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Newsletter October 2012

EDITORIAL

A number of recent developments have been pivotal in positioning Greece on a new course forward. A wide spectrum understanding, by Greece’s EU and international partners, that the Greek government has implemented massive reforms and is continuing with the one of the most successful deficit reduction programs in modern history, points to a new, promising future.

There has been a sea shift of international opinion regarding Greece in the previous month, with markets responding favorably, borrowing costs decreasing, and a resolute, uniform commitment that Greece will remain a member of the Eurozone.

Concurrently, the Greek government is proceeding apace with new tax legislation designed to create a stable, comprehensive and consistent taxation regime, one that investors can rely on for years to come.

The key direction of Greece today is in building a dynamic pro-business, pro-investment national ecosystem that welcomes every investor as a partner in growth and success.

Already we see that the tide is turning. I am pleased to report that on October 8, the U.S.-based private equity firm Paine and Partners LLC announced that it has agreed to pay $58 million to acquire a 67.5% stake in Eurodrip S.A., a listed Greek provider of drip irrigation solutions.

This investment reflects the dynamism of Greece’s private sector and the opportunities that exist for investors who seek out excellence in the market.

In addition, a major 267-million Euro resort complex has been included in the Fast Track programme, demonstrating a steadfast determination to encourage and facilitate investment in Greece. The Minoan Group’s project to develop a 2,500-hectare property in Crete signals concrete progress in today’s era of Reconstruction and Development.

I encourage investors from around the globe to discover the many investment opportunities Greece offers in tourism infrastructure, energy, ICT, environmental management, food and beverage, and the life sciences.

Stephanos Issaias
Chief Executive Officer