real property, for the first time in modern Greek The submission of declarations by the citizens, history. which is the first step of the cadastral survey pro- 5. Records the rights emanating from usucaption, cedure, was completed in December 2008. In a which, especially in rural areas, may constitute six-month period, almost 2.8 million citizens the most usual way of ownership acquisition declared approximately 5.1 million ownership due to the informal nature of transactions. rights in these regions. In addition, 17,000 legal entities (organizations, banks, local government Starting in 2014, cadastral survey procedures are authorities, etc.) declared another 700,000 own- gradually expanded to encompass those regions ership rights. Trade with Greece Trade 83 TThhee pprreesseenntt aanndd ffuuttuurree ooff GGrreeeekk eexxppoorrttss

Two opposite trends became manifest in the data regarding Greece’s foreign trade in early 2015. More specifically, in terms of the absolute value of total exports January 2015 saw the worst performance since 2012. However, excluding petroleum products, exports hit a five-year high.

By Evi Papadosifakis

n one hand, the decrease in the value of the exclusion of petroleum products leads to a petroleum product imports and exports, substantial increase in both imports (+3.8%) and Oowing to substantially lower international exports (+8.2%), which sustained the upward prices, led to substantial drops of 16.3% and trend of the past 4 months.  12.8% respectively. On the other hand, though, More specifically, according to an analysis by the Trade with Greece Trade 84 “ The European Commission, in its revised forecasts for the year 2015, estimates that the income from Greek exports of goods and services will increase this year by 5.6% ”

lion in 2014. It should be noted that the total value of exports to EU countries increased by 8.6% last January, while this increase is even larger (13.3%) when petroleum products are excluded. In contrast, any pressure on the country’s foreign trade originated from non-EU countries, with the total value of exports to Third Countries falling by 31.3%, as a result of the decrease in fuel exports. Excluding petroleum products, this drop is only marginal (1.3%). As a result, Greek exports to EU countries as a percentage of the total rose to 57.5%. Excluding petroleum products, this percentage jumps to 68.8%. The recovery of olive oil The preliminary estimates paint a mixed picture in regard to the growth of exports per type of prod- uct. The explosion of olive oil exports (301.3%) fol- lowing the recovery of output levels, definitely stands out, followed by the increase in the exports of confidential items (46.8%), machinery (38.1%) Panhellenic Exporters Association and the Export and the goods of the alcoholic beverages and Research Centre (KEEM), the provisional data by tobacco category (18.9%). The sustained increase the Hellenic Statistical Authority (ELSTAT) for the of industrial product exports (4.4%) is also remark- month of January 2015 point to a 12.8% decrease able. In contrast, there was a decrease in the in the value of exports, to €1.8 billion (from €2.17 exports of miscellaneous manufactured articles billion in January 2014). Nonetheless, when (3.9%), foods (4.6%), raw materials (5.9%), and petroleum products are excluded, this decrease chemicals (12.3%), while the worst performer was turns into an emphatic increase of 8.2%, the the fuel category (43.5%). fourth consecutive such monthly increase since September 2014. Developments by region and It is worth noting that the European Commission, country in its revised forecasts for the year 2015, esti- The 1.5% year-on-year drop of exports in 2014, to mates that the income from Greek exports of €26,600.2 million from €27,316 million in 2013, is goods and services will increase this year by the result of fluctuations in the volume of exports, 5.6% (following a 8% increase in 2014). This per- which tended to increase in regard to the coun- centage reflects a predicted increase of 2-3% in tries of the EU-27 and decrease in regard to Third the value of the exports of Greek goods during Countries.  this year, namely to €24.4 billion, from €23.64 bil- More specifically, the marginal 0.6% increase Trade with Greece Trade 85 (from €7,943 million to €7,989.8 million) of exports, 3 registered increases, while the remain- imports to the EU-15, which absorbed 29.7% of ing 3 registered decreases during 2014. More total exports for the year under review, is also specifically, in terms of export volume Belgium reflected on the mixed trends of exports towards registered a substantial increase of 5.4% (from the 6 top buyers of Greek products in the region. €295.2 million to €311.2 million), Austria saw a In particular, in terms of volume, exports to Italy steep drop of 14.5% (from €205 million to €175.2 increased by 1.2 % (from €2,440.2 million to million), Finland increased by a hefty 13.2% (from €2,469.8 million), while exports to Germany reg- €145.4 million to €164.6 million), and Sweden fell istered a marginal drop of 0.6% (from €1.771 mil- by 8.5% (from €172.1 million to €157.5 million). lion to €1,761 million) and exports to the United Exports to Portugal rose by 5.5% (from €119.2 Kingdom also fell by 1.9% (from €984.7 million to million to €125.8 million), while exports to €965.5 million). Exports to Spain registered a Denmark shrank by a dramatic 23% (from €127.7 15.8% increase (from €576 million to €666.8 mil- million to €98.2 million). lion), exports to France remained more or less Finally, the two EU-15 destinations which account level (from €641.1 million to €641 million), while for the lowest volume of exports show contrasting there was a 2.5% drop in the exports to the trends, with Ireland showing a 8% decrease (from Netherlands, the 6th largest market in terms of €36.2 million to €33.3 million), while Luxembourg volume (from €425.4 million to €414.9 million). showed an increase of 33.8% (from €3.5 million Among the other 6 major destinations of Greek to €4.6 million).  Trade with Greece Trade 86 In regardtothe remainingcountries,exports to (from €90.8millionto€102.6 million). lion to€126.6million)and Hungaryby13% €188.4 million),toMalta by46%(from€86.7 mil- Republic roseby28.6%(from €146.5millionto €323.3 million),whileexports totheCzech increased by12.1%(from€288.5millionto region. Morespecifically, exports toPoland other 4mainbuyersofGreekproducts inthis also animprovementintheexports towardsthe €1,122.4 millionto€1,231.8million. There was exports tothisregion,increasedby9.8%,from enlargement countries,asitabsorbs56.6%of Cyprus remainsthemainexportmarketamong €2,020.7 millionin2013. value ofexports, to€2,177.6millionfrom been asubstantial 7.8%increaseinthetotal 8.1% ofGreekexports, areconcerned,therehas As farasenlargementcountries,whichabsorb increase isdue totheincreaseofdispatches to of total exports (0.7%in2014). This meagre although theystillaccountfor averysmallshare by 3%(from€183.2million to €188.6million), Greek exports to“otherdevelopedcountries” rose €130.5 million. suit, increasingby9.5%,from€119.1 millionto €127 million),whileexports toMexicofollowed by asubstantial 43.4%(from€88.6millionto by 12.1%year-on-year. Exports toCanadarose fell to€821.2millionfrom€934.2million,reduced market ofthisregion,i.e.theUnitedStates, which to thesubstantial dropindispatches tothemain (from €1,141.8millionto€1,078.7million)isdue The 5.5%decreaseinexports toNorth America lion to€60.9million). exports toSlovakiafellby-3.8%(from€63.3mil- drop (from€168.1millionto€93.6million),while Slovenia stand outfortheirsubstantial 44.3%  87 Trade with Greece Australia by 8.3% (from €121.3 million to €131.4 decreases in the exports to Switzerland (by 3.4%, million), which overcompensated for the 2.2% to €111 million from €115.6 million) and Norway (by decrease in exports to Japan (from €45.7 million 14.4%, from €38 million to €44.4 million), while to €44.7 million) and the 22.3% decrease in exports to Iceland continue to have a very limited exports to New Zealand (from €16.2 million to impact, as they amount to a mere €1.9 million. €12.6 million). The marginal 0.8% drop of exports to the Balkans The 1.8% increase (to €3,367 million from €3,112 (from €3,625.5 million to €3,654 million), which million) in exports to “other OECD countries” is account for 13.5% of total Greek exports, resulted due to the sustained growth (2.2% as compared from the variability of exports to the top four buy- to 2013) of exports to Turkey (to €3,277.4 million ers of Greek products in the region. More specifi-  from €3,207.9 million). In contrast, there were cally, exports to Bulgaria fell by 4.1% (from Trade with Greece Trade 88 “ Greek exports to EU countries as a percentage of the total rose to 57.5%. Excluding petroleum products, this percentage jumps to 68.8%. ” 29.4%, to €70.1 million from €54.2 million), to Kosovo (down by 55.3%, to €77.4 million from €34.6 million) and to Bosnia & Herzegovina (down by 7.2%, to €72.4 million from €78 million). As far as the Commonwealth of Independent States (CIS) is concerned, Greek exports were slightly reduced by 1.3% (from €842.8 million to €831.5 million). Thus reduction resulted from the contraction of exports to the number-one buyer of Greek products in the region, i.e. Russia (by 12.1%, from €406 million to €356.9 million), as well as exports to Georgia (by 14.8%, from €153.4 million to €130.7 million) that, in absolute terms, more than offset the substantial growth of exports to Moldova, which were almost doubled (from €45.9 million to €90.3 million) and the tripling of exports to Azerbaijan (from €8.5 million to €24.2 million). Finally, exports to Ukraine, the second-largest buyer of Greek products in the region, remained effectively stagnant at €188.7 million, while the fluctuations of exports to the other countries of the Commonwealth of Independent States, which account for very low volumes, have no material effect on Greece’s export performance in the region under review. In 2014, exports to the region of North Africa & the Middle East registered a slight decrease (1.6%), from €3,807.1 million to €3,747.9 million. This out- come is due to many major fluctuations in the export data concerning this region. €1,396.4 million to €1,339.4 million), and exports The most remarkable export performance con- to the FYROM fell by-5% (from €744.5 million to cerns Saudi Arabia, where exports almost dou- €707.2 million), while exports to Romania rose by bled (from €403.5 million to €785.2 million), mak- 4.7% (from €629.2 million to €601.1 million) and ing this country the number-one buyer of Greek exports to Albania rose by 19.8% (from €343.3 products in the region, as well as Tunisia (up from million to €411.5 million). €78.2 million to €272.1 million, or 248%). There Exports to Serbia and Montenegro remained have also been major increases in the exports to almost unchanged (from €197.4 million to €198.9 Egypt (by 27.3%, from €593.5 million to €755.6 million, and from €161.7 million to €162.3 million, million), the second largest buyer of Greek prod- respectively), while there were remarkable ucts in the region, as well as to Lebanon (by  changes in the value of exports to Croatia (up by 23.2%, from €497.7 million to €613.4 million). Trade with Greece Trade 89 In contrast, the largest decrease in the volume of growth of exports to Iraq (to €37.1 million from exports concerns Libya, which in 2013 was the €24 million). main destination of Greek exports in the wider As far as the low-value exports to African coun- region with €745.8 million, but in 2014 exports fell tries are concerned, their increase by 19.9% (to to €272.1 million, reduced by 70%. There has €156.38 million from €130.8 million) resulted from also been a major contraction of exports to Israel the growth of exports to the three main buyers of (-48.5%, to €203.6 million from €395.4 million), Greek products in the region under review, name- Algeria (-20%, to €282.1 million from €352.5 mil- ly Nigeria (up by 23.6%, from €60.7 million to €75 lion), and Morocco (-71%, to €54.8 million from million), the Republic of South Africa (up by 10%, €190.3 million). from €40.1 million to €44 million), and Ghana (up In regard to the other countries of North Africa & by 35%, from €11.7 million to €15.8 million). the Middle East, it is worth highlighting the reduc- The substantial (34.1%) growth of exports to SE tion of exports to the United Arab Emirates (to Asia (from €584.5 million to €783.8 million) is the €359.1 million from €375.1 million, or down by result of major increases in the exports to Singapore, 4.3%), the more-than-doubling of exports to Qatar the main buyer of Greek products in the region (from (to €54.9 million from €24.2 million) and the  €210.5 million to €264.4 million, or 25.6%), as well as Trade with Greece Trade 90 Panama (to €18.5 million from €7.6 million). Exports to China fell by a steep 33.4%, to €278.5 “ The 1.5% year-on-year million from €418 million, while exports to India registered an increase (of 18%), to €55 million drop of exports in 2014, to from €46.6 million. €26,600.2 million from Performance by main product €27,316 million in 2013, is categories the result of fluctuations in Based on provisional data for the year 2014, exports fell in four out of five main product cate- the volume of exports. gories, the only exception being the exports of “industrial products”, which account for 38.4% of ” total Greek exports and increased by 4.1% (to South Korea (from €199.7 million to €281.1 million, or €10,342.9 million from €9,932.7 million). 40.8%), Indonesia (from €61.1 million to €100.5 mil- The decreases in the exports of the other four lion, or 64.6%), and Taiwan (from €15.5 million to main product categories are as follows: “agricul- €42.2 million, or 171%). tural products” were down by 3.8% (to €4,590 mil- The chronically low-value exports to the region of lion from €4,769.7 million), “raw materials” by Latin America suffered a huge drop of 47.3% (to 8.9% (to €1,031.7 million from €1,132.1 million), €79.6 million from €150.9 million), which is due to the “fuels” by 4.9% (to €10,363 million from dramatic contraction of exports to Brazil (to €39.7 mil- €10,891.4 million), and “commodities and trans- lion from €123.6 million). On the other hand, it is actions not classified by category” were down by  worth noting the substantial increase of exports to 3% (to €572.6 million from €590 million). Trade with Greece Trade 91 VALUE LAST VALUE THIS CHANGE PRODUCT CATEGORIES YEAR (mn €)* YEAR (mn €)* (%) FOOD AND LIVE ANIMALS 287.0 273.9 -4.6% BEVERAGES & TOBACCO 30.1 35.8 18.9% RAW MATERIALS 100.1 94.2 -5.9% PETROLEUM PRODUCTS-FUELS 862.8 487.2 -43.5% OILS 23.2 93.1 301.3% CHEMICALS 214.9 188.5 -12.3% More specifically, in regard to agricultural prod- MANUFACTURED PRODUCTS 291.1 303.8 4.4% ucts, the 3.8% decrease, to €4,590 million from MACHINERY 144.7 199.8 38.1% €4,769.7 million, is due to the steep 45.2% MISCELLANEOUS MANUFACTURED decrease in the exports of the “animal and veg- 136.9 131.5 -3.9% ARTICLES etable oils and fats” sub-category (to €316.5 mil- lion from €577.6 million), which more than offset CONFIDENTIAL ITEMS 38.0 55.8 46.8% the 2.3% growth in the exports of the most impor- tant sub-category, that of “food and live animals”, which account for 76% of agricultural goods the largest volume of imports (17.6% of the total) exports and 13.7% of total Greek exports, and and increased by 18.7% (to €8,248 million from their value rose to €3,689.5 million from €3,607.9 €6,951.5 million). The imports of “chemicals and million. Finally, in 2014 there was no year-on-year related products (n.c.e.)” increased by a marginal change in the exports of the “beverages & tobac- 0.4% (to €6,485.3 million from €6,460.8 million), co” sub-category, which remained unchanged at those of “manufactured goods classified chiefly by €584 million. raw material” rose by 3.2% (to €4,657.3 million from There was an increase in the exports of industrial €4,513.9 million) and the imports of “miscellaneous products (4.1%), whose value rose to €10,342.9 manufactured articles” registered a 9% increase (to million from €9,932.7 million in 2013. The most €4,356.8 million from €3,998.1 million). important —in terms of export volume— subcate- Fuel imports sustained a substantial 6.4% drop in gory is “manufactured goods classified chiefly by 2014, to €16,080.7 million from €17,188.5 million, raw material”, whose exports increased by 1.1% (to while their share in total exports fell to 34.4% from €3,721.6 million from €3,679.7 million), while there 37.3% in the previous year. were also increases in the exports of the “chemicals Agricultural product imports were reduced by and related products (n.c.e.)” (by 3.1%, to €2,645.3 1.3%. This reduction is the result of the drop in million from €2,566.7 million), “machinery and the imports of the most important agricultural transport equipment” (by 12.4%, to €2,246.1 million product sub-category, i.e. “food and live animals”, from €1,998.8 million) and “miscellaneous manu- by 1.3% (to €5,762.8 million from €5,837 million). factured articles” (by 2.5% to €1,729.9 million from The imports of the beverages and tobacco” sub- €1,687.5 million) sub-categories. category decreased by 2.6% (to €483.2 million In regard to imports, their growth by 1.4%, to from €496.1 million), while those of the “Animal €46,764.6 million in 2014 from €46,138.6 million and vegetable oils and fats” sub-category in 2013, is mainly due to the increase in the increased by 1.2% (to €269.7 million from €266.5 imports of industrial products, which accounted million). for 50.8% of total Greek imports in 2014, and There has been a reduction (1.6%) in the imports remain the main product category. This increase of “raw materials”, which fell to €1,157.5 million stood at 8.3%, to €23,747.4 million from from €1,176 million, while their share in total €21,924.3 million. Greek imports remained at 2.5% during 2014. The imports of all industrial product sub-categories Finally, the very low-value imports of the “com- show upward trends, the most important being the modities and transactions not classified by cate- growth in the exports of the “machinery and trans- gory” category rose by 24.4%, to €16.1 million port equipment” sub-category, which accounts for from €12.9 million. Trade with Greece Trade 92 A a T o B A Project”, whichisco-fundedbynationalandEU Municipality of Athens, apart of“The Athens ities oftheEntrepreneurshipNetwork Commerce andIndustryinthecontextofactiv- The projectisrealizedbythe Athens Chamberof THEA, until31.12.2015. startup companies arecurrentlybeinghostedin ted, concerning50businessventures. Thirty four 30th. Overall,143businessideasweresubmit- for entering THEA wascompletedonNovember July 16,2014andthesubmissionofapplications openingceremonywasheldon The Incubator’s talent ofyoung people. private enterprise,byutilizingtheknowledgeand by joiningforces,mobilizingandencouraging opportunities. And thisaimcanonlyberealized becoming onceagainaplaceofgrowthand because itishightime Athens wererevived, employment inGreece.Ontheotherhand, is amainprerequisiteforenhancinggrowthand because supportinginnovativeentrepreneurship and thecountry’s humanresources;on onehand, helping reinforcethelinksbetweenmarket t h h n f e

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93 Trade with Greece Business Ideas Hosted by THEA

zines containing practical advice for producers and consumers.

Technologies for the Development, Analysis and Evaluation of Radio Communication Technologies and Mobile Telephony Networks The technologies for the Development, Analysis and Evaluation of Radio Communication Technologies and Mobile Telephony Networks focus on the design and realisation of an open hardware-software platform, used for analysing and developing experimental mobile communica- tions systems. The platform under development is based on the software defined radio (SDR) technol- ogy, which enables the operation of a transceiver on all levels, exclusively through the use of software combined with general purpose hardware.

StompDaddy StompDaddy aspires to fill the void in the market for analogue sound processors for musical instru- ments. providing users with cutting edge digital usability and flexibility, and fully preserving the instruments’ classical analogue sound.

GNSSover5G This business team aims at developing an inno- vative wireless infrastructure network. This new network will result from the integration of the tech- nologies included in Global Navigation Satellite Systems (GNSS: GPS, GALILEO, GLONASS, FRIENDLY CRASH BEIDU) with mobile telecommunications tech- Friendly Crash is a groundbreaking mobile applica- nologies (existing 3G and 4G and the forthcoming tion, available for Android and iOS devices. In a nut- 5G), thus achieving the maximum utilization of shell, Friendly Crash is an “electronic accident the capabilities of these diverse technologies. report form”, as it enables the parties involved in a The operation of this network will make it possible traffic accident to record the requisite evidence and to develop value added services for both com- submit them online to their respective insurance mercial and academic purposes, which cannot be companies via a smartphone. supported by each individual technology.

A digital newsstand for every Online intermediation services for professional agricultural exports An online knowledge broker, providing business This company will provide intermediation services information that has been evaluated by multiple concerning the export of substantial quantities of sources, and supporting the consumers’ choices. It Greek agricultural products to major markets, ini- is a sort of Decision Support System for the gener- tially in Europe, and then in the rest of the world. al public. The plans provide for the development of The proposal focuses on the development of an a digital platform that will host e-documents in the Integrated Information System for the Support of form of thematic journals, such as business Intermediation Procedures in regard to guides, technical manuals for knowledge dissem- Agricultural Products, which will be based on a ination, evaluated excellence lists and e-maga- method enabling individuals, businesses and/or  Trade with Greece Trade 94 groups thereof, to buy and sell agricultural prod- Geomiso efficiently designs and analyses (high ucts directly from each other, in real time and at degree of accuracy, low computing cost) civil, minimum risk. mechanical, and aerospace engineer carriers, no matter how complex their geometry is. Integrated monitoring and data mining system for the optimisation of apicultural production StreamOwl This idea concerns the creation of an integrated StreamOwl offers solutions and products for eval- system for the remote recording, processing and uating and monitoring the quality of TV content projection of the parameters that affect the bee- transmission services, e.g. IPTV, Over-the-Top, hive, with the aim of optimizing apicultural pro- and mobile video streaming. StreamOwl covers duction. The system will make it possible to mon- the entire spectrum of video transmission via net- itor basic beehive parameters, such as meteoro- works, and is addressed to Internet Service logical conditions and the hive’s weight, as well Providers and network administrators, Content as to record the sounds made by the bee swarm, Delivery Networks, as well as content administra- as an indication of its activity. The data will be col- tors who wish to evaluate the quality of end-user lected through the appropriate array of sensors video feeds. and electronics, while a GPS system will record the hive’s exact position. Yallou (yLab) Yallou is a new tourist platform, aimed at promot- Geomiso software ing the local wealth of each region, through the GiGA Team comprises researcher-engineers from multilevel promotion of Greece. Yallou is based the National Technical University of Athens, spe- on the diversity of local communities and their cialized in computer engineering and geometry, people. with the aim of converting existing hi-tech and Yallou visitors have access to content that is con- innovative design and analysis software into a tinuously enriched and updated with data and commercially available product) under the theme material on various areas and destinations GeomIso brand name), explicitly focused on the within Greece, in a manner specific to them. The global CAD/CAE market. Geomiso —the product platform’s interactivity enables its members to of four years of team research— is the first Greek share, easily and directly, travel experiences, IGA programme and one of the first in the world. suggestions and advice.  Trade with Greece Trade 95 96 Trade with Greece tenance, isfully automatedandits designguaran- Biomass Boilerdoesnotrequire anykindofmain- In contrasttotheotherboilers ofthemarket, is inneedofmaintenance. performance,untilitceasestooperateand er’s which leadstothegradualreduction oftheboil- corn, pomacewoodetc.atthe combustionpoint, combustion ofsolidfuelsuchaspellet,kernel, able inthemarketisresiduecreatedfrom One ofthemaindrawbacksboilersavail- Solid fuelboiler fast marketingtimes. high qualityandperformancewithlowcosts and sector withcustom-madesolutionsthatcombine Akronic aimsatprovidingthemicro-electronics smart sensorsandthe“Internetof Things”. products. Itfocuseson:wirelesstransceivers, circuits and other similarintellectualproperty signal andhigh-frequencyintegratedelectronic services relatedtothedesignofanalogue,mixed- ating inthesemiconductorindustryandoffers export-oriented startup company. Akronic isoper- Akronic isan Athens-based andexclusively Services andrelativeIP cores Analogue, Mixed-Signal&RFICDesign The purposeof thiscompany istocreateaninno- TOURISM CODE almost monopolisticposition. market, andboosttheirprofitability byenjoying an increase theirsharesinthedomestic andglobal cultural productprocessing companies— The aimistohelpclients —smallandlargeagri- that thisinnovationiscommerciallysustainable. are industriallydesignedandproduced,ensuring and internationalcuisine,thisisthefirsttimethey Although theseproducts arewidelyusedinGreek ucts, havealreadybeencreatedandpatented. fruit-juice sauces,thatusetraditionalfarmprod- Two seriesofproducts, fruit-juicevinaigrettesand the aimofincreasingclients’ profitability. promote theproductionofinnovativefoods,with This isaservicescompany, whose purposeisto innovative foods Industrial designandexploitation of handed. well asfortheuser, whocaneventouchitbare- Therefore itismoresafeforits surroundings,as and requiringnoinsulation. tees zerothermalloss,leadingtohigherefficiency 

The new energy policy

Strong public energy companies that play a central role in the new development policy - this is the motto of the new leadership of the Ministry of Productive Reconstruction, Environment and Energy.

By Christos Colonas

he Minister, Panagiotis Lafazanis, has In regard to energy company privatizations, a new heralded the end of energy company pri- draft law will cancel the plans for the privatization Tvatizations, with the exception of DESFA, of the Public Power Corporation (PPC), which whose fate is going to be determined by the gov- provided for the creation of a “small PPC” and the ernment after a final decision has been reached acquisition of a 17% stake in the parent compa- by the European Commission. ny’s equity by a strategic investor. In addition, the Minister stresses that Greece will The government will do the same with the comply with all the obligations that derive from Independent Power Transmission Operator European legislation in the field of energy and (IPTO), by cancelling the ongoing tender for the mineral resources. sale of a 66% stake, while it will also rule out any In the forthcoming months, the leadership of the possibility for the sale of the Public Gas Ministry of Productive Reconstruction is expected Corporation (DEPA). to present its policies in the fields of energy, In the case of Hellenic Petroleum, Mr. Lafazanis  industry and mineral resources. has stated that nothing is going to change, and Trade with Greece Trade 102 Moreover, one of the priorities of the Ministry of Productive Reconstruction is to reduce electricity prices. According to recent statements by the Minister of Productive Reconstruction, Environment and Energy, “there is room for reducing power pro- duction costs by 20% to 40%.” Mr. Lafazanis effectively announced the reduction of electricity prices for both households and busi- nesses, pointing out, though, that “part of the reduction in production costs will pass to end-con- sumers”; and this because, as he said, “for the time being we cannot reduce the tax on electricity”. As far as the “room” for reducing production costs is concerned, ministerial circles pointed to the example of the recent changes in the mechanism used for supporting flexible power stations, as well as the reductions in fuel (oil and natural gas) prices. In regard to the position of the new government on private electricity generating units, the Minister stated that: “Large units have their own role to play, within a specific context. Our own role is not to be biased in favour of private interests. What we will support, though”, he added, “is the public role of the PPC in regard to the productive recon- struction of the economy.” In addition, Mr. Lafazanis announced changes in the institutional framework that governs the oper- ation and responsibilities of the Regulatory Authority for Energy (RAE), stressing that these changes will “be within the limits specified by European regulations. The main policy will be implemented by the Ministry,” he said. The leadership of the Ministry is also sending the message that, as part of the liberalisation of the electricity market, it intends to comply with European directives and regulations. However, it has not yet officially stated what kind of policy it will pursue in regard to the EU’s demands regard- ing the private generators’ access to lignite reserves (the European Court of Justice has also has already initiated the procedure for the return ruled on the issue). Until now, this has been a pre- of a 35% stake that had been transferred to the rogative of the PPC. The scenarios, according to Hellenic Republic Asset Development Fund which the leadership of the MinPREE was con- (HRADF) in order to be sold. sidering to tender lignite reserves in Elassona In regard to DESFA (Hellenic Gas Transmission and Drama, were belied. System Operator), the Minister is waiting for the European Commission’s decision regarding the In the field of international energy policy and inter- sale of a 66% stake to Socar, with which an national pipelines in particular, the leadership of agreement has already been signed. According to the Ministry has stated that the government will certain sources, it is very likely that the Ministry develop a multi-level and multidimensional ener- will accept the decision of the European gy strategy of multiple relations and partnerships Commission, in case the latter gives the go- will all countries, solely focused on maximizing ahead for the sale of the stake to the state gas national benefits and serving national and public  utility of Azerbaijan. interests. Trade with Greece Trade 103 The government is also in favour of the TAP natural issues concerning the region, the Southern Gas gas pipeline, albeit demanding additional offsetting Corridor and, more specifically, the Trans Adriatic benefits. Pipeline (TAP). Mr. Lafazanis underlined that the The Minister visited Azerbaijan on February 12, Greek Government is fully in support of the TAP and participated in the works of the first meeting project and is prepared to work for its earliest pos- of the Advisory Council of the Southern Gas sible construction. Corridor, accompanied by the CEO of DEPA, He was also welcomed at the Presidential Palace Spyros Paleoyannis and Greece’s Ambassador in by the President of Azerbaijan, Ilham Aliyev, with Baku, Dimitris Tsoungas. whom he discussed the broader context of coop- In his speech, delivered at the plenary of the eration between the two countries, expressed the  Council, the Minister referred to energy-related mutual belief in good relations between them and Trade with Greece Trade 104 In the forthcoming months, the leadership of the “ Ministry of Productive Reconstruction is expected to present its policies in the fields of energy, industry and mineral resources. ” the need for their further development, which will support of the two countries for a fast completion be of particular importance not only for these two of the Gas Interconnector Greece-Bulgaria (IGB) nations, but for the wider region as well. project, and also stressing the need to further During the Council, Mr. Lafazanis also met with examine any further steps in regard to this project other ministers, as well as senior officials. in the near future. He met with the Vice President of the European Also, in a meeting between Mr. Lafazanis and the Commission, Maros Sefcovic, with whom he dis- Energy Minister of Azerbaijan Natiq Aliyev, the two cussed southeast European energy matters, men reaffirmed their interest in using the TAP proj- including the TAP project. ect as a springboard for the development of rela- He also met with Amos J. Hochstein, Acting tions between the two countries. Mr. Lafazanis Special Envoy and Coordinator for International stressed that there must be certain offsetting ben- Energy Affairs of the US Department of State, and efits for Greece from the realization of the TAP discussed regional energy issues, emphasizing project, which would be fair for the country and on the Southern Corridor and the TAP. beneficial for the pipeline and all parties involved. In addition, the Minister of Productive This issue was also raised by Mr. Lafazanis dur- Reconstruction met with Bulgaria’s Energy ing his meeting with the TAP CEO Ian Bradshaw. Minister, Temenuzhka Petkova, reaffirming the The request of the Greek side was carefully con-  Trade with Greece Trade 105 sidered by both its interlocutors. laboration and mutual economic growth between Finally, the Minister of Productive Reconstruction countries and peoples, and contribute to the met with BP’s regional President for Turkey- security and efficiency of energy supply through Azerbaijan-Georgia, Gordon Birrell; BP is the better terms and lower costs. main supplier of the pipeline from the Shah Deniz “But these energy interconnections should not reserve and a majority shareholder in both the emerge as the outcome of hegemonic pressures TANAP and the TAP. Mr. Lafazanis presented Mr. and coercion, nor should they hide dependencies; Birrell with the Greek side’s request for offsetting instead they should be developed on an equitable benefits from the TAP project. Mr. Birrell said that basis and on the basis of mutual benefit. he is open to proposals for offsetting benefits for “Greece, through our government, wishes to Greece and stressed that he is ready to discuss develop multidimensional and multifaceted ener- the relevant Greek proposals. gy interconnections and international energy rela- Moreover, in a speech at the EU Energy Council, tions, which will expand, without obsessions and the Minister of Productive Reconstruction, obstacles, to many different directions. Environment & Energy announced the govern- “Europe will reap huge gains if it does not place ment’s intention to promote the energy intercon- any obstacles and if it helps Greece towards this nection of the Aegean islands, as well as the direction. energy interconnection between Cyprus-Crete- “Greece, a country full of islands, at the European mainland Greece. He also requested increased periphery and, in particular, a neuralgic geopoliti- funds. In his speech, Mr. Lafazanis said: “Highly cal area that borders with various hot zones, is, in advanced energy interconnections with grids, comparison to other countries, in much greater  pipelines and transport routes can enhance col- need of European support in the field of energy Trade with Greece Trade 106 and energy grids, and more specifically, of Meanwhile, in the field of hydrocarbon explo- European funding, which is absolutely inade- ration, the first tender for three onshore conces- quate. sion blocks in Western Greece attracted only “For obvious reasons, we consider the Cyprus- Greek interest. Crete-Greek mainland grid energy interconnec- Two Greek oil companies made bids as part of tion to be a project of absolutely necessity and the Hydrocarbon Exploration and Exploitation strategic importance, which should be included in tender. the projects of common European interest and These companies are Hellenic Petroleum and also receive generous funding. Energean Oil & Gas, which took part in the inter- “In the same vein, we also believe that the national tender of the Ministry of Productive European support to the energy interconnection Reconstruction, Environment and Energy, while of the Aegean islands is fair and justifiable, aimed no foreign company showed up — not even Italy’s at further boosting electricity from wind power and Enel, which almost one and a half year ago had drastically reducing gas emissions. triggered the process by asking for all three con- “Let me also note that the European funds allocat- cession blocks. ed to energy production are inadequate and unfair- According to the statements of the Ministry and ly distributed, while the financing facilities benefit the companies, ELPE made bids for the “Arta- only those countries and companies that have Preveza” and “Northwest Peloponnese” blocks, access to cheap lending. If no steps are taken to while Energean Oil & Gas also bid for “Arta- remedy this situation, a series of economically Preveza”, as well as for “Aetoloakarnania”. weaker countries may become energy-dependent Obviously, the foreign firms’ failure to express any  from rich nations and large corporations.” interest is the result of the steep drop in interna- Trade with Greece Trade 107 The leadership of the Ministry is also sending the message “ that, as part of the liberalisation of the electricity market, it intends to comply with European directives and regulations. ” tional oil prices, which meant that such invest- The Ministry has stated that: “All bids will be ments are not profitable. judged in accordance with the provisions of Law It has to be noted that Hellenic Petroleum has 2289/1995 and Greek Law, and under the lens of already won the previous tender for the Gulf of continuous, thorough, efficient and safe exploita- Patras block; the joint venture responsible for this tion for Oil and Natural Gas in Greek territory and area also includes Italy’s Enel and Ireland’s the exploitation of these resources, albeit seri- Petroceltic. The JV has already commenced ously taking environmental issues into account . exploration operations. “Bidders that fulfil all technical and financial criteria Energean Oil & Gas, whose shareholders include will be invited to participate in competitive negotia- “Third Point”, a $12 billion US investment fund, has tions for the concession blocks. The negotiations will been granted the “Ioannina” and “Katakolo” blocks. be held on the basis of the competitive data and the Remember that this is also company that manages evaluation will be completed within three months. the Prinos field. According to its CEO, Mathios “The Ministry of Productive Reconstruction, Rigas, the company has invested more than €180 Environment and Energy will sign separate million for reviving the production of the Prinos oil agreements for each concession block, in accor- field at Kavala: €90 million in the local economy and dance with the specifications of the international almost €100 million paid to the Greek state. tender.” Trade with Greece Trade 108

Greek Tourism: the outstanding year 2014

The year 2014 can undoubtedly be described as a landmark for Greek tourism, since foreign visitors, as well as tourist revenues reached their highest levels ever.

By Leonidas Tsaoulas

ndeed, foreign tourist arrivals are estimated the greatest increase, rising by 27% to 1.46 mil- at approximately 22 million, to which another lion. Moreover, arrivals from the UK increased by I (estimated) 2 million cruise visitors are 13.2% to more than 2 million, while arrivals from added, bringing the total to 24 million. It is worth Germany increased by 8.5%, reaching a spectac- noting that, in the previous year, total foreign ular 2.46 million.  tourist arrivals stood at 20.1 million. Among major According to Bank of Greece data, the country’s tourist markets, arrivals from France registered tourist revenues increased by 10.6% to €13.44 Trade with Greece Trade 110 billion, as compared to €12.15 billion in 2013, with increased by €1.29 billion, whereas the expendi- Germany accounting for the largest amount in ture of Greek tourists abroad increased by only absolute terms, i.e. €2 billion, and France show- €239 million, although the average expenditure ing the largest increase, by 25%. per trip fell by 9.4%. It should be noted that net In 2014, the travel balance of payments regis- inflows from travel services accounted for 57.4% tered a €11.37 billion surplus, as compared to a of net service revenues, and covered 63.7% of  €10.3 billion surplus in 2013, increased by 10.2%. Greece’s trade deficit. This resulted from the fact that tourist receipts These developments are part of the overall Trade with Greece Trade 111 improvement of key fundamentals during 2014, and signal the return of the Greek economy to positive growth rates, following six years of inces- sant and deep recession, which caused a cumu- lative contraction of GDP by more than 25%. The latest available quarterly data show that the recession started to subside since the 1st quarter of 2014, and, as a result, the year as a whole saw positive growth of 0.8%, for the first time since 2007. The main drivers of this development were the growth in the exports of goods and services (shipping and tourism) and the increase in private consumption. Moreover, despite the fact that the unemployment rate remains high and is the high- est in the EU, total employment improved by 0.3% and dependent employment improved by 2.3%, while the number of the unemployed fell by 3.3% for the first time since 2008. This is undoubtedly an auspicious development, in which the tourism services sector of the Greek economy played a major part. Based on a study by the Association of Greek Tourist Enterprises, the overall contribution of tourism to the Greek economy in 2014 is esti- mated at 20.9-25.1%, taking, of course, into account the multiplier effects of tourist activity. In other words, this contribution stood at €37-45 bil- lion, while the direct contribution of tourism to the country’s GDP stood at €17 billion. According to the same study, this figure consists of incoming tourist expenditures of €13.2 billion; cruise pas- senger expenditures of €468 million; cruise com- pany expenditures of €227 million; sea transport expenditures of €1.18 million; domestic tourism expenditures of €1.58 billion; and an investment expenditure of €200 million. More specifically, in the case of 3 island regions (Crete, South Aegean, Ionian Sea), tourism directly accounted for almost half of their GDP! According to other research concerning the inter- dependence of tourism with other industries, it is estimated that tourist consumption affects 60% of all economic sectors, while the value of the tourism multiplier stands at 2.18. Plainly speak- ing, this means that every €1 consumed in tourism generates more-than-double secondary consumption in other sectors of the economy. Indeed, in periods of recession or weak growth and high unemployment, as the one currently experienced by the Greek economy, apart from the rational reform of chronic distortions and the systematic restructuring of the country’s produc- tive fabric that will enable its adaptation to the new conditions —which will anyway take too long to bear fruit— first priority should also be given to measures and policies that offer quick solutions,  Trade with Greece Trade 112 entire journey. The data providedviatheservice will increase safety andcomfortlevelsthroughout the pose oftheserviceistocreate anetworkthatwill clubs, portpoliceauthoritiesor marinas. The pur- among others,yachtoperation offices, nautical well aswithothervessels. These stations maybe, sel withcoastal monitoringandservicestations, as This serviceenablestheinterconnectionofves- navigation Integrated systemforsupportingsafeyacht first tourism-relatedmodeofsocialnetworking. questions andgiveanswers,participating inthe and feedback,addpoints oftouristinterest,make ences, uploadinformation,photographs,videos, Finally, userswillbeabletosharetheirexperi- of interest. general areathattheyvisitandthespecificpoints tourist package, aswelltobeguidedinboththe tourism; theywillalsobeabletocreatetheirown tourist interest,andselectdifferent kindsof will beabletodrawinformationofhigh Users kind ofdevice(website,tablet orsmartphone). means oftourism-relatedsocialnetworking,viaany tourism information-services,guidedtoursanda vative product,whichwillhelpuserscombine since itwillbe offering uninterrupted andcumula- and fundraising tool.Itrevolutionizesthe field, under its umbrella,operatingasapromotional which istoattractasmanycharities aspossible GiviningBox isacharityportal, thepurpose of GIVINGBOX rials, energyandenvironmental protection. medicine, industrialprocesses,heavydutymate- bringing groundbreakingmaterialstothefieldsof Nanotechnology products arerevolutionary, ent mechanical,chemicalorelectricalproperties. changes, thesematerialscandemonstratediffer- proofing, proofingetc.Dependingonexternal gaseous pollutants, anti-bacterialaction,water- such asdeodorisation,degradationofliquidand products designedforenvironmental applications lems. Nanothechnoloyenablesthecreationof materials, designedforsolvingeverydayprob- Concerns theproductionofaseriesnew, smart Applications andEverydayUse Advanced NanomaterialsforEnvironmental weather forecasts etc. updated nauticalmaps, messages tonavigators, originate fromreliablesourcesandwillinclude  97 Trade with Greece 98 Trade with Greece The fullcommercial exploitation oftheproduct The Art ofProestilo ness levels. users toobtain acompletereportoftheirdogs’ fit- adapted toalldogracesandages, whichenables Dogsquareapp; andanadvanced algorithm, bar, whichispresentedtousersthrough ing thedayandconverts thisdata intoaDogfuel chip thatmeasurestheanimal’s movements dur- level ismonitoredbymeansofastate-of-the-art rience hastwospecificfeatures:thedog’s energy store andalreadyboasts 5,000users. This expe- application, whichisnowavailableattheapp their locationanytime,and(b)theDogsquareapp of theirdogsthroughoutthedayandkeeptrack enables users/petownerstomonitortheactivity consists of(a)Dogband,aportable devicethat day experiencewiththeirdogs. This experience Dogsquare aimsatoptimizingtheusers’ every- DOGSQUARE together. much easiertobringcharityandthesociety the charities’ inabilitytoraisefunds,makingit mobilizing society. Moreover, itisananswerto activities oftheseorganisations,withtheaim tive targeted information andpromotiononthe transportation ofbothgoodsandpeople. sourcing network andselectionplatform forthe This serviceaspiresatcreating thelargestcrowd- benefit. into routesthatwillalsohelpothers, toeverybody’s mutes, dailymadebypeoplefor personalpurposes, Trustporter aimsatconvertingshortorlongcom- along thoseroutes,ataverylowcost. same routesorsendvariousitemsinlocations help otherfellowcitizenswhowishtousethe make thesecommutesanyway, enablingthemto Trustporter isdesignedforallthepeople who and oneveryroute,usingallavailableroads. In everydaylife,peoplemovetoeverydirection tion networkforshippingandtransportation Trustporter: A trust-basedonlinecollabora- nals), willbeoriginalsintheirownright. work themselves(duetothescanningoforigi- compositions, which,despitenotbeingtheoriginal terns. As aresult,customerscancreatetheirown ability tocreate20the20thpowerdifferent pat- sions of40cmx60cm. Their originality liesintheir EYE-K consists of20originaltables, withdimen- mately, results inahomogeneouswhole.MOS- “mosaic” denotesacompositecreation,which,ulti- EYE-K isnormallywrittenas“mosaic”. The term range oftheMos-eye-kbrand. The wordMOS-  It combinesadvanced learningtechnologies with groundbreaking e-learningplatform forstudents. MyeTutor.org isanEdTech startup thatoffers a personalised education MyeTutor.org -Engagingstudents with platform, andsoforth. ness directory;anappointmentplatform; ahousing social-based marketplace;aninteractivebusi- promotion ofprofessionalsseekingforwork;a which willfunctionasaplatform fortheself- oriented socialnetwork;askilledprofileplatform, coverage toarchitecturalmock-ups; alocation- designed forawiderangeofprojects, fromphoto deal platform; aproject-orientedmarketplace, end resultincaseofbuyer-sellerconflict);ab2b translation etc.(inordertodigitally inspectthe fields ofdesign,development,consulting,video, individuals; atask marketplace, especiallyinthe for therentingoftools,automobilesetc.byprivate sales concept(butinelectronicform);aplatform tourism; amarketplacebasedontheyard/garage cialised units/sub-platforms relatedtotheme single multi-platform, dividedinindividualspe- a largepart ofeachperson’s dailyactivitiesintoa This isanholisticplatform, designedtointegrate Multi-Platform ORAMA Platform: An HolisticQuotidian students. where atutoris responsibleforteachingagroup of be reproducingthatofphysical cramschools, selected tutors,viateleconference. This modelwill guage students. Teaching willbe inrealtime,by tially) forsecondaryeducation andforeignlan- An onlinetutoringplatform, designed(atleast ini- Lower-cost tutoring Match &Teach.Me —Better, Easierand a fully-fledgedexport-orientedstrategy. capital andthechannelsrequiredforimplementing quality andhighnutritionalvalue,donotpossessthe despite producingandprocessingproducts ofhigh- prospects, evenforproducersandartisanswho, create low-costandrisk-freeexportgrowth cities oftheEuropeanandglobalmarket,inorderto and marketingofGreekfoodproducts inselected and effective methodforthedistribution,promotion The purposeistoestablish analternative,innovative foreign markets keting andpromotionofGreekproducts in Alternative channelforthedistribution,mar- ing optionandthecouponsavailable. addition, makebookingsthroughtheonlinebook- of thesportoractivitytheirinterest,and,in customers willbeabletofindtheclosestlocations and otheractivities. Thanks to thisservice,the their vacationwithsports, alternativeactivities mainly designedfortourists wishingtocombine wellness services,aswelllifetimesports. Itis lytical presentation ofawiderangesports and Athens. Itwillconsistofthesystematicandana- and entertainment servicesinthewiderareaof mobile applicationdedicatedtosports tourism The purposeistocreateadigital platform anda Sportsinathens, www.sportsinathens.com in Greece. tion oftheseteamswithyachts orracingvessels, Sailing RacesinGreece;and2)theinterconnec- on yachts or(b)theirparticipation, ascrews,in mon interests inregardto:(a)commonvacations world, withtheaimofcreatingteamscom- and/or smallgroups ofpeople,fromalloverthe dual purpose:1)theinterconnectionofindividuals This product/serviceisanInternetplatform witha in Greecewith Yachts orRacingVessels for PersonsInterestedinVacations/Activities An Interconnection/Acquaintance Platform in theexamsmucheasier. dents’ learningcapabilities, andmakingsuccess tive experience,substantially increasingthestu- making educationareallypersonalizedandeffec- support providedbycarefullyselectedtutors,thus  99 Trade with Greece 100 Trade with Greece augmented reality digital applications formobile happening toyou! Systemsfortheactivation of centre ofattentionandwhat you seeisactually end resultgivesyoutheimpression thatyouarethe degree coverageofthesurrounding space. The cameras inaspecificarray thatprovides360 Creation ofvideomaterial,with theuseofmultiple Augmented Reality Reality/ Digital Beacons/BeaconsTriggering 360 videos-videosurround/ Augmented by otherpublishersorbooksellers. allow thesaleofentire,orpart ofthe,product, and facebookapplications.Inaddition,theymay adapt theirownonlineshopandmobile use “pubbuhfordevelopers”,inordertodevelopor facebook applications.Moreover, memberscan general e-shop,andthecorrespondingmobile be immediatelymarketedthroughthepubbuh.com new specificskill. The e-products theygeneratecan service doesnotrequirememberstodevelopany micro-applications, totheproduct. The useofthe images, slideshows,hyperlinks,comments, oreven The term“interactive”denotestheabilitytoadd ital contentofanykind (e.g.books,periodicalsetc.) helps its memberscreateandtradeinteractivedig- service, availableallovertheworld. This service isanintegrated,multi-lingualonline puBBuh.com puBBuh.com results forhuman beings. fully utilizesWinery/Breweryflows,withbeneficial end resultisahighaddedvaluecosmetic,which which areby-products ofwine/beer-making. The stances such as high-bioactivitywine/beerlees, man andnature. The rawmaterials aresub- Drink industries,withmultiplebenefits bothfor ondary/intermediate products oftheFoodand covering rawmaterialrequirements throughsec- the manifestshift towardsnaturalcosmetics,also The inspirationforthisbusinessideacomesfrom the benefitofmanandenvironment Phermen: Cosmeticswithnature’s help,for has grownsignificantlyinthepast fewyears. in regardtofashion,whilethee-clothingindustry user. Fashionistas aremorereactivethanactive logues, offering noevidentialexperiencetothe that existingfashionaggregatorsaremerecata- sonal styleissues. The innovationliesinthefact networked withotherusersonfashionandper- el, footwearandaccessoriesonline;c)get create theirownpersonalstylebyfindingappar- e-shops andbrandshostedontheplatform; b) enables usersto:a)findproducts availableinthe FashionPhoria isafashion-relatedsocialsite.It FashionPhoria (FashionSocialNetwork) tion ofwaterutilities. guage inregardtothemanagementandopera- completion andestablishment ofa“common”lan- of theBWP willbecomeaspringboardforthe the waterindustry. The results fromtheoperation consumers andallvendorcompanies operatingin water management,aswellcollaborationwith vidual waterutilities,thusensuringsustainable es thedata providedbythecentralunits ofindi- form accumulates,classifies,analysesandutilis- Service asaSoftware (SaaS)platform. This plat- The productconcernsthedevelopmentofa Brain Water Platform families and,byextension,thesocietyatlarge. quality oflife,aswellthelifetheir iar environment,withtheaimofimprovingtheir long-term treatments fromhome,orafamil- sessions withthetherapist,andcompleteshortor also beabletoschedulepersonaland/orgroup accessing thefeedbackofotherusers;theywill cles, andgeneralbackground,aswellby basis ofhisorheracademicqualifications,arti- will beabletoselecttheirowntherapist,onthe support. Inaneasy-to-useenvironment,theusers citizens fromalloverGreecethatareinneedof psychologists-therapists togetherwithourfellow form thatwillbringexperiencedandaccredited Development andoperationofaninternetplat- Psychological Supportfor All fast, low-costandhealthydiet. which employscutting-edgetechnologiesfora A masscatering,aswellhomeuse,machine, COOKING NOW respond moreimmediatelytoemergencies. to themembersofusers'familieswillhelpthem users’ health,sincethedirectinformationprovided goal istopreventsituationsthatarecriticalthe users, whiletheyareawayfromthem. The ultimate stantly monitorandreceiveinformationaboutthe By meansofthisdevicefamilieswillbeabletocon- vulnerable groups Remote surveillanceofpersonsbelongingto protocol, orbyusingthedevice’s camera. applications, eitherthroughtheuseofbluetooth phones andtablets. Creation ofdata projection “ and itwillsupport 347millionjobsby2024. tourism issupporting266million jobsworldwide, Council (WTTC)demonstrates thatnowadays out onbehalfoftheWorld Travel & Tourism tional dimensions. A recent studythatwascarried In anycase,thisisahugechallenge, ofinterna- the dominantindustry. not tosay, though,thatitcan(and must)become the growthprospects ofotherindustries;thisis swift exitfromthecrisis,andenhancementof one ofthemostreliableoptionsforeconomy’s environment, historyandcivilization,tourismis There isnodoubtthat,givenGreece’s natural marginalized, labourforce. opportunities forreactivationtoarobust,albeit vival tostrugglingbusinesses,aswelldirect economy, andoffer directopportunitiesforsur- act asacatalyst forswiftly restarting the real France registeredthegreatestincrease at 20.1million.Amongmajortouristmarkets,arrivalsfrom In thepreviousyear,totalforeigntouristarrivalsstood Chania, arrivals stoodat937,000,increased by to 1994,thenumberoftourists rose by48%. At Heraklion stoodat2.6million, while,ascompared As amatteroffact,international charterarrivalsto vious year. region thatpostedrecordarrivals duringthepre- Universities andHotelier Associations inCrete,a see thefindingsofasurveyconductedby required comparative edge.Forexample,let’s quite often theextraelementthatoffers the tity, findingandpromotingcertain “small”details is features thatdefineits tourist(andnotonly)iden- tinations suchasGreece,withmarkedqualitative mere presentation ofnumbers.Inthecasedes- Admittedly, thisissuecannotbereducedtoa projected toreach€9.5trillionintenyears. lion (!)totheglobaleconomy, an amountthatis Moreover, in2014itcontributedmorethan€6tril- — 27% — to 1.46million. ”  113 Trade with Greece It is certain that Greek “to urism has achieved a lot and still has many improvements to make, in order to remain competitive within an extremely challenging environment, to the benefit of many millions of friends of Greece from all over the globe, and to the Greek economy itself. ”

9.8% year-on-year, and 200% as compared to impressive presence in the European top-25 lists, twenty years ago! So, according to a survey con- with 12 entries. Recently, the world’s number 1 ducted at the Chania airport from May to travel website released its 8 lists of the top hotels November 2014, on a sample of 4,000 tourists in the world, in each region and in each country. from 25 countries, the key factors that made the More specifically, in the list of the top 25 hotels for visitors choose Western Crete for their vacations families in the world, Sani Beach Hotel were the climate and Cretan cuisine. (Chalkidiki) was ranked 5th, Holiday Village Tourist satisfaction rates stood at 92% in regard Rhodes (Rhodes) 15th and Club Med (Evia) 21st. to the behaviour of the locals and 91% in regard In the corresponding list for Europe, Sani Beach to tourist accommodation. Tourists spend more at Hotel came 2nd, Holiday Village Rhodes 4th and restaurants and cafés and less at nightclubs. Top Club Med 8th, while Ikos Oceania (Chalkidiki) local product buys include wine, natural orange was ranked 13th. In the list of the top 25 hotels for juice and olive oil. romance in the world, Anastasis Apartments Greek tourism is obviously not afraid of compar- (Santorini) was ranked 7th, and Lindos Blu isons in terms of quality, without this meaning that (Rhodes) was ranked 25th. In the corresponding there is no room for improvement. list for Europe, Anastasis Apartments came 2nd For example, eight hotels —three in Santorini, and Lindos Blu came 7th, while Astra Suites two in Rhodes and one each in Chalkidiki, Evia (Santorini) was ranked 11th, Pezoules (Santorini) and Zakynthos— have been included in the 12th, Saint Vlassis Hotel (Naxos) 13th, Rocabella TripAdvisor list of the world’s top hotels for 2015. Mykonos Art Hotel and Spa (Myconos) 16th and At the same time, Greek hotels boast a total of 25 Zorzis Hotel (Santorini) was ranked 20th. entries in various lists of top-ranking hotels in Furthermore, Astra Suites was ranked 21st in the Europe. The hotels of Santorini boast the most list of the top 25 small hotels in the world. In the Trade with Greece Trade 114 corresponding list for Europe, Astra Suite was Sani Asterias Suites (Chalkidiki), Sani Beach ranked 8th, followed by Enigma Apartments & Hotel (Chalkidiki), Trapezaki Bay Hotel Suites (Santorini) in the 12th place, Anastasis (Kefalonia), Canaves Oia Hotel (Santorini), Apartments in the 15th, and Lithos by Spyros and Ammos (Chania), Mykonian Villa Collection Flora (Mykonos) in the 16th place. (Myconos), Porto Sani Village (Chalkidiki), Elite Zante Star was ranked 22nd in the list of the top Suites by Amathus Beach (Rhodes) and Lindos 25 bargain hotels in the world. In the correspon- Mare Hotel (Rhodes). ding list for Europe, Zante Star captured the 14th Astra Suites was ranked 1st in both the lists of top place, while Chez Sophie Rooms and Suites 25 small hotels and best service hotels in Greece. (Santorini) came 20th; Lithos by Spyros and Flora The number 1 hotel in the list of top 25 luxury came 21st and Antonia Hotel Santorini (Santorini) hotels in Greece was Lindos Blu, while the num- came 24th. In the lists of the top 25 B&Bs and Inns ber 1 bargain hotel was Zante Star, the top B&B in the world and in Europe, Aenaon Villas and Inn was Aenaon Villas, the top family hotel (Santorini) was ranked 21st and 16th respectively. was Sani Beach Hotel and the number 1 romance In the list of the top 25 hotels for service in hotel in Greece was Anastasis Apartments. Europe, Astra Suites was ranked 10th, followed It should also be mentioned that, as far as the by Papaevangelou Hotel (Papigko, Ioannina) in new government’s attitude towards Greek hotels the 20th place and Enigma Apartments & Suites offering all-inclusive services is concerned, the in the 24th. Moreover, Lindos Blu was ranked Deputy Minister for Tourism Elena Koundoura 24th among the top 25 hotels in Europe and 17th publicly stated that “No action will be taken among Europe’s top 25 luxury hotels. against all-inclusive products. On the contrary, a The 10 top-ranking hotels from the list of the top further quality improvement of all inclusive prod-  25 hotels in Greece are Lindos Blu (Rhodes), ucts will enhance the diffusion of the benefits of Trade with Greece Trade 115 this specific tourism product in local markets and So, as estimated by the competent agencies, the societies.” number of foreign visitors is also expected to That said, the prospects of Greek tourism for the year increase this year. An early verification of this esti- 2015 seem to be positive, according to the first esti- mate is the enhancement of Athens’ attractive- mates of the Association of Greek Tourist ness as a winter tourist destination, demonstrated Enterprises, which has set a target of 25 million inter- in February 2015 by the 24% year-on-year national arrivals (of which, 2.5 million cruise passen- increase in the number of foreign travellers who ger arrivals) and €14 billion in direct revenues. chose Athens as their exclusive destination. The Association’s estimates take into account Overall, in January-February 2015 traffic at the preliminary data on airline bookings, which, over- “El. Venizelos” airport exceeded 1.8 million pas- all, appear to be increased by 1 million as com- sengers, increased by 26.3% year-on-year. pared to 2014. Undoubtedly, the end of the initial It is true that Greek tourism, despite any (struc- period of uncertainty, through the completion of tural or conjectural) problems it may occasionally the first phase of negotiations with Greece’s EU face, did rather well in the previous year, along partners, will enable the country to regain the lost with other tourist powers of the Mediterranean. ground and will facilitate the realization of this So, we must neither pat ourselves in the back, year’s targets. Obviously, all tourism stakeholders not, of course, downplay the indisputable value of must work together to the benefit of the economy, this achievement. employment and the local societies. Especially in the case of Greece, this perform- In Athens, according to data from the Association of ance was combined with, and at the same time Greek Tourist Enterprises, the number of interna- triggered, a reversal in the continuous contraction tional tourist arrivals at the “El. Venizelos” airport of the country’s GDP during the past 75 months, rose by 29.4% in 2014, to 3.39 million. Moreover, without, of course, overlooking its positive impact data from the Association of Hoteliers of Athens, on society, through the decrease in unemploy- Attica and the Argosaronic, show that the average ment or even the invigoration of the local hotel occupancy rate increased by almost 20% as economies. compared to 2013, thus covering 50-60% of the It is certain that Greek tourism has achieved a lot total loss of overnight stays since 2008, the last and still has many things to improve, in order to good tourist year for Greece’s capital. Another pos- remain competitive within an extremely challeng- itive development was the fact that public opinion ing environment, to the benefit of many millions of regarding Athens as a destination has substantially friends of Greece from all over the globe, and to improved, as demonstrated by the relevant surveys. the Greek economy itself. Trade with Greece Trade 116

118 Trade with Greece By NicoletaMakri F T 6 A e h s i s 0 t t

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ts theatrical productions feature world-class directors and companies, such as Romeo Castellucci and the Societas Raffaello Sanzio, Thomas Ostermeier and the Schaubühne, as well as the Berlin- I based She She Pop theatrical troupe. In the Epidaurus Festival, major artists will try their skills in ancient Greek drama, while the Greco- Japanese co-production of the Homeric Nekiya by a a Japanese Noh theatre company will bridge two civilizations. In regard to music, the Odeon of Herod Atticus will adhere to its tradition of hosting performances by the Greek National Opera (Tosca by Giacomo Puccini conducted by Loukas Karytinos, and Carmen, by Georges Bizet, conducted by Myron Michailidis), as well as concerts by the Athens State Orchestra. The presence of Adam Cohen, son of the legendary Leonard Cohen, will introduce a more contempo- rary note into the Odeon.

Theatre in the 2015 Athens and Epidaurus Festival

1955-2015: The Athens and Epidaurus Festival is their skills in ancient Greek drama, while the celebrating the anniversary of 60 creative years, Greco-Japanese co-production of the Homeric and as a living organism in close interaction with Nekiya by a Japanese Noh theatre company will society, remains active, being, at the same time, provide a bridge between the two civilizations. in a state of constant change. For four decades, the Athens Festival had been Schaubühne Berlin - Thomas Ostermeier identified with the Odeon of Herod Atticus. A new Little Foxes chapter for the art of theatre began nine years by Lillian Hellman ago, when the Festival spread out to new venues, A leading figure of contemporary theatre and a since this magnificent Roman structure below the friend of both Greece and the Athens Festival, Acropolis imposed de facto restrictions on mod- Thomas Ostermeier is directing Lillian Hellman’s ern-day endeavours. Little Foxes (1941) performed by the internation- Moreover, the Festival remains open to unpre- ally acclaimed Berlin-based Schaubühne compa- dictability, with increased emphasis on original ny, at the cultural space of 260 Piraeus Str. works, and commissioning projects to Greek the- The well-known play by the American writer and atrical companies, under both Greek and foreign social activist —who went down in history for directors. standing her ground before the House Un- Despite the adverse financial conditions, the American Activities Committee and refusing to Festival is striving to represent as many trends as turn in her communist friends— uses the machi- possible. Diverse approaches to ancient Greek nations of a ruthless opportunist, the sly “little fox” tragedy —not only in the ancient theatre of Regina Giddens (who, in the eyes of the public, Epidaurus, but also in indoor venues in Athens—, has been identified with Betty Davis who played new interpretations of European classics, new her in the film version), to focus on the greed of a Greek plays, post-dramatic performances of decadent society that identifies happiness with devised theatre, and street theatre. money. Giving the stage to young artists is essential: five [JUNE 19, 20 & 21 / PEIRAIOS 260] directors are newcomers to the Festival, while others are once more testing their skills in Athens, Romeo Castellucci - Societas Raffaello Sanzio at the Epidaurus Festival and at little Epidaurus. Go down, Moses Women hold a prominent place in this year’s It is the third time the Athens Festival welcomes events: directors, playwrights, and actresses. Romeo Castellucci, one of the most important fig- Moreover, intertwining the Festival with major ures in the history of contemporary theatre. social issues made it imperative to include per- Following the Inferno, Purgatorio, Paradiso trilogy formances on subjects such as the homeless, the and the play Sul concetto di volto nel figlio di Dio refugees and the immigrants, while the Caravan (On the concept of the face of the son of God), will provide an urban meeting point with specta- the Societas Raffaello Sanzio company makes a tors. comeback with Go down, Moses, under the direc- Diverse themes and different stage interpreta- tion of the famous Italian director and visual artist, tions blend together to produce a kaleidoscope of who is also responsible for the scenography, cos- perceptions, emotions and aspects of the world. tumes and lighting.  In the Epidaurus Festival, major artists will try The title of the play refers to God’s command to Trade with Greece Trade 119 Thomas Ostermeier - Little Foxes.

Moses during the Israelites captivity in Egypt. It is by the Athens Festival to perform in Greece for not the first time Castellucci uses the figure of the the first time. She She Pop performances, distin- liberator, legislator and prophet. The stone tablets guished for their humour, youthful intransigence, with the Ten Commandments God entrusted with spontaneity and straightforwardness, never hesi- His chosen one, were left blank in the perform- tate to call attention to social issues through the ances of the Tragedia endogonidia, and the com- performers’ own experiences. mands of the powerful regarding the exercise of “Who were we?” “Who are we?” “How did we violence were inscribed on them, to ensure that become like this?” These questions gave birth to order is preserved. In Go down, Moses, Biblical Schubladen (meaning “drawers” in German). episodes are projected in present time, allowing Personal conflicts will find their historical dimen- the director to explore the origins of the forms, sion in the reunification of Germany following the and the ways these are perpetuated, while fall of the Berlin Wall. Three She She Pop per- changing at the same time. At odds with merely formers of East German descent, are sitting imitating reality, this post-dramatic theatre chal- across their West German peers. A meaningful lenges viewers to an experience-like perform- relationship starts to emerge, quite often remind- ance. The stage takes on ontological dimensions ing of couples’ therapy. and the composition of on-stage images and their [JULY 11 & 12 / PEIRAIOS 260] unexpected alternation “penetrates the viscera in order to arouse the spirit”. Of course, the title Go EPIDAURUS FESTIVAL 2015 down, Moses also refers to the famous spiritual song about the Afro-American slaves that Yannis Kakleas yearned for emancipation as the Hebrew slaves The Acharnians yearned to be liberated from the bonds of Egypt. by Aristophanes [JUNE 27, 28 & 29 / ATHENS CONCERT HALL] “When political corruption rules, Dikaiopolis takes on an initiative for Peace, Justice and SHE SHE POP Meritocracy. Aristophanes the politician is in fine Schubladen form!” says director Yannis Kakleas in regard to A women’s performance collective, which was the Acharnians, apparently also he himself in fine founded in Berlin in 1993 and has, since then, form to embark on another Aristophanean captured European audiences, has been invited endeavour. Always unpredictable, he continues to  Trade with Greece Trade 120 Homer’s Homer’s Umewaka, inaperformancebasedonBook11 of Noh theatreandthegreatmasterGensho Greek directorMichailMarmarinosmeets Japan’s ΝΟH - Michail Marmarinos [ANCIENT THEATRE OF EPIDAURUS] Hadjipanayiotis, FanisMouratidis. Cast: Vassilis Haralambopoulos,Christos maidens disguisedaspiglets. merchandise isputupforsale:geese,hares,even place opensand,owingtonecessity, allkindsof the largestdemeof Attica toconcur. The market- the Acharnians, Marathonveteransandcitizensof tiations withSparta andsucceedsinpersuading commits tothecauseofpeace.Helaunchesnego- In PeloponnesianWar-ravaged Athens, Dikaiopolis existence, mockingallwarmongers. in aplaythatpraisesthebenefits ofpeacefulco- dy, withaconstellationofoutstanding comedians, explore thescenicformsof Aristophanean come- 2,500 yearsafter Homercreated civilizations withdeeproots intime:More than An unexpectedtheatricalencounter betweentwo pany, ledbythe greatGenshoUmewaka.InBook stage the Athens FestivalinvitesMichailMarmarinosto 800 yearsafter theNohtheatrewasestablished, Nekyia Nekyia Odyssey with aJapanese Nohtheatre com- . Odyssey and 11 —alsoknownas history thatNOHtheatremeets ourown ulary ofphysicalphilosophy, thisisthefirsttimeinits address theheartofmatter. Withsuchavocab- and trainingoftheactorsgivesthemrightto the fieldofmetaphysical poetry. The deeptradition among theworld’s leadingculturalachievements in with the‘other’sideof Time. The Nohtheatreis always has,inonewayoranother, somethingtodo found inworldliterature.Itappearsthatgreat Art thrilling visits byamantotheworldofdeadbe director. “Itisoneofthemostancientand tained in shape tothedeepermeaningofconcepts con- damentally necessaryin,andcapable, ofgiving “The artoftheJapanese theatre seemstobefun- ing hisreturntoIthaca. receive anoraclefromtheseer Teiresias regard- attempted todescendHadesinorder his homelandandencouragedbyCirce,he Odysseus recounts how, drivenbynostalgia for Sophocles’ Theodoropoulos stages the Greekpremiereof Heading upaselectcompany ofactors,Vangelis by Sophocles Ajax Vangelis Theodoropoulos [ANCIENT THEATRE OF EPIDAURUS] Nekyia Ajax —translated from ancientGreekby ,” saystheaccomplishedGreek Necromancy or Nekyia Nekyia .” — SHE POP -Schubladen.  121 Trade with Greece Adam Cohen.

Music in the 2015 Athens and Epidaurus Festival

The Athens Festival has always been inextricably linked with music. Music lovers are looking for- ward to the notes, the sounds and the songs that will provide the soundtrack for their summer evenings. Apart from the Odeon of Herod Atticus, the festival’s musical venues will also include the Athens Concert Hall, the cultural space of 260 Piraeus Str. and the Little Theatre of Ancient Epidaurus. Keeping the tradition, the Odeon of Herod Atticus will adhere to the tradition of hosting performanc- es by the Greek National Opera (Tosca by Giacomo Puccini conducted by Loukas Karytinos, and Carmen, by Georges Bizet, conducted by Myron Michailidis), as well as concerts by the Athens State Orchestra. Among other events, the most outstanding is the tribute to Greek compos- er Mikis Theodorakis, on the occasion of his 90th birthday: The Athens State Orchestra will perform D.N. Maronitis— at the ancient theatre of Axion Esti, while a choir from faraway Brittany will Epidaurus. perform the magnificent Canto General. In this tragedy, which was presented around 440 BC and is set during the tenth year of the Trojan War, Tosca Ajax, the Greek camp’s greatest warrior following by Giacomo Puccini the death of Achilles, lays claim to the dead hero’s Conducted by Loukas Karytinos weapons; however, the Greek leaders decide to Stage director, costume and set designer: award them to Odysseus. Deeply offended by this Hugo de Ana grave injustice, Ajax wanders off into the night, Puccini’s Tosca, one of the most successful per- sword in hand, to seek revenge, but the goddess formances of the Greek National Opera and one Athena makes him go mad, turning his anger into a of opera’s most popular thrillers, which was first wild rage that results to the slaughter of the Greek’s performed at the Odeon of Herod Atticus in 2012, livestock. Realizing what he has done, Ajax cannot directed by Hugo De Ana, will be the opener of bear the humiliation and he kills himself. As is quite this year’s Athens Festival events at the Roman often the case in history, the politicians —represent- Odeon. One of the most popular operas in the ed in this play by Odysseus— get the upper hand world and a representative example of Verism, compared to the warriors, who, despite having self- this grand production of Tosca, features a remark- lessly fought, are sidelined by the new order. able stage design and costumes also by De Ana, Cast: Nikos Kouris, Maria Protopappa, Giannos as well as world-renowned soloists. The Perlengas, Yannis Tsortekis, Pantelis Dentakis, Orchestra of the GNO will be conducted by Eleni Ouzounidou, Dimitris Papanikolaou, Yannis Loukas Karytinos. Klinis [JUNE 14, 16, 17 & 18 / ODEON OF HEROD  [ANCIENT THEATRE OF EPIDAURUS] ATTICUS] Trade with Greece Trade 122 Adam Cohen in Concert Adam Cohen, son of the legendary Leonard Cohen, recorded his last album, We Go Home (September 2014), at the old mansion his father had purchased in Hydra in the 1960s. This loca- tion was not randomly chosen, since this is a very intimate set of songs that call childhood memo- ries to mind. “This album reflects conversations I’ve had with my father and ones I’d like to have with my son,” Cohen stated in a recent interview. The Hydra of his childhood days seems like the most “beloved” of his many homes, which is why the idyllic island will be at the core of many of the songs he will perform at the Odeon of Herod Atticus. The set list will include compositions from all four of the Canadian songwriter’s albums, as well as some of his father’s most famous songs. The concert will feature an orchestra to be announced soon. [JUNE 29 / ODEON OF HEROD ATTICUS]

Athens State Orchestra Axion Esti by Mikis Theodorakis The Athens State Orchestra and the Greek Festival join the celebrations for the 90th birthday of Mikis Theodorakis (born on July 29, 1925) with a major concert performance of Axion Esti, one of the most emblematic works of poetry —by Nobel laureate Odysseus Elytis— ever set to music, and one of the masterpieces of Greek musical her- itage. Dimitris Platanias (baritone) will perform Mikis Theodorakis. with the Athens State Orchestra as soloist, assist- ed by the Choirs of the Municipality of Athens and the University of Athens. The orchestra will be conducted by Stefanos Tsialis. Pablo Neruda - Mikis Theodorakis [JULY 14 / ODEON OF HEROD ATTICUS] Canto General The Choeur du Canto choir and musicians Moonlight Sonata from Quimper, Brittany by Yannis Ritsos The Canto General, by Pablo Neruda, a cry for Music: Stavros Xarhakos justice and dignity by the people of Latin America, Musical interpretation: Marinella was converted in the hands of Mikis Theodorakis Two famous personalities of contemporary Greek into an epic call for democracy and freedom music will meet for the first time on stage, under against Greece’s military dictatorship, thus mak- the direction of Giorgos Nanouris. The occasion ing its way all over the world and speaking into for this performance is one of the most known and the people’s hearts through the impressive doric beloved texts by Yannis Ritsos, a staged mono- voices of Maria Farantouri and Petros Pandis. logue brimming with lyricism and meditation that The Canto General continues to inspire both has left an indelible mark on Greek literature and audiences and artists all over the globe. This is inspired Stavros Xarhakos to compose a new exactly what happened with the Choeur du musical work, to be interpreted by Marinella, one Canto, an exquisite choir for faraway Britanny that of Greece’s legendary female singers. A unique will visit the Odeon of Herod Atticus this summer musical encounter at the imposing cultural space in order to present this “work-symbol of freedom”, of 260 Piraeus str. on the occasion of the world-famous Greek com- Piano: Neoklis Neofytidis poser’s 90th birthday.  [JULY 15, 16 & 17 / PEIRAIOS 260] The director of the choir is composer, violinist and Trade with Greece Trade 123 singing instructor Jean Golgevit, who is consid- ered to be the soul of Brittany’s music scene. Kamerata of the Friends of Music Orchestra [JULY 23 & 24 / ATHENS CONCERT HALL] Kiss me, Kate by Cole Porter Greek National Opera Many people believe that this is the best musical Carmen ever written. Kiss me, Kate, a play that balances by Georges Bizet between conventional musical and opera, was Musical Director: Myron Michailidis first presented in 1948 and immediately captured Director: Stephen Langridge both audiences and critics. Scenography - costumes: George Souglidis The Athens Camerata–The Friends of Music The tragic story of Carmen, as told in this very Orchestra and Giorgos Petrou once again amaze popular opera by Bizet —which scandalized 19th festivalgoers by presenting this work for the first century audiences, albeit opened new vistas for time in Greece, in its original 1948 orchestration opera thanks to its musical and dramaturgical — a masterpiece of symphonic jazz and classical innovations— is still touching audiences with its sounds. passion and melody. The most popular opera in Featuring a group of collaborators that will sur- the French repertoire, with wonderful arias and prise the audience, the musical will be presented grand choral arrangements, will be conducted by in a semi-directed form, placing Cole Porter’s bril- the Greek National Opera’s artistic director Myron liant music on center stage. Michailidis and directed by Stephen Langridge, Well-known hits, such as “So in love with you”, “I the top ranking British director and artistic director hate men”, and “Brush up your Shakespeare,” of The Göteborg Opera, with the participation of promise to make this one of the summer’s most famous soloists from Greece and abroad. enchanting evenings. [JULY 26, 28, 30 & 31 / ODEON OF HEROD [ODEON OF HEROD ATTICUS] ATTICUS] Trade with Greece Trade 124

The top-10 categories of Greek exports to EU countries Despite adverse conditions, Greek exports held on to substantial market shares In 2014, Greek exports to the countries of the European Union exceeded even the most optimistic forecasts, as they managed to hold on to substantial foreign market shares, despite the adverse conditions prevailing in the Greek economy.

he significant growth of exports to the enlarge- slowing of the downward trends, which were much stronger ment countries provided a boost to total exports in the first nine-months of the year (January-September), Tto EU member states. As shown by provisional was due to the growth of Greek exports recorded during the data by the Hellenic Statistical Authority, which were ana- last three months. Third Countries took up 52% of the total lyzed by the Export Research Centre (KEEM), exports to value of exported goods, while EU countries accounted for the EU-27 increased by 1.5% in 2014, a fact which is due the remaining 48%. If, however, petroleum products are to a hefty 7.8% increase in exports to the enlargement excluded, this ratio is emphatically reversed in favour of EU countries, while the growth of exports to the EU-15 stood countries (64.2%, as compared to 35.8% for Third at approximately 0.6%. Exports to Euro zone countries Countries). increased by 2.2%. The remarkably good performance of Greek exports in the There was also a 1.8% increase in the exports to the other face of major adversities, exceeded even the most optimistic countries of the OECD, and, in particular, Iceland, Norway, forecasts, demonstrating their ability to capture world market Switzerland and Turkey. shares even when international trade conditions are only Overall, the value of exports fell by 1.5% in 2014, to €27 bil- marginally favourable. lion from €27.3 billion in 2013, whereas if petroleum prod- The 1.5% year-on-year drop of exports in 2014, to ucts are excluded, this decrease turns into a marginal €26,600.2 million from €27,316 million in 2013, is the result increase of approximately 0.1%. of differentiations in the volume of exports, which tended to According to an analysis by the Panhellenic Exporters increase in regard to the countries of the EU-27 and Association and the Export Research Centre (KEEM), the decrease in regard to Third Countries. Trade with Greece Trade 126 More specifically, the marginal 0.6% increase (from €7,943 million to Cyprus remains the top export market among enlargement countries, €7,989.8 million) of imports to the EU-15 that took up 29.7% of total as it takes up 56.6% of exports to this region, increased by 9.8%, from exports for the year under review, is also reflected on the mixed trends €1,122.4 million to €1,231.8 million. There was also an improvement in of exports towards the 6 top buyers of Greek products in the region. In the exports towards the other four main buyers of Greek products in particular, in terms of volume, exports to Italy increased by 1.2 % (from this region. More specifically, exports to Poland increased by 12.1% €2,440.2 million to €2,469.8 million), while exports to Germany regis- (from €288.5 million to €323.3 million), while exports to the Czech tered a marginal drop of -0.6% (from €1.771 million to €1,761 million) Republic rose by 28.6% (from €146.5 million to €188.4 million), to Malta and exports to the United Kingdom also fell by 1.9% (from €984.7 mil- by 46% (from €86.7 million to €126.6 million) and to Hungary by 13% lion to €965.5 million). Exports to Spain registered a major 15.8% (from €90.8 million to €102.6 million). increase (from €576 million to €666.8 million), exports to France In regard to the remaining countries, exports to Slovenia stand out for remained more or less unchanged (from €641.1 million to €641 mil- their substantial 44.3% drop (from €168.1 million to €93.6 million), while lion), while there was a 2.5% drop in the exports to the Netherlands, the exports to Slovakia were reduced by 3.8% (from €63.3 million to €60.9 6th largest market in terms of volume (from €425.4 million to €414.9 million). million). The marginal-0.8% drop of exports to the Balkans (from €3,625.5 mil- Among the other 6 major destinations of Greek exports, 3 registered lion to €3,654 million), which account for 13.5% of total Greek exports, increases, while the remaining 3 registered decreases during 2014. resulted from the variability of exports to the top four buyers of Greek More specifically, in terms of export volume Belgium registered a sub- products in the region. More specifically, exports to Bulgaria fell by stantial increase of 5.4% (from €295.2 million to €311.2 million), Austria 4.1% (from €1,396.4 million to €1,339.4 million), and exports to the saw a steep drop of 14.5% (from €205 million to €175.2 million), FYROM fell by 5% (from €744.5 million to €707.2 million), while exports Finland increased by a hefty 13.2% (from €145.4 million to €164.6 mil- to Romania rose by 4.7% (from €629.2 million to €601.1 million) and lion), and Sweden fell by 8.5% (from €172.1 million to €157.5 million). exports to Albania rose by 19.8% (from €343.3 million to €411.5 mil- Exports to Portugal rose by 5.5% (from €119.2 million to €125.8 mil- lion). lion), while exports to Denmark shrank by a dramatic 23% (from €127.7 Exports to Serbia and Montenegro remained more or less stagnant million to €98.2 million). (from €197.4 million to €198.9 million, and from €161.7 million to Finally, the two EU-15 destinations which account for the lowest vol- €162.3 million, respectively), while there were remarkable changes in ume of exports show contrasting trends, with Ireland showing a 8% the value of exports to Croatia (up by 29.4%, to €70.1 million from decrease (from €36.2 million to €33.3 million), while Luxembourg €54.2 million), to Kosovo (down by 55.3%, to €77.4 million from €34.6 showed an increase of 33.8% (from €3.5 million to €4.6 million). million) and to Bosnia & Herzegovina (down by 7.2%, to €72.4 million As far as enlargement countries, which absorb 8.1% of Greek exports, from €78 million). are concerned, there has been a substantial 7.8% increase in the total The following tables present the top ten exports to EU countries in value of exports, to €2,177.6 million from €2,020.7 million in 2013. terms of value.

JANUARY-AUGUST JANUARY-AUGUST 2014 2013 VALUE VOLUME/ VALUE VOLUME/ (Euros) KGR (Euros) KGR AUSTRIA 137,828,580 43,036,954 AUSTRIA 167,305,715 53,468,910 PHARMACEUTICAL PRODUCTS 41,572,680 347,865 PHARMACEUTICAL PRODUCTS 58,265,887 1,418,531 ELECTRICAL MACHINERY AND EQUIP- 18,159,288 3,749,009 MENT ELECTRICAL MACHINERY AND EQUIP- 27,554,016 5,983,811 MENT PREPARATIONS OF VEGETABLES, 16,323,696 10,892,073 FRUIT, NUTS OR OTHER PARTS OF PLASTICS AND ARTICLES THEREOF 19,228,907 9,283,386 13,694,207 4,377,191 PLANTS PREPARATIONS OF VEGETABLES, FRUIT, 15,707,546 12,320,697 NUTS OR OTHER PARTS OF PLANTS DAIRY PRODUCE. DIRDS’ EGGS. NAT- 13,656,443 5,440,158 URAL HONEY. EDIBLE PRODUCTS OF DAIRY PRODUCE. DIRDS’ EGGS. NAT- ANIMAL ORIGIN 14,810,527 4,303,067 URAL HONEY. EDIBLE PRODUCTS OF ALUMINIUM AND ARTICLES THEREOF 13,330,101 5,406,966 ANIMAL ORIGIN ALUMINIUM AND ARTICLES THEREOF 8,389,629 3,076,604 PLASTICS AND ARTICLES THEREOF 5,973,247 9,218,422 EDIBLE FRUIT AND NUTS PEEL OF EDIBLE FRUIT AND NUTS PEEL OF CITRUS FRUIT OR MELONS 7,072,449 12,177,654 CITRUS FRUIT OR MELONS ANIMAL OR VEGETABLE FATS AND OILS. 5,375,597 998,754 EDIBLE VEGETABLES AND CERTAIN 6,344,214 3,753,170 THEIR CLEAVAGE PRODUCTS. PRE- ROOTS AND TUBERS PARED EDIBLE FATS. ANIMAL OR VEG- ETABLE WAXES. ARTICLES OF APPAREL AND CLOTHING ACCESSORIES, KNITTED OR 5,089,023 202,114 EDIBLE VEGETABLES AND CERTAIN 5,285,610 2,503,715 CROCHETED ROOTS AND TUBERS ANIMAL OR VEGETABLE FATS AND 4,843,517 949,876 ARTICLES OF APPAREL AND CLOTHING 4,457,711 102,801 OILS. THEIR CLEAVAGE PRODUCTS. ACCESSORIES, KNITTED OR PREPARED EDIBLE FATS. ANIMAL OR Trade with Greece Trade CROCHETED VEGETABLE WAXES. 127 128 Trade with Greece PARTS THEREOF ERY ANDMECHANICAL APPLIANCES NUCLEAR REACTORS, BOILERS,MACHIN- CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF THEREOF PLASTICS ANDARTICLES NOUS SUBSTANCES. MINERAL WAXES MINERAL FUELS,MINERAL OILS.BITUMI- BULGARIA ANCES PARTS THEREOF MECHANICALMACHINERY APPLI- AND NUCLEAR REACTORS, BOILERS, STONES, COINS PEARLS, PRECIOUS-SEMI-PRECIOUS COPPER ARTICLES COPPER AND THEREOF ALUMINIUM ANDARTICLES THEREOF AND ACCESSORIES TRAMWAY ROLLINGSTOCK PARTS VEHICLES OTHER THAN RAILWAY OR PHARMACEUTICAL PRODUCTS PLANTS OF NUTS OROTHERPARTS PREPARATIONS OFVEGETABLES, FRUIT, THEREOF PLASTICS ANDARTICLES TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND CONFIDENTIAL ITEMS,STORES BELGIUM KNITTED ORCROCHETED FABRICS STEEL IRON AND PARTSMENT AND ELECTRICAL MACHINERY AND EQUIP- CROCHETED ING ACCESSORIES, KNITTEDOR OF APPARELARTICLES CLOTH- AND TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND THEREOF ALUMINIUM ANDARTICLES JANUARY-AUGUST 2014 JANUARY-AUGUST 2014 107,963,853 253,514,595 240,226,033 811,230,738 14,458,877 15,064,515 17,171,079 23,755,109 24,809,194 49,307,006 67,901,157 35,681,669 51,345,769 54,657,082 56,559,657 56,909,589 59,708,432 67,260,480 67,629,612 11,742,788 7,412,969 8,603,339 (Euros) (Euros) VALUE VALUE 106,154,752 170,758,577 401,681,705 824,306,810 VOLUME/ VOLUME/ 19,592,828 32,476,802 75,048,849 10,800,530 13,665,901 29,400,784 74,346,311 1,099,326 2,047,166 5,122,555 8,582,607 4,944,661 5,196,522 7,357,067 4,711,399 962,187 419,839 34,140 KGR KGR MENT ELECTRICAL MACHINERY AND EQUIP- THEREOF AND ACCESSORIES TRAMWAY ROLLINGSTOCK PARTS VEHICLES OTHER THAN RAILWAY OR COPPER ARTICLES COPPER AND PHARMACEUTICAL PRODUCTS THEREOF ALUMINIUM ANDARTICLES STONES, COINS PEARLS, PRECIOUS-SEMI-PRECIOUS PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, THEREOF PLASTICS ANDARTICLES CONFIDENTIAL ITEMS,STORES TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND BELGIUM KNITTED ORCROCHETED FABRICS THEREOF ALUMINIUM ANDARTICLES STEEL IRON AND ANCES PARTS THEREOF MECHANICALMACHINERY APPLI- AND REACTORS, BOILERS, NUCLEAR CHETED ING ACCESSORIES, KNITTEDORCRO- OF APPARELARTICLES CLOTH- AND COPPER ARTICLES COPPER AND TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND RUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OFCIT- THEREOF PLASTICS ANDARTICLES NOUS SUBSTANCES; MINERAL WAXES. MINERAL FUELS,MINERAL OILS;BITUMI- BULGARIA JANUARY-AUGUST 2013 JANUARY-AUGUST 2013 304,012,470 822,327,254 221,117,751 12,241,527 14,436,144 15,547,275 15,799,075 22,885,015 28,849,709 37,202,193 55,353,463 41,297,850 44,928,303 46,726,250 51,759,614 55,051,814 59,481,420 64,481,242 68,590,389 85,997,902 10,118,589 8,684,761 (Euros) (Euros) VALUE VALUE 137,997,246 414,295,831 767,092,777 VOLUME/ VOLUME/ 21,354,640 90,140,805 10,215,596 13,278,851 55,282,889 19,308,739 65,229,811 11,827,596 21,263,611 1,837,880 6,557,573 6,141,750 1,286,354 4,857,242 6,575,244 9,200,307 204,773 656,604 39,057 KGR KGR BEVERAGES, SPIRITS AND VINEGAR MISCELLANEOUS EDIBLEPREPARATIONS THEREOF PLASTICS ANDARTICLES PREPARATIONS PERFUMERY, COSMETICOR TOILET ESSENTIAL OILS&RESINOIDS. CROCHETED ING ACCESSORIES, NOT KNITTEDOR OF APPARELARTICLES CLOTH- AND PARTSTHEREOF ANDACCESSORIES TOYS, GAMES AND SPORTS REQUISITES APPLIANCES PARTS THEREOF MECHANICAL ERY AND NUCLEAR REACTORS, BOILERS,MACHIN- PHARMACEUTICAL PRODUCTS PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY & MINERAL WAXES BITUMINOUS SUBSTANCES. MINERAL FUELS,MINERAL OILS. CYPRUS KNITTED ORCROCHETED CLOTHING ACCESSORIES, OF APPARELARTICLES AND PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, PREPARATIONS FUMERY, COSMETICOR TOILET ESSENTIAL OILS&RESINOIDS.PER- TUBERS ROOTS AND EDIBLE VEGETABLES AND CERTAIN COPPER ARTICLES COPPER AND ANCES PARTS THEREOF MACHINERY &MECHANICAL APPLI- NUCLEAR REACTORS, BOILERS, CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF PARTSMENT AND THEREOF ELECTRICAL MACHINERY AND EQUIP- THEREOF ALUMINIUM ANDARTICLES PHARMACEUTICAL PRODUCTS CZECH REPUBLIC JANUARY-AUGUST 2014 JANUARY-AUGUST 2014 100,129,096 364,505,939 810,566,624 154,465,803 29,041,895 32,935,892 33,654,616 34,141,950 40,342,618 45,096,513 56,887,002 73,831,103 26,689,350 28,077,736 42,721,368 15,715,838 4,597,232 6,035,504 7,153,049 6,950,311 7,411,222 9,114,193 (Euros) VALUE (Euros) VALUE 574,649,402 676,295,714 VOLUME/ 57,507,295 10,815,618 VOLUME/ 10,939,890 61,959,787 30,305,553 4,565,951 1,265,478 8,444,046 6,815,903 1,734,357 4,323,992 6,173,672 5,634,901 2,062,028 7,364,343 1,180,657 3,304,707 168,794 854,146 144,768 KGR KGR PREPARATIONS PERFUMERY, COSMETICOR TOILET ESSENTIAL OILS&RESINOIDS. THEREOF PARTS ANDACCESSORIES GAMES&SPORTS REQUISITES TOYS, CROCHETED ING ACCESSORIES, NOT KNITTEDOR OF APPARELARTICLES CLOTH- AND ANCES PARTS THEREOF MECHANICALMACHINERY APPLI- AND NUCLEAR REACTORS, BOILERS, PHARMACEUTICAL PRODUCTS PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY & MINERAL WAXES BITUMINOUS SUBSTANCES. MINERAL FUELS,MINERAL OILS. CYPRUS PLASTICS AND ARTICLES THEREOF PLASTICS ANDARTICLES STEEL IRON AND MISCELLANEOUS EDIBLEPREPARATIONS COPPER AND COPPER ARTICLES COPPER AND ANCES PARTS THEREOF MECHANICALMACHINERY APPLI- AND NUCLEAR REACTORS, BOILERS, PREPARATIONS PERFUMERY, COSMETIC OR TOILET ESSENTIAL OILS&RESINOIDS. TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND TUBERS ROOTS AND EDIBLE VEGETABLES AND CERTAIN NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, PHARMACEUTICAL PRODUCTS CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF PARTSMENT AND THEREOF ELECTRICAL MACHINERY AND EQUIP- THEREOF ALUMINIUM ANDARTICLES CZECH REPUBLIC JANUARY-AUGUST 2013 JANUARY-AUGUST 2013 300,280,667 728,823,956 111,707,783 115,842,512 31,801,709 36,724,940 37,158,791 55,571,860 64,490,332 29,544,367 30,319,524 31,223,983 15,319,327 23,988,207 25,393,238 11,834,509 5,345,630 5,414,813 5,447,955 6,197,866 8,123,259 8,777,708 (Euros) VALUE (Euros) VALUE 414,170,832 509,123,131 VOLUME/ 57,787,911 VOLUME/ 28,023,250 60,326,700 8,423,108 5,524,762 4,123,157 7,737,897 4,913,055 1,476,202 3,850,492 1,115,715 1,220,980 6,972,348 9,553,215 2,522,451 9,729,265 702,180 606,218 911,397 85,396 KGR KGR 129 Trade with Greece 130 Trade with Greece CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF MISCELLANEOUS EDIBLEPREPARATIONS SPECIFIED ORINCLUDED ANIMAL ORIGIN,NOT ELSEWHERE URAL HONEY. EDIBLEPRODUCTSOF DAIRY PRODUCE.DIRDS’ EGGS.NAT- FURSKINS. MANUFACTURES THEROF PHARMACEUTICAL PRODUCTS THEREOF ALUMINIUM ANDARTICLES DENMARK TUBERS ROOTS AND EDIBLE VEGETABLES AND CERTAIN BEVERAGES, SPIRITS AND VINEGAR THEREOF PLASTICS ANDARTICLES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF SPECIFIED ORINCLUDED ANIMAL ORIGIN,NOT ELSEWHERE URAL HONEY. EDIBLEPRODUCTSOF DAIRY PRODUCE.DIRDS’ EGGS.NAT- PARTSMENT AND THEREOF ELECTRICAL MACHINERY AND EQUIP- CROCHETED ING ACCESSORIES, KNITTEDOR OF APPARELARTICLES CLOTH- AND THEREOF ALUMINIUM ANDARTICLES PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, PHARMACEUTICAL PRODUCTS GERMANY ANCES PARTS THEREOF MECHANICALMACHINERY APPLI- AND NUCLEAR REACTORS, BOILERS, PARTSMENT AND THEREOF ELECTRICAL MACHINERY &EQUIP- CROCHETED ING ACCESSORIES, KNITTEDOR OF APPARELARTICLES CLOTH- AND NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, JANUARY-AUGUST 2014 JANUARY-AUGUST 2013 1,265,140,440 131,091,199 136,407,966 144,044,273 146,681,344 177,618,968 224,026,605 128,114,308 15,190,298 18,408,508 81,208,301 54,047,366 59,469,392 63,639,019 11,560,687 2,276,009 2,721,589 3,130,559 5,481,018 6,269,479 7,493,831 8,676,323 (Euros) (Euros) VALUE VALUE 143,954,531 470,197,611 111,575,062 VOLUME/ VOLUME/ 20,929,802 24,979,135 26,166,761 53,557,290 21,672,996 31,217,835 45,673,364 5,039,005 7,104,826 2,819,741 7,494,647 3,798,990 6,047,784 285,012 180,578 533,192 331,082 94,167 87,803 KGR KGR ROOTS AND TUBERS ROOTS AND EDIBLE VEGETABLES AND CERTAIN SPECIFIED ORINCLUDED ANIMAL ORIGIN,NOT ELSEWHERE URAL HONEY. EDIBLEPRODUCTSOF DAIRY PRODUCE.DIRDS’ EGGS.NAT- THEREOF ALUMINIUM ANDARTICLES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF PARTSMENTTHEREOF AND ELECTRICAL MACHINERY AND EQUIP- CROCHETED ING ACCESSORIES, KNITTEDOR OF APPARELARTICLES CLOTH- AND NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, PHARMACEUTICAL PRODUCTS GERMANY PLASTICS AND ARTICLES THEREOF PLASTICS ANDARTICLES BEVERAGES, SPIRITS AND VINEGAR APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, THEREOF PLASTICS ANDARTICLES PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, MISCELLANEOUS EDIBLEPREPARATIONS WHERE SPECIFIEDORINCLUDED UCTS OF ANIMAL ORIGIN,NOT ELSE- NATURAL HONEY. EDIBLE PROD- DAIRY PRODUCE.DIRDS’ EGGS. FURSKINS. MANUFACTURES THEROF THEREOF ALUMINIUM ANDARTICLES PHARMACEUTICAL PRODUCTS DENMARK JANUARY-AUGUST 2012 1,252,013,461 JANUARY-AUGUST 2013 131,753,382 133,003,619 133,253,092 150,745,581 186,297,759 226,072,648 119,757,038 110,712,373 64,122,624 49,977,822 57,029,896 15,580,474 24,312,651 29,196,742 3,498,683 3,923,254 5,068,567 5,841,162 6,240,490 8,204,722 8,845,628 (Euros) VALUE (Euros) VALUE 143,427,394 134,861,146 482,759,798 VOLUME/ 16,986,567 43,147,480 34,051,515 24,167,164 46,329,049 25,932,360 VOLUME/ 25,379,142 5,371,256 8,485,867 1,050,619 7,538,794 3,665,963 4,041,900 7,342,071 462,446 366,746 573,962 107,400 229,241 KGR KGR OTHER MASTICSINKS TER PAINTS AND VARNISHES. PUTTY & PIGMENTS &OTHERCOLOURINGMAT- NINS AND THEIR DERIVATIVES DYES, TANNING ORDYEINGEXTRACTS TAN- ETABLE WAXES. PARED EDIBLEFATS. ANIMAL ORVEG- THEIR CLEAVAGE PRODUCTS. PRE- ANIMAL ORVEGETABLE FATS &OILS. PASTRYCOOKS' PRODUCTS FLOUR, STARCH ORMILK. PREPARATIONS OFCEREALS, PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND FURSKINS. MANUFACTURES THEROF. ESTONIA MISCELLANEOUS CHEMICAL PRODUCTS APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, BEVERAGES, SPIRITS AND VINEGAR THEREOF CABLES ROPES& ARTICLES YARNS. TWINE, CORDAGE,ROPES AND WADDING, FELT &NONWOVENS.SPECIAL JANUARY-AUGUST 2014 1,453,573 5,506,881 (Euros) VALUE 271,125 279,104 336,399 370,754 402,886 447,584 539,031 671,816 734,609 VOLUME/ 2,265,523 399,123 127,606 152,176 229,274 242,910 452,236 590,500 20,567 50,413 KGR 718 CONFIDENTIAL ITEMS, STORES ETABLE WAXES. PARED EDIBLEFATS. ANIMAL ORVEG- THEIR CLEAVAGE PRODUCTS.PRE- ANIMAL ORVEGETABLE FATS AND OILS. TRYCOOKS' PRODUCTS FLOUR, STARCH ORMILK.PAS- PREPARATIONS OFCEREALS, CABLES ROPES& ARTICLES THEREOF YARNS. TWINE, CORDAGE,ROPES AND WADDING, FELT &NONWOVENS.SPECIAL INKS OTHER MASTICS PAINTS &VARNISHES. PUTTY AND MENTS &OTHERCOLOURINGMATTER NINS & THEIR DERIVATIVES DYES, PIG- TANNING ORDYEINGEXTRACTS TAN- FURSKINS. MANUFACTURES THEROF PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, NOUS SUBSTANCES. MINERALWAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND ESTONIA JANUARY-AUGUST 2013 1,020,443 1,082,279 1,186,558 7,510,983 (Euros) VALUE 423,708 441,633 475,146 562,292 648,266 770,014 900,644 VOLUME/ 1,722,349 3,891,536 224,751 370,519 236,754 219,439 912,161 52,821 91,827 58,131 2,784 KGR 131 Trade with Greece 132 Trade with Greece CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF CROCHETED ING ACCESSORIES, KNITTEDOR OF APPARELARTICLES CLOTH- AND COPPER ARTICLES COPPER AND THEREOF ALUMINIUM ANDARTICLES THEREOF PLASTICS ANDARTICLES CONFIDENTIAL ITEMS,STORES PHARMACEUTICAL PRODUCTS AND OTHER AQUATIC INVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, MINOUS SUBSTANCES.PRODUCTS OF THEIR DISTILLATION. MINERAL BITU- WAXES MINERAL FUELS,MINERAL OILS AND SPAIN JANUARY-AUGUST 2014 159,035,701 496,432,726 12,369,179 13,437,672 22,550,445 24,430,216 31,651,006 32,849,943 38,668,970 74,744,957 86,694,637 (Euros) VALUE 360,976,891 439,347,398 VOLUME/ 13,730,193 17,621,495 13,193,357 16,036,375 3,795,729 9,073,740 3,719,778 496,136 703,704 KGR CROCHETED ING ACCESSORIES, KNITTEDOR OF APPARELARTICLES CLOTH- AND APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, THEREOF ALUMINIUM ANDARTICLES CONFIDENTIAL ITEMS,STORES COPPER ARTICLES COPPER AND THEREOF PLASTICS ANDARTICLES PHARMACEUTICAL PRODUCTS VEGETABLE WAXES. PREPARED EDIBLEFATS. ANIMAL OR THEIR CLEAVAGE PRODUCTS. ANIMAL ORVEGETABLE FATS &OILS. AND OTHER AQUATIC INVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS MINOUS SUBSTANCES.PRODUCTS OF THEIR DISTILLATION. MINERAL BITU- WAXES MINERAL FUELS,MINERAL OILS AND SPAIN JANUARY-AUGUST 2013 410,641,164 16,960,896 18,797,295 22,288,134 23,362,877 33,392,228 44,576,044 56,091,014 85,384,891 95,674,754 14,113,031 (Euros) VALUE 166,373,873 258,384,106 VOLUME/ 18,335,920 18,497,543 32,611,353 1,831,912 6,563,585 9,273,512 3,799,537 507,745 589,126 KGR FIED ORINCLUDED MAL ORIGIN,NOT ELSEWHERESPECI- RAL HONEY. EDIBLEPRODUCTSOF ANI- PRODUCE.DIRDS’DAIRY EGGS. NATU- THEREOF ALUMINIUM ANDARTICLES TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND ARTICLES THEREOF ROPES AND CABLESROPES AND SPECIAL YARNS.CORDAGE, TWINE, WADDING, FELT AND NONWOVENS. CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF PHARMACEUTICAL PRODUCTS MISCELLANEOUS EDIBLEPREPARATIONS PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, FURSKINS. MANUFACTURES THEROF. CONFIDENTIAL ITEMS,STORES FINLAND JANUARY-AUGUST 2014 149,265,336 18,636,517 89,684,947 9,915,818 2,089,026 2,523,219 2,902,257 3,160,371 4,605,736 7,264,718 8,482,727 (Euros) VALUE VOLUME/ 49,877,229 37,112,460 1,204,959 3,388,149 5,780,758 138,077 410,648 823,724 260,001 521,342 237,111 KGR & CABLESROPES & ARTICLES THEREOF CIAL YARNS.ROPES CORDAGE, TWINE, WADDING, FELT &NONWOVENS. SPE- VEGETABLE WAXES PREPARED EDIBLEFATS. ANIMAL OR OILS. THEIR CLEAVAGE PRODUCTS. ANIMAL ORVEGETABLE FATS AND MISCELLANEOUS CHEMICAL PRODUCTS WHERE SPECIFIEDORINCLUDED UCTS OF ANIMAL ORIGIN,NOT ELSE- NATURAL HONEY. EDIBLE PROD- DAIRY PRODUCE.DIRDS’ EGGS. CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF FURSKINS. MANUFACTURES THEROF PHARMACEUTICAL PRODUCTS MISCELLANEOUS EDIBLEPREPARATIONS NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, CONFIDENTIAL ITEMS,STORES FINLAND JANUARY-AUGUST 2013 135,169,163 90,176,296 10,872,116 1,483,309 1,654,149 1,836,977 1,849,941 6,851,740 8,877,458 3,555,811 8,011,366 (Euros) VALUE VOLUME/ 40,122,547 61,395,706 9,191,186 2,968,288 7,053,780 647,628 409,416 347,448 209,340 387,381 58,692 KGR 133 Trade with Greece 134 Trade with Greece USO TE AT FPLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, COPPER ARTICLES COPPER AND AND OTHER AQUATIC INVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS THEREOF PLASTICS ANDARTICLES THEREOF ALUMINIUM ANDARTICLES PHARMACEUTICAL PRODUCTS FRANCE MINERAL WAXES BITUMINOUS SUBSTANCES. PRODUCTS OF THEIR DISTILLATION. MINERAL FUELS,MINERAL OILS AND APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND ARTICLES OFIRONORSTEEL JANUARY-AUGUST 2014 415,492,764 54,549,249 72,388,159 73,223,303 17,018,155 18,945,565 20,584,829 30,884,836 40,154,613 40,280,967 47,463,088 (Euros) VALUE 149,160,472 VOLUME/ 33,328,689 20,353,608 29,154,010 10,832,986 15,293,741 24,296,976 4,538,829 6,534,819 3,015,145 1,811,669 KGR CROCHETED ING ACCESSORIES, KNITTEDOR OF APPARELARTICLES CLOTH- AND PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, ARTICLES OFIRONORSTEEL NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, COPPER ARTICLES COPPER AND AND OTHER AQUATIC INVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS THEREOF PLASTICS ANDARTICLES THEREOF ALUMINIUM ANDARTICLES PHARMACEUTICAL PRODUCTS FRANCE JANUARY-AUGUST 2013 433,772,489 16,360,946 21,087,012 25,021,157 42,696,417 43,330,876 47,825,745 56,244,429 68,742,900 94,151,727 18,311,280 (Euros) VALUE 118,071,293 VOLUME/ 16,082,769 36,134,414 16,554,265 23,081,746 11,407,609 3,001,214 1,407,561 6,722,345 2,989,818 689,552 KGR CROCHETED ING ACCESSORIES, KNITTEDOR OF APPARELARTICLES CLOTH- AND THEREOF PLASTICS ANDARTICLES COPPER ARTICLES COPPER AND THEREOF ALUMINIUM ANDARTICLES WAXES NOUS SUBSTANCES. MINERAL UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF WHERE SPECIFIEDORINCLUDED UCTS OF ANIMAL ORIGIN,NOT ELSE- NATURAL HONEY. EDIBLEPROD- DAIRY PRODUCE.DIRDS’ EGGS. PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND PHARMACEUTICAL PRODUCTS UNITED KINGDOM PRODUCTS MISCELLANEOUS CHEMICAL PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, CEREALS THEREOF PLASTICS ANDARTICLES COPPER ARTICLES COPPER AND PHARMACEUTICAL PRODUCTS THEREOF ALUMINIUM ANDARTICLES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF HUNGARY JANUARY-AUGUST 2014 JANUARY-AUGUST 2014 104,756,097 135,215,656 709,555,058 38,604,760 55,344,622 55,377,812 59,985,667 63,212,291 77,487,625 86,457,916 33,112,612 14,030,299 14,996,400 18,828,099 84,215,406 (Euros) 1,997,079 3,581,343 3,837,105 4,162,230 6,458,356 7,752,456 8,572,039 VALUE (Euros) VALUE 296,984,105 VOLUME/ 18,271,461 98,813,742 40,884,697 20,379,955 74,323,167 17,465,050 12,256,103 9,848,047 3,647,003 1,094,880 VOLUME/ 17,014,693 45,718,839 80,259,948 4,584,854 3,876,376 1,419,995 5,590,156 972,202 342,252 608,459 132,122 KGR KGR FERTILIZERS PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, CEREALS PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, THEREOF PLASTICS ANDARTICLES COPPER ARTICLES COPPER AND PHARMACEUTICAL PRODUCTS THEREOF ALUMINIUM ANDARTICLES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF HUNGARY ALUMINIUM AND ARTICLES THEREOF ALUMINIUM ANDARTICLES COPPER ARTICLES COPPER AND CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF WHERE SPECIFIEDORINCLUDED UCTS OF ANIMAL ORIGIN,NOT ELSE- NATURAL HONEY. EDIBLEPROD- DAIRY PRODUCE.DIRDS’ EGGS. PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, MINOUS SUBSTANCES.PRODUCTS OF THEIR DISTILLATION. MINERAL BITU- WAXES MINERAL FUELS,MINERAL OILS AND PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND PHARMACEUTICAL PRODUCTS UNITED KINGDOM CROCHETED ING ACCESSORIES, KNITTEDOR OF APPARELARTICLES CLOTH- AND THEREOF PLASTICS ANDARTICLES JANUARY-AUGUST 2013 JANUARY-AUGUST 2013 107,293,003 127,975,455 728,296,095 119,205,020 14,517,312 18,653,741 73,877,699 49,569,704 55,847,962 59,738,918 60,885,067 85,680,005 28,567,650 33,533,311 2,171,409 3,078,265 4,306,955 5,155,230 5,219,578 5,787,983 5,865,035 9,122,191 (Euros) (Euros) VALUE VALUE 173,580,369 359,359,875 VOLUME/ VOLUME/ 12,715,014 44,924,582 76,546,834 15,909,094 39,268,035 15,664,980 71,958,459 20,049,685 2,499,635 7,067,348 2,237,278 5,204,999 9,724,938 9,329,646 2,919,444 293,101 551,353 962,728 955,225 90,796 KGR KGR 135 Trade with Greece 136 Trade with Greece APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, VEGETABLE WAXES. PREPARED EDIBLEFATS. ANIMAL OR ANIMAL ORVEGETABLE FATS &OILS. AND OTHER AQUATIC INVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS THEREOF ALUMINIUM ANDARTICLES MINOUS SUBSTANCES.PRODUCTS OF THEIR DISTILLATION. MINERAL BITU- WAXES MINERAL FUELS,MINERAL OILS AND ITALY PRODUCTS MISCELLANEOUS CHEMICAL PREPARATIONS PERFUMERY, COSMETICOR TOILET ESSENTIAL OILS AND RESINOIDS. CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, ARTICLES THEREOF ROPES AND CABLESROPES AND SPECIAL YARNS.CORDAGE, TWINE, WADDING, FELT AND NONWOVENS. MATERIALS THE LIKEOFMAN-MADE TEXTILE MAN-MADE FILAMENTSSTRIP AND WHERE SPECIFIEDORINCLUDED UCTS OF ANIMAL ORIGIN,NOT ELSE- NATURAL HONEY. EDIBLEPROD- DAIRY PRODUCE.DIRDS’ EGGS. THEREOF PLASTICS ANDARTICLES PHARMACEUTICAL PRODUCTS FERTILIZERS IRELAND WHERE SPECIFIED ORINCLUDED UCTS OF ANIMAL ORIGIN, NOT ELSE- NATURAL HONEY. EDIBLEPROD- DAIRY PRODUCE.DIRDS’ EGGS. COPPER ARTICLES COPPER AND PHARMACEUTICAL PRODUCTS CEREALS THEREOF PLASTICS ANDARTICLES JANUARY-AUGUST 2014 JANUARY-AUGUST 2014 1,836,405,958 139,202,432 144,332,771 226,342,685 283,022,476 639,161,214 26,700,606 65,614,754 69,386,080 80,389,506 89,218,501 99,735,539 1,102,423 1,293,890 1,322,549 1,367,325 1,443,171 1,630,261 2,962,999 6,801,643 7,863,587 (Euros) (Euros) VALUE VALUE 912,758 1,836,405,958 334,238,361 134,697,275 985,775,552 VOLUME/ VOLUME/ 38,202,000 41,540,264 18,104,014 15,532,500 63,564,822 57,076,891 52,469,303 1,267,249 5,805,110 174,287 520,353 534,896 258,427 770,005 907,003 112,768 54,652 5,873 KGR KGR CEREALS WHERE SPECIFIEDORINCLUDED UCTS OF ANIMAL ORIGIN,NOT ELSE- NATURAL HONEY. EDIBLEPROD- DAIRY PRODUCE.DIRDS’ EGGS. COPPER ARTICLES COPPER AND CONFIDENTIAL ITEMS,STORES THEREOF PLASTICS ANDARTICLES PHARMACEUTICAL PRODUCTS AND OTHER AQUATIC INVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS THEREOF ALUMINIUM ANDARTICLES VEGETABLE WAXES. PREPARED EDIBLEFATS. ANIMAL OR ANIMAL ORVEGETABLE FATS AND OILS. MINOUS SUBSTANCES. MINERAL WAXES PRODUCTS OF THEIR DISTILLATION. BITU- MINERAL FUELS,MINERAL OILS AND ITALY APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, PREPARATIONS PERFUMERY, COSMETICOR TOILET ESSENTIAL OILS AND RESINOIDS. THEREOF PLASTICS ANDARTICLES FODDER INDUSTRIES PREPARED ANIMAL RESIDUES AND WASTE FROMFOOD PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND PHARMACEUTICAL PRODUCTS FERTILIZERS IRELAND MISCELLANEOUS CHEMICAL PRODUCTS WHERE SPECIFIEDORINCLUDED UCTS OF ANIMAL ORIGIN,NOT ELSE- NATURAL HONEY. EDIBLEPROD- DAIRY PRODUCE.DIRDS’ EGGS. JANUARY-AUGUST 2013 1,843,902,810 JANUARY-AUGUST 2013 215,814,081 284,093,510 343,466,531 631,159,053 47,898,494 48,792,778 59,480,127 61,420,722 71,223,782 80,553,732 29,292,732 1,633,140 1,765,030 2,472,150 2,548,260 2,753,622 3,549,535 4,587,138 6,906,082 1,521,641 1,556,134 (Euros) (Euros) VALUE VALUE 1,491,754,433 185,229,639 139,346,976 135,374,413 886,042,051 VOLUME/ 12,880,297 24,578,473 40,260,231 54,890,431 VOLUME/ 11,856,051 16,783,925 36,892,000 57,558,624 1,295,871 1,293,332 1,269,964 142,287 249,917 228,607 611,186 40,609 46,797 KGR KGR NUTS OROTHER PARTS OF PLANTS PREPARATIONS OFVEGETABLES, FRUIT, PARTSTHEREOF ANDACCESSORIES TOYS, GAMES AND SPORTS REQUISITES ARTICLES OFIRONORSTEEL WHERE SPECIFIEDORINCLUDED UCTS OF ANIMAL ORIGIN,NOT ELSE- NATURAL HONEY. EDIBLE PROD- DAIRY PRODUCE.DIRDS’ EGGS. THEREOF ALUMINIUM ANDARTICLES APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, STEEL IRON AND TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND AND OTHER AQUATIC INVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND LUXEMBURG ARTICLES THEREOF ROPES AND CABLESROPES AND SPECIAL YARNS.CORDAGE, TWINE, WADDING, FELT AND NONWOVENS. FURSKINS. MANUFACTURES THEROF THEREOF ALUMINIUM ANDARTICLES PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND PHARMACEUTICAL PRODUCTS KNITTED ORCROCHETEDFABRICS TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND OF PAPERBOARD CLES OFPAPER PULP, OFPAPER OR PAPERPAPERBOARD. AND ARTI- CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF LITHUANIA JANUARY-AUGUST 2014 JANUARY-AUGUST 2014 21,679,300 1,649,945 4,198,202 1,150,347 1,185,362 1,303,378 1,454,428 1,704,532 1,807,333 1,950,157 2,656,306 7,637,997 (Euros) (Euros) VALUE VALUE 404,712 723,872 340,410 377,235 379,822 829,460 65,387 74,665 87,104 95,050 VOLUME/ VOLUME/ 14,751,639 11,692,838 1,139,042 382,967 142,703 943,233 453,781 193,942 106,557 196,679 623,828 330,064 116,069 110,880 10,748 13,288 30,925 21,598 35,942 13,483 78,113 KGR 1,425 KGR GRAPHIC GOODS PHOTOGRAPHIC ORCINEMATO- WHERE SPECIFIEDORINCLUDED UCTS OF ANIMAL ORIGIN,NOT ELSE- NATURAL HONEY. EDIBLEPROD- DAIRY PRODUCE.DIRDS’ EGGS. MAL ORVEGETABLE WAXES. OILS. PREPARED EDIBLEFATS. ANI- ANIMAL ORVEGETABLE FATS AND THEREOF RUBBER ANDARTICLES THEREOF PLASTICS ANDARTICLES APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, THEREOF ALUMINIUM ANDARTICLES STEEL IRON AND PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND AND OTHER AQUATIC INVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS LUXEMBURG TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND THEREOF ALUMINIUM ANDARTICLES PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, THEREOF AND ACCESSORIES TRAMWAY ROLLINGSTOCK PARTS VEHICLES OTHER THAN RAILWAY OR KNITTED ORCROCHETEDFABRICS OF PAPERBOARD CLES OFPAPER PULP, OFPAPER OR PAPERPAPERBOARD. AND ARTI- APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF LITHUANIA & CABLESROPES ARTICLES THEREOF CIAL YARNS.ROPES CORDAGE, TWINE, WADDING, FELT &NONWOVENS.SPE- PHARMACEUTICAL PRODUCTS JANUARY-AUGUST 2013 JANUARY-AUGUST 2013 19,412,476 3,139,838 1,291,890 1,380,454 1,443,017 1,499,253 1,864,959 2,020,853 1,096,291 1,711,981 6,118,145 (Euros) (Euros) VALUE VALUE 103,419 108,473 264,353 291,641 346,966 418,020 682,976 766,354 985,633 77,310 80,326 VOLUME/ VOLUME/ 12,589,200 1,172,373 9,395,541 146,973 158,452 935,483 428,748 426,375 396,813 107,722 446,061 365,811 117,510 18,095 32,816 19,049 51,727 66,243 73,661 33,653 64,404 2,656 KGR KGR 137 Trade with Greece 138 Trade with Greece APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, CEREALS PHARMACEUTICAL PRODUCTS CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND BEVERAGES, SPIRITS AND VINEGAR LATVIA PARTS THEREOF FOOTWEAR, GAITERS AND THE LIKE AND OTHER AQUATIC INVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, OF PAPERBOARD CLES OFPAPER PULP, OFPAPER OR PAPERPAPERBOARD. AND ARTI- JANUARY-AUGUST 2014 10,384,516 2,493,541 2,563,526 1,164,489 (Euros) VALUE 370,967 461,605 562,764 601,630 645,725 663,312 856,957 VOLUME/ 1,344,000 1,688,288 4,620,768 606,560 696,542 87,947 78,474 79,880 24,410 6,080 8,587 KGR PARTS THEREOF FOOTWEAR, GAITERS AND THE LIKE AND OTHER AQUATIC INVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, OF PAPERBOARD CLES OFPAPER PULP, OFPAPER OR PAPERPAPERBOARD. AND ARTI- APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, CEREALS PHARMACEUTICAL PRODUCTS CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND BEVERAGES, SPIRITS AND VINEGAR LATVIA JANUARY-AUGUST 2013 10,384,516 1,164,489 2,493,541 2,563,526 (Euros) VALUE 370,967 461,605 562,764 601,630 645,725 663,312 856,957 VOLUME/ 1,344,000 1,688,288 4,620,768 606,560 696,542 87,947 78,474 79,880 24,410 6,080 8,587 KGR PLASTICS AND ARTICLES THEREOF PLASTICS AND ARTICLES PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, WATCHMAKING BEVERAGES, SPIRITS AND VINEGAR TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND STRUCTURES SHIPS, BOATS AND FLOATING APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, PHARMACEUTICAL PRODUCTS PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND NOUS SUBSTANCES. MINERAL WAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- MALTA JANUARY-AUGUST 2014 117,372,703 88,935,667 1,268,140 1,300,905 1,345,895 1,380,769 2,332,256 2,636,720 8,357,370 8,503,858 1,311,123 (Euros) VALUE 148,733,262 156,845,552 VOLUME/ 4,882,161 1,239,892 390,850 529,975 268,630 469,765 240,355 90,489 KGR 173 PLASTICS AND ARTICLES THEREOF PLASTICS AND ARTICLES PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, WATCHMAKING BEVERAGES, SPIRITS AND VINEGAR TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND STRUCTURES SHIPS, BOATS AND FLOATING APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, PHARMACEUTICAL PRODUCTS PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND MINOUS SUBSTANCES. MINERAL WAXES PRODUCTS OF THEIR DISTILLATION. BITU- MINERAL FUELS,MINERAL OILS AND MALTA JANUARY-AUGUST 2013 117,372,703 88,935,667 1,268,140 1,300,905 1,345,895 1,380,769 2,332,256 2,636,720 8,357,370 8,503,858 1,311,123 (Euros) VALUE 148,733,262 156,845,552 VOLUME/ 4,882,161 1,239,892 390,850 529,975 268,630 469,765 240,355 90,489 KGR 173 139 Trade with Greece 140 Trade with Greece PREPARATIONS PERFUMERY, COSMETIC OR TOILET ESSENTIAL OILS AND RESINOIDS. & CABLESROPES ARTICLES THEREOF CIAL YARNS.ROPES CORDAGE, TWINE, WADDING, FELT &NONWOVENS. SPE- APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, THEREOF PLASTICS ANDARTICLES PHARMACEUTICAL PRODUCTS CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF THEREOF ALUMINIUM ANDARTICLES POLAND CROCHETED ING ACCESSORIES, KNITTEDOR OF APPARELARTICLES CLOTH- AND WHERE SPECIFIEDORINCLUDED UCTS OF ANIMAL ORIGIN,NOT ELSE- NATURAL HONEY. EDIBLEPROD- DAIRY PRODUCE.DIRDS’ EGGS. TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND THEREOF PLASTICS ANDARTICLES PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, THEREOF ALUMINIUM ANDARTICLES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF AND OTHER AQUATIC INVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS PHARMACEUTICAL PRODUCTS NETHERLANDS JANUARY-AUGUST 2014 JANUARY-AUGUST 2014 248,591,984 293,059,033 30,105,493 38,853,470 70,673,661 10,097,241 17,588,141 19,492,894 27,096,580 28,056,429 34,739,749 40,408,902 43,328,458 60,919,957 16,358,908 17,150,866 24,009,544 24,490,500 11,330,682 11,511,625 7,612,139 7,825,778 (Euros) (Euros) VALUE VALUE 145,059,040 VOLUME/ VOLUME/ 22,517,799 13,402,501 30,804,375 95,296,189 25,390,577 74,578,318 23,663,023 7,419,813 2,490,344 5,834,419 7,443,371 3,942,638 1,181,482 1,787,504 3,947,484 1,626,931 1,838,232 1,833,442 9,353,375 1,040,154 259,447 KGR KGR TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND THEREOF PLASTICS ANDARTICLES MINOUS SUBSTANCES.PRODUCTS OF THEIR DISTILLATION. MINERAL BITU- WAXES MINERAL FUELS,MINERAL OILS AND NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, THEREOF ALUMINIUM ANDARTICLES AND OTHER AQUATIC INVERTEBRATES AND CRUSTACEANS,FISH MOLLUSCS CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF PHARMACEUTICAL PRODUCTS NETHERLANDS PREPARATIONS PERFUMERY, COSMETIC OR TOILET ESSENTIAL OILS AND RESINOIDS. & CABLESROPES ARTICLES THEREOF CIAL YARNS.ROPES CORDAGE, TWINE, WADDING, FELT &NONWOVENS. SPE- THEREOF AND ACCESSORIES TRAMWAY ROLLINGSTOCK PARTS VEHICLES OTHER THAN RAILWAY OR CEREALS APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, NUTS OR OTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, PHARMACEUTICAL PRODUCTS THEREOF PLASTICS ANDARTICLES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF THEREOF ALUMINIUM ANDARTICLES POLAND APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, JANUARY-AUGUST 2013 JANUARY-AUGUST 2013 295,129,594 219,606,725 14,953,841 16,936,179 21,023,731 22,357,487 31,099,934 32,273,140 40,562,675 44,845,163 59,267,585 10,527,586 26,891,202 27,306,746 28,631,704 37,430,160 58,118,998 11,809,859 6,474,507 6,620,604 8,644,531 8,960,687 (Euros) (Euros) VALUE VALUE 160,382,616 122,825,632 VOLUME/ VOLUME/ 19,185,586 32,420,189 68,033,456 19,064,254 30,353,548 26,997,875 12,622,184 34,164,096 11,817,589 1,808,601 2,368,009 1,519,956 2,173,669 2,683,353 8,090,164 4,075,948 3,311,857 954,238 710,557 853,119 KGR KGR THEREOF PARTSSITES ANDACCESSORIES TOYS, GAMES AND SPORTS REQUI- NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, MINOUS SUBSTANCES. MINERAL WAXES PRODUCTS OF THEIR DISTILLATION. BITU- MINERAL FUELS,MINERAL OILS AND THEREOF ALUMINIUM ANDARTICLES APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND COPPER ARTICLES COPPER AND STEEL IRON AND CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF THEREOF PLASTICS ANDARTICLES ROMANIA MATERIALS THE LIKEOFMAN-MADE TEXTILE MAN-MADE FILAMENTSSTRIP AND COPPER ARTICLES COPPER AND PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND CEREALS THEREOF PLASTICS ANDARTICLES TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND PHARMACEUTICAL PRODUCTS THEREOF ALUMINIUM ANDARTICLES APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, AND OTHER AQUATIC INVERTEBRATES FISH AND CRUSTACEANS, MOLLUSCS PORTUGAL JANUARY-AUGUST 2014 JANUARY-AUGUST 2014 438,287,716 13,595,805 21,463,647 25,587,605 32,408,690 36,540,487 40,746,733 53,912,771 61,101,232 63,699,946 89,230,800 16,597,732 36,612,799 96,827,239 2,503,245 3,532,248 4,035,762 4,364,935 6,467,694 6,589,091 8,938,369 9,688,609 (Euros) (Euros) VALUE VALUE 126,127,905 170,597,466 442,235,240 VOLUME/ VOLUME/ 14,016,271 32,046,812 14,107,367 46,380,596 50,888,521 11,518,237 1,181,379 4,567,144 3,314,002 1,551,375 7,602,468 2,961,312 3,601,576 6,131,809 9,920,451 702,316 798,883 196,669 776,557 KGR KGR FERTILIZERS ARTICLES OFIRONORSTEEL PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, THEREOF ALUMINIUM ANDARTICLES COPPER ARTICLES COPPER AND PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND STEEL IRON AND CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF THEREOF PLASTICS ANDARTICLES ROMANIA LIKE OFMAN-MADE TEXTILE MATERIALS FILAMENTSSTRIP MAN-MADE AND THE PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND COPPER ARTICLES COPPER AND APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, TOBACCO SUBSTITUTES MANUFACTUREDTOBACCO AND PHARMACEUTICAL PRODUCTS THEREOF PLASTICS ANDARTICLES THEREOF ALUMINIUM ANDARTICLES AND OTHER AQUATIC INVERTEBRATES AND CRUSTACEANS,FISH MOLLUSCS PORTUGAL AGENTS, WASHING PREPARATIONS SOAP, ORGANICSURFACE-ACTIVE JANUARY-AUGUST 2013 JANUARY-AUGUST 2013 426,791,435 12,630,975 14,482,583 22,143,470 31,637,880 32,905,337 51,563,063 56,430,577 63,065,099 84,814,280 57,118,171 13,019,325 13,263,863 13,426,087 30,879,686 96,454,932 2,842,576 3,720,482 4,194,517 5,494,424 7,105,239 2,508,733 (Euros) (Euros) VALUE VALUE 148,498,431 402,610,513 110,235,835 VOLUME/ 30,038,862 16,149,329 15,724,320 46,089,580 VOLUME/ 11,141,726 11,718,863 31,547,394 4,198,381 8,815,186 4,868,339 1,002,579 1,121,681 9,815,003 4,465,274 7,481,123 754,036 720,006 937,466 381,887 KGR KGR 141 Trade with Greece 142 Trade with Greece CONFIDENTIAL ITEMS,STORES CROCHETED ING ACCESSORIES, KNITTEDOR OF APPARELARTICLES CLOTH- AND PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND MISCELLANEOUS CHEMICAL PRODUCTS MISCELLANEOUS EDIBLEPREPARATIONS ACCESSORIES THEREOF MENTS ANDAPPARATUSPARTS AND CISION MEDICAL ORSURGICAL INSTRU- GRAPHIC, MEASURING, CHECKING, PRE- OPTICAL, PHOTOGRAPHIC, CINEMATO- CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF THEREOF PLASTICS ANDARTICLES PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, WHERE SPECIFIEDORINCLUDED UCTS OF ANIMAL ORIGIN,NOT ELSE- NATURAL HONEY. EDIBLEPROD- DAIRY PRODUCE.DIRDS’ EGGS. SWEDEN MISCELLANEOUS CHEMICAL PRODUCTS AGENTS, WASHING PREPARATIONS SOAP, ORGANICSURFACE-ACTIVE PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, THEREOF PLASTICS ANDARTICLES PHARMACEUTICAL PRODUCTS PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND THEREOF ALUMINIUM ANDARTICLES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF PRECIOUS METALS OR INORGANICCOMPOUNDSOF INORGANIC CHEMICALSORGANIC MINOUS SUBSTANCES.PRODUCTS OF THEIR DISTILLATION. MINERAL BITU- WAXES MINERAL FUELS,MINERAL OILS AND SLOVENIA JANUARY-AUGUST 2014 JANUARY-AUGUST 2014 121,190,366 17,091,334 48,851,370 82,815,396 10,739,872 10,806,608 12,891,224 15,968,127 11,079,995 11,604,338 25,911,741 1,155,315 1,470,491 1,696,043 2,060,671 2,267,624 3,019,384 3,953,968 5,728,982 7,056,093 9,403,386 2,404,511 (Euros) (Euros) VALUE VALUE 145,285,510 211,509,364 173,114,840 VOLUME/ VOLUME/ 76,318,985 55,284,501 12,611,162 6,692,628 4,755,953 2,328,208 1,053,421 7,285,295 2,332,794 1,340,087 9,477,011 1,411,098 855,419 296,253 998,518 208,677 100,554 309,066 20,404 KGR KGR EQUIPMENT AND PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND MISCELLANEOUS CHEMICAL PRODUCTS CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF MISCELLANEOUS EDIBLEPREPARATIONS THEREOF PLASTICS ANDARTICLES PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, THEREOF ACCESSORIES MENTS ANDAPPARATUSPARTS AND CISION MEDICAL ORSURGICAL INSTRU- GRAPHIC, MEASURING, CHECKING, PRE- OPTICAL, PHOTOGRAPHIC, CINEMATO- WHERE SPECIFIEDORINCLUDED UCTS OF ANIMAL ORIGIN,NOT ELSE- NATURAL HONEY. EDIBLEPROD- DAIRY PRODUCE.DIRDS’ EGGS. SWEDEN PLASTICS AND ARTICLES THEREOF PLASTICS AND ARTICLES PLANTS NUTS OROTHERPARTS OF PREPARATIONS OFVEGETABLES, FRUIT, PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND PARTS THEREOF FOOTWEAR, GAITERS AND THE LIKE THEREOF ALUMINIUM ANDARTICLES CROCHETED ING ACCESSORIES, KNITTEDOR OF APPARELARTICLES CLOTH- AND PHARMACEUTICAL PRODUCTS CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF PRECIOUS METALS OR INORGANICCOMPOUNDSOF INORGANIC CHEMICALSORGANIC NOUS SUBSTANCES. MINERALWAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- SLOVENIA CROCHETED ING ACCESSORIES, KNITTEDOR OF APPARELARTICLES CLOTH- AND CONFIDENTIAL ITEMS,STORES JANUARY-AUGUST 2013 JANUARY-AUGUST 2013 135,217,020 130,236,159 157,642,483 10,163,686 12,349,718 13,639,915 15,438,395 21,698,504 23,380,708 11,331,073 9,748,065 1,405,717 1,584,627 1,907,842 2,092,054 2,159,226 2,277,005 3,442,482 5,102,593 7,434,778 8,143,584 9,323,372 (Euros) (Euros) VALUE VALUE 105,366,300 145,421,141 166,146,983 206,035,620 VOLUME/ VOLUME/ 29,421,380 14,606,962 1,109,816 1,243,043 6,978,769 3,820,122 1,243,494 6,460,233 8,676,457 4,092,624 661,580 164,055 249,398 136,726 313,557 642,587 90,074 32,601 KGR KGR BASE METAL OF MISCELLANEOUS ARTICLES ARTICLES OFIRONORSTEEL THEREOF ALUMINIUM ANDARTICLES APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND THEREOF PLASTICS ANDARTICLES STEEL IRON AND TUBERS ROOTS AND EDIBLE VEGETABLES AND CERTAIN CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF CONFIDENTIAL ITEMS,STORES SLOVAKIA JANUARY-AUGUST 2014 21,246,935 10,131,794 48,909,117 1,543,716 1,616,471 1,739,586 1,882,507 2,321,686 2,572,790 2,748,314 3,105,318 (Euros) VALUE VOLUME/ 20,288,556 32,967,982 2,058,385 1,439,121 2,618,173 3,014,723 2,288,179 253,026 484,784 295,770 227,265 KGR EQUIPMENT AND PARTSEQUIPMENT AND THEREOF ELECTRICAL MACHINERY AND THEREOF ALUMINIUM ANDARTICLES NUTS OROTHERPARTS OFPLANTS PREPARATIONS OFVEGETABLES, FRUIT, ARTICLES OFIRONORSTEEL PRECIOUS METALS OR INORGANICCOMPOUNDSOF INORGANIC CHEMICALSORGANIC STEEL IRON AND TUBERS ROOTS AND EDIBLE VEGETABLES AND CERTAIN THEREOF PLASTICS ANDARTICLES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF CONFIDENTIAL ITEMS,STORES SLOVAKIA JANUARY-AUGUST 2013 19,737,807 49,300,982 1,369,551 1,409,340 1,893,976 1,932,430 2,028,619 2,691,994 3,750,895 5,983,862 8,502,508 (Euros) VALUE VOLUME/ 18,248,277 43,798,191 2,072,941 3,024,027 8,088,284 2,951,895 3,426,720 3,586,736 1,935,212 393,942 70,157 KGR 143 Trade with Greece 144 Trade with Greece CROCHETED ING ACCESSORIES, KNITTEDOR OF APPARELARTICLES CLOTH- AND ARTICLES THEREOF ROPES AND CABLESROPES AND SPECIAL YARNS.CORDAGE, TWINE, WADDING, FELT AND NONWOVENS. ARTICLES OFIRONORSTEEL PAPER OROFPAPERBOARD ARTICLES OFPAPER PULP, OF PAPERPAPERBOARD. AND PHARMACEUTICAL PRODUCTS APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, THEREOF PLASTICS ANDARTICLES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF WAXES MINERAL SUBSTANCES. NOUS UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- THEREOF ALUMINIUM ANDARTICLES CROATIA JANUARY-AUGUST 2014 14,499,482 19,128,402 56,020,751 7,644,125 1,341,586 1,444,264 1,731,988 2,022,579 2,640,945 2,678,833 2,888,547 (Euros) VALUE VOLUME/ 25,507,605 10,224,745 60,125,116 18,940,118 1,827,580 1,503,683 1,290,737 398,304 317,813 42,123 72,408 KGR CROCHETED ING ACCESSORIES, KNITTEDOR OF APPARELARTICLES CLOTH- AND & CABLESROPES ARTICLES THEREOF CIAL YARNS.ROPES CORDAGE, TWINE, WADDING, FELT &NONWOVENS. SPE- ARTICLES OFIRONORSTEEL OF PAPERBOARD CLES OFPAPER PULP, OFPAPER OR PAPERPAPERBOARD. AND ARTI- PHARMACEUTICAL PRODUCTS APPLIANCES PARTS THEREOF MECHANICAL MACHINERY AND NUCLEAR REACTORS, BOILERS, THEREOF PLASTICS ANDARTICLES CITRUS FRUIT ORMELONS EDIBLE FRUIT AND NUTSPEEL OF NOUS SUBSTANCES. MINERALWAXES UCTS OF THEIR DISTILLATION. BITUMI- MINERAL FUELS,MINERAL OILS&PROD- THEREOF ALUMINIUM ANDARTICLES CROATIA JANUARY-AUGUST 2013 14,499,482 19,128,402 56,020,751 1,341,586 1,444,264 1,731,988 2,022,579 2,640,945 2,678,833 2,888,547 7,644,125 (Euros) VALUE VOLUME/ 25,507,605 10,224,745 60,125,116 18,940,118 1,827,580 1,503,683 1,290,737 398,304 317,813 42,123 72,408 KGR

Source: ELSTAT

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