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Newsletter July 2012

EDITORIAL

The recent elections in Greece provide the international investment community with a clear, unambiguous message: that Greece is committed to implementing its comprehensive reform programme and that the Greek people are overwhelmingly committed to remaining in the Eurozone.

At the same time, the new, three-party coalition government, led by Prime Minister Antonis Samaras, establishes an environment of stability, and one that can focus on what we might call the new era of “Greek Reconstruction and Development.”

Kostis Hatzidakis, in his remarks upon assuming duties as new Minister of Development and Infrastructure, made clear that the new Ministry has, among others, two, well-defined priorities: to support liquidity in the market and to stimulate entrepreneurship.

With this target, Greece is able to focus, through structural changes, on economic growth, without which productive investment is all the more difficult. Economic growth creates jobs, increases GDP, broadens the tax base, and stimulates demand. This is the only path forward for Greece.

Combined with reconstruction, growth creates the ideal conditions for investment. The many areas in which Greece offers attractive investment opportunities are now enhanced by a more stable environment, a more streamlined Fast Track Investment Law, and new tools that will serve both entrepreneurs and investors. Notis Mitarachi, Deputy Minister of Development, responsible for investments, said that our objective is to accelerate the launch of new investments and to increase the value of companies and real estate to be privatised.

In recent days we have seen promising news. Foreign tour operators reported an immediate jump in bookings for Greece and there was a swift return of money to Greek banks. Likewise, investors may now look toward Greece with an increased sense of certainty that Greece today is determined to remove all hindrances to the smooth operation of business, to establish a long-term, stable taxation system, and to facilitate bold investment plans that take advantage of our vast potential.


Aristomenis (Aris) M. Syngros
Executive Chairman