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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 Sky News
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NEWS AND VIEWS 03 06 11 12
Publisher’s Note Editor’s log In Pictures News-In-Brief
COMMENTS 08 The Stability Story Antonis D. Papagiannidis takes a look as a political system fighting for survival tries to convince Greeks and the wider world of its usefulness By Antonis D. Papagiannidis 50 Think economically! Economist and author Nick Papandreou says that legislation is, all too often, passed without any consideration of the implications lurking around the corner By Nick Papandreou
ECONOMY & BONDS 14 Desperately seeking a solution An international solution to Greece’s debt sustainability is awaited as the embattled Greek economy continues to suffocate from years of harsh austerity measures agreed to in return for financial aid 16 Looking to fill the gap Greece may look to again tap international debt markets sometime next year with a bond issue to help cover its borrowing needs over the coming years, though other funding options are also being examined By Dimitris Kontogiannis bf September-October 2013
INTERVIEWS 22 Reform or die Miranda Xafa says bold actions are needed for Greece to exit the fiscal crisis with more effective structural reforms to boost competitiveness By Philip Pangalos 28 Explaining the Greek crisis Business File talks to academic George Prevelakis, who has just been named the OECD’s Ambassador Permanent Representative of Greece at a critical time By Antonis D. Papagiannidis 34 Welcome to entrepreneur country Julie Meyer talks about her book Welcome to entrepreneur country, but also about the book’s booming online community By Vanessa Alexakis and Antonis D. Papagiannidis
FEATURES AND ANALYSIS BANKING 18 The shape of things to come A new landscape has emerged in the Greek banking sector following the completion of a longawaited recapitalisation plan By Dimitris Kontogiannis
PRIVATISATIONS 20 Pressing on with privatisations Greece’s privatisation agency is shrugging off its governance problems and is moving ahead with a fresh round of disposals focused on transport infrastructure By Kerin Hope
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Issue 92 September-October 2013
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TOURISM 26 Tourism to the rescue Travellers flood into Greece in a record year that has buoyed the tourism industry’s prospects By Helen Iatrou
ENERGY 32 Tapping into the future Greece becomes part of the central highway for Azeri gas to Europe through the Trans Adriatic Pipeline, which beat rival Nabucco West By Vanessa Alexakis
SHIPPING 38 Setting a course for recovery The Greek passenger ship sector hopes to come out stronger after sailing through an economic storm at a time when future prospects for domestic tourism appear to be brighter than ever By David Glass 41 Breaking the ice on a new shipping route Changing climate conditions and an ever more volatile shipping market is making the Northern Sea Route through the Arctic ice a profitable alternative to sailing around the globe By David Glass 42 Next port of call Greece is looking to press on with the privatisation of its two main ports of Piraeus and Thessaloniki By David Glass
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NEW BUSINESS 44 Doing business in Greece with the state sector Cyclopolis opened for business last year as one of Greece’s two bike-sharing system providers By Maria Kagkelidou
ADMINISTRATIVE REFORM 45 What are the Germans doing in Greece? German and Greek officials have been meeting to find solutions to local authority issues By Maria Kagkelidou
GREEK SPIRIT 46 Keep calm and carry on the conversation On the occasion of an exhibition of the extensive Vovolini Archives at the Gennadius Library, director Maria Georgopoulou, and James Wright, director of the American School of Classical Studies in Athens to which Gennadius belongs, talk about ASCSA's mission to ‘advance the knowledge of Greece in all ages’ By Vanessa Alexakis DISTRIBUTION:
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The September-October issue of Business File went to press on September 17, 2013. Our next issue of Business File will be out at the end of November, 2013
September-October 2013 bf
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