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contents Publisher Alexandra C. Vovolini,
[email protected] Managing Editor Antonis D. Papagiannidis,
[email protected] Founding Editor Robert Mc Donald Editor-in-chief Philip Pangalos*,
[email protected] Contributors Vanessa Alexakis,
[email protected] David Glass Kerin Hope Helen Iatrou Dimitris Kontogiannis Nick Papandreou Copy Editor Helen Iatrou Art & Design Makis Christopoulos,
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NEWS AND VIEWS 03 06 11 12
Publisher’s Note Editor’s log In Pictures News-In-Brief
COMMENTS 08 Is Greece starting to be understood? Antonis D. Papagiannidis asks if the tide is changing for Greece after positive statements and support for the country’s reform efforts under the coalition government of Prime Minister Antonis Samaras. At the same time, main opposition leader Alexis Tsipras has been doing the rounds to garner support for his own brand of economic policy repositioning By Antonis D. Papagiannidis 42 A propensity to forget Economist and author Nick Papandreou looks back at open government in political parties’ management of the wider public sector By Nick Papandreou
ECONOMY & BONDS 14 Finally, light at the end of tunnel? Greece’s economic indicators signal its recession - now in its sixth straight year - may have bottomed out amid a dramatic drop in Greek bond yields and a rally in shares, according to analysts By Vanessa Alexakis
FEATURES AND ANALYSIS BANKING 20 The 50-billion euro question Greek banks inch closer to nationalisation amid talk they may need a bigger than expected capital boost after the bond buyback and a rise in bad loans as the recession rumbles on By Dimitris Kontogiannis
ENERGY 24 Picking up speed The energy sector is set to spearhead Greece’s privatisation drive, though concerns remain over the timing of the DEPA/DESFA sale By Kerin Hope
SHIPPING 30 Making waves Greek shipping is trying to assess the likely impact of a new tax on foreign shipping companies or owners of ships under foreign flags, which are under the management of domestic or foreign companies, that are located in Greece By David Glass 32 Paying homage to Greek shipping Another sparkling ceremony in Athens marked the 9th annual Lloyd's List Greek Shipping Awards in December By David Glass
Εκδόσεις ΚΕΡΚΥΡΑ Α.Ε. Βλαχάβα 6-8, 105 51 Αθήνα Tηλ.: 210-3314.714, Fax: 210-3252.283 www.economia.gr Εκδότρια - ∆ιευθύντρια Αλεξάνδρα Κ. Βοβολίνη
Γενική ∆ιεύθυνση
Αντώνης ∆. Παπαγιαννίδης * Philip Pangalos is vice President of the Foreign Press Association of Greece and an Athens correspondent for the Sunday Times, The Times and The Wall Street Journal
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18 What goes up, must come down? Experts are divided on whether a spectacular Greek bond rally can continue after reduced risk of a euro exit helped government paper record one of the most impressive sovereign bond rallies of all time with gains of more than 260 per cent since last summer By Dimitris Kontogiannis bf January-February-March 2013
33 Shipping’s women pose the question Women in shipping are increasingly making their voices heard and their opinions known as was again evident when Wista Hellas, the Greek arm of the Women's International Shipping & Trading Association, held its annual forum in December at the Yacht Club of Greece By David Glass
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Issue 89 January-February-March 2013
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TOURISM
REAL ESTATE 36 Shopping for a deal Although Greece’s shopping centres are doing a little better than high street stores, investors remain wary about putting money into new retail developments, at least until consumer spending returns to normal as the severe economic crisis has hit the real estate retail sector hard By Dimitris Kontogiannis
40 Recipes of love – and lessons of history A cookbook by Marika Mitsotaki the late wife of former prime minister Constantine Mitsotakis, blends traditional Cretan recipes with elements of Greece’s recent political history
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INTERVIEWS
34 Bouncing back Optimism for Greece’s key tourism sector in the year ahead blossoms as the first cruise ship sails into Piraeus and the country slowly regains its global reputation for being a secure, competitive destination. Mina Agnos, co-founder of US-based luxury travel company Travelive which specialises in private tours of Greece, Italy, Turkey and Egypt, sees positive signs from the United States By Helen Iatrou
BOOKS
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16 Investment opportunities do exist Reuben Jeffery III, CEO of Rockefeller & Co and a former US under secretary of state for economic, business and agricultural affairs, talks about the European debt crisis, investment opportunities and challenges facing the eurozone By Antonis D. Papagiannidis 26 Greece’s potential energy future Dr. Theodoros Tsakiris, head of The Hellenic Foundation for European and Foreign Policy’s Energy & Geopolitics Programme, explains why it’s too early to get excited about Greece’s possible gas reserves By Vanessa Alexakis
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