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Newsletter July 2011


June has been a trying and tumultuous month for Greece and the Greek government which, faced with a difficult agenda, succeeded in parliament by winning a crucial vote of confidence, passing a needed austerity package coupled with an aggressive privatisation plan, and a voting for its implementation. This far-reaching vote paves the way for Greece to continue with a necessary and vast structural reform programme that will redefine economic development in a country that has experienced bureaucratic inefficiencies, opacity, a lax taxation regime, excessive public spending and a bloated public sector.

Today, Greece has the unique opportunity to truly enter a new era that must replace misguided policies of the past and establish a friendly business and social climate that eliminates waste, fosters sustainable growth and, most important, promotes investment opportunities that the global business community should welcome.

One of the key components of the new growth model is the rational and productive use of state assets that will become available to the private sector. State-run companies, utilities, national infrastructure facilities such as ports and airports, vast tracts of real estate, and other assets will all be privatised to create win-win results: revenue enhancement for the Greek state and highly attractive investment opportunities for the private sector, all serving the public good.

In addition, sectors of investment such as tourism infrastructure, RES, environmental sciences and waste management, biotechnology, food and beverage and ICT continue to offer superb investment opportunities. Our Fast Track programme is attracting widespread investor interest.

Greece is entering a new era. Our sense of optimism is based on a pragmatic scenario of widespread reforms and policies that restructure the public sector and realistic growth targets. Greece is determined to overcome the crisis. Greece is committed to success, and with the commitment shown to Greece by our European and global partners, is regaining its position as an economic force that offers global investors a secure, stable, and highly promising business environment.

Aristomenis (Aris) M. Syngros
Executive Chairman