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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 Maria Kagkelidou Dimitris Kontogiannis Nick Papandreou Copy Editor Helen Iatrou Art & Design Makis Christopoulos,
[email protected] Photographs Athens News Agency – Macedonian Press Agency, ACE Images Printing ALFAPACK
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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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NEWS AND VIEWS 03 06 11 12
Publisher’s Note Editor’s log In Pictures News-In-Brief
COMMENTS 08 Out of the woods? Beyond Grexit and Grecovery Antonis D. Papagiannidis examines whether signs of a Greek economic turnaround can be sustained at a time when talk of ‘Grexit’ has been replaced by ‘Grecovery’. He also looks at who is to blame for Greece’s fiscal adjustment programme going off track after the launch of Vassilis Manessiotis’ book Is it the fault of the Multiplier? By Antonis D. Papagiannidis 42 Learning from Barack Obama Economist and author Nick Papandreou says that a recent visit to Washington and warm words of encouragement from US President Barack Obama and his vice-president Joe Biden provide a fine example of Greece’s true potential By Nick Papandreou
ECONOMY & BONDS 14 Green shoots? Greece’s economy is showing signs of improvement and looks set to return to growth next year. However, the rebound may not be as strong nor come as soon as Greek government officials hope for bf June-July-August 2013
16 Greek bond rally continues Greek bond yields fall to a near three-year low, but remain high as the country weighs its options and needs amid hopes of a return to international capital markets as early as the end of next year By Dimitris Kontogiannis
FEATURES AND ANALYSIS BANKING 18 Moment of truth Three out of the four major Greek banks seemed set to raise 10 per cent of their share capital increase from private investors and remain under private management as a long-awaited bank recapitalisation plan got underway. But analysts cautioned new stress tests could point to additional capital needs in the six months after the recap By Dimitris Kontogiannis
AVIATION 20 Up in the air There is still some turbulence in the Greek aviation market as Aegean Airlines awaits European Commission clearance in its bid to take over Olympic, while Athens International Airport seeks suitors with a record number of tourists expected this year By Kerin Hope
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Issue 91 June-July-August 2013
economia.gr
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SHIPPING 22 Peering into the crystal ball Greek shipowners are taking strategic decisions that will likely determine whether they will maintain their dominant global position in the coming decades. Meanwhile a study reveals that Greek-controlled shipping company capacity remains staggeringly high By David Glass 26 Show me the money The latest annual research from Petrofin shows that a growing number of shipping companies are finding it increasingly difficult to find finance By David Glass 32 Charting an ambitious course An IOBE study says Greek shipping's contribution to the economy could double to 26 billion euros and create up to 550,000 jobs By David Glass 32 Cruise control As Greece’s new cruise tourism season makes a promising start, the sea tourism industry in the East Mediterranean basin and the Black Sea is mounting a major drive to attract more business By David Glass
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TOURISM 34 Welcoming with open arms Tourist arrivals are heading for a record year as industry professionals join forces to market Greece abroad By Helen Iatrou
HELLENIC ENTREPRENEURSHIP AWARD 36 Goodwill hunting Four stellar ideas spanning seafood, museums, catering and smartphone apps won the first Hellenic Entrepreneurship Awards. By Vanessa Alexakis
GREEK SPIRIT 40 Counting on Greece’s heritage Vangelis Kyriakidis, a Cambridge-trained archaeologist, wants Greece to become a world centre for heritage management and archaeological conservation studies By Maria Kagkelidou DISTRIBUTION:
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The June-July-August issue of Business File went to press on May 23, 2013. Our next issue of Business File will be out at the end of September, 2013
June-July-August 2013 bf
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