November-December 20134 bf
NEWSANDVIEWS
03 Publisher’s Note06 Editor’s log11 In Pictures12 News-In-Brief
COMMENTS
08 Feeding on uncertaintyAntonis D. Papagiannidis takesa look at a political system fightingfor survivalBy Antonis D. Papagiannidis
58 Desperately seekingan OmbudsmanEconomist and authorNickPapandreou says there is a needfor anOmbudsman for weak,over-indebted countriesBy Nick Papandreou
ECONOMY&BONDS
14 Ticking time bombGreecemay be headedfor a primary surplus for the firsttime inmore than a decade, butrecord unemployment and toughnegotiationswith the troika remainthorns in the government’s side
16 Greek bond rally continuesPositive economic data spursbonds, boosting hopes of a returnto debt markets in 2014By Dimitris Kontogiannis
18 Appetite for corporate bondsA growing number of Greekcompanies have issued corporatebonds in a bid to replace hard-to-find bank loans at a time whencoupons are falling amid recoveryhopesBy Kerin Hope
INTERVIEWS
22 Boosting Greek-US tiesSimosAnastasopoulos,the newAmerican-HellenicChamber of Commerce president,talks toBusiness File aboutGreek-US trade, challengesand opportunitiesBy Vanessa Alexakis
26 From themarkets to prehistoryRespected Aegean prehistorianand authorMalcolmHewittWiener discusses a range of issuesspanning the past to the presentBy Alexandra Vovolini
40 Food for thoughtEvangelosKaloussis, Presidentof the Federation ofHellenic FoodIndustries, talks about the foodindustry'smass potentialBy Vanessa Alexakis
50 The social dimension can surviveBusiness File talks withMartinHirsch about the future of thesocial dimension in a fast-evolvingworldBy Antonis D. Papagiannidis
52 Good is not optimistic enoughDr.MathiasDöpfner,theChairman andCEOofAxel SpringerAG, recentlyreceived theEuropeanBusiness Press (EBP)‘‘EuropeanManagerof theYear 2013Award’’By Antonis D. Papagiannidis
57 Looking at mapsVeteran diplomat and geopoliticsProfessorMichel Foucher explainstoBusiness File how looking atmaps can reveal changeas it happensBy Antonis D. Papagiannidis
PublisherAlexandra C. Vovolini,[email protected]
Managing EditorAntonis D. Papagiannidis,[email protected]
Founding EditorRobert Mc Donald
Editor-in-chiefPhilip Pangalos*,[email protected]
ContributorsVanessa Alexakis,[email protected] GlassKerin HopeHelen IatrouMaria KagkelidouDimitris KontogiannisNick Papandreou
Copy EditorGeorgia Micha
Art & DesignMakis Christopoulos, [email protected]
PhotographsAthens News Agency – Macedonian PressAgency, ACE Images
PrintingALFAPACK
Annual subscription5 issues per year:€ 52 or€ 69 abroadCopies of the individual issues each:€ 8.00 or€ 13 abroadSubscriptions include free of chargeelectronic access to the data of 90,000companies in Greece, in exclusivecooperation with Hellastat.Back issues of Business File Greek SpecialSurvey Series are available [email protected]
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Εκδόσεις ΚΕΡΚΥΡΑ Α.Ε.
Βλαχάβα 6-8, 105 51 ΑθήναTηλ.: 210-3314.714, Fax: 210-3252.283www.economia.gr
ΕΕκκδδόόττρριιαα -- ∆∆ιιεευυθθύύννττρριιααΑλεξάνδρα Κ. Βοβολίνη
ΓΓεεννιικκήή ∆∆ιιεεύύθθυυννσσηηΑντώνης ∆. Παπαγιαννίδης
* Philip Pangalos is an Athens correspondentfor the Sunday Times, The Times and Sky News
contents
4-5 CONTENTS:NEW_DESIGN 11/27/13 10:56 AM Page 4
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FEATURESAND ANALYSIS
BANKING
20 Bracing for BlackRockGreek banks are awaiting the resultsof the BlackRock diagnostic stress testson their loan books and the subsequentreview by the Bank of Greece By Dimitris Kontogiannis
ALBANIA
44 Overcoming obstaclesA host of leading Greek companies have enjoyed mixed results after expanding into the Albanian market over recent yearsBy Kerin Hope
SHIPPING
30 Finding funds for the futureAn increasing number of Greek shipownersare finding new ways to fund their existingand future financing needsBy David Glass
34 Sustainable future strategyNikolas Tsakos, president and chiefexecutive officer of Tsakos Energy Navigation (TEN), and vice president of Intertanko, adressed London's Cass City Business School biennial meeting at the IMOBy David Glass
The November-December issue of Business File went to press on November25, 2013. Our next issue of Business File will be out at the end of January, 2014
economia.gr
22 26 34 40 57
Issue 93 November-December 2013
November-December 2013
36 Green is goodA Greener Shipping Summit in Athens examined eco-friendly alternativesBy David Glass
TOURISM
46 Tourism a runaway successGreece’s best-ever October is a good omen, while early bookings from UK travellers for 2014 are up By Helen Iatrou
48 Making wavesGreek startup Incrediblue is happily disrupting the yacht and boat rental industryBy Helen Iatrou
NEW BUSINESS
54 Athens in Balkan race as startup finance hubHubert Cottogni, Deputy Director of the EIF, is helping to fund SMEs and start-up venturesBy Maria Kagkelidou
56 Human capitalGeorge Tziralis foresees a boom in Greek internet and technology businessesBy Maria Kagkelidou
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