Word: greek
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...Some Greek economists and business leaders believe that the medicine, though bitter, will eventually produce a healthier economy. "The crisis was inevitable," says Ioannis Kamatakis, CEO of MLS Multimedia, a technology company that produces GPS systems and translation software. "It represents a unique opportunity for Greece to turn the page...
...Greece's businesses, this new math is a challenge to growth. Borrowing costs are heading north, and with the country's banks in a noose because of their holdings of Greek debt, credit is tight. New projects, expansion plans and investments have been put on hold, say executives. MLS's Kamatakis, for example, admits he's had to slow down plans to expand into Western Europe. "Everything is frozen," says financier Paul Papadopoulos. "It's a wait-and-see scenario...
Debt-laden Greek companies, with nowhere to turn for further loans, may go belly up or be gobbled up. "Without cash, you're dead as a business," says Aegean's Vassilakis, whose company is in discussions for a possible merger with Olympic Air. For Basil Stephanis, president of Selonda, a $167 million aquaculture company with fish farms in Greece, Turkey and Wales, Greece's woes are an "opportunity to consolidate and buy up companies with liquidity problems." Constantine Petropoulos, chairman of Petros Petropoulos, a $158 million firm that sells cars, automotive supplies and industrial equipment, has already diversified his business...
...Turkey. Greece's $40 billion shipping industry--the country controls 22% of the world's oil-tanker fleet and nearly 25% of its cargo ships--should also prove immune to the financial maelstrom because of its global reach, according to Theodoros Veniamis, the president of the Union of Greek Shipowners. "Shipping is a cyclical business that operates worldwide," he says. "The current crisis won't have a direct impact...
...survive the financial mess, the Greek state must also go global. Athens needs to lure foreign investors aggressively, which means everything from offering tax breaks to helping investors navigate the bureaucracy associated with setting up shop. "We must transform Greece into a welcome place to do business," says Nikolaos Karamouzis, deputy CEO of Eurobank EFG, an Athens-based bank with $84 billion in assets in 10 countries...