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November-December 2013 4 bf NEWS AND VIEWS 03 Publisher’s Note 06 Editor’s log 11 In Pictures 12 News-In-Brief COMMENTS 08 Feeding on uncertainty Antonis D. Papagiannidis takes a look at a political system fighting for survival By Antonis D. Papagiannidis 58 Desperately seeking an Ombudsman Economist and author Nick Papandreou says there is a need for an Ombudsman for weak, over-indebted countries By Nick Papandreou ECONOMY & BONDS 14 Ticking time bomb Greece may be headed for a primary surplus for the first time in more than a decade, but record unemployment and tough negotiations with the troika remain thorns in the government’s side 16 Greek bond rally continues Positive economic data spurs bonds, boosting hopes of a return to debt markets in 2014 By Dimitris Kontogiannis 18 Appetite for corporate bonds A growing number of Greek companies have issued corporate bonds in a bid to replace hard-to- find bank loans at a time when coupons are falling amid recovery hopes By Kerin Hope INTERVIEWS 22 Boosting Greek-US ties Simos Anastasopoulos, the new American-Hellenic Chamber of Commerce president, talks to Business File about Greek-US trade, challenges and opportunities By Vanessa Alexakis 26 From the markets to prehistory Respected Aegean prehistorian and author Malcolm Hewitt Wiener discusses a range of issues spanning the past to the present By Alexandra Vovolini 40 Food for thought Evangelos Kaloussis, President of the Federation of Hellenic Food Industries, talks about the food industry's mass potential By Vanessa Alexakis 50 The social dimension can survive Business File talks with Martin Hirsch about the future of the social dimension in a fast-evolving world By Antonis D. Papagiannidis 52 Good is not optimistic enough Dr. Mathias Döpfner, the Chairman and CEO of Axel Springer AG, recently received the European Business Press (EBP) ‘‘European Manager of the Year 2013 Award’’ By Antonis D. Papagiannidis 57 Looking at maps Veteran diplomat and geopolitics Professor Michel Foucher explains to Business File how looking at maps can reveal change as it happens By Antonis D. Papagiannidis 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 Georgia Micha Art & Design Makis Christopoulos, [email protected] Photographs Athens News Agency – Macedonian Press Agency, ACE Images Printing ALFAPACK Annual subscription 5 issues per year: 52 or 69 abroad Copies of the individual issues each: 8.00 or 13 abroad Subscriptions include free of charge electronic access to the data of 90,000 companies in Greece, in exclusive cooperation with Hellastat. Back issues of Business File Greek Special Survey Series are available from [email protected] Kerkyra Publications S.A. 6-8, Vlahava Street-105 51, Athens-Greece Tel.: +30-210-3314.714, Fax: +30-210-3252.283 www.economia.gr www.facebook.com/economiagroup www.youtube.com/economiagr Εκδόσεις ΚΕΡΚΥΡΑ Α.Ε. Βλαχάβα 6-8, 105 51 Αθήνα Tηλ.: 210-3314.714, Fax: 210-3252.283 www.economia.gr Ε Εκ κδ δό ότ τρ ρι ια α - - ι ιε ευ υθ θύ ύν ντ τρ ρι ια α Αλεξάνδρα Κ. Βοβολίνη Γ Γε εν νι ικ κή ή ι ιε εύ ύθ θυ υν νσ ση η Αντώνης ∆. Παπαγιαννίδης * Philip Pangalos is an Athens correspondent for the Sunday Times, The Times and Sky News contents

4-5 CONTENTS:NEW DESIGN 11/27/13 10:56 AM Page 4 contents · Greek startup Incrediblue is happily disrupting the yacht and boat rental industry By Helen Iatrou NEW BUSINESS 54 Athens

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Page 1: 4-5 CONTENTS:NEW DESIGN 11/27/13 10:56 AM Page 4 contents · Greek startup Incrediblue is happily disrupting the yacht and boat rental industry By Helen Iatrou NEW BUSINESS 54 Athens

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]

Kerkyra Publications S.A.

6-8, Vlahava Street-105 51, Athens-GreeceTel.: +30-210-3314.714,Fax: +30-210-3252.283www.economia.grwww.facebook.com/economiagroupwww.youtube.com/economiagr

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

Page 2: 4-5 CONTENTS:NEW DESIGN 11/27/13 10:56 AM Page 4 contents · Greek startup Incrediblue is happily disrupting the yacht and boat rental industry By Helen Iatrou NEW BUSINESS 54 Athens

5bf

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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