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Newsletter May 2013


Following a painful period of fiscal adjustment, severe austerity, and overarching reform, Greece is favorably repositioning itself on the global economic map.

Data show that, without any doubt, results in Greece have been achieved. What we are beginning to witness is a “Grexit from the crisis”—into a period of recovery.

A commentary in the Economist—a medium not given to hyperbole and embellishment—recently pointed to dramatic achievements in Greece:

A composite index from the European Commission stands at its highest since 2009.

Liquidity is returning to the economy.

The government is now able to pay its suppliers—following a long hiatus—and bank deposits are now on the rise, up 9% after falling by 37% last year.

Tourist bookings for 2013, it reports, are “buoyant.”

And “the European Commission forecasts a modest return to growth, of 0.6%, in 2014, despite a continuing drag from austerity.”

While there is still much to do, much to accomplish, and much to succeed in, it is fair to say that Greece is turning the corner from a period of strife and decline to a future of promise, transparency, and growth. A new economy is in the making.

The report notes that foreign direct investment is crucial in turning these positive trends into substantive and meaningful developments.

A recent mission to China by Prime Minister Antonis Samaras, accompanied by scores of Greek business leaders, and in which Invest in Greece participated, may be seen as a beacon—the light at the end of the tunnel—that shines on Greece’s success story in the making.

The mission resulted in a large number of agreements signed, and 455 B2B meetings exhibited substantial interest by Chinese businesses, in both investment and trade, and were a major demonstration of support and confidence in Greece’s path to economic recovery.
Vast investment opportunities lie in infrastructure, logistics, real estate, tourism, and ICT—as well as the unfolding privatization program of Greece.

Investing in Greece now is a strategically astute decision, preparing for unlimited benefits in the decades to come.

Stephanos Issaias
Chief Executive Officer