Judicial Reform— a Just Cause

THE

NAMELESS NOVEMBER-DECEMBER 2016 THE MAGAZINE OF THE AMERICAN-HELLENIC CHAMBER OF COMMERCE KING www.amcham.gr 15 Stories of Leadership from Ancient Greece by Artemios Miropoulos

Sometimes you read a book and you can’t put it down. The Nameless King is a book that you’ll want to read over and over again and give it as a gift. The stories contain lessons for living and leading . Historical research that will leave you wondering why you didn’t know it— JUDICIAL REFORM— masterful and wonderful prose that is easy-to-read… hard to forget. A JUST CAUSE Phil Harkins, founder of JOHN C. KYRIAKIDES PARTNER, KYRIAKIDES GEORGOPOULOS LAW FIRM Linkage Inc., author of Powerful Conversations

PRESIDENT OBAMA REGUS AND THE RISE OF FLEXIBLE WORKING — VISITS GREECE CHRISTOS MISAILIDIS, CEO FOR MIDDLE EAST, Για εταιρικές παραγγελίες: Ιουλία Παπαοικονόμου email:[email protected] κιν 6944795601 www.thenamelessking.com SOUTH EAST EUROPE, CIS & TIPE THOUGHT LEADERS ALTERNATE MINISTER OF LABOR RANIA second edition Revisited for Leadership self-help DISRUPTING GREECE ANTONOPOULOU WE ARE ALREADY “WITNESSING THE RISE OF REMOTE WORKING, CO-WORKING SPACES, INCREASED CONNECTIVITY, THIRD SPACES AND MANY OTHER WORKPLACE INNOVATIONS WHICH ARE TRANSFORMING OUR DAILY LIVES. THE INTRODUCTION OF THESE DIFFERENT WORK MODELS ARE DESIGNED TO MAKE BUSINESSES MORE AGILE.

CHRISTOS MISAILIDIS, CEO FOR MIDDLE EAST, SOUTH EAST EUROPE, CIS, TIPE (TURKEY,” INDIA, PAKISTAN, EGYPT) AT REGUS

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28 24 44 John C. Kyriakides, Partner at Kyriakides Christos Misailidis, CEO for Middle Barack Obama, President of the Georgopoulos Law Firm, discusses East, South East Europe, CIS, TIPE United States, makes a historic visit Greece’s judicial system—and how it (Turkey ,India, Pakistan, Egypt) at to Athens on his final foreign trip affects growth and employment. Regus on the future of the workplace as president

4 THE BOARD 28 THE INTERVIEW John C. Kyriakides, Partner, 6 CHAMBER NEWS Kyriakides Georgopoulos Law Firm

THE BIMONTHLY MAGAZINE OF THE 9 LEADERSHIP 31 TRAVEL USA AMERICAN-HELLENIC CHAMBER OF COMMERCE The Nameless King—Quality Discover America—South Carolina Leadership through Storytelling VOLUME XV | NUMBER 87 32 THOUGHT LEADERS ISSN 1109-4990 CODE: 6526 10 SHAPING TOMORROW Disrupting Greece BPONLINE.AMCHAM.GR ReGeneration 40 ECONOMIC MODELS CHAMBER.PRESS AMERICAN-HELLENICCHAMBER .PRESSCHAMBER OF COMMERCE AMERICAN-HELLENIC CHAMBER OF COMMERCE 12 UPSTARTS The Circular Economy: An EY Study Agile, Lean, and Professional BY VASSILIOS KAMINARIS DIRECTOR with Dimitris Livas and Elias Spirtounias [email protected] Alexandros Basakidis 42 EMPLOYMENT INDEX PUBLISHER & EDITOR Job Creation—Policies and Programs Raymond Matera 14 ALBA BUSINESS REVIEW BY RANIA ANTONOPOULOU [email protected] Is There Any Morality in Moral ADVERTISING Hazard? 44 DEMO KRATIA Alexandra Loli [email protected] BY PANAGIOTIS K. AVRAMIDIS President Barack Obama Visits Greece DESIGN snack• 16 HEALTH MATTERS 46 AUSA PRINTING & BINDING Innovation: Paying Only For What Greece’s Defence Industry in the USA Queue Print LTD Offers Better Health and Longer Life OWNER BY MARCOS GERASSOPOULOS 48 PUBLIC SPACE American-Hellenic Chamber of Commerce Are We in the Midst Politia Business Center 109-111 Messoghion Avenue 18 NAMES AND FACES of Public Space Crisis? 115 26 Athens in the News BY ZENOVIA TOLOUDI Tel: +30 210 699.3559 Fax: +30 210 698.5686-7 20 BIZ BUZZ 50 ONE WORLD E-mail: [email protected] George Afroudakis—The Buddha, BRANCH OFFICE 47 Vassileos Irakleiou Street 22 COMMUNITY In the Water, and Out 546 23 Thessaloniki WeCare—CSR Program by MetLife Tel: +30 2310 286.453, 239.337 52 BUSINESS2BUSINESS Fax: +30 2310 225.162 24 WORKPLACE | WORKSPACE E-mail: [email protected] A B2B Toolbox Regus and The Rise of Flexible Working with Christos Misailidis 54 TRENDS & TRADE MAKERS 26 THE FAMILY BUSINESS 56 VIEWPOINT Family Enterprises—Shaping From the Classroom to the Office— PLEASE RECYCLE PLEASE www.amcham.gr Societies More Than Ever Closing the Gap BY PETER VOGEL BY VASILIKI MITRAKOS

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 1 DIRECTOR’S DESK

We live in disruptive times—to a great extent a result of rapid technological evolution and changes in longstanding perceptions and mindsets. We live in times of conflicting mentalities that, in combination with technological advancements, deeply impact people and societies. The post World War world, as we knew it in the West, appears to be reaching its end and, with this, we may be losing values and equilibriums that have prevailed in that era, in one way or another: the quest for equality, compassion, diversity, social cohesion and, most of all, understanding of our world. Today we witness a continuous decline of the middle class, an unjustified, unequal distribution of wealth, the soaring of relative poverty, intense migration flows, environmental degradation and the dawn of a fierce, competitive and self-centered environment. Fear, envy and insecurity too often characterize our world, accompanied by isolation and various kinds of unrest and conflict. People are insecure and react by choosing leaders or political formations that promise their safety and welfare. And, rather than nations and states working together for a new global treaty of cooperation, based on strong principles that would guarantee peace, stability, education and mutual understanding, all with the help of new technologies, we continue to observe an escalation in tensions and conflicts. It is clear that countries should begin to rationalize relations and behaviors, and enact obvious new models, not based solely on alliances, unions and organizations, but rather on principle, following an open discussion with all citizens. And clearly countries must find a better way to manage their finances and wealth, material and non-material, to create sustainable and non-dependent growth. In today’s disruptive environment how ready is Greece to successfully deal with these challenges? How ready are we to manage the impacts of technological developments? Such questions will be addressed and discussed by our Chamber, in a series of events and other activities, beginning with the 27th Economy Conference at the end of November. Our Chamber believes Greece should deviate from roads that lead to the past. We must confront the future and its challenges and make a successful leap forward. We must stop exhausting ourselves by repeatedly asking for—or shall we say begging for—all kinds of debt relief or new loans and focus instead on how we can develop conditions that will help our society excel, prosper, regain its integrity and achieve a future we all deserve.

ELIAS SPIRTOUNIAS Executive Director

THE AMERICAN-HELLENIC CHAMBER OF COMMERCE

A DYNAMIC, PROACTIVE CHAMBER

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

2 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016

COMMITTEES AMERICAN-HELLENIC AGROTECHNOLOGY COMMITTEE Argiriou Notis, Bezergiannis Stella, Chriss Dimitrios, Constantinidis Constantinos, Efthymiadis Thymis, Karagiorgos Nikolaos, Katsaros Georgios, Kouides CHAMBER OF COMMERCE Antonis, Kouimtzis Athanasios, Koukakis Athanasios, Michailides Ekaterini, Nakas Ioannis, Tsaftaris Athanasios, Vergos Evangelos | Coordinator: Tsavdaroglou Nikos AUDITORS COMMITTEE Felonis Athanasios, Kerameus George, Sabatakakis Kyriacos CORPORATE GOVENRANCE COMMITTEE Chair: Papacostopoulos Constantine | Apsouris John, Charalambous Yiangos, Kozoboli Christy, Lessi Eleni, Monogios Vassilis, Shiamishis Andreas, Staikouras EXECUTIVE COMMITTEE Panagiotis, Theodoulidou Maria | Coordinator: Constantinidou Daphe CORPORATE SOCIAL RESPONSIBILITY COMMITTEE Chair: Papademetriou Pakis | Aggeli Anastasopoulos Simos, President | PETSIAVAS S.A. Anastasia, Diakatou Chrysoula, Katsouli Katerina, Konstantinou Natasha, Konti Kiara, Macheras Bakatselos Nikolas, Vice President | PYRAMIS METALLOURGIA A.E. Alexia, Melios Nikolaos, Menidiati Manina, Papadaki Xanthi, Papadogianni Erietta, Vrachatis Ioannis | Coordinator: Boyatzis Angela Kyriacou Marios T., Vice President | KPMG CERTIFIED AUDITORS A.E. CULTURE COMMITTEE Chair: Lidoriki Zozo | Antoniades Vasilis, Arsenis Eugenia, Carras Christos, Panayotopoulos Litsa, Secretary General | E.VI.A Daskalaki-Mytilineos Sophie, Karaitidi Eva, Kouroupis Spyros, Liantis-Lianos Efstathios, Marangopoulou Vicky, Panos Pantelis, Pataki Anna, Tsougrianis Panagiotis, Zenetou Artemis, Zirinis Yannis | Coordinator: Papadopoulos Thanos, Treasurer | CHEVELLAS A.E. Tzagaroulaki Katerina Canellopoulos Paul, Counselor | AIG GREECE A.E. EDUCATION, INNOVATION & ENTREPRENEURSHIP COMMITTEE Chair: Panayotopoulos Litsa | Carydis Claudia, Costopoulos Alexandros, Ioannou George, Katsou Nelly, Ketikidis Panagiotis, Kokkini Costopoulos Alexandros, Counselor | FORESIGHT STRATEGY & Alexandra, Koutouvelis Fanis, Loutsos Thanos, Makios Vassilis, Mergou Barbara, Papadakis George, Papapanagiotou Archontoula, Paraskevopoulou Elina, Persidis Andreas, Pilitsis Loukas, Porfyris Nikolaos, COMMUNICATIONS Printzos Michael, Rizopoulos John, Sabatakakis Kyriacos, Triviza Katerina, Tsiboukis Antonis, Tsoukalis Mamidaki Eleftheria, Counselor | MAMIDOIL-JETOIL S.A. Alekos, Tzakou Nelly, Vyzas Elias | Coordinator: Tzagaroulaki Katerina EMPLOYMENT COMMITTEE Chair: Dr. Koussia Venetia | Anastasiou Despina, Andriopoulos Stavros, Saracakis John D., Counselor | SARACAKIS BROTHERS S.A. Condoyanni Leda, Doukidis George, Ioannou Christos, Karayannis Vassilis, Kikilias Elias, Kollias Vasso, Makris Antonis, Michalopoulos Antonis, Monokrousos Antonis, Oikonomopoulou Antouaneta, Panorios Manos, Papadopoulou Elena, Rigopoulou Irini, Sotou Konstantina, Stergiopoulou Georgia, Tsalikis Spirtounias Elias Executive Director Constastninos, Vlassopoulos George | Coordinator: Chaidogiannou Sofia ENERGY COMMITTEE Chair: Karayannis Angelos | Alexopoulos George, Desypris John, Ekaterinari Rania, Peristeris George, Rigas Mathios, Stassis George | Coordinator: Dikeoulia Angeliki GREEK ECONOMY CONFERENCE COMMITTEE Anastasopoulos Simos, Antoniadis Vassilis, BOARD OF DIRECTORS Bacacos George, Mamidakis Eleftheria Alexopoulos George | HELLENIC PETROLEUM S.A. INFORMATION TECHNOLOGY & COMMUNICATIONS COMMITTEE Chair: Poulidas Spyros | Anastasiou Despina | DOW HELLAS S.A. Antonakou Peggy, Galani Agathi, Kolokotsas Dionisis, Monokrousos Antonis, Phocas Makis, Peppas Nikolaos, Sabatakakis Kyriacos, Tsiboukis Antonis | Coordinator: Mamali Georgia Antonakou Peggy | MICROSOFT HELLAS S.A. INSTITUTE OΝ ECONOMIC POLICY & PUBLIC GOVERNANCE Acting President: Anastasopoulos Antoniades Vassilis | THE BOSTON CONSULTING GROUP Simos | Steering Committee: Kotsalos George, Koussia Venetia, Mina Zooullis, Passaris Despina, Sage Jim | Executive Officer: Dikeoulia Angeliki (BCG) S.A. INSURANCE, SOCIAL SECURITY & LABOR AFFAIRS COMMITTEE Chair: Kremalis Konstantinos Apostolides Pascal | ABBVIE PHARMACEUTICALS S.A. | Andriopoulos Stavros, Canellopoulos Paul, Christidou Agni, Ioannou Christos, Kalamatianos Dionyssios, Karamesini Maria, Karmiris George, Kollas John, Konstantinidis Theodore, Koussia Daskalaki-Mytilineos Sophie | MYTILINEOS HOLDINGS S.A. Venetia, Kyriopoulos Ioannis, Lisseos Panayotis, Lyssimachou Triantafyllos, Michalopoulos Antonis, Micharikopoulos Dimitris, Michos Stathis, Oikonomopoulou Antouaneta, Plomaritis George, Poulias Karayannis Angelos | KARAYANNIS K. GROUP OF COMPANIES Alkiviadis, Sarantopoulos Dimitris, Siatounis Manolis, Spanou Kalliopi, Spyrakos Fotios, Tzotzos Katseli Louka | NATIONAL BANK OF GREECE Apostolos, Vafeiadis Ioannis, Vlassopoulos George, Zoulaki Angeliki | Coordinator: Tseritzoglou Voula INVESTMENTS & FINANCE COMMITTEE Chair: Papapolitis Nicholas | Athanassiou Odisseas, Kafatos Vassilis | DELOITTE BUSINESS SOLUTIONS S.A. Karagiannis Costas, Kokkalis Konstantinos, Lazaridis Socrates, Linatsas George, Megalou Chris, Kolokotsas Dionisis | GOOGLE GREECE Varvitsiotis Thomas | Coordinator: Dikeoulia Angeliki Kouimtzis Athanasios | KOUIMTZIS S.A. IPR COMMITTEE Chair: Zachou Dora | Ailianou Andromahi, Chatzopoulos Alexandros, Galanopoulou Katerina, Hatzinicolaou Eleni, Kargarotos Iakovos, Kosmopoulos Michalis, Makris Antonis, Michos Koussia Venetia | BUSINESS SOLUTIONS CONSULTANT George, Michos Stathis, Paparrigopoulos Xenophon, Tavlas Manos, Vasileiadou Julie | Coordinator: Constantinidou Daphne Coustas John | DANAOS SHIPPING CO. LTD. LEADERSHIP COMMITTEE Chair: Miropoulos Artemios | Antonakou Peggy, Kalligeros John, Koutsoureli Effie | QUEST HOLDINGS S.A. Kerastaris Antonis, Mamidakis Eleftheria, Mastrocostas Yannis, Mavropoulos Michael, Morris Philip, Negkas Nikos, Panteleadis Aristotelis, Rabbat Vassilis, Raptopoulos Emmanuel, Roussos Michalis, Kostas Stavros | ECONOMIST Saracakis Alexandros, Vlachos George, Zorgno Giuseppe | Coordinator: Xidou Ritana Kotsalos George | INTERAMERICAN HELLENIC LIFE LEGISLATIVE REFORM COMMITTEE Chair: Kyriakides John | Alexandris Panos, Alexandris Spyros, Tsibanoulis Dimitris, Scorinis George, Margaritis Evangelos | Coordinator: Constantinidou Daphne INSURANCE CO. S.A. MEDICAL DEVICES & DIAGNOSTICS COMMITTEE Chair: Liakopoulos Theodore | Anastassiou Kyriakides John | KYRIAKIDES GEORGOPOULOS LAW FIRM Giannis, Boulougouris George, Brillis Dimitris, Christopoulou Martha, Deligiannis Konstantinos, Kakavelaki Nora, Katsolis Theodore, Krinos Gregory, Michalitsis Iakovos, Nikas Dimitris, Politis George, Lazaridis Socrates | ATHENS EXCHANGE Voreopoulos Ion, Vrettos John | Coordinator: Tseritzoglou Voula Lekkakos Stavros | PIRAEUS BANK S.A. NORTHERN GREECE COMMITTEE Chair: Bakatselos Nikolas | Alexopoulos Charis A., Gigilinis Alexandros, Kafatos Vassilis, Kanelakis Ioannis, Katsaros Georgios, Kokorotsikos Paris, Kouides Antonis, Liakopoulos Theodore | JOHNSON & JOHNSON COMMERCIAL & Kouimtzis Athanasios, Koukountzos Konstantinos, Mitsiolidou Olga, Vlachos Panos | Coordinator: INDUSTRIAL S.A. Tsavdaroglou Nikos Papazoglou Panos | ERNST & YOUNG (HELLAS) CERTIFIED PHARMACEUTICAL COMMITTEE Chair: Ahmad Haseeb | Apostolides Pascal, Arvela Matti, Capone Carlo, Caporis Xenia, Charalampidis Savas, Commissaris Jeroen, Dakas Christos, Filiotis AUDITORS S.A. Spyros, Canevari Riccardo, Gerassopoulos Marcos, Greco Roberto, Papataxiarchis Efthimios, Kofinas Konstantinos, Konstantinidi Marianna, Lorge Emmanuel, Michalitsis Iakovos, Issopoulos Leonidas, Sage Papalexopoulos Dimitri | TITAN CEMENT COMPANY S.A. Jim | Coordinator: Tseritzoglou Voula Papapolitis Nikolaos-Leon | PAPAPOLITIS & PAPAPOLITIS PUBLIC AFFAIRS COMMITTEE Canellopoulos Paul, Kyriacou Marios, Papadopoulos Thanos, Saracakis John | Coordinator: Xidou Ritana Passaris Despina | PROCTER & GAMBLE HELLAS M.E.P.E. TAXATION COMMITTEE Chair: Kostas Stavros | Abeliotis Evaggelos, Achilas Ioannis, Altiparmakis Pikrammenos Panagiotis | F. PRIME MINISTER & F. PRESIDENT, Christos, Anastasiadis Charalampos, Athanasiadis Ioannis, Daveros Panagiotis, Doucas Spyros, Gigantes Stavros, Govaris Vasilios, Kerameus George, Konstantinopoulos Alexandros, Kyriakidis Stelios, Laskaratos THE COUNCIL OF STATE Panos, Mitsios Stefanos, Morfis Vangelis, Nikolaou George, Panagiotidis George, Pantazopoulos Petros, Plessas Dennys | LOCKHEED MARTIN (INTERNATIONAL) S.A. Papadatos Eugene, Papandreou Christina, Pelekanou Liza, Pothos Panagiotis, Psylla Mary, Samothrakis George, Sfakakis Kostas, Spyriouni Litsa, Stamatiou Georgios, Stavropoulos Ioannis, Tapinos Gregory, Poulidas Spyros | IBM HELLAS S.A. Trakadi Maria, Tsakonas Yiannis, Vagena Lia, Yiannacou Sofoklis, Zaverdinos Zois | Coordinator: Tzagaroulaki Katerina Sage Jim | PFIZER HELLAS S.A. TOURISM COMMITTEE Chair: Stylianopoulos Andreas | Ananiadis Tim, Argiri Byron, Fokas Makis, Stylianopoulos Andreas | NAVIGATOR TRAVEL & TOURIST Koutsivis Stylianos, Marriott Carol, Mavropoulos Michael, Panayotopoulos Panos, Van de Winkel Bart | Coordinator: Dikeoulia Angeliki SERVICES LTD. WOMEN IN BUSINESS COMMITTEE Chair: Sideri Anastasia | Alexaki-Catsambi Hariklia, Bachas Tsamaz Michael | HELLENIC TELECOMMUNICATIONS Liona, Cheimonidou Zeta, Dalekou Chara, Dritsa Anastasia, Katsou Nelly, Kazakopoulou Betty, Labrou Marica, Miliopoulou Georgia-Zozeta, Milona Martha, Siropoulou Niki, Stoumbou Myladie, Tarou Iphigenia, ORGANIZATION S.A. (OTE) Tsekoura Teti, Tsemperlidou Katerina, Tzimea Deppie, Velliotou Peggy | Coordinator: Boyatzis Angela Tsiboukis Antonis | CISCO HELLAS S.A.

4 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016

CHAMBER NEWS

15th Annual HealthWorld Conference The 15th Annual HealthWorld Conference—Hygeia 2021 – Blue Ocean Thinking on Health: An Open Debate for a Patient Oriented & Sustainable HC System—took place September 20 & 21, 2016 at the Athenaeum Intercontinental Hotel. The conference, that was organized under the Auspices of the Ministry of Health and the Hellenic Asso- ciation of Pharmaceutical Companies (SFEE), was marked by participation by all major NIKOS NEGAS stakeholders in the health sector of Greece. More than 400 distinguished guests, representatives from health institutions, regional LEADERSHIP FORUM health administrations, patient associations, hospital governors, MPs, and the business The Chamber, in collaboration with community heard the high-level speeches and detailed presentations from the distin- its Leadership Committee, hosted guished speakers from Greece and abroad. Delegates dynamically participated in con- the 2nd Leadership Forum 2016 ference proceedings by submitting questions and sharing their views with the panelists. Talking with Young People: Busi- They expressed their deep concerns regarding today’s health care sector environment ness Opportunities and Entrepre- and focused on the necessity for a national health strategy and an effective and sustain- neurship on October 24 at TGI able healthcare system, easily accessed by patients. Fridays in Paleo Faliro. Without a doubt the HealthWorld Conference confirmed its position as the annual The event was marked by great high-level policy meeting for the governmental, medical, academic/scientific com- success and more than 170 guests munity and healthcare sector professionals. The conference primarily focused on the (young people from educational improvement of healthcare services provision and improvement of the life quality and institutions both public and private) safety of patients. In addition, it focused on the formulation of proposals designed to attended this unique gathering. support the healthcare system on a long-term basis and contribute to its sustainabil- The purpose of these events is for ity—by properly utilizing existing resources, supporting healthcare enterprises, and young people to be informed from facilitating the introduction of innovation in healthcare practices. top managers and key business leaders on challenges and opportunities regarding careers and to promote young people’s spirit of healthy entrepreneurship and further help them in planning their professional orientation.

ARTEMIOS MIROPOULOS

SIMOS ANASTASOPOULOS HASEEB AHMAD JOHAN HJERTQVIST

PANEL DISCUSSION

MINISTER XANTHOS PANEL DISCUSSION

6 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 14th CSR Conference The Chamber, in conjunction with its Corporate Social Responsibility Committee, held its 14th annual Corporate Social Responsibility conference, Redefining the CSR Vision: Innovate, Circulate, Engage, on November 3 at the Benaki Museum As businesses today are exposed to multiple economic, environmental and social changes that create both risks and opportunities in search for sustainable growth, the RANIA ANTONOPOULOU design and introduction of sustainable products, services, and business models are needed to achieve business success. This begins with redefining and realigning the BRIDGES TO CSR Vision with a clear focus on substance, in line with the global trend of sustain- EMPLOYMENT ability. The conference, attended by 260 delegates, provided a platform for attendees to hear insights from prominent speakers and learn about new opportunities to devel- The Chamber and its Employment op more meaningful corporate social responsibility practices in fostering a culture of Committee, to strengthen em- corporate sustainability leading to a more sustainable future. ployment, held the Bridges from The event’s successful innovation, the CSR Marketplace, showcased innovative best Education to Employment event practices, encouraged more interaction, dialogue, and sharing among conference at the Athens Hilton Athens on participants. Exhibitors included: 3M, AB Vassilopoulos, Alpha Bank, Athens Interna- November 1. Speakers explored the tional Airport, Diageo, EY, Interamerican, and Vodafone. concept of internships, described the legal framework of interns for both businesses and interns, and examined the skills needed by companies and the skills that are in will be in demand that young people posses. Making presentations were Alternate Minister of Labor Rania Antonopoulou, Education Secretary General Pavsanias Papageorgiou, Evangelos Vergos, Maria Kapsoke- falou, Konstantinos Kremalis, Maria PAKIS PAPADEMETRIOU ALEXANDRA PALLI ARIS VRETTOS Laina, Vlassis Stathakopoulos, Irini Fafalou, Irini Apostolou, Dimitris Vasalakis, Fani Bambiolaki, Ioannis Plevrakis, Elena Stasi, Panos Mada- mopoulos-Moraris, Irene Notia, and Sophia Tsigou. Chamber Presi- dent Simos Anastasopoulos and Chamber Executive Director Elias Spirtounias welcomed the delegates and Employment Committee President Venetia Koussia moder- ated the evening and provided a CIRCULAR ECONOMY PANEL: WALTER STAHEL, EFTHIMIOS VIDALIS, VASSILIOS KAMINARIS, YANNIS PERLEPES summation of the discussion.

VENETIA KOUSSIA

ENGAGEMENT PANEL: STEPHANOS THEODORIDES, STAVROS BENOS, MICHAEL HIMONAS, ALEXANDROS KOURIS

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 7 CHAMBER NEWS

8th Thessaloniki Tax Forum The Chamber and its Taxation Committee held the 8th Thessaloniki Tax Forum, Long- term Overtaxation and Disproportionate Tax Rates, Severe Obstacles to the Dynamic Reboot the Economy, on November 7, at The Met Hotel. Speakers discussed current tax issues, including tax legislation, and how it will affect the trust of the taxpayers towards the state. Additionally, the panels focused on topics ANASTASIA SIDERI including overtaxation, the ways in which taxation will bring new investment, the elim- ination of tax avoidance and tax evasion through the use of credit cards, and a unified WIB WORKSHOP banking system. The WIB Workshop, Make an The Thessaloniki Tax Forum 2016 was attended by more than 270 delegates, with rep- Impact: Deliver Effective Presen- resentatives from the economic and tax sector, national decision and policy makers, tations, took place on October 18, professors, consultants, accountants and members of the Greek business community. 2016 at Deree – The American Speakers provided first-hand knowledge of crucial taxation issues. Their expertise and College of Greece. Participants perspective contributed to the success of the conference proceedings and the sharing of engaged in a dynamic hands-on valuable information. workshop on impactful presentations. Workshop presenter Charis Perdikari introduced specific pointers on ways to use stress and speak with confidence, better ways to tell a story, and offerered tips and techniques covering presentation related issues, from design and preparation to han- dling the audience.

CHARIS PERDIKARI

NIKOLAS BAKATSELOS STAVROS KOSTAS IRINI GIALOURI

State Dinner Honors President Obama The President of the Republic, Prokopis Pavlopoulos, hosted a State Dinner at the Presidential Mansion in honor of the visiting President of the United States, Barack Obama, on November 14, during the official visit to Greece of the U.S. President. Chamber CHAMBER CALENDAR President Simos Anastosopoulos attended the Dinner as one of the select 130 invited guests. December 5 Athens, Hotel Grande Bretagne, Export USA Forum PRIME MINISTER ALEXIS TSIPRAS, PRESIDENT BARACK In his remarks President Obama said. “On be- OBAMA, PRESIDENT PROKOPIS PAVLOPOULOS half of myself and my delegation, on behalf December 7 Athens, Education Conference of the American people, thank you for the warmth that you’ve shown us on this visit. Of course, your hospitality comes as no surprise. As Pericles said in his famous December 9 Thessaloniki, Agrotechnology oration many centuries ago, “In nobility of spirit, we differ from most others in the way Conference we conduct ourselves towards other people. We make friendships not by receiving December Athens, MIW Project Announce- kindness from others but by conferring it on others.” And we certainly have felt the ment kindness of the Greek people conferred on us today.”

8 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 LEADERSHIP The Nameless King QUALITY LEADERSHIP THROUGH STORYTELLING

he Nameless King, a book of Most of us have seen Leonidas kicking credibly tough situations. The fact that some- 15 stories of leadership from the Persian messengers into a well, yelling one is running a large organization or serv- Ancient Greece by Artemios “This is Sparta” in the movie 300. Don’t you ing in an influential role does not qualify him Miropoulos, links its tales to want to know what happened next? What’s as a leader. A leader´s job is to define reality modern corporate and social the parallel between Steve Job’s Apple and and give hope. This is a book that should give T reality and brings to light a variety of traits Sparta or Alexander the Great and Howard clear examples of leadership, to those who and behaviors, such as trusted coaching, Shultz’s Starbucks. And most important, lead and do not have all the answers. communication, discipline, tenacity, judg- what’s in it for us today! —Nando Parrado Best-selling author of Miracle in the Andes, ment and problem solving. Topics such as 2010 “Best Speaker in the World” developing high potential individuals and Miropoulous has written a captivating and World Business Forum teams, women leaders and innovation—or edifying collection of insights on important the disastrous effects of arrogance and injus- connections between Ancient Greece and suc- We can go back to ancient history to really tice—are brought under discussion and ac- cessful leadership today. A worthy and engag- understand what are the things that we can quire a thrilling perspective through intrigu- ing read that will both excite and challenge do as organizations today to be more success- ing story telling. This 128-page, hardcover today’s leader! ful. The Nameless King is a fascinating read book is richly illustrated with original draw- —Marshall Goldsmith, author of the New York with incredible stories! I highly encourage Times and global bestseller “What Got You anyone to take a read if you really want to ings inspired by ancient Greek art forms, cre- Here Won’t Get You There.” ated exclusively for The Nameless King. The understand some ancient wisdom and apply stories are written in simple, non-technical, The Nameless King focuses on the impor- it to your modern day problems. —Stephen Shapiro non-business, everyday language, making it tance of leadership through the ages and how Innovation Instigator Best-selling author “Best an easy, bedtime choice and an ideal gift. great leaders emerged, under the most in- Practices Are Stupid”

THE AUTHOR After a career that reached senior positions in mul- tinational organizations, Artemios Miropoulos is now a co-owner of Linkage in Greece. Linkage is the United States’ most highly respected Leadership Development company. He works with senior and middle management teams of large domestic and international corporations as a workshop facilitator, an executive coach and a public speaker. He has studied Mechanical Engineering, Marketing and HR and Performance Management in Greece and abroad. He lives in Athens with his wife Julie and their three daughters.

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 9 SHAPING TOMORROW ReGeneration GIVING COMPANIES THE OPPORTUNITY TO INVEST IN GREEK TALENT AND JUMPSTART CAREERS OF YOUNG GRADUATES

ReGeneration is an innovative program offering young graduates the personal and professional development and skills they need, as they enter the labor market.

n initiative established by the World Economic Forum Global What the program includes: Shapers Athens Hub, the program is sponsored and supported by • 6-month paid internship Coca-Cola and The Hellenic Initiative (THI). In a country facing • Extended and reliable selection process (CV a 52 percent youth unemployment rate, ReGeneration offers— Screening, Games-based Assessment, Live apart from a traineeship opportunity—a holistic developmental Assessment Centre) A experience for young Greek graduates, by empowering them with the necessary • Intensive 80 hours practical training skills that will help them increase their employability, become more competitive • 25 hours of community work in their job searches and, ultimately, pursue their dreams in their own country. The program also aims to reduce the phenomenon of brain drain by bridging the Why should a company join skills gap between talented Greek graduates looking for a job, and companies in ReGeneration? search for new hires. 1. Integration of high caliber and dynamic, More than 70 companies, including multinationals, large Greek enterprises, small young graduates in your organization, medium companies and even start-ups have already embraced the program. while achieving cost efficiencies related to employee recruitment and training ReGeneration is open to graduates up to 29 years old from Greek or foreign insti- 2. Contribute to ReGeneration’s goal of help- tutes of higher education (university/college), with up to 2 years of full-time work ing to tackle young unemployment and experience after graduation. brain drain by actively supporting the next Panagiotis Madamopoulos-Moraris, ReGeneration Cofounder: “ReGeneration generation. has helped to create a new mindset about the incredible value of traineeships and 3. Make a difference in the lives of young professional development in Greece. Companies in Greece are recognizing the Greeks eager to demonstrate their talent benefits of investing early in talented young Greeks, while young graduates are giv- and capability in the workplace. en the opportunity to discover their potential, develop their skills and pursue their career aspirations in Greece. We are proud of the progress of ReGeneration and are Interesting facts grateful for the more than 70 companies that have already joined the program. We about ReGeneration are committed toward growing the program even further so that even more oppor- • 80% of ReGeneration trainees were hired tunities are given to young people in Greece, who are eager to enter the workforce.” full-time after their traineeship Nectaria Metrakou, Senior Public Affairs and Communications Manager, • 13.000+ hours of targeted professional devel- Coca-Cola Hellas, responsible for Greece, Cyprus and Malta: “At Coca-Cola, we opment have been delivered to all trainees. believe in the power of each and every individual to act as a ‘change-maker’ in • 8.000+ hours of community service have Greece’s path toward recovery. Our efforts are geared toward supporting pro- been offered through six NGO partner- grams that foster young employability such as ReGeneration, aimed at giving ships, focusing on homelessness and the young graduates a real chance at pursuing their dreams.” refugee crisis. Michael Printzos, THI Director of Programming: “One of THI pillars focuses on • 130+ organizations have embraced the entrepreneurship and the economic development of Greece. The program was re- program. cently recognized in the context of the 4th Annual THI Gala for its contribution. We For more information, please visit will continue supporting ReGeneration and would like to see more companies http://regeneration.gr/be-interested/ joining the program and taking advantage of its assets.”

10 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 Κεντρικό Νευρικό Σύστηµα Σακχαρώδης ∆ιαβήτης ∆ιαταραχές Ανάπτυξης Οστεοπόρωση Ογκολογία Oυρολογία - Σεξουαλική Υγεία Καρδιολογία Πνευµονική Αρτηριακή Υπέρταση Αντιµετώπιση Λοιµώξεων Μη Συνταγογραφούµενα Φάρµακα Παραφαρµακευτικά Είδη ∆ιατροφής Χρόνια Έλκη CO/05-2015

Η γραµµή της ζωής µας ενώνει. incubation and started we aim to expand to locations. other global tech professionals are located inAthens, where Agile the Actors US, SwedenUK, the in the and Greece. Currently most of our environmentthe to live and evolve. Currently we have customers our network of tech professionals where first the gives second the We grow by expanding our both network ofcustomers global and How doyouseethecompanyexpanding? ly aiming and achieving short termmotivating goals. ment.evolvegradually They their seniority own by continuous- on most the important project: own their professional develop- Agile Actors professionals are practicing methodologies agile What isyourspecialexpertise? sional of world the and resident of place the of his/her choice. team, ana global Agile Actor professional aims aprofes to be - in cutting-edge as well as intraditional technologies,- method tive and efficient software development teams, knowledgeable Agile Actors is a network of tech professionals that form effec- Please providealittlebackground onAgileActors. 12 THE WORLD AIMS TO BEA PROFESSIONALOF AN AGILE ACTOR PROFESSIONAL discuss theirnewventure Partners andCo-foundersofAgileActors, Dimitris LivasandAlexandros Basakidis, Professional Lean, Agile,

BUSINESS PARTNERS BUSINESS DIMITRIS LIVAS

her next career goal. As amember of choices to practiceand achieve his/ offered be will the opportunities and vironment where atech professional Agile Actors strives to become an en- andspecialties seniority. term and may require avariety of These projects maybe long or short softwaretheir development projects. by organizations of inneed staffing are hired and insome acquired cases ologies and processes. These teams NOVEMBER-DECEMBER 2016 UPSTARTS ALEXANDROS BASAKIDIS such as Cobol. and Mobile, and traditional technologies, .Net, Nodejs, Angular, React-Native React, nologies, including Javascript, Java, Scala, We on provide cutting edge tech services - • Agile Coaching Assurance• Quality and Test automation Design • Product and Service • Business Analysis • UX/UIDesign • Software development are areas inthe of: services Our laboration. weso create united teams that improve col- ceremonies and guidelines of our partners, us adapting to processes the and standards, nerships, mainly long-lived, are on based according- part Our needs. to specific their es cross teams functional for our customers Agile Actors develops, coaches and manag- vision? do youplantointroducefulfilyour What newmodels of business services fessionals. organization, with rest the tech being pro- six people to manage and administrate the maintain lean structure, having a very only ple. we journey this have During managed to course of last the year, from- 25to 175peo ment.” We have grown significantly overthe philosophyOur on is“lean based manage - How doyouviewthescalingupprocess? culture and mentality. ment practices and we strive to create such a improve. We are advocates of manage agile - feedbacktheir and it use to continuously tothem and decide self-organize. We value tion. We our respect people and empower Agile Actors aims an to “agile” be organiza- What isthevisionbehindAgileActors? 175 PEOPLE UPIN 1YEARFROM25TO WE HAVE GROWN STARTS adv_johnson_20.8x28_Layout 1 7/31/15 11:35 AM Page 1 ALBA BUSINESS REVIEW Is There Any Morality in Moral Hazard?

One of the biggest challenges for the Greek and the European mediation. For instance, in advance econ- banking systems is the management of the non-performing loans omies, peer to peer (p2p) lending, where investors and borrowers contract directly, has emerged as a new mechanism for funding. The direct interaction of borrowers and lenders reduces the emotional factors and fter a prolonged econom- even resolve to credit rationing, affecting that, in turn, curtails moral hazard. More- ic recession, it is expected primarily those borrowers in greater need of over, studies show that in p2p markets, mo- that a proportion of loans credit. All these constitute market inefficien- rality weighs on the borrower’s decision to will incur losses due to the cies and entail significant social costs. When default in a loan funded by a peer.3 financial insolvency of the the implications of strategic default are Whether there is morality in moral hazard Aborrower. A smaller but significant num- viewed on a societal level, the term “moral is probably a question equally suitable for ber of borrowers, however, are strategic de- hazard” is no longer unbefitting. philosophers as well as for economists. But faulters since they have the ability, but not the willingness, to pay off their liabilities. Market participants and authorities use the term “moral hazard” to describe this payment (mis)behavior. The term suggests that there is something inherently immor- ALTERNATIVELY, WE CAN SEEK FOR OTHER al in such a decision. However, this view is FORMS OF FINANCIAL INTERMEDIATION challenged by a group of academics. They argue that the decision to default on a mortgage loan, with an outstanding amount higher than the value of the house, is a ra- What can we do to mitigate moral hazard the social costs implied by moral hazard are tional economic decision in line with the and its undesired side effect on credit mar- real and must be dealt with. It is not the first prevailing orthodox economic theory. In ket efficiency? Recent studies show that in time where a self-interest behavior has neg- particular, proponents of this addition to economic factors, ative repercussions for the society. But all view claim that “The loan con- emotions like fear, anger and modern economies and markets are built tract, like all other contracts, trust also affect the decision to under the assumption that pursuing self-in- is purely a legal document, strategically default2. Hence, terest by individuals will ultimately benefit not a sacred promise. Nobody our first priority should be society too. Moral hazard represents a real uses the term moral hazard to restore the trust between threat because it challenges this fundamen- for breaching a contract with borrowers and financial in- tal assumption of capitalism. Until we find a cell phone company for a stitutions that was hurt by the the right remedies, by restoring faith to the better deal, why we use it for a misconduct of bank manage- existing institutions or by inventing new 1 mortgage contract?” — BY — ment before the global finan- ones, the future of modern economies and If we concede that loan losses, PANAGIOTIS K. cial crisis. Such an endeavor markets is at stake. including the strategic defaults, AVRAMIDIS would therefore include a is part of bank’s business, then Assistant Professor of tighter regulation on financial Finance and Quantitative banks are entitled to adjust Methods, Academic institutions and particularly 1 White 2010 - The Morality of Strategic Default their credit policies according- Director of MSc in Risk on management compensa- 2 Guiso, Sapienza, Zingales 2013 - The determi- Management Program, nants of attitudes towards strategic default on ly. This practically means that ALBA Graduate Business tion and bank risk taking. mortgages they will charge higher rates, School at The American Alternatively, we can seek for College of Greece 3 Avramidis, Mylonopoulos 2016 - Morality and ask higher down-payments or other forms of financial inter- Moral Hazard in P2P Lending

14 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016

HEALTH MATTERS

INNOVATION Paying Only For What Offers Better Health and Longer Life

How can we get the most value from public pharmaceutical portant test from the Greek MoH to gauge expenditure? how much more savings can be made. Final- ly, therapeutic protocols, the development of Rx incentives and the appropriate use of innovative medicines, the right medicine to the right patient, could secure savings. uring seven years of eco- Then we examine the budget. Is the fixed nomic crisis in Greece, pub- annual budget for public pharmaceutical THE TIME IS NOW lic spending on health has expenditure a good model? Is this budget The challenge is to change the country’s been decreased significantly. connected to patient needs? Does this bud- healthcare policy. It is important that we start Stakeholders took tough de- get improve or maintain the health status of collecting data for the Greek population, an- D cisions, implemented horizontal measures Greek citizens? alyze them, measure actual health outcomes, and transformations to decrease the health We need to justify the fixed budget. IDI- and take fair and reliable measures. Only if care expenditures, due to the memoran- KA and EOPYY can effectively collaborate we tackle the healthcare cost curve by reduc- dum. Now, we must consider the health to develop robust data for the Greek pop- ing overall healthcare costs and reward the needs of the Greek population and make ulation’s needs. National therapeutic area long-term improvement of patients’ health strategic/justified decisions. registries for those categories that impact will we get the most value from the public There is a growing recognition that no sin- the budget acutely can be a valuable data pharmaceutical expenditure. gle part of the healthcare eco-system, in iso- source. Disease registries could be an effec- Innovative medicines, that efficiently deal lation, can provide a solution. Meaningful tive tool to gain insight and help us develop with disease, can have a positive impact partnerships and a high level of collabora- improved management strategies. on the healthcare cost curve. For example, tion between all stakeholders (Ministry of Another fundamental decision is how and innovative drugs may reduce the length Health, EOPYY, EOF, Academia, Pharma) at what price innovative medicines will be of a hospital stay or the need for surgery, could develop the Greek me- reimbursed. This is a difficult producing significant savings in other cost dium- to long-term policy to decision to make if you lack centers of the health system. improve health care services an HTA mechanism. We need To shape tomorrow’s health needs we must and secure the future of NHS. to develop the right incentives adopt a holistic approach today. The Minis- It is important to recognize and of reimbursement to value in- try of Health, EOPYY, EOF, Academia and analyze the needs of our popu- novative medicines. One way Pharmaceutical companies should together lation. If we address the annual to get the most value from the drive the NHS on a more sustainable path health needs of patients, the fixed public pharmaceutical and develop value assessment frameworks diseases that impact the health expenditure would be to move for innovation. states of large parts of the pop- — BY — toward ‘value-based’ innova- The biggest beneficiary of a sustainable ulation, the diseases that have MARCOS tion, outcomes-based pricing NHS will be patients, who will receive bet- GERASSOPOULOS an increased financial impact models or value-based con- ter care and have access to the best innova- Country Chair Greece, on the NHS, we could make Head of MCO tracts. Also, the introduction tive medicine. justified decisions to prevent Greece and Cyprus, of therapeutic protocols for Who doesn’t want to pay only for what of- GEM GBU General Manager and manage diseases. the first four diseases is an im- fers better health and longer life?

16 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016

NAMES & FACES

NEW US AMBASSADOR ...in the news Geoffrey R. Pyatt was sworn in as the U.S. Ambassador to the Hellenic Re- public in September 2016. He served NEW COUNSELOR FOR PUBLIC AFFAIRS as U.S. Ambassador to Ukraine from Monica Cummings arrived in Athens as new Counselor for Public 2013-2016, Previously, Ambassador Affairs at the U.S. Embassy. Pyatt was Principal Deputy Assistant Secretary of State in the Bureau of GEOFFREY R. PYATT MARRIOTT TO RETURN TO ATHENS South and Central Asian Affairs, Dep- Marriott International’s agreement with Chandris Hotels will mark uty Chief of Mission at the U.S. Mission to the Interna- the return of the Marriott Hotel brand to Athens, Once the Metro- tional Organizations in Vienna, and served at the U.S. politan Athens Hotel completes its $15 million transformation, the Embassy in New Delhi as Deputy Chief of Mission, Athens Marriott Hotel will debut in 2018 with 366 guestrooms. and as Political Counselor. Ambassador Pyatt served as Economic Officer at the U.S. Consulate General in MANPOWER GREECE—NEW MANAGING DIRECTOR Hong Kong and as Principal Officer at the U.S. Con- On September 9 ManpowerGroup welcomed Fani sulate General in Lahore. Ambassador Pyatt grew up Kleida as Managing Director of Manpower Greece. in La Jolla, California and holds a Master’s degree in International Relations from Yale and B.A. in Political A graduate of the London School of Economics & Science from the University of California, Irvine Political Sciences, Ms Kleida has 20 years of experience in human resource management in key sectors of the economy, with a focus on retail, high technol- PAUL B. KAZARIAN HONORED ogy and industry. Chamber member Paul B. Kazarian received a special editors’ award from STIRIXIS AWARDED The Accountant and International Build Magazine’s 2016 Architecture Awards have honored Stirixis for Accounting Bulletin in London on Best Business Concept Creation & Design-Greece and for the Best October 6. Mr. Kazarian, the CEO and Greek F&B Project for Kostarelos Deli. founder of Japonica Partners, has been actively involved in the promo- PAUL B. KAZARIAN AMERICAN P&I CLUB HEADS BEACH CLEAN UP tion of transparency within govern- On October 2 the American P&I Club, in cooperation with ment finances, becoming one of the most prominent HELMEPA and in celebration and honor of Ocean Conservancy’s advocates of the international benchmark IPSAS or 2016 International Coastal Clean-up, attracted over 80 volunteers, International Public Sector Accounting Standards. representing members, associates and executives from the Greek In the context of Greece’s successive bailouts he has shipping sector, along with their families, for a beach cleaning at led the debate on transparency and sound public Kavouri beach. finance management, stimulating intellectual discussions compiled in the campaign website Most WHITE HOUSE RECOGNITION Important Reform. Carlos Martin Tornero, editor of Panagiotis Roussos, who studied medicine at the University of Crete, The Accountant said: “Kazarian’s work is breaking specializes in psychiatry at The Mount Sinai Hospital in New York, the shameful silence imposed by short-sighted and His research is focused on genetic factors causing neuropsychiatric self-serving politicians, regulators and other stake- conditions such as schizophrenia, bipolar disorder and Alzheimer’s. holders of the global financial industry. His quest for In May, Dr. Roussos was one of the 106 scientists to be presented with transparency and accountability should be commend- awards at The White House by President Barack Obama for their ed and celebrated.” contributions to society and the environment

DEAD OR ALIVE SELF WORTH If you think nobody cares if It is unfortunate we can’t buy many business SPEAKERS you’re alive, try missing a couple executives for what they are worth and sell of car payments. them for what they think they are worth. CORNER —EARL WILSON —MALCOLM FORBES

18 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 GRANDE BRETAGNE AWARDS TheHotel Grande Bretagne earned two awards in the 23rd annual World Trav- Q&A el Awards competition. The Grande Bretagne was voted as Greece’s Leading ANDREAS SKOURAS POST-GRADUATE STUDENT IN BANKING & FINANCIAL Hotel and also received the Greece’s MANAGEMENT, UNIVERSITY OF PIRAEUS Leading Hotel Suite award for the Pres- idential Suite.

HELLENIC U.S. ALUMNI ASSOCIATION A Student Hellenic U.S. Alumni Association is organization for participants of U.S. government-sponsored exchange programs including Internation- Perspective al Visitor Leadership Program, Study of the U.S. Institute, Fulbright Fellowship, Foreign Press Center Reporting Tour, Benjamin Franklin Are you satisfied with the education you received? Transatlantic Fellowship, NATO Tour. Danae Bezantakou is President. Through my educational path I gained a large amount of knowledge from some highly qualified educators but my WYNDHAM GRAND ATHENS OPENS main complaint is that the Greek system, by its structure, Wyndham Grand Athens, the firstWyndham Hotel Group hotel in encourages and rewards memorization, shutting out Greece, is set to open on Karaiskaki Square, in central Athens, on De- critical thinking. Of course, there were exceptions and things improve at the upper educational levels, but the cember 1. The 5-star hotel will have 273 rooms, conference halls, a problem remains, especially at primary and secondary gym, a spa, and a 450 sq. m. roof-garden with a pool and a 360 degree levels which, after all, are the most crucial years in a view of the Athens skyline. student’s life. ANDREAS STYLIANOPOULOS Did your education prepared you properly for your career? ADDRESSES CONFERENCE The Greek educational system prepared me well as a sci- Andreas Stylianopoulos, President of the Chamber’s entist, providing more than enough theoretical knowledge Tourism Committee, participated as a speaker at the but, unfortunately, there was lack of practical implemen- Seatrade Cruise Med held September 21-23 in Tener- tation. Moreover, the educational process lacked basic ife. The biennial event focuses on the second largest career guidance and advice. As a result, I came to choose cruise destination in the world—The Mediterranean. my career path through personal research and advice from experienced professionals, as well as some stimulation by STAVROS KOSTAS PRESENTATION a few educators over the years. Stavros Kostas, member of the Board of the Chamber and President of its Taxation Committee, participated as speaker on September 28 Is Greece offering you what you believe is should offering? at the Microsoft Hellas event “re-IMAGINE Finance.’’ Mr. Kostas dis- Greece, the birthplace of science, deserves a more mod- cussed the crucial role of CFOs as strategic partners of businesses and ern, innovative, and flexible educational system. A system the importance of forming a new conception of finance functions. that along with the necessary theoretical knowledge encourages students to think out of the box and discover WINNING FORMULA their own skills through recreational activities and assess- A Greek team of students from Mandoulides Private School snagged ment procedures. This will eventually lead to personal, the prestigious Bernie Ecclestone trophy after taking top honors in social, and economic development and may slow down the F1 in Schools World Finals in Austin, Texas. The team beat the brain drain. acclaimed Australian squad who took second place, with the German team coming third.

WAGES WORTHY SELF DEEP VALUES I don’t pay good wages because I The real measure of your Once again, we come to the Holiday Season, a have a lot of money; I have a lot of wealth is how much you’d be deeply religious time that each of us observes, in money because I pay good wages. worth if you lost all your money. his own way, by going to the mall of his choice. —ROBERT BOSCH —AUTHOR UNKNOWN —DAVE BARRY

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 19 BIZBUZZ

Coca-Cola Greece Helps DID Young Entrepreneurs Make Their Ideas a Business Reality! YOU Following its success last year in Ath- KNOW ens, with the valuable support of The

Coca-Cola Foundation, the Entre- ... the Rolling Stones’ tongue logo preneurship School has returned to design was inspired by the Greece to offer the chance to more than Indian Hindu goddess Kali The 200 young aspiring entrepreneurs ages Destroyer? 18-35 to make their ideas a business reality in both Athens and Thessaloniki! ... TheEntrepreneurship Schools are Lynyrd Skynyrd got their name from a high school teacher, THE WINNING TEAM FROM ENTREPRENEURSHIP SCHOOL ATHENS organized globally by ThinkYoung, the WITH THE EVALUATION COMMITTEE: PAUL KIDNER, (FIRST FROM LEFT), Leonard Skinner, who suspended LUCA SELVA, (2ND FROM LEFT), NECTARIA METRAKOS, (5TH FROM LEFT), first think tank that focuses on young ALEXIS KOMSELIS (2ND FROM RIGHT) students for having long hair? people. The School lasts for five days, is free and offers in its program successful entrepreneurs. During the Athens program ... (October 3-7, The Cube Athens), Entrepreneurship School participants visited the office Brian Jones, co-founder of The of Coca-Cola in Greece, where they learned more about Coca-Cola’s local presence in Rolling Stones, was proficient at Greece, how to leverage social media in their business plans and received advice on how over 60 musical instruments? to navigate through a constantly evolving business landscape. ... TheEntrepreneurship School addresses all stages of the business planning process, in- Jimi Hendix created the song cluding developing the idea, marketing, communication and networking, funding your “Little Wing” in 145 seconds? enterprise and ‘Failing to Succeed’. At the end of the week, participants pitch their ideas ... to an evaluation committee. Elton John’s real name is Thewinning team in Athens won with their idea called “Unblock,” an application that Reginald Kenneth Dwight? taps into the need for tenants in an apartment building to have contact with one another, share information and take decisions about developments in their building. ... Queen has the longest- running fan club, according to the Guinness Book of World Oracle—New Enterprise Security Records? ... Consulting Competence Centre Paul McCartney performed at the 2012 London Olympics Opening Oracle announced the establishment of an Enterprise Security Consulting Com- Ceremony for the amount of 1 petence Centre in Athens that launched in September and that covers the rapidly pound ($1.57)? growing demand for Enterprise Security solutions and related architecture design and implementation services, provided by Oracle Consulting, in the cluster that includes ... Greece, Cyprus, Malta, Balkans, Middle East (including the Gulf countries), Saudi Ara- Elvis recorded more than 600 bia and North Africa. songs, but wrote zero of them? The new Enterprise Security Consulting Competence Centre operates as the central ... security advisory and expert services implementation hub across these geographies, Bob Dylan’s first draft of “Like covering the complete Oracle Technology offering: Cloud, Hybrid and On-premises a Rolling Stone” was six pages implementations. Focus areas of the Enterprise Security Competence Centre include: long? identity governance, access management, data security, API Management, web services security, mobile security and database security. ... This new Oracle investment in Greece empowers and expands the local and region- the Clash’s “Rock The Casbah” al role of Oracle Consulting, whose team at the heart of the Competence Centre was written after the banning of consists of 16 high caliber Greek young consultants, with excellent know-how and rock music in Iran? experience in widely adopted security and integration methodologies.

20 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 Electra Metropolis Opens The Electra Metropolis, part of the Electra Hotels & Resorts Group, located on Mitropoleos Street, two city blocks from Syntagma square, opened Octo- Promoting Greek Wine ber 3. The five-star hotel, housed in the former Education Ministry building, was Enterprise Greece and the National Inter-professional Organization of Wine and Vine thoroughly renovated. The Electra Group (EDOAO) have earmarked the sum of 5.5 million Euros on joint actions to boost exports now has three hotels in Athens, one in in 2017. Christos Staikos, Chairman of Enterprise Greece, said the wine sector was dy- Thessaloniki, and one in Rhodes. namic with a strategic plan to promote its products, also a priority of Enterprise Greece. He said that the organization implemented a 1.3-million-Euro promotion program this year focusing on five markets: U.S. and Canada, Switzerland, China, Korea and Japan. SFEE’S STRATEGIC PLAN The Hellenic Association of Pharmaceu- tical Companies (SFEE) has designed and introduced a medium-term (2014- Intrasoft International Contract with EU 2021) Strategic Action Plan for the industry, based on two key pillars: a. Agency for Railways production and exports and b. research, development and innovation. IntrasoftInternational was selected by the EU Agency for Railways to provide effective The key points of the strategy are: communication strategy advice and the development of communication plans and prod- making Greece a hub for clinical re- ucts. Intrasoft will provide a wide range of services, from template creation and graphic search with a view to increasing annual design to strategic advice on communication activities. Furthermore, the company’s expenditure on clinical research from 84 information and communication team will undertake the design and implementation million Euros to 400 million Euros; dou- of surveys and stakeholder research as well the impact assessment of all communication bling employment in the pharmaceutical activities, using the newly-developed VARID tool. industry; increasing R&D expenditure above 10% of the turnover of the industry in line with the target of “Europe 2020” (1.5% of GDP for R&D); increasing the number of medicinal patents; dou- SMES AND THE ECONOMY bling investment in production plants in According to a presentation of the Athens Stock Exchange, small and medi- Greece; improving the competitiveness um size enterprises in Greece dominate the economy, accounting for 85% of of Greek pharmaceuticals and increas- employment and 72% of added value—significantly higher than the EU average. ing exports by 50%’ linking academic/ In addition, SMEs constitute a significant proportion of ATHEX listed companies, research centres with industry; promot- both in the Regulated Market (43%) and the Alternative Market (92%). The primary ing Greece as a major destination for concern of SMEs is access to finance. medical conferences.

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 21 COMMUNITY

MetLife, with 145 years of experience, has a strong presence internationally by providing financial security in an uncertain world. CSR PROGRAM BY METLIFE

etLife in Greece, since 1964, firmly focuses on the real benefit of their members while plans programs and services that meet their needs. This year, MetLife unified all corporate social responsibility programs under the umbrella of WeCare CSR program. In specific, MetLife’s CSR activities support: M 1. the implementation of the globally recognized program “LifeChanger” 2. the educational program of Hellenic Children’s Museum “Play, Discover and Feel in the museums” that offers amazing experiences to people with disabilities

This program intends to give the knowledge and the skills The Hellenic Children’s Museum is an organi- to young people to lead them to financial independence. zation with 30 years of experience in the design MetLife launched this initiative in collaboration with the and implementation of training programs help- NGO Junior Achievement Worldwide, providing accred- ing children from pre-school age to develop their ited training programs in over 35 countries in collaboration with MetLife Foundation. full potential so as to become active citizens of As part of the implementation of the “LifeChanger” program in Greece, more than tomorrow. 250 MetLife volunteers, employees and insurance agents have made training sessions In this context they created the program “Play, and activities to more than 2000 students of all education levels. During the whole discover and Feel in the museums” targeted to school year, on a weekly basis, MetLife’s volunteers educated elementary, middle and people with disabilities. MetLife’s employees play high school students through creative games, competitions and discussion, in order a leading and important role in this program as to make youngsters responsible for their financial future. In high school, MetLife vol- well since they actively interact with children. unteers operated in a more consultative way, giving a real taste of the business world. So far, more than 250 children from 15 special The company supported and rewarded students who “build” from scratch their own schools have registered in the program. Children start up, through mentoring meetings, where the top executives of MetLife discussed explore each room of the museum through expe- and advised young people how to successfully support their entrepreneurial vision. riential activities driven by their senses.

22 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 The Human Element at Work. DEDICATED TO SUSTAINABILITY

Dow has a legacy of innovation, leadership and action in sustainability. As we look ahead, we are committed to going beyond our current capabilities and the reach of our products and solutions, to advance the well-being of humanity by helping lead the transition to a sustainable planet and society.

46472-Pre-approvedCorpHuMessage-CORP2.indd 1 17/11/16 17:50 WORKPLACE | WORKSPACE THE RISE OF FLEXIBLE WORKING

Regus is the world’s largest provider of flexible workspace solutions, with customers including some of the most successful entrepreneurs, individuals and multi-million dollar corporations. Through its range of office formats- as well as a growing mobile, virtual office, and workplace recovery businesses- it enables people and businesses to work where they want, when they want, how they want, and at a price they want.

uring last year, based on a sus- row will be more flexible, collaborative and mobile, where the tained global trend towards majority of people work remotely on a freelance basis for multi- flexible workspaces and after ple companies and are paid for work carried out its value, rath- enjoying strong demand for er than just hours. As generations collide, workforces become its premises, Regus expanded more diverse and people work longer; traditional career models Dits network of serviced offices by a fifth. The will soon be a thing of the past. We are already witnessing the company is now seeking to expand in China, rise of remote working, open plan offices, co-working spaces, India and the US and by launching its new increased connectivity, hot-desking, third spaces Spaces brand in 2015 is seeking to target cre- and many other workplace innovations which are ative workers. This brings its total business transforming our daily lives. The introduction of center footprint to 2.850 workplaces across these different work models are designed to make 107 countries and over 1,000 cities, with ORGANIZATIONS businesses more agile. 2.3million members worldwide. Mr Christos Misailidis, CEO for Middle NEED TO CREATE How can businesses adapt in these changes? East, South East Europe, CIS, TIPE (Turkey, Business transformation is never-ending, so em- India, Pakistan, Egypt) at Regus shares with WORKPLACES bracing change and learning to thrive in an am- us the secrets behind the success of the com- biguous environment is an ongoing challenge for pany and his insights on the future of the WHERE PEOPLE everyone. Change is the ‘new norm’ and we need to workplace. champion it as such. WANT TO BE AND Organizations need to provide a workplace that How will the future of work look like? is flexible and mobile. They need to create work- The daily commute to an office where people THAT STIMULATE places where people want to be, somewhere that arrive with their coffees ready or the desig- stimulates their thinking and importantly allows nated 38-hour week is gone. Globally, ex- THEIR THINKING them to work in the way they need to. That means perts predict that the workplaces of tomor- having a workplace that’s not only a dynamic en-

24 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 vironment but one that encourages collaboration and supports flexibility. Likewise, as individuals we need to be adapt- able. We also need to have the ability to collaborate, influence and continually learn. It’s as much about mindset as it is about skills and experience.

What is the role of technology for the future workplace? Technology also plays a critical role in the success of future workplaces. Already it facil- itates a global workforce, eroding geograph- ical boundaries and providing the ability to interact almost anywhere, anytime, blurring the lines between work and home life. Evolving technology means that all elements of our lives are intermingled. We take our lives to work, and likewise we work outside of work hours as well as inside – it’s fully ver- satile in my view. As the number of tools available for a broad range of tasks balloons, users will be waiting for emergent players who can offer much of CHRISTOS MISAILIDIS what constitutes digital office management in one place‚ and they’ll be expecting them to keep up with many of the more niche What are the prospects for Regus Greece for services when it comes to important, pio- the next years? neering features. AN INCREASING We currently operate 3 locations on the Greek market and intend to grow our national network all around How do you explain Regus’ success NUMBER OF Greece and be present in every city in order to meet and ongoing expansion? the needs of individuals and companies for new ways An increasing number of businesses—from BUSINESSES of working and adapted workspaces. Our target is large corporations to entrepreneurial start- to develop a network in the next years to 20 centers. ups—have come to recognize the power of HAVE COME TO Moreover there are plans of opening a Spaces site in flexible workspace in helping them maximize Athens. Spaces is an Amsterdam-born creative work- the positive impact of new technologies and RECOGNIZE THE space pioneer that offers an inspiring work environ- transform performance. Flexible offices now ment for professionals and growing businesses. It has account for 8 per cent of global office take-up. POWER OF FLEXIBLE the goal to offer an inspirational surrounding with an By using our services, companies can keep entrepreneurial spirit where ideas are born, a compa- their costs variable. This frees them up from WORKSPACE ny evolves and valuable relationships are being built. being saddled with assets that may become obsolete. In addition, Regus can help its clients Given the large number of underutilized build- ramp up quickly should an opportunity prove ing in Athens, what are the solutions that Re- more attractive than initially thought. We help gus can offer to property owners? small companies seem like big ones; and help Regus is a great tenant providing high security on building owners big ones explore new territories and operate through tailor made long term partnerships in each country we as a “virtual” back office for companies on the operate. Experience shows that in every market we improve the move. Companies like Regus have much to occupancy levels and we can significantly maximize lease terms teach us about how to operate with the logic of and rental income. Moreover we help owners reach a broader transient advantage underpinning a strategy. market and incubate future growth occupiers.

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 25 THE FAMILY BUSINESS

FAMILY ENTERPRISES— Shaping More news. Societies More breadth. More Than Ever More perspectives. Family-controlled enterprises are among the most important institutions around the world. Estimations say that at least two-third of all enterprises worldwide are family-controlled enterprises. Now more essential

hese family enterprises account for 50-80% than ever. of jobs in the majority of countries worldwide (European Family Businesses, 2012) and combined create more than 70% of the world’s GDP (FFI, 2016). TWhy are family-controlled enterprises so successful? There The New York Times International Edition now has more are many reasons, but here are a few key points. They… in-depth analysis, more global opinion and more international … take a more long-term strategic perspective culture and lifestyle content, delivering the best of New … have very high bars for capital expenditures — BY — York Times journalism along with high-quality national and … are less likely to raise debt DR. PETER VOGEL regional coverage in the Kathimerini English Edition. … oftentimes have a superior corporate culture and (www.petervogel.org), Entrepreneur, Director manage to retain their employees Custom Programs at the Subscribe today for just €5.25 a week for your first 8 weeks, … are quite resilient to economic fluctuations due to fi- Executive School of the University of St. Gallen, nancial buffers which they create during good econom- and Associate Partner of saving 65% on the cover price. Includes unlimited access to ic times the Cambridge Family NYTimes.com and the NYTimes apps. Enterprise Group. … have entrepreneurial founders who instill their entre- Follow Peter on Twitter: preneurial drive and vision in the next generation @pevogel Call 210 480 8222 … oftentimes have a highly diversified portfolio Email [email protected] The economic and societal impact of family enterprises is tremendous and has, until recently, been underesti- Reference: mated. A study conducted by the Tharawat magazine • European Family found that family-controlled businesses show higher Businesses. Family Business Statistics. profitability in the long run, are less likely to lay people 2012. off in times of economic crisis and are more likely to • FFI (Family Firm In- give charitably to their community (e.g., in the form of stitute). Global Data Points. 2016. foundations or the support of art and culture in a re- • Tharawat Magazine. Your essential global and local news gion). Hence, one can conclude that family-controlled The Economic Impact source in Greece. businesses are an essential cornerstone to the economy of Family Businesses. Issue 22. 2014. and society.

26 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 Offer expires December 31, 2016 and is valid for new subscribers in Athens and Thessaloniki only. Hand delivery is subject to confirmation by our local distributor. Smartphone and tablet apps are not supported on all devices. More news. More breadth. More perspectives. Now more essential than ever.

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Offer expires December 31, 2016 and is valid for new subscribers in Athens and Thessaloniki only. Hand delivery is subject to confirmation by our local distributor. Smartphone and tablet apps are not supported on all devices. THE INTERVIEW JUDICIAL REFORM A JUST CAUSE

John C. Kyriakides, Partner at Kyriakides Georgopoulos Law Firm and Chairman of the Chamber’s Legislative Reform Committee, discusses the reforms needed within the Greek judicial system leading to a more effective, efficient, and productive social and economic environment.

What is the key problem in the justice system today? What are the obstacles to reform? The Greek judicial system is going through a serious crisis and, as First, and foremost, there is a lack of genuine willingness and pro- a consequence, has lost its credibility with Greek society and the fessionalism on behalf of politicians, lawyers and judges to make international business community. deep and substantial reform. Second, there are no funds to up- To be clear, I do not refer to corruption but solely and specifically grade the system, to hire more judges and prosecutors, and to to the time it takes to resolve disputes in Greece. The legal maxim improve resources, such as manpower, technology, courtrooms, justice delayed is justice denied couldn’t better describe this phe- information systems and the like. nomenon as it has evolved over the past decade. According to the EU Justice Scoreboard released in April 2016, How do businesses and citizens suffer due to this dysfunc- Greece ranks among the last countries regarding the time it takes tional system? to resolve disputes. Every practitioner knows that in civil cases a Everyone suffers from a dysfunctional system. Not only businesses dispute may take up to six or eight years to reach the Supreme and citizens, but the State as well. A dysfunctional legal system Court; in administrative cases the petitioner will have to wait at harms the real economy. least seven years before recourse is introduced for a hearing at the Imagine you run a company and a supplier provides you with defec- first instance level and, in criminal cases, felony offences are usu- tive materials. Just before delivering these items to your customer, ally heard some six years after the filling of the criminal complaint you realize that the entire production is worthless. Your supplier re- against the perpetrator. This is a huge problem and I would like to fuses to accept liability so you must take legal action to be compen- see the judicial and legislative powers work moretogether toward sated for your loss. Despite the fact that as an entrepreneur you act restoring the lost credibility and reliability of the system. A start swiftly and take all appropriate measures, it takes several years until was done with the introduction of the new civil procedure rules you end up with an exequatur in your hands; and by that time your effective as of January 1st, 2016. But clearly it’s not enough. supplier has filed a petition for bankruptcy and there are no assets

28 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 against which you can satisfy your claim. Has justice been rendered in this instance? Technically yes but in essence, obviously not. You, the entrepreneur, couldn’t care less about having an exequatur in your hands that is useless. There is no value left in this judgment which is drained of value by the time it has taken to obtain it. With this example I want to emphasize that when someone has suffered an injury he or she must be given a speedy, just and fair resolution. If legal redress is not rendered within a reasonable time, it is effectively the same as having no redress at all.

As a result, what are some of the losses to the Greek economy, employment, and competitiveness? This is glaringly simple yet it baffles me how we, as a nation, continuously fail to see the obvious. An effective judicial system plays a crucial role in upholding the rule of law. Investors consider this a fundamental prerequisite in choosing business friendly environments. How can Greece attract investment if the perception of its judicial system is at such low levels? Greece, in the Doing Business index of The World Bank (2016 edition), ranks 61st (having lost 3 places) in the overall ranking; 82nd in ‘getting credit’ and 133rd in ‘enforcing contracts.’ A country with such a low ranking, combined with increased bu- reaucracy, high taxation and an ineffective judicial system, will obviously not attract investment. As a consequence, new jobs will

IF LEGAL REDRESS IS NOT RENDERED WITHIN A “REASONABLE TIME, IT IS EFFECTIVELY THE SAME AS HAVING NO REDRESS AT ALL

not be created, revenues will not be generated, and the spending of households will not grow. This leads with mathematical certainty to the collection of fewer direct and indirect taxes for the State and to the collection of lower social security contributions by the social ” security funds. Everyone loses—businesses, citizens, the employed and unemployed and, most important, the State itself.

How can we begin to create win-win synergies among all stakeholders? We must educate all key players, including lawyers who often op- pose change, to understand the importance of introducing major reforms in our legal system. Although everyone accepts that the courts are slow in resolving legal disputes, either because the system is too complex or overburdened, in essence each time changes are introduced they are usually criticised on personal criteria and

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 29 THE INTERVIEW

not on the basis of the economy’s interest. The Chamber, I am proud to say, is always at the disposal of policy- It is important to change perception. The world is evolving fast and makers to provide best practices, fresh ideas and substantial con- the judicial system and the people serving it must adapt to the chang- tribution to all good efforts. es with the same speed. Former Chief Justice of the Supreme Court of Delaware, Justice Myron T. Steele, at his address at the Interna- What tangible benefits do you believe would result for tional Law Conference cohosted by the Chamber and the American Greeks if effective reforms were to be implemented? Bar Association in Athens in June 2015, said that citizens and busi- Let me provide a simple example. To file for a divorce petition in nesses of the State of Delaware were “potential clients.” Initially, I the UK all procedures can be done online, by the couple, without was puzzled to listen to a judge refer to litigant parties and advocates involving solicitors and without having to go to a court hearing. as his “clients.” On second thought however, I realized how right he The petition is filed online and the court deals with the divorce was in his perception. Justice is a “public” service like any other. And based on the paperwork. By simplifying procedures we help effi- it needs to be efficient, reliable, friendly, effective and attractive to ciency, which in turn contributes to fostering economic growth. citizens. If this happens it will also be so to investors. Factors such simplifying procedures, making better use of existing human resources and ensuring that only those cases that really How can the Chamber, especially through its Legislative have to end up in the courtrooms, are all essential parameters of an Reform Committee, catalyze dialogue, understanding and, effective justice system. ultimately, change? In other words, justice will be less burdensome, less expensive, The Legislative Reform Committee, like all committees of the more effective and more impartial for all citizens and businesses if American-Hellenic Chamber of Commerce, brings together ex- we proceed with appropriate reform. perts, hosts events such as conferences and seminars, and develops position papers, to assist in policy formation, legislation, and government action. Our most recent project, a survey conducted with the collaboration of the U.S. National Center for State Courts, is a

EVERYONE LOSES—BUSINESSES, “CITIZENS, THE EMPLOYED AND UNEMPLOYED AND, MOST IMPORTANT, THE STATE ITSELF needs assessment of the Greek justice system designed to gather the perceptions of judges, lawyers, government agencies, the business community, and other stakeholders about the strengths and weaknesses of the judicial system and to identify opportunities ” for change to improve public trust and confidence in the Greek courts—by the public and the international business community. The findings of the survey will be published very soon. If the perception of key stakeholders does not change, nothing will improve. The Greek judicial system is crying out loud about the need to be modernized, to become less complex and less overburdened. It is inconceivable to think that a corporation has to wait seven years to see recourse against an act of the State, for example a tax ruling, being introduced to trial.

30 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 ★ TRAVEL USA ★

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Land Area 32,020 square miles Population 4.625,364 State Capital Columbia Largest City Columbia Local Time EST. GMT - 7 hours behind Greece. he Palmetto State offers an exciting, contrasting landscape comprised of At- Climate Short mild winters with long lantic Ocean beaches, coastal plains, the Santee River Delta, and the Barrier warm summers. Moderate rainfall Islands. Boasting a year round subtropical climate, mild winters and over 200 throughout the year. Spring and days of sunshine each year, the state provides an ideal climate for many holi- autumn provide sunshine without day activities. From a relaxing beach break, to playing golf, shopping in one of the humidity, and beaches are busy Tthe state’s charming towns or visiting Charleston’s historic sites, you’re sure to find a style of from April to October. holidaying that suits your taste. The combination of southern hospitality, the barbeque cu- National Parks Fort Sumter National linary tradition and an extensive year-round festival calendar, makes for a relaxing, healthy Monument, King’s Mountain National break in the great outdoors. Military Park, Congaree Swamp Na- Charleston, founded in 1670, is a contemporary city with old world charm. Narrow streets tional Monument, Charles Pinckney are lined with grand colonial houses and stunning gardens, and the magnificent mansions National Historic Site, Cowpens of “The Battery” look out onto Fort Sumter, site of the first shots of the Civil War. Mean- National Battlefield, Fort Moultrie while, Columbia, the state capital, offers a cultural experience with museums, art galleries National Historic Site, Ninety Six Na- and the Riverbanks Zoo and Garden. Hilton Head Island is a quiet resort island to the south tional Historic Site and seven parks of Charleston, perfect for those looking to escape it all and relax.

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 31 THOUGHT LEADERS

DISRUPTING GREECE TWELVE ENTREPRENEURS OFFER DISRUPTIVE PROPOSALS THAT CAN HELP KICK START GREECE’S ECONOMY AND CREATE NEW EMPLOYMENT. —RAYMOND MATERA

32 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 33 THOUGHT LEADERS

Real Jobs, in Real Companies

he Sea will show us the way,” full-time after sales service. according to one of the ma- This is the approach that we should have for our jor Greek shipowners, Captain economy. Short term planning and subsidies may Panayiotis Tsakos. And this is facilitate a company for a year or two, or even less, what definitely happens within but not in the long term. I believe that drivers for “THEMEXPO, the Hellenic Marine Equipment Manu- growth should be only fiscal: the bigger the growth, facturers and Exporters. Being the only manufactur- the less the taxation. And since our motto is “United ing sector in Greece that has shown steady growth in We Stand,” the Greek economy needs more motives turnover and exports during the crisis years, we can — BY — for mergers and acquisitions. We need larger and absolutely acknowledge that supporting the biggest HELEN stronger companies that can compete in the global- POLYCHRONOPOULOU shipping industry in the world is an extreme chal- ized environment. As far as the Partnership Agree- Executive Vice President, lenge and a massive opportunity. The reasons behind Environmental Protection ment for the Development Framework 2014-2020 the success are consistency, quality, specialized, tech- Engineering SA (ESPA) funds are concerned, they should be direct- www.epe.gr nologically-advanced products with added value and ed to healthy companies for the creation of new job opportunities. Internship for people who lack skills due to extended unemployment is not a solution. We need real jobs, in real companies for 2 to 3 years DRIVERS FOR GROWTH SHOULD BE ONLY FISCAL at least. In that way a proper CV can be built—and a proper economy as well.

Reimagine Greek Products

veryone agrees that Mediterranean food countryside: these are key players to sustainable de- products have great growth opportunities velopment, that can turn revenues to job opportunities for Greece. Still, our food sector is a na- and prevent educated personnel from leaving Greece. tional “untapped potential,” primarily be- For this to happen, we need to change our mentality. cause of the absence of strong—or any— For years Greece has discussed the need for nation- Ebranding abroad. Low performing indexes related to al branding. Now is the time to act on capitalizing branded Greek foods confirm why Greek traditional the rich cultural heritage of Greece and introduce a products are hardly known (with certain exceptions). narration that can empower the image of Greek food Yoleni’s—the company I work at—is a good example on — BY — products. At the same time, we must be more con- how Greek traditional food products can be marketed HARIDIMOS sistent and intensify synergies and partnerships. The SPINTHAKIS together. We invested in the elements that make Greek Greek food sector is fragmented and needs a com- B2B & Business products competitive and introduced the idea of having Development, Yoleni’s mon direction. Without this, any great storytelling a unique product bundle of artisanal Greek foods prod- www.yolenis.com/ or impressive advertisement would generate only ucts, leading to the successful shipping, for example, of temporary impact. more than 600 corporate gift baskets worldwide. Changing how we market Greek food products can bring strong returns for the Greek economy and society. Any increase in these exports would contribute STILL, OUR FOOD SECTOR IS A NATIONAL “UNTAPPED to the increase of GDP and bolster Greek economic growth in multiple ways. Typical Greek foods products POTENTIAL” come from indigenous, small-scale activities of the

34 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 THOUGHT LEADERS

Letting Start-ups Leverage Partner Channels

GDP, the measure of the Internet’s contribution to nies specialized in tourism, shipping, food processing, a country’s gross domestic product, reflects now- chemicals, metal products and mining should trust adays the potential of a country to create a sus- Greek startups for the modernization of their business tained economy through digital transformation. processes with the use of technologies like the Inter- We can hardly find any data for Greece while we net of Things (IoT). With incentives that a well-orga- i see countries like United Kingdom, Korea, Japan, Swe- nized visionary government should give, part of the den, China, United States, France, Germany and Can- productivity gains and increased earning that will ada occupying the top positions in the iGDP rankings. derive from the improvement of their product quality Considering the particularities of the Greek public — BY — could be invested to smaller groups with disruptive and private sectors, the awakening of the undeniably DR. ALEX technologies and business models. MANIATOPOULOS simmering dynamics of our society could come from The payoff can be huge but requires a change in the CEO, Yodiwo SA the export oriented Greek industrial sectors. Compa- www.yodiwo.com mindset of the industry leaders to resist the temp- tation of absorbing innovative companies for just serving their IT needs. Instead, they should open the doors to new markets and, as stakeholders, and let GREEK INDUSTRIAL SECTOR COMPANIES SHOULD ‘their’ start-ups leverage their partner channels. The expected growth could stimulate the conservative do- TRUST GREEK STARTUPS FOR THE MODERNIZATION mestic investment ecosystem or attract foreign money and, less likely, drift the slow moving public sector to OF THEIR BUSINESS PROCESSES make the necessary changes in areas that directly affect development, such as education.

It’s Not Rocket Science!!

t goes without saying that tourism is vital to the • provide influx of new capital Greek economy. The sector’s remarkable contribu- • focus in investment in infrastructure, like airports, tion to GDP, to employment, to local economies and ports, marinas communities and to a wide range of other sectors • drastically cut the red tape and professions, is crucial and extremely valuable. • strengthen the sector’s effort to keep demand going I Since 2010, Greek tourism increased revenues brought through a creative and cooperative brand strategy, into the country by 40% at a time of unprecedented re- adapted to each of our main source markets cession, and juxtaposed with a 25% drop in the GDP. • And yes, pay serious attention to the needs of the So what do you do, being a country in economic crisis, — BY — real economy when you have such a strategic advantage as tourism, KOSTAS ZIKOS For the private sector, all these are obvious and evi- along with your other unique assets, like culture and CEO, HotelBrain dent. It’s not “rocket science” and Greek Administra- www.hotelbrain.com natural environment? tions don’t need to reinvent the wheel or “boldly go Certainly not what Greek tourism is experiencing: where no government has gone before.” over-taxation, the absence of funding and of invest- Do they? ment incentives, the high rate of indirect costs for businesses, the lack of a long-term strategic master plan. Tourism needs the State to: • create and sustain a stable and friendly tax and in- SO WHAT DO YOU DO? CERTAINLY NOT WHAT GREEK vestment frame that will restore competitiveness • boost entrepreneurship through development tools TOURISM IS EXPERIENCING and attract foreign direct investments

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 35 THOUGHT LEADERS

Office of the Chief Scientist

pportunities abound for Greece to re- like these. It should leverage its specialized human reinvent its role as a beacon of knowl- sources, including its diaspora, as much as possible. edge and a birthplace of exciting The government should establish an Office of the Chief new technology, and to jump-start Scientist (OCS), modeled after Israel’s related body. its economy in the process. Despite The OCS should be market-driven and investor-fo- Othe brain drain, universities are churning out high- cused, with the key objective of attracting, fostering ly-skilled knowledge workers at ever growing rates. Be- and facilitating VC investments into technology. It can sides Athens, startups are sprouting in the ‘college cit- also become an effective broker between startups and ies’ of Patras, Thessaloniki and Volos. These startups are — BY — Greek industry, helping established companies become rousing the interest of international investors and glob- SOTIRIS BANTAS, PH.D. competitive by adopting innovations. This can even al companies looking for acquisition targets. CEO, Centaur Analytics, Inc. help re-invent government itself; for instance, FinTech www.centaurtek.com In September 2016, our company Centaur Analytics startups can help curb tax evasion by making electronic (centaurtek.com) which started in Volos, announced transactions more convenient and transparent. a $1.3 million seed investment led by an Israeli VC and complemented by Athens-based fund PJ Jeremie Tech Catalyst, and American ‘exponential’ entrepreneur Avi Reichental. Centaur is developing break- THE GOVERNMENT SHOULD ESTABLISH AN OFFICE through sensor technology for the Industrial Inter- net-of-Things, along with cognitive tools that address OF THE CHIEF SCIENTIST, MODELED AFTER safety, transparency and waste mitigation of agricultural commodities. ISRAEL’S BODY Greece needs more startups and more savvy investors

Connecting the Dots

eople’s experiences make them who they quency; it follows strict international regulations and are. And yet lack of experience keeps them hires with criteria and character. The demands of the from being who they can become. Young jobs are equal to the demands of jobs in a 24-hour professionals in-the-making are stuck in a hospital emergency room. set of mistaken beliefs and depressed that Project Connect, an initiative I began to provide jobs Pthey cannot find work experience, for example in ship- and experience in the shipping industry, finds the cri- ping, to make them employable. sis can serve as an opportunity for today’s young pro- We have to tackle the issue at the root of the problem: fessionals to learn crisis and conflict management. If jobs and changing the mind-set of stakeholders—the — BY — these skills become innate this will certainly influence schools, the students and the employers. We need to IRENE NOTIAS the success of future businesses and in sustaining suc- prepare Greece’s next-generation work force with ac- Founder & Director cessful industries that will make this country flourish. of Project Connect; tual work experience and they need to earn their keep. Managing Director of Prime Project Connect is a creative disruption in the mari- The shipping industry functions at a different fre- Petroleum Services, Inc. time sector and in Greece. It tries to set the stage for success by putting out positive beliefs and putting them into action swiftly and effectively. It helps introduce opportunities, encourage internships and WE HAVE TO TACKLE THE ISSUE AT THE ROOT: JOBS entry level job openings, and transform traditional processes into more productive and sustainable ones, AND CHANGING THE MIND-SET thus jump starting careers and this country. “Project Connects” in other industries could do the same.

36 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 THOUGHT LEADERS

It’s Time to Allow Private Universities in Greece

here is a pilot’s school on the outskirts of none. All of them are flying, almost nonstop, from Athens. The cost of training to become 09.00 to 17.00 for training. Is this a paradox? No, be- an airline pilot is about 50,000 Euros. cause the vast majority of the students are not Greeks. According to Boeing, the number of air- The instructors are Greeks but the students are mainly planes in service worldwide will double coming from Arab countries and India. Tby 2034. There is a constant demand for pilots in a mar- Given our history and resources, it shouldn’t be hard ket that is growing by at least 5% annually. Still, how to combine education with sea, sun and culture. many Greeks can afford to pay this amount of money, In discussions about changing the constitution to al- during a time of financial crisis, to become pilots? — BY — low private universities, the theme is almost always The pilot’s school has 7 trainer aircrafts. If you visit NIKOS GOULIS about keeping Greek students in Greece. Maybe it Megara airport on a weekday morning you will see Founder and CEO shouldn’t be only about them, but also about all the of e-Travel mytrip.com foreign youth who would find in Greece the perfect pamediakopes.gr place to get a higher education. I am confident that, fraudpointer.com in addition to future pilots, the human capital of this SUN, SEA, SAND AND … country could also offer a good education for doctors, engineers and other specialties, while at the same time EDUCATION providing employment opportunities for Greeks. And it won’t cost the state budget anything.

Exonerate Dreamers, Ulysses Returns

everal years after “The Crisis” was first cades, things were always easy to promise. A roadmap declared, Greece is still on a downward prescribed by seniors, so that any dream was doomed spiral. I wish I could say Greece has to a dark time-chest. been on the mend but the ongoing “Na- How can Greece kickstart its economy, combat unem- tional Depression” highlights one solid ployment, and attract investment? Exonerate dream- Sfact: The roots of “The Crisis” are based neither on ers! Pardon those who dare to envision making it to fiscal mismanagement, nor on external factors that the highest peak. Those are who will lead the regen- fight Hellenic spirit and pride. It’s not that Wall Street eration of my country. Knowledge and education imploded in 2008. Nor that Greece was shut out from — BY — props are there: it’s proven by the brain-drain that borrowing in the financial markets. It is not even that DR. IOANNIS has intensified over the last decade. Promote inno- ARABATZIS lenders imposed harsh austerity measures. It is the vation, set the fiscal environment for entrepreneur- Managing Director outcome of a profound cultural crisis that took place NanoPhos SA ship to flourish. Encourage international cooperation in the 80s and 90s and deprived Greek youth from an nanophos.com and experience exchange. And as several thousands ancient Greek right: The right to think and dream! of Ingenious Ulysses will be “mentally” returning to “Improve your scores to secure a public servant posi- their homeland, Greece will regain its momentum as tion!”. “Complete a post-doc and I guarantee you a po- a lighthouse of creativity. Because Greeks still remem- sition as lecturer working by my side!”. In the past de- ber how to dream!

AS THOUSANDS OF INGENIOUS ULYSSES WILL BE “MENTALLY” RETURNING TO THEIR HOMELAND, GREECE WILL REGAIN ITS MOMENTUM AS A LIGHTHOUSE OF CREATIVITY

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 37 THOUGHT LEADERS

The Second Wave of the Entrepreneurial Ecosystem

t has become conventional wisdom to see the eco- pices of the Ministry of Infrastructure, Transport and nomic downturn and structural crisis as opportu- Networks. Invent shows how joint efforts of the market, nities for paradigm change and disruption. Clearly academia and the ecosystem can leverage knowledge then, embracing and supporting innovation and and technology to create the second wave of the entre- entrepreneurship in sectors that Greece can demon- preneurial ecosystem. Similarly, other sectors could pool I strate significant competitive advantages is sine qua non their logical synergies, as in Invent, to boost entrepre- for economic recovery, job creation and growth. neurship and help startups enter the market with new Since 2012 Greece has made use of EU financial in- services, products, or innovations.Such initiatives break struments, notably Jeremy funds, that have contribut- — BY — barriers in bringing diverse parties together for change, ed significantly to the creation of a promising startup MICHALIS STANGOS creating fundamentals to stop brain drain and make ecosystem. Almost two-fifths of the country’s startups1 ID-GC Co-Founder Greece more attractive for startups and young entrepre- industrydisruptors.org focus on the traditional sectors of tourism and trans- neurs, offering them reason and opportunities to stay. portation, while now activity focuses on other sectors 1 Source: http://www.face-entrepreneurship.eu more closely related to technology and pure science. In this direction, 2016 marks a first with the country’s three telecommunication companies—Cosmote, Voda- fone, Wind—coming together to create the ICT oriented SECTORS COULD POOL THEIR LOGICAL SYNERGIES incubator Invent, in cooperation with the National Tech- nical University of Athens (NTUA) and the contribution TO BOOST ENTREPRENEURSHIP of Industry Disruptors Game Changers, under the aus-

Government Intervention: No Thank You

istorically, Greek governments, irre- illusioned Greek society, that lost vision and values. spective of which political party was Government intervention distorts the economy and behind them, have failed dramatically creates corruption; it raises obstacles and creates to turnaround the economy and create unfair competition. An example from our sector growth. The reasons were: illustrates this: a catastrophic Ministerial decision H1. Even when Greece was ruled by liberal and pro pri- in 1993 created an impossible situation, as a result vate sector parties, the public sector dominated the of which today Greece is about to lose, from inter- economy. Greece bears resemblance more to a soviet national markets, its most recognizable agricultural economy rather than an open economy. — BY — product and valuable brand name—Kalamata Ol- 2. Entrepreneurship, instead of an ideal, became syn- ARIS KEFALOGIANNIS ives. Yet despite the recent unanimity of the private onymous with corruption. Managing Director, sector and the cooperative world in resolving the GAEA Products 3. Corruption within the government/public servant http://gaea.gr problem, several ministers from different govern- domain, and among successful businesspersons dis- ments over 23 years, and especially the last 4 years, have failed miserably to solve the problem and cor- rect the mistake. To save Greece and secure a future we need: GREECE BEARS RESEMBLANCE MORE TO A SOVIET • A leader that will re-inspire our society, providing vision and values ECONOMY RATHER THAN AN OPEN ECONOMY • Dramatically less State and intervention in all aspects of economic activity.

38 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 THOUGHT LEADERS

Unlock Greek Microfinance and Entrepreneurial Potential

FI (Action Finance Initiative) is the To unlock Greek microfinance and entrepreneurial first microfinance institution in Greece. potential, Greece could take simple yet efficient mea- Since 2015 it has granted access to mi- sures inspired by some other European countries3: croloans through banks for 52 micro- • Amendment of the banking law allowing non-bank enterprises, creating over 100 jobs. A institutions to directly disburse micro-loans to in- Asmall, yet genuine contribution to the fight against un- dividuals willing to create their own job or develop employment. their business Policies often focus on medium and large enterprises, • Access for Greek microfinance institutions to Euro- thus ignoring the basis of the pyramid. Yet, micro-en- — BY — pean Structural Funds to cover the expenses related terprises represent over 96% of Greek enterprises, over MARISA to coaching and mentoring services delivered to mi- ANTONOPOULOU 55% of employment and over 1/3 of the added value cro-entrepreneurs, and EIF guarantees and credit lines. Microcredit Development 1 to the economy . The main challenge those micro-en- Officer, AFI • OAED grants, complementary to micro-loans trepreneurs face for the creation and survival of their (Action Finance Initiative) • Lenient and progressive tax regime for micro-busi- www.afi.org.gr company is the lack of access to finance and cash flow2. nesses and starting enterprises • Unemployed should be able to start a business without losing their right to unemployment benefits un- MICRO-ENTERPRISES REPRESENT OVER 96% OF til they get sufficient revenue to survive 1 Pg. 2, European Commission 2015 SBA factsheet for Greece 2 Pg. 3, European Commission 2015 SBA factsheet for Greece GREEK ENTERPRISES 3 OECD, the Missing Entrepreneurs 2015, Policies for Self-employment and Entrepreneurship, November 13, 2015

Basic, Necessary Steps

he Greek recession is characterized by balances among European economies within the EU its own particularities yet is part of a have widened, although they are under the same cur- worldwide recession—as global eco- rency and the same terms of trade. nomical growth is relatively weak. The imposition of the capital controls weighed heavily Greece has lost 40 % of its GDP the previ- on the economy. Tous six years. More than 400,000 enterprises were forced There are no magic solutions for this economy but to close. Taxation has risen tremendously. Incomes have there are some necessary steps that the government, declined immensely. The banking sector has undergone with other stakeholders, must adopt: tremendous changes, lost value and shrunk. — BY — 1. Review of the austerity policy The globalization of the economy creates open bor- MARIA SPANOU 2. Abolition of capital controls ders and favors strong economies. Greece is not able CEO, Spanos S.A. 3. Enhancement of liquidity of the Greek banking sys- www.spanosmills.gr to respond. Greece has lost competitiveness and im- tem; reduction of interest rates by participation in the quantitative easing program of the ECB 4. Reduction of taxation as an incentive for companies to invest in Greece THESE ARE NECESSARY STEPS THE GOVERNMENT 5. Implementation of a program for public and private investments MUST ADOPT 6. Stability of tax system 7. Settlement of the Greek debt

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 39 ECONOMIC MODELS

EY STUDY THE CIRCULAR ECONOMY IN GREECE

to remake into items that are as good as, if not better than, their virgin equivalents. The Circular Economy is more than squeez- On December 2, 2015 the European ing more life from a fixed stock of resources that have been dug Commission (EC) adopted an ambitious from the ground at the expense of the environment. new Circular Economy Package to POLICY AGENDA “stimulate Europe’s transition towards a To stimulate and support this policy direction the EC has committed to a long and very ambitious policy agenda to streamline Circular Economy, which will boost global and optimize waste streams, recycling, primary raw materials competitiveness, foster economic growth and obsolescence of products and more, and will support these initiatives: ”with €650 million from Horizon 2020 (the EU pro- 1 and generate new jobs.” gram for research and innovation) and €5.5 billion from structural funds from waste management and investments in the Circular Economy at national level.2” At the same time, especially in Greece, the Circular Economy could stimulate the necessary dialogue for resolution of chronic he Package contributes to broad confrontational topics, such as waste management including re- political priorities by tackling use, storage, and treatment. A dialogue of transformation with climate change and the envi- the State, regional and local government authorities, but also ronment while boosting job cre- businesses, industry and the civil society, is necessary to change ation, economic growth, invest- mindsets on the issue of wastes, both municipal and industrial, T ment and social fairness. waste treatment, the location of landfills, avoiding EU penalties Although the Circular Economy is often levied against unpermitted or dysfunctional waste facilities and bracketed together with recycling, these two landfills, and other dysfunctions of the current context. are very distinct and different and should — BY — In this context, SEV’s Business Council for Sustainable Develop- not be seen as synonymous. Materials that VASSILIOS KAMINARIS ment commissioned the Sustainability practice of EY in Greece have been jumbled up in the waste stream or Head of Assurance Climate to prepare a Study on the Circular Economy in Greece. The ob- Change and Sustainability have been contaminated lose much of their Services Leader, EY jective of this study is to promote the potential for transforma- value, and the recycling process to clean and tional change that the Circular Economy can bring to the status convert them into usable products can itself quo of the Greek economy, both upstream and downstream, in- consume a large amount of energy. In the 1 Circular Economy the emphasis is on de- European Commission, viewed at 15/03/16, http://ec.europa.eu/environment/circular-economy/in- dex_en.htm signing goods to be long-lasting, easy to re- 2 European Commission, 2015, Press release-Closing the loop: Commission adopts ambitious new Circu- pair and reuse, easy to disassemble and easy lar Economy Package to boost competitiveness, create jobs and generate sustainable growth, Brussels

40 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 cluding the disruptive resolution of chronic life cycles, a current state assessment and gap analysis against confrontation topics, such as waste manage- specific aspects of the Circular Economy for selected sectors in ment, and extending to the provision of in- Greece and the EU, an identification of specific Circular Econo- vestment opportunities, as a catalyst towards my models currently applied as mainstream practices in Greece sustainable growth. and the EU, inclusion of indicative international leading prac- In order to meet the objective of raising aware- tice examples for the selected sectors, as well as main barriers ness and stressing the need for action on the and proposed policies for facilitating the transition to the Cir- transition to the Circular Economy in Greece, cular Economy in Greece. The second phase was based both on the study was developed in two phases. primary and secondary research. The stakeholder engagement approach was based on stakehold- PHASE ONE er dialog/conversations with business associations and other The first phase included the documenta- third parties, which was identified early as a key element and tion of the current legislative and regulatory objective of the study. This approach was deemed necessary in framework regarding the Circular Economy order to collect sector specific data that may not have at both the EU and the national level. Given necessarily been publicly available, to understand ma- the vast array of issues covered by the Cir- terial and product flows, to document current Circu- cular Economy, the scope definition and se- lar Economy models applied and potential models to lection of relevant EU and Greek legislation, IN THE CIRCULAR be applied in the future, to assess the current state of regulation, and other governmental initia- each sector against specific circularity aspects, as well tives was limited to the criteria mentioned ECONOMY THE as to discuss existing barriers and potential policy in- in the current state documentation frame- terventions towards a successful transition. work agreed with SEV BCSD, per category EMPHASIS IS of required information. The clear message KEY CONCLUSIONS deriving from the analysis is that implemen- ON DESIGNING The main conclusions on the current state of the Cir- tation of the European legislative framework cular Economy in Greece are: into the Greek legal system should not be GOODS TO BE • Need for legislative and regulatory reform toward limited to the typical procedure of translat- LONG-LASTING, the Circular Economy ing, repeating or rephrasing European law • Fragmented adoption of circular models, in the con- via a national legislative instrument, but it EASY TO REPAIR text of inefficient systemic approach should further include the political will to • Emphasis is placed on the ‘end-of-life’ stage, rather exercise all powers available to make this AND REUSE, EASY than on the design stage law operational and effective in practice, • Recycling and recovery of construction and demoli- setting thus the required underpinnings for TO DISASSEMBLE tion waste requires considerable improvement the transformation of the Greek economy to • Energy is largely dependent on non-renewable progress to the Circular Economy. Finally, AND EASY TO sources and efficiency is relatively low in order to provide a more holistic view, the • Bio-waste and food waste recovery is limited, re- study was expanded to governmental initia- REMAKE INTO sulting in significant economic and environmental tives, within the EU, for the development of impacts the Circular Economy. In order to proceed ITEMS THAT ARE • Need for law enforcement of hazardous waste leg- with documentation and analysis, we select- islation ed a benchmarking group of EU countries AS GOOD AS, IF • Addressing waste market barriers considered frontrunners in relevant imple- Finally, indicative focus areas towards the transition mentation, and identified examples worth NOT BETTER THAN, to the Circular Economy include: sharing for both awareness raising purposes, • Development of a national roadmap for the transi- as well as for providing inspiration for policy THEIR VIRGIN tion to the Circular Economy makers in Greece. • Development of collaboration platforms EQUIVALENTS • Sectorial level assessments PHASE TWO • Awareness raising at consumer level The second phase consisted of an analysis based on a documentation of the main mate- To read the brief summary of the study visit http://www.ey.com/Publication/vwLUAssets/EY-study-on- rial and product flows within the respective the-circular-economy-in-greece/$FILE/EY-study-on-the-circular-economy-in-greece.pdf

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 41 EMPLOYMENT INDEX JOB CREATION— POLICIES AND PROGRAMS

THREE PRONGED STRATEGY Signs of mild economic recovery are The Ministry of Labour, Social Security and Social Solidarity, to support those out of work, employs a three pronged strategy: in evidence as of late. ELSTAT reports a) encourage job creation in the private sector via wage support that in the 3rd quarter of 2016 GDP programs b), enhance skills and capacities through training, so that the underemployed workforce, by retaining and improv- nd increased by .5% compared with the 2 ing its skills, remains employable and c), offer job opportunities to the long-term unemployed that benefit local communities quarter of 2016, and 1.5% compared with through ‘public works plus’ programs, a new generation of ‘koi- the 3rd quarter of 2015. The evidence nofelis ergasia,’ or ‘community service,’ in municipalities, where the plus stands for voluntary participation by selected benefi- is also clear that productive investment ciaries in ITC skills courses and in support of individual and rose by 2.4% during the first half of the social collective entrepreneurship. One example of the first type of intervention is a program year, in comparison with last year, and currently being implemented through the public employment FDI doubled during the same period. service, OAED, for 10,000 unemployed between the ages of 30-49. A registry invites private businesses to identify those positions they are interested in filling. OAED identifies from among the unemployed the most suitable candidates for the jobs on offer. The state, through OAED, contributes 15 Euros per day for each unemployed and 18 Euros per day for each s a result, during the first 9 long-term unemployed hired. This support will be offered for months of 2016 we experi- 12 months and the implementation will be coordinated and enced the highest levels of monitored by OAED. new, private-sector net job Another example is the conversion of the unemployment ben- creation: 245,00, a record efit to an employment benefit (360 Euros monthly). A choice is sinceA 2001. The economy, of course, is ex- offered to the unemployed to use this benefit toward the wage pected to shed, as it does every year, roughly cost should they be hired. The conversion is optional for the forty-two percent of them due to seasonal unemployed and the employment benefit can be used only by adjustment, but I am convinced that we will small businesses, which employ 1-10 people, provided they surpass last year’s 99,700 figure. Yet, despite have not laid off employees in the previous three months, to the optimism these figures bring, as the avoid labor substitution effects. Prime Minister has stated repeatedly, this In the medium- to long-term, tackling unemployment can is no cause for celebration. More than one only be achieved through real economic growth, that is, new million citizens are willing, able and ready job creation on the basis of private sector investment and the to work but remain jobless. rebuilding of the country’s productive base. Besides invest-

42 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 ment capital, the creation of new wealth and secondary data (inputs), the National Institute for Labour calls for well-trained human capital. To and Human Resources is responsible for the synthesis and pro- that end, continuing vocational education duction of the mechanism results to determine labor market and training, skill upgrading, and the op- needs in skills and occupations at sectoral, national and local timal matching of supply and demand in level. The annual reports will inform the design of skill creation the labor market is required. Therefore, the programming. Ministry will continue to strive to make Nonetheless, given the state of the economy, these interventions, more efficient use of the limited finan- however innovative and significant, cannot suffice in redressing cial resources at our disposal by focusing the problem of unemployment. Temporary job creation that al- our programming (a) toward the dynamic lows the long term unemployed to re-attach themselves to the sectors of the Greek economy (b), provid- labor market is vital, and this we aim to achieve through a new ing targeted training, as needed and when generation of public works programs. needed (c), include certification of knowledge acquired and skills and (d), incorpo- JOB CREATION, COMMUNITY BENEFITS rate on-the-job training and guaranteed These programs have been redesigned to combine employment as a follow up. the offer of employment to the long-term unem- To this end, the Ministry has rolled out sec- ployed with the provisioning of social benefits for toral training and guaranteed employment local communities. Their key features are: a) the programs, such as, for example, the training JOB CREATION IS A integrated approach where public benefit job cre- voucher for 15,000 young unemployed aged ation is coordinated with a wider range of activa- 18-24, with a total budget of 39.75 million NATIONAL PRIORITY tion measures b), greater emphasis on the assets Euros. The action provides vocational train- or services produced by the participating benefi- ing, certification and on-the-job training in AND WE MUST ALL ciaries, and hence on productivity, and c), intro- private sector enterprises, in cutting-edge duction of a real-time monitoring system. sectors of the economy: supply chain (logis- WORK, UNITED, Two new programs have already been rolled out for tics), retail, export trade, and ICT. 51 municipalities which are pockets of the highest Another example is the training voucher TOWARD THIS END long-term unemployment, and will be followed by for 23,000 unemployed aged 29-64, which a national rollout in the remaining 274 municipal- has undergone a major redesign to accom- ities within the year. Training is optional and those modate more unemployed in better targeted beneficiaries who are interested in participating in jobs in eight sectors: commerce, logistics, in- this action can select between ICT, Entrepreneurship and So- frastructure and technical professions, tour- cial Economy. Counselling services by OAED is offered to all ism, IT, environment/processing of waste, beneficiaries at entry and exit and an individual action plan will F&B, and energy. The program includes be produced. training in close to 60 specialties, counsel- Because the new generation of Public Works Programs aims at ing, skill certification and on-the-job train- promoting social benefit at the local level, municipalities have ing, as well as guaranteed employment for been asked to suggest specific projects and services that will im- close to half the beneficiaries. prove the everyday lives of the residents of these municipalities by improving social infrastructure and services, the natural en- IDENTIFYING SKILLS NEEDS vironment and by supporting the local market. The most significant change the Govern- To ensure transparency and accountability, a monitoring ment has introduced is the ‘Diagnostic system will be set up where each participant, the supervis- Mechanism for Labor Market Needs,’ to ing agency, the responsible technical ministry and the public identify and forecast skills needs. A network employment services can monitor and verify data relevant to including ministries, state agencies, region- participation and output. al authorities, and social partners, involved In the past two years, the Ministry of Labour has undertaken a — BY — in the inputs and outputs of the system, will major effort to redesign policies that fully exploit every re- RANIA collaborate under the guidance of a Coor- ANTONOPOULOU source. In this effort, in our battle against unemployment, we dination Committee to collect and evaluate Alternate Minister of unceasingly seek to collaborate with our European partners, the data on dynamic sectors and occupations. Labour, Social Security and private sector and our social partners. Job creation is a national Social Solidarity After analyzing and processing of primary priority and we must all work, united, toward this end.

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 43 DEMO KRATIA BARACK OBAMA THE PRESIDENT OF THE UNITED STATES IN GREECE

n November 16 the U.S President visited the Acropolis and the Acropolis Museum and at The President of the United States, 14:00 hours he delivered a legacy speech at the Barack Obama, made an official visit to Stavros Niarchos Foundation. The President requested the audience be composed of a large Greece November 14 & 15. Following O number of young people. During his remarks, which centered the touchdown of Air Force One at on democracy in today’s world, President Obama recalled the vast contribution Greece has made in establishing the first dem- 10:30 am November 14, the President ocratic rule in the world, more than 2500 years ago. Throughout had meetings with Prime Minister Alexis his speech President Obama elaborated on the advantages of democratic government, even in light of the many challenges Tsipras and the President of the Republic that it poses. Prokopis Pavlopoulos. President The President made pointed remarks on the success, freedom and prosperity that accompanies democratic rule and that his Pavlopoulos hosted a State Dinner eight years in office has convinced him that people throughout in honor of the U.S. President at the the world strive to a form of government that espouses participation by all. He stated that the most important title in a demo- Presidential Mansion on the evening of cratic country is not President or Prime Minister—but “citizen.” November 14. Chamber President Simos In addition, President Obama stressed the importance of effective structural reform in any country, including Greece, to cre- Anastasopoulos was one of the 130 ate opportunity for all, to create new jobs and investment, and to create durable growth. guests who attended the official dinner. Chamber President Simos Anastasopoulos said: “The visit to Greece by President Obama sent a strong message to all Greek people. His inspirational remarks provided a new sense of hope that we, as Greeks, must work together to emerge successful from our years of crisis. I am encouraged by the exceptional support he offered Greece and his belief in the Greek people. We should all feel stronger, more confident, and more determined to reform our institutions to global standards so that we can once again stand proud, as Greeks, and offer the world a shining example of democratic rule—founded in Greece and shared with the world.”

44 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 “Open, democratic societies can ward, sometimes back -- but as long as we retain our faith in democ- deliver more prosperity --because racy, as long as we retain our faith in the people, as long as we don’t when people are free to think for waver from those central principles that ensure a lively, open debate, themselves and share ideas and then our future will be okay, because it remains the most effective discover and create -- the young form of government ever devised by man.” people who are here, what they’re able to do through the Internet “The young people [of Greece] need to know there is a future—there and technology, that’s when inno- is an education and jobs that are worthy of your incredible poten- vation is unleashed, when econo- tial. You don’t have to travel overseas, you can put roots right here in mies truly flourish.” your home, in Greece, and succeed.”

“Just as democracies are pre- “In all of our communities, in all of our countries, I still believe there’s mised on the peaceful resolution more of what Greeks call philotimo, love and respect and kindness of disagreements within our soci- for family and community and country, and a sense that we’re all in eties, we also believe that cooper- this together, with obligations to each other.” ation and dialogue is the best way to address challenges between “The most important office in any country is not president or prime nations.” minister. The most important title is ‘citizen.’”

“And that’s why, as hard as it can be sometimes, it’s important for young people, in particular, who “THE MOST IMPORTANT OFFICE IN ANY COUNTRY are just now becoming involved IS NOT PRESIDENT OR PRIME MINISTER. THE MOST in the lives of their countries, to understand that progress follows IMPORTANT TITLE IS ‘CITIZEN.’” a winding path -- sometimes for-

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 45 AUSA

GREECE’S DEFENCE INDUSTRY IN WASHINGTON

teadfast in its efforts to support Greece’s high value-added industries in the international markets, Greece’s defense industry showcased the American-Hellenic Chamber of Commerce its expertise and capabilities at the organized for the the 3rd consecutive year the Hel- lenic Pavilion at the Association of the US Army Association of the US Army (AUSA) S (AUSA) 2016 Annual Meeting. Held under the auspices of the 2016 Annual Meeting. The Hellenic Ministry of National Defense, and in collaboration with the Gen- eral Directorate for Defence Investments and Armaments (GD- Pavilion was organized by the American- DIA) and Enterprise Greece, the Hellenic Pavilion consisted of Hellenic Chamber of Commerce, under ten of the best Hellenic industries, private and state-connected: Alpha Systems, Hellenic Aerospace Industry (HAI), Hellenic De- the Auspices of the Ministry of National fence Systems (HDS), Hellenic Vehicle Industry (ELVO), Theon Defence Defense and supported by Sensors, Common Booth for SEKPY Member Companies: AEL Joint Venture, Aeroservices, Dasyc, Soukos Robots, Turbomed. the General Directorate for Defense The Hellenic Ministry of National Defence, which encourages Investments and Armaments and initiatives that ensure international stability, cooperation, and the evolution of technological progress, participated at the Pa- Enterprise Greece. vilion with an official welcoming committee, supporting the outward-oriented efforts of the Hellenic Defence industry. The Alternate Minister of the Hellenic Ministry of National De- fence, Dimitrios Vitsas, stressed the Ministry’s strong commitment to fostering the development of Greece’s defence industry as a ma-

46 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 jor export sector. Parallel to the exhibition, the Alternate Minister also held a series of meetings with leading U.S. defence companies to discuss prospects for industrial co-operation, co-production, joint ventures, and high-tech transfers with Greece’s defence sector. Military executives from the General Direc- torate for Defense Investments and Arma- ments, fully capable to inform all interested parties for the opportunities provided by the Greek industries, opportunities for industrial cooperation, co-production, joint ventures, high technology transfer and investment programs, participated at the Hellenic Pavil- ion during exhibition hours. Held every October in Washington, D.C., AUSA is the largest land warfare exposition forum in North America. The three-day event brings together the biggest names in the industry and attracts over 26,000 attendees, including senior officials from the Depart- ment of Defence, members of Congress, industry leaders and foreign dignitaries. AUSA has become a flagship event for the modern Army and a fitting platform for Greek defence companies to meet potential new clients and strategic partners, build international brand exposure, and showcase their offerings along- side other international contractors. A series of media interviews and briefings with attending industry reporters were organized for the Hellenic Pavilion exhibitors, to help them further enhance their visibility and positioning in the international markets. Me- dia interviews and briefings were arranged with top trade publications, including Na- tional Defense Magazine, Aviation Week, Po- litico, Defense News and Armada international. A series of media interviews were also arranged for the Alternate Minister, who met with top-tier news outlets, such as the Associ- ated Press, to discuss new developments in the Southeastern Mediterranean and new challenges in defence and security matters. As Greek firms increasingly look for international customers, having a presence at vital industry events and communicating their competitive advantage through international media helps drive the companies’ outward-looking strategies and helps to boost their credibility amongst key stakeholders.

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 47 PUBLIC SPACE ARE WE IN THE MIDST OF PUBLIC SPACE CRISIS?

face-to-face happen on the Ιnternet, on Facebook, Twitter and countless other digital forums and platforms. You might say the Public space that encourages Squarespaces of the world are replacing public squares. dialogue and welcomes everyone— ANCIENT GREEK FOUNDATIONS regardless of age, wealth, race, religion Since ancient Greece, public space has been vital to people or sexual orientation—is a core aspect and cities. It’s where citizens debated everything, from current events to business to the nature of the universe. It’s where they of democracy. As artist and social voted for politicians, preserved the law and participated collec- activist Krzysztof Wodizko put it, these tively in making decisions for civic matters—all the elements that foster a functioning democracy. In fact, the birth of democ- places exist for both “the privileged and racy in fifth century B.C. didn’t arise just from a combination the unwanted.” of philosophical ideas, scientific discoveries and technological advances. Dedicated physical spaces also played a huge role: civic centers and marketplaces, along with open spaces between buildings, where people often mingled. The most notable example is the Athenian Agora. ut few of today’s public spac- It’s almost impossible to find contemporary examples of the es adequately prioritize this agora, where anyone could actively participate and shape civic mission. Figuring out how to matters. Today, urban growth eliminates accessibility to public change this is at the core of spaces. And when public spaces do get created, they’re often my own work. In my creative designed for the privileged and wealthy. For example, in New B practice and research, I study public spaces York City, High Line Park is a relatively new public space that in American and European cities and in- has been highly praised by media and press. The promenade, vestigate how classical concepts, buildings, which winds along a former elevated freight rail line, borders and small structures for public space—the some of the city’s wealthiest areas. It has become a major draw kind that existed during the earliest days of for the tourists and locals who populate Chelsea, now one of the democracy—have been repackaged during most expensive neighborhoods of the city. contemporary times. Bottom line: Wheth- To be sure, High Line does not bar entry to “undesirables.” But er the economy is growing, or is on crisis, the rising rents and increasing living costs around it eventually welcoming public spaces are in decline—at dislocate existing businesses and poorer populations to other least, those that exist in the real world. In- parts of the city, making trips to these new, gleaming parks ex- creasingly, debates that once took place pensive and time-consuming.

48 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 BUDGET CUTS, ciently accessible to scores of underprivileged people. PHILANTHROPIC APPROACHES But there also seems to something else lost when we resort to So what’s behind our notable shortage of debating in online spaces, behind the comfort and security of truly democratic public spaces? On the one our screens. Social scientist Sherry Turkle has found that digital hand, budget cuts have crippled govern- technology harms users’ abilities to feel empathy and self-re- ments’ ability to invest in public spaces, such flect, which causes people to avoid face-to-face conversations as parks, for poor neighborhoods. On the and other traditional forms of communication. other hand, wealthy philanthropists who often fund or contribute to public projects will NEW INTERSECTIONS often end up simply serving their own inter- In my work, one of my goals is to design public spaces that en- ests and needs by investing in convenient ar- courage dialogue, participation, collective activities, interaction eas that are close to their homes and offices. and exchange—in other words, democracy. My own project, Par- Extra security and ubiquitous surveillance— rhesiastic Play (inspired by the Greek word “parrhesia,” meaning which have increased since the advent of “to speak freely”), explores free speech at the intersection of pub- global terrorism—not only discourage gath- lic, physical space and the digital world. For the project, chairs erings and eliminate services, but they also and sculptural letters can be placed in public areas; passersby are transform public space in ways that make them even more dangerous. In sum, public spaces have gradually transformed into areas that are less open, less democratic, less comfortable, less enjoyable and less “ours.” IT’S ALMOST IMPOSSIBLE TO FIND CONTEMPORARY FROM IN PERSON TO IMPERSONAL EXAMPLES OF THE AGORA, WHERE ANYONE COULD With public space shrinking, it’s worth not- ing that web access is expanding and ab- ACTIVELY PARTICIPATE AND SHAPE CIVIC MATTERS sorbing much of the dialogue and debate that once took place in person. Internet, mobile and other communication technologies certainly create opportunities for citizens to then free to rearrange in them into different forms, words and participate in addressing public challenges. phrases. There are multiple locations, and cameras are constantly There’s even a term for it—e-democracy— recording the people, allowing them to communicate with peo- and a number of public—and private—sec- ple in the other Parrhesiastic Play locations around the world. tor platforms provide an avenue to citizen By linking physical spaces with a live webcam network, Parrhe- engagement, whether it’s social networking, siastic Play gives people a stage to “perform” before the cameras. online forums or argument maps. It’s a playful way to comment on the rise of surveillance while By being able to access transparent informa- interacting with a large audience. While this is just one project, I tion, these platforms can reinforce participa- hope to, in my own way, comment on the need to create architec- tion, create inclusiveness and promote voting ture for the public that integrates the “free” dialogue that happens equality. Meanwhile, social media platforms in the realm of social media with physical, everyday activities. allow people to express solidarity and raise Picking the aforementioned challenges of public space, my exhi- awareness about global events. The New bition Speak! Listen! Act! A Kaleidoscope of Architectural Ele- York Times journalist Thomas Friedman has ments for Public Space, on view at Dartmouth College, draws argued that social media can initially act as a from field trips with students in big cities such as New York and powerful voice, but does a poor job keeping Athens, and presents ideas on how to create user-friendly struc- momentum and effecting actual change. So- tures in public squares that promote dialogue and social interac- cial media has also been shown to reinforce tion, while reinforcing freedom of speech and democracy. — BY — polarization and hate speech. Look no fur- ZENOVIA TOLOUDI ther than the echo chamber phenomenon, Αrchitect, Intl. Assoc. AIA, where people tend to listen only to those who Assistant Professor An earlier version of this was originally published on The Conver- of Architecture, sation. To read the original article, visit: https://theconversation. share their beliefs, and the trolling of strang- Dartmouth College. com/are-we-in-the-midst-of-a-public-space-crisis-56124 ers. Moreover, social media is still not suffi-

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 49 ONE WORLD

George Afroudakis— THE BUDDHA, IN THE WATER, AND OUT

for every offence and a nightmare to the opposing defenders. 1600 goals in his career make him the top scorer in the Greek League, Every chapter in a story has its ending, a record that cannot be easily broken. Five Olympic Games (1996, and the sports story of George 2000, 2004, 2008, 2012), one Silver Olympic medal, six national championships and endless other accomplishments put Afrouda- Afroudakis is written in golden letters. kis in the elite of water-polo athletes in the history of the game. George belongs to a group of personalities in Greece that represent the true spirit of Olympic Games. A perseverant athlete, persistent in his purpose, he paved the way for the teammates of very chapter in a story has its his generation. His dedication has been an example, especially ending, and the sports story of to his peers, on how to optimize skills through hard practice, George Afroudakis is written in discipline, and competitive spirit. It is not accidental that Greek golden letters. In his 25-year wa- water polo is at its highest level of the last 20 years. “Undoubt- ter polo career, Afroudakis won edly, all members of our team were exceptional atheletes. We Ealmost everything. Above all, he won the re- kept a low profile and our only concern was how to raise the spect and recognition of the world water-polo community, as he is considered among the greatest of all times. The Greek Olympian decided to announce the OUR CHILDREN NEED TO ENHANCE THEIR SPIRIT end in his career, on August 4, 2016, one day before the opening of 2016 Olympic Games AND AMBITION. THEY LACK MOTIVATION. GREECE in Rio. It was the first Olympiad after Atlanta 1996 in which he was not participating. DOES NOT PROMOTE THESE VALUES. SUCCESS IS His decision to withdraw literally broke the Internet. Thousands of messages from former NOT CELEBRATED AND THIS IS SOMETHING THAT teammates, opponents, coaches and fans from all over the world revealed the extent of grati- SHOULD CONCERN US tude and admiration that Afroudakis enjoyed as a personality and an athlete. “I could never imagine this” George admits, “only sports can offer such emotions, and I am blessed and level in every practice, every game and every competition we thankful for dedicating my life to sports.” took part in” he remembers. “George Mavrotas –an emblematic Looking back, the five-time Greek Olympian figure in Greek sports- shaped us all” he confesses.“ “Numer- had been the definition of sportsmanship, the ous other former players made this team strong in spirit and favorite player of his coaches, a deadly weapon in results. My generation was fortunate to have two of the best

50 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 coaches, Giannis Giannouris and Alessan- ly that small miracles happen, especially when we focus on a dro Campagna, who both helped us bring target. See what happened in the Olympics of Rio, for example, important triumphs to the country and cre- where Greece, beyond expectations, came 26th in total medal ated the ground for further success.” rankings. And this in a period where Greek athletes are strug- Although water polo is not the most popu- gling, without the assistance of the state, without infrastructure, lar sport in the country Afroudakis is one of without resources. This is the Greek miracle: the soul and the the most recognizable figures and an idol for heart of individuals. This is where we should invest and keep kids in Greece, and his impact is precious. carrying on. I am optimistic and certain that we will soon stand The nickname “Buddha” accompanied him on our feet.” throughout his career, because he was almost “I have chosen the tourism sector, because I see great potential flawless, the ideal teammate and a born leader. in it. Tourism can be an even greater success story of this small “All we had was a love for the game and this country. We must focus on the delivery of efficient services.” is a strong message to younger athletes. You Despite the general crisis, his perception is positive: “Greeks need determination and persistence, when have proven throughout millennia they have an ability to over- you lose, to stand again, to overcome pain, and finally win. When you really love what you do, you become better, richer in experience and ready to face life’s real difficulties. This is the true meaning of sports after all.” Now that the intensity of competition is over, George is adopting to his new life. He has a beautiful family, two young sons and a wonderful wife, Mara Zoupa. “After 25 years in swimming pools and eight hours a day in the water, the most difficult part is to getting used to living on land” he says smiling. The next chapter in his story has him focused on transferring the winning habits of his sport career to his family business, Afrouda- kis Yachting Ltd, one of the oldest and most efficient agencies that specialize in Yacht Charters in Greece and the Mediterranean. “It seems like the water element is my fate,” he says. “Family is the core of our business, as I am lucky to have a very talented wife and two excellent brothers, Zahos and Christos, come obstacles. The best proof is the Greek diaspora. If you also water-polo champions, who are fully in- consider what these people have achieved, away from home and volved. My uncle Christos, a pioneer in yacht against all odds, you can’t lose hope” and adds, “Every summer chartering, founded the company 35 years ago we serve hundreds of Greek expats who choose Greece for their and is still active, offering his valuable advice. holidays. They come here to support their country and you can I remember him telling us: never cheat your feel their frustration about the current situation. We live in the customers. They are all you have,” he adds. most beautiful country in the world with thousands of talented Restless out of the water, he now wants to individuals. Above all, we have our values and of course, the transmit his energy and winning spirit to Greek filotimo.” he proudly confesses. others, especially children. “Unfortunately, Beyond business, Afroudakis has plans for the future related to we lack true leaders. Our children need to social action. “I am not a person who likes to be at the center of enhance their spirit and ambition. They lack attention but I believe that people who can positively influence motivation. Greece does not promote these the public, as I believe I can, have a responsibility to put in a values. Success is not celebrated and this is hand for the common good and the reconstruction of our something that should concern us.” country. Remaining silent is not an option and I am convinced “Greeks have lost faith, but we witness dai- that others will follow.”

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 51 B2B INFO@AMCHAM What is Integrated Reporting?

Integrated Reporting is an evolution of corporate reporting, with a focus on con- ciseness, strategic relevance and future orientation. As well as improving the quality of information contained in the final report, makes the reporting process itself more productive, resulting in tangible benefits. requires and brings about integrated thinking, enabling a better understanding of the factors that materially affect an organization’s ability to create value over time. It can lead to behavioral changes and improvement in performance throughout an organization. these elements together through the con- informed decision making and positive As set out in the International Frame- cept of ‘connectivity of information’, to best impacts on stakeholder relations. For or- work, an integrated report is a concise tell an organization’s value creation story. ganizations or stakeholders interested in communication about how an organiza- has been created for any organization real world examples and practical advice tion’s strategy, governance, performance that wants to embrace integrated thinking about the journey towards , networks and prospects, in the context of its external and progress their corporate reporting. have been established to share experiences environment, lead to the creation of value Businesses have reported breakthroughs and learning. in the short, medium and long term. The in understanding value creation, greater Framework enables a business to brings collaboration within their teams, more — http://integratedreporting.org/

Zonars—Urban Rendezvous DINING City-center dining recently got a major boost. Zonars, the ven- FOR BUSINESS erable Athenian institution dating to 1939, has reopened with AND PLEASURE a flourish. Redone by the Panas Group (The Island) Zonars has once again taken center stage for coffee, breakfast, lunch, or dinner, a cocktail, or a pastry. The landmark eatery is conve- niently incorporated into sections (coffee-drink, light snack, more formal dining) without being physically divided—making for a comfortable destination to have a discussion while enjoying the inventive cuisine. The large space has been refurbished with a refined touch—with wood and natural materials creating an urbane atmosphere. The extensive menu covers most dining requirements, with a nod to traditional Greek, contemporary fusion, and a double bow to sushi. The pastry card is naturally impressive, reflecting the roots of the founder, Karolos Zonaras. Tables line Panepistimiou on the front and Voukourestiou on the side. The music might be adjust- ed to match the polished veneer of the walls, however, and the Zonars natural tendency in such a room toward polite conversation. Panepistimiou & Voukourestiou Streets, Athens, 210 325 1430

52 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 THE BUSINESS BOOK Public Sector Economics Jargonaut SHELF and the Need for Reforms BY APOSTOLIS PHILIPPOPOULOS, MIT PRESS JERRY RIG To create or fix something in an The public sector has grown substantially in the last 50 years. unconventional way, just so it In the Euro area total government expenditures have been works for the time being. around 50% of GDP since the early 2000s, resulting in a ♦ growing tax burden or high public debt or both. At the same time, government had intervened in all aspects of economic PERCUSSIVE life, from the provision of public goods and services to prod- MAINTENANCE Whacking the heck out of uct and labor market regulation. Research shows that the ef- something in order to get it run- fect of government size on economic performance is positive ning again. in countries where the public sector is efficient but negative in countries where it is inefficient. In this book, experts from ♦ academe and central banking discuss reforms that would AGKWE make the public sector more efficient and/or more equitable. And God Knows What Else The contributors offer theoretically and empirically informed perspectives on policy ♦ topics including public wage and employment policy, the role of international institutions C-LEVEL such as the World Bank in promoting public sector reforms, the optimal mix of tax policy, A company’s senior executive lev- the measurement of public sector efficiency, and the study of fiscal sustainability. el: the CEO, CIO, CFO, COO, CTO, Apostolis Philippopoulos is Professor of Economics at Athens University of Economics and Business. ♦ GWOT Glorified Waste of Time ♦ AROMA DRYOS—THE SCENT OF AN OAK KEITAI Japanese for cell phone Set in one of the most spec- ♦ tacular natural landscapes in Greece, the Aroma Dryos Ho- LAPTOP NOMAD A person who works primarily on

TRAVELOGUE tel in Metsovo offers guests the their laptop outside of a tradi- chance to get away from it all— tional office setting. and then get away more, into the surrounding areas and attrac- ♦ tions that are bountiful. With 16 PHONESIA handcrafted rooms, most with Dialing a phone number and for- mountain views, the Aroma getting whom you were calling Dryos represents the new era of traditional lodging in Greece, with a deep just as they answer appreciation for natural materials and the surrounding attractions. In ad- ♦ dition to enjoying Metsovo and its museums, galleries, and local customs, TELEPHONE NUMBER guests may wander off into the Pindus Mountains on foot, bicycle, horse- SALARY back or, in the winter, on skis. Or visit hidden villages, rivers, and lakes. A seven-digit salary Or trek to Ioannina for an “urban” experience in this natural wonderland ♦ of Greece. Combining local décor with a refined sense of style, the hotel is VOICE JAIL SYSTEM an ideal nest—cozy and comfortable—to enjoy on its own or to return to A poorly designed voice mail sys- after a day’s adventure. With a spa, fireplaces, wifi throughout, and buffet tem that has so many submenus breakfast, the hotel provides the basics. Wander off to dine in one of the lo- you get lost and have to hang up cal eateries to sample the local noodles, barbecue, oven baked meat dishes, and call back. cheese, wines, and sweets. Enjoy. ANDREAS STYLIANOPOULOS ANDREAS

BY LTD SERVICES & TOURIST TRAVEL NAVIGATOR PRESIDENT, http://aromadryos.gr/ http://www.netlingo.com

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 53 TRENDS & TRADE MAKERS

The New York Times International Edition— FORUM ON EDUCATION ABROAD A New Experience HELD IN ATHENS TheNew York Times Company introduced The New York Times Faculty and administrative execu- International Edition on October 11, a redesigned, improved and tives from more than 300 universi- more relevant print newspaper and refreshed digital web experi- ties, colleges and educational in- ence for readers outside the United States. The New York Times In- stitutions from the U.S. gathered in ternational Edition features more international news, an increased Athens for the Forum on Education focus on deep, analytical reporting, enterprise stories and a broader Abroad 3rd European Conference, selection of coverage from The Times including culture, technolo- ‘Living Change: Education Abroad gy, travel and other topics relevant to international audiences. in 21st Century Europe’ on October Highlights of The New York Times International Edition include will feature coverage 3-8, 2016. intended specifically for a global audience and for the first time, The New York Times CYA (College Year in Athens) hosted International Edition will feature Opinion pieces on the front page. the conference in cooperation with its Athens-based subsidiary DIKE- MES, the International Center for Hellenic and Mediterranean Studies. The conference explored how U.S. ACS Recognized education abroad defines Europe, ACS Athens was recognized by the MSA- and how European education CESS as a Leading School during the Fall abroad partners define Europe Leadership Conference of the Near East to visiting U.S. students, so that South Asia Council of Overseas Schools students may appreciate the past, (NESA), which took place on October 19-23, understand the present and antici- 2016, in Doha, Qatar. The award recognized pate the future of the most popular ACS Athens as a Leading School for its education abroad destination. successful implementation of the Sustain- Conference keynote speaker, ing Excellence protocol and for sharing its Anna Diamantopoulou, president comprehensive research on the i2Flex Classroom Model with the local and global of DIKTIO-Network for Reforms in education community through a Colloquium held in April, 2016. Greece and Europe, a Fellow at the Dr. Stefanos Gialamas, president of ACS Athens, accepted the award stating, “ACS Robert Bosch Academy in Berlin Athens’ outstanding faculty and exceptional institutional leaders are committed to an and former Minister of Education, educational model that has the pursuit of excellence (intellectual, academic, social, addressed the plenary. She referred physical, emotional, ethical) at its core.” to critical aspects of the international education system and its contribution to social development. CYA president Alexis Phylactopou- Justice Denied los said: ‘We need to prepare our students for Europe at this critical Greece placed 41st out of 133 countries the world over, according to a the World Justice time in European history. Things are Project (WJP) Rule of Law Index, which ranks countries according to the way the rule not as they used to be. We all know of law is experienced by the general public. how the landscape has changed The report used 44 indicators in eight rule of law factors: constraint on government and how the emphasis has shifted power, absence of corruption, open government, fundamental rights, order and securi- from traditional European values, its ty, regulatory enforcement, civil justice and criminal justice. culture, languages, art, to other more Greece’s overall rule of law performance put it in 22nd place out of 24 countries in the pressing issues, like the deficient regional ranking – that includes countries from the European Union, the European Free European governance, the financial Trade Association (EFTA) and North America – and 34th out of 36 among high-in- crisis, the influx of refugees and come countries. With regard to the criminal justice factor, it placed 23rd out of 24 in the the inability to create a sustainable regional category, 35th out of 36 among high-income countries and 50th on a global level. plan to deal with the flow, and the advances of the extreme right. In the category referring to the absence of corruption, it also made a poor showing – 22 out 24 regional countries, 34 out of 36 high-income countries and 46th globally.

54 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016 WWW.

OPERA ONLINE

http://www.theoperaplatform.eu/en The Opera Platform offers a range of content from the most popular titles to the most innovative ♦ www.opera-online.com/en Opera Online has information on productions and an opera encyclopedia ♦ http://www.metopera.org/Season/ On-Demand/ Met Opera on Demand is a sub- scription service of the Metropolitan ILLEGAL LANDFILL, NORTHERN GREECE Opera in New York Sustainable Losses ♦ bachtrack.com/watch-online An annual report released by the local branch of the World Wildlife Fund (WWF) Bachtrack lists on demand perfor- shames Greece for systematic violations of the environmental rulebook, while lament- mances and broadcast performanc- ing the waste of a historic opportunity to make the financial crisis a starting point es of opera and classical music towards a “truly sustainable economy.” ♦ “We are pretty much in the same mess as last year. Despite some progress in certain http://www.digitaltheatre.com/ areas, the overall picture is quite grim,” WWF Greece chief executive Dimitris Kara- Rent or buy from the Royal Opera velas said. “This is the picture of a country that is paying a hefty price for inaction, a House, London lack of transparency, the ‘tidying up’ of violations and bad legislation,” Karavelas said. ♦ “This is the picture of a country that is killing its own hopes for a truly sustainable http://www.utahopera.org/watch- economy,” he added. listen-learn/online-learning-courses Among other faults, the annual study, now in its 12th year, criticized the government Opera Utah Online Learning Courses for not doing enough to curb illegal construction, for its plans to build new coal plants and for lax waste management, resulting in more European fines.

MEDICAL EU Internships BREAKTHROUGH The EU offers internships to recent graduates in a number Greek doctors leading a team from the EU of areas and locations. Committee of the Regions, Where: Wellcome Trust Sanger Institute in the DIRECT Brussels; Council of the European Union, Where: Brussels; UK, outside Cambridge, have made an Court of Justice of the European Union, Where: Luxembourg; incredible breakthrough discovery in European Central Bank, Where: Frankfurt am Main; European Commission, Where: the fight against acute meloid leukemia Brussels, Luxembourg, Member States capitals; Commission Delegations in non (AML). Dr. Konstantinos Tzelepis and Dr. Member States, Where: Ispra (Italy), Karlsruhe (Germany), Geel (Belgium), Petten (The George Vassiliou — the Greek research- Netherlands) or Sevilla (Spain); European Court of Auditors, Where: Luxembourg; Eu- ers heading the team — in collaboration ropean Economic and Social Committee, Where: Brussels; European External Action with joint project leader Dr. Kosuke Yusa, Service, Where: EU Delegations, European Investment Bank; Where: mostly Luxem- identified a large number of genes that bourg; European Joint Undertaking for ITER and the Development of Fusion Energy could act as potential targets for an- (Fusion for Energy), Where: Barcelona (Spain), Garching (Germany) or Cadarache ti-AML treatments. Their research paper, (France); European Ombudsman, Where: Strasbourg, Brussels; European Parliament, published in “Cell Reports,” describes Where: Brussels, Strasbourg, Luxembourg, information offices in Member States. how the repression of KAT2A, one of https://europa.eu/european-union/about-eu/working/graduates_en the genes, destroys AML cells without destroying non-leukemic blood cells.

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 55 VIEWPOINT

FROM THE CLASSROOM TO THE OFFICE— Closing the Gap

n often overlooked aspect 2014, over 30% of Greek university grad- receive demonstrate the country’s undeni- of Greece’s economic cri- uates were willing to pursue opportunities able demand not only for jobs but also for sis and youth employment elsewhere, compared to only 8% in 2009, internships, job training, mentoring, and trends is the deficiency of and nearly three-fourths of that population professional network building. resources linking university had already taken measures to leave. Given Placing an early emphasis on core skills nec- A students to the job market. that the rate of youth unemployment has essary to obtain employment can help re- In my year studying the impact of politicized lingered between 33% and 58% since 2010, duce the time youth spend unemployed, bet- youth groups at public universities in Ath- according to Eurostat, the trend does not ter match talent with opportunities, and ens, this lack of resources resonated heavily come as a surprise. But as high-performing revitalize Greece’s generation of lost produc- among the several dozen interviewees. Stu- young professionals and scholars continue tivity. As such, it should be part and parcel of dents, professors and faculty members alike to flee the country, they leave behind even agreed that inadequate mentorship and ca- weaker institutions, further reducing the reer services further deepened the negative likelihood of economic growth via innova- prospects for youth employment. As one tion and expansion. THE FAILURE professor noted, there was great resistance to The public sector’s failure has created a gap establishing a career center at the university that the private and nonprofit sectors, on a CREATED A GAP where he worked, due in part to ideological brighter note, seek to fill by offering a few tensions between the overarching premise of alternatives. Take for example the ReGen- a liberal arts education and the idea of shuf- eration initiative (ReGen) started by the fling graduates into a capitalist market sys- Global Shapers Athens Hub, whose pur- the public education system. Career resourc- tem. But in an economic downturn, students pose is to address the unemployment of es should be made available to all students, and recent graduates should university-educated youth by and in turn, universities should establish an be provided with as many em- offering targeted training and official collaborative network of alumni both ployment-oriented resources connecting graduates to paid in Greece and abroad. In particular, there is as possible. internships and job opportu- tremendous untapped potential in connect- This purposeful indifference nities at major companies. Or ing Greek professionals and alumni of public by public institutions at such College Link, a more recent- universities who have emigrated abroad. As a critical stage for students ly-launched platform designed new reforms are being implemented with transitioning into an adult life to coach students on the job the goal of improving public higher educa- further intensifies the rate of hunt and connect them to tion, university administrations need to ac- brain drain. A recent study by available openings. tively engage students seeking job opportu- — BY — Lois Labrianidis and Manolis VASILIKI MITRAKOS The thousands of applications nities, mentorship and network building Pratsinakis estimates that by both ReGen and College Link during their undergraduate years.

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

56 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016

THE NAMELESS KING 15 Stories of Leadership from Ancient Greece

by Artemios Miropoulos

Για εταιρικές παραγγελίες: Ιουλία Παπαοικονόμου email:[email protected] κιν 6944795601 www.thenamelessking.com

second edition Revisited for Leadership self-help