The electoral victory of PASOK and the collapse of the New ... · According to ELSTAT provisional data, Greek imports in August 2015 were €3,008.8 million against €3,301.8 million

Embassy of India, Athens Monthly Economic and Commercial Report (September 2015)

1

EMBASSY OF INDIA ATHENS

No.ATH/COM/201/9/15

Economic and Commercial Report for September 2015

Greek Parliamentary elections were held on 20 September 2015. It was snap elections, the fourth since 2009 and elections were due in January 2019. Alexis Tsipras’ Coalition of the Radical Left (SYRIZA) won the elections with 35.46% of votes (145 seats), missing six seats of an absolute majority. He formed a coalition government with the right-wing Independent Greeks (ANEL) Party (4.8% and 10 seats). The main Opposition Party New Democracy (ND) remained at 28.1% and 75 seats, despite pre-election opinion polls predicting a tie with Syriza or even opening the possibility of a ND government. Far-right Golden Dawn (XA) remained the third political force rising slightly to 6.99%, while the socialist PASOK-DIMAR Democratic Coalition earned the 4th place with 6.28%. The Communist Party of Greece (KKE) remained at 5.55% and the Potami Party was limited to 4.09%. The centrist EK entered Parliament for the first time with 3.43%. The Popular Unity Party (LAE), a left-wing political party that was founded on 21 August 2015 by 25 parliamentarians formerly affiliated to the Coalition of the Radical Left (SYRIZA), as a reaction to Greek Prime Minister Alexis Tsipras’ handling of the Greek bailout agreement was left out of the Greek Parliament. It was led by the former Minister of Energy Mr Panagiotis Lafazanis. The Popular Unity Party received 2.86% (3% required to enter the Parliament).

According to a report by the Institute of Commerce and Services of the National Confederation of Commerce and Entrepreneurship (www.esee.gr), use of plastic money in the retail commerce almost tripled since the imposition of capital controls in Greece. Credit institutions issued more than 1.1 million debit cards in one month from the end of June until early August, to a total of 11 million cards, whereas Greek banks were issuing less than 100,000 debit cards a month on average previously.

Greek bank deposits increased by Euro 300 million in August after a 10-month

decline, according to data released from Greece’s central bank. Business and households deposits amounted to Euro 121.14 billion compared with Euro 120.83 billion in July.

ELSTAT announced that Greek unemployment rate in July 2015 was 25.0% (1,196,736 unemployed persons) compared to 26.3% in July 2014. The number of employed increased by 33,506 persons compared with July 2014.

According to ELSTAT provisional data, Greek imports in August 2015 were €3,008.8 million against €3,301.8 million in August 2014 (decreased by 8.9%). The Greek exports in August 2015 were €1,893.8 million against €2,078.8 million in August 2014 (decreased by 8.9%). The deficit of the trade balance in August 2015 amounted to €1,115.0 million compared to €1,223.0 million in July 2014 (decreased by 8.8%).

http://www.esee.gr/


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Total Greek trade by regions

January-June 2015* (In €uro million)

January-June 2015* (In €uro million)

Regions IMPORTS

Exports %Change

%Structure

2015 2014 2015/2014 2015 2014 TOTAL 21,672.2 23,287.8 -6.9% 100.0% 100.0%

OECD 12,208.3 12,272.4 -0.5% 56.3% 52.7%

Ε. U. (28) 11,305.3 10,816.7 4.5% 52.2% 46.4%

Eurozone 8,722.6 8,421.1 3.6% 40.2% 36.2%

G7 6,276.7 6,004.3 4.5% 29.0% 25.8%

North America 368.8 336.7 9.5% 1.7% 1.4%

BRICS 3,260.9 4,113.4 -20.7% 15.0% 17.7%

M. East & N. Africa 2,981.4 3,407.9 -12.5% 13.8% 14.6%

OPEC 2,435.3 2,865.0 -15.0% 11.2% 12.3%

Gulf Countries 570.5 659.1 -13.4% 2.6% 2.8%

Black Sea Economic Cooperation 3,633.0 4,450.0 -18.4% 16.8% 19.1%

Eurasian-EEU 2,506.9 3,727.5 -32.7% 11.6% 16.0%

North America 694.8 909.8 -23.6% 3.2% 3.9%

Sub-Saharan African Countries 129.0 127.1 1.5% 0.6% 0.5%

MERCOSUR 261.9 254.5 2.9% 1.2% 1.1%

Ship Supplies 0.0 0.0 124.1% 0.0% 0.0%

* Data for both years are preliminary. Source: Hellenic Statistical Authority (ELSTAT). Data processed by Export Research Centre (KEEM)

Regions EXPORTS

Exports %Change

%Structure

2015 2014 2015/2014 2015 2014 TOTAL 12,799.2 13,092.3 -2.2 100.0% 100.0%

OECD 7,202.0 6,813.9 5.7% 56.3% 52.0%

Ε. U. (28) 6,777.8 5,981.0 13.3% 53.0% 45.7%

Eurozone 4,772.7 4,136.2 15.4% 37.3% 31.6%

G7 3,982.0 3,326.8 19.7% 31.1% 25.4%

North America 778.0 491.0 58.5% 6.1% 3.8%

BRICS 282.1 381.3 -26.0% 2.2% 2.9%

M. East & N. Africa 1,877.8 1,805.7 4.0% 14.7% 13.8%

OPEC 738.8 891.1 -17.1% 5.8% 6.8%

Gulf Countries 516.9 579.9 -10.9% 4.0% 4.4%

Black Sea Economic Cooperation 2,298.8 3,062.6 -24.9% 18.0% 23.4%

Eurasian-EEU 115.5 183.1 -36.9% 0.9% 1.4%

North America 861.0 852.5 1.0% 6.7% 6.5%

Sub-Saharan African Countries 140.5 108.1 30.0% 1.1% 0.8%

MERCOSUR 46.0 48.4 -4.9% 0.4% 0.4%

Ship Supplies 117.1 695.9 -83.2% 0.9% 5.3%


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Total Greek trade by country: 20 major importing and exporting countries, and India

GREEK EXPORTS January-June 2015* (In €uro million)

Top Major Importing Countries (Descending order)

Exports Exports

%Change %Structure

2015 2014 2015/2014 2015 2014

1. Italy 1,489.4 1,209.5 23.1% 11.6% 9.2%

2. Germany 922.2 896.2 2.9% 7.2% 6.8%

3. Turkey 905.1 1,574.3 -42.5% 7.1% 12.0%

4. Cyprus 674.1 606.0 11.2% 5.3% 4.6%

5. USA 621.7 382.6 62.5% 4.9% 2.9%

6. Bulgaria 617.8 626.4 -1.4% 4.8% 4.8%

7. Egypt 576.6 490.5 17.6% 4.5% 3.7%

8. United Kingdom 508.3 438.6 15.9% 4.0% 3.4%

9. S. Arabia 370.6 351.7 5.4% 2.9% 2.7%

10. Spain 369.0 375.4 -1.7% 2.9% 2.9%

11. Lebanon 358.2 200.0 79.1% 2.8% 1.5%

12. Romania 351.2 295.0 19.1% 2.7% 2.3%

13. France 343.2 331.7 3.5% 2.7% 2.5%

14. FYROM 283.8 347.9 -18.4% 2.2% 2.7%

15. Netherlands 240.3 202.3 18.8% 1.9% 1.5%

16. Gibraltar 219.2 448.6 -51.1% 1.7% 3.4%

17. S. Korea 203.7 105.0 94.0% 1.6% 0.8%

18. Belgium 184.1 146.9 25.3% 1.4% 1.1%

19. Albania 180.0 215.9 -16.6% 1.4% 1.6%

20. Poland 170..2 152.6 11.5% 1.3% 1.2%

55. INDIA 34.1 28.0 22.1% 0.3% 0.2%

* Preliminary data. Source: Hellenic Statistical Authority (ELSTAT). Data processed by Export Research Centre (KEEM)


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GREEK IMPORTS January-June 2015* (In €uro million)

Top Major Importing Countries (Descending order)

Imports Imports

%Change %Structure

2015 2014 2015/2014 2015 2014

1. Germany 2,373.9 2,240.5 6.0% 11.0% 9.6%

2. Italy 1,746.2 1,700.4 2.7% 8.1% 7.3%

3. Russia 1,655.5 2,687.8 -38.4% 7.6% 11.5%

4. Iraq 1,480.5 1,727.5 -14.3% 6.8% 7.4%

5. China 1,369.1 1,215.6 12.6% 6.3% 5.2%

6. Netherlands 1,143.3 1,139.4 0.3% 5.3% 4.9%

7. France 1,022.2 1,082.4 -5.6% 4.7% 4.6%

8. Kazakhstan 847.1 994.0 -14.8% 3.9% 4.3%

9. Spain 802.1 712.0 12.6% 3.7% 3.1%

10. Belgium 716.9 628.1 14.1% 3.3% 2.7%

11. Bulgaria 660.2 682.4 -3.3% 3.0% 2.9%

12. Turkey 644.8 545.4 18.2% 3.0% 2.3%

13. United Kingdom 618.9 568.8 8.8% 2.9% 2.4%

14. S. Arabia 496.5 598.4 -17.0% 2.3% 2.6%

15. Romania 363.2 286.0 27.0% 1.7% 1.2%

16. S. Korea 345.8 1,288.5 -73.2% 1.6% 5.5%

17. Egypt 332.2 464.9 -28.5% 1.5% 2.0%

18. USA 308.7 273.5 12.9% 1.4% 1.2%

19. Poland 244.9 208.8 17.3% 1.1% 0.9%

20. Libya 238.1 304.9 -21.9% 1.1% 1.3%

29. INDIA 159.4 140.2 13.7% 0.7% 0.6%



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Greek merchandise trade by product- MAIN SITC DIVISION (1-digit level)

EXPORTS January-June 2015* (In €uro million)

IMPORTS (Ship imports included) January-June 2015* (In €uro million)

Source: Export Research Centre (KEEM) based on Hellenic Statistical Authority (ELSTAT) preliminary data.

SITC CODE

Product Categories Value % Change % Structure

2015 2014 2015/2014 2015 2014 0+1+4 AGRICULTURAL PRODUCTS 2,560.9 2,171.1 18.0% 20.0% 16.6%

2 RAW MATERIALS 495.5 469.4 5.6% 3.9% 3.6% 3 FUELS 3,823.1 5,173.1 -26.1% 29.9% 39.5%

5-8 INDUSTRIAL PRODUCTS 5,592.8 4,985.4 12.2% 43.7% 38.1% 9 OTHER 326.8 293.3 11.4% 2.6% 2.2%

0 Food and live animals 1,828.0 1,790.5 2.1% 14.3% 13.7% 1 Beverages and tobacco 325.1 251.6 29.2% 2.5% 1.9% 4 Animal and vegetable oils and fats 407.8 129.0 216.1% 3.2% 1.0% 2 Crude materials inedible, except fuels 495.5 469.4 5.6% 3.9% 3.6% 3 Mineral fuels, lubricants, etc. 3,823.1 5,173.1 -26.1% 29.9% 39.5% 5 Chemicals and related products 1,350.1 1,317.5 2.5% 10.5% 10.1% 6 Manufactured goods classified chiefly

by raw material 2,168.2 1,849.6 17.2% 16.9% 14.1%

7 Machinery and transport equipment 1,237.2 1,007.3 22.8% 9.7% 7.7% 8 Miscellaneous manufactured articles 837.3 810.9 3.3% 6.5% 6.2% 9 Commodities and transactions not

classified by category 326.8 293.3 11.4% 2.6% 2.2%

0-9 TOTAL EXPORTS 12,799.2 13,092.3 -2.2% 100.0% 100.0%

SITC CODE

Product Categories Value % Change % Structure

2015 2014 2015/2014 2015 2014 0+1+4 AGRICULTURAL PRODUCTS 2,849.6 2,768.8 2.9% 13.1% 11.9%

2 RAW MATERIALS 589.8 609.5 -3.2% 2.7% 2.6% 3 FUELS 5,839.8 7,558.2 -22.7% 26.9% 32.5%

5-8 INDUSTRIAL PRODUCTS 12,367.2 12,337.9 0.2% 57.1% 53.0% 9 OTHER 25.8 13.5 91.3% 0.1% 0.1%

0 Food and live animals 2,461.0 2,415.1 1.9% 11.4% 10.4% 1 Beverages and tobacco 264.6 220.9 19.8% 1.2% 0.9% 4 Animal and vegetable oils and fats 124.0 132.7 -6.6% 0.6% 0.6% 2 Crude materials inedible, except fuels 589.8 609.5 -3.2% 2.7% 2.6% 3 Mineral fuels, lubricants, etc. 5,839.8 7,558.2 -22.7% 26.9% 32.5% 5 Chemicals and related products 3,468.1 3,351.5 3.5% 16.0% 14.4% 6 Manufactured goods classified chiefly

by raw material 2,477.0 2,297.1 7.8% 11.4% 9.9%

7 Machinery and transport equipment 4,137.3 4,601.4 -10.1% 19.1% 19.8% 8 Miscellaneous manufactured articles 2,284.8 2,087.9 9.4% 10.5% 9.0% 9 Commodities and transactions not

classified by category 25.8 13.5 91.3% 0.1% 0.1%

0-9 TOTAL IMPORTS 21,672.2 23,287.8 -6.9% 100.0% 100.0%


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Trade balance in €uro and US$

January-July 2015* (In €uro million)

January-July 2015* (In US$ million)


2015 2014

% change 2015/2014

A. Imports

I. Ship imports included 25,302.7 28,149.6 -10.1%

II. Ship imports excluded 24,764.2 26,510.7 -6.6%

III. Petroleum products excluded and ship imports included

18,929.6 19,196.2 -1.4%

B. Exports




10,855.2 9,627.2 12.8%

C. Trade Balance Ship imports included (=B.I-A.I) -9,977.7 -12,395.2 -19.5%

D. Trade Balance Ship imports excluded (=B.II-A.II) -9,525.8 -10,791.6 -11.7%

E. Trade Balance Petroleum products excluded and ship imports included (=B.III-A.III)

-8,074.4 -9,569.0 -15.6%

2015 2014

% change 2015/2014

A. Imports




21,065.9 26,261.0 -19.8%

B. Exports




12,080.3 13,170.3 -8.3%

C. Trade Balance Ship imports included (=B.I-A.I) -11,103.7 -16,957.0 -34.5%

D. Trade Balance Ship imports excluded (=B.II-A.II) -10,600.8 -14,763.2 -28.2%

E. Trade Balance Petroleum products excluded and ship imports included (=B.III-A.III)

-8,985.6 -13,090.7 -31.4%


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Greek imports from India- Top ten import items (product 8-digit level) January-June 2015

CN Code

TOP 10 GREEK IMPORTS TO INDIA VALUE

(EURO €)

1

85.04.21.00

Electrical transformers, static converters (for example, rectifiers) and inductors : – Liquid dielectric transformers : – – Having a power handling capacity not exceeding 650 kVA

14,847,425

2

87.03.22.10

Motor cars and other motor vehicles principally designed for the transport of persons (other than those of heading 8702), including station wagons and racing cars: – – Of a cylinder capacity exceeding 1000 cm3 but not exceeding 1500 cm3 : – – – New

9,339,755

3 12.07.40.90

Other oil seeds and oleaginous fruits, whether or not broken : – Sesame seeds : – – Other

7,978,539

4 76.01.10.00

Unwrought aluminium – Aluminium, not alloyed

7,238,204

5 72.10.70.80

Flat–rolled products of iron or non–alloy steel, of a width of 600 mm or more, clad, plated or coated : – Painted, varnished or coated with plastics : – – Other

6,289,504

6

03.07.49.38

Molluscs, whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine; aquatic invertebrates other than crustaceans and molluscs, live, fresh, chilled, frozen, dried, salted or in brine; flours, meals and pellets of aquatic invertebrates other than crustaceans, fit for human consumption : – Cuttle fish (Sepia officinalis, Rossia macrosoma, Sepiola spp.) and squid (Ommastrephes spp., Loligo spp., Nototodarus spp., Sepioteuthis spp.) : – – Other : – – – Frozen : – – – – Squid (Ommastrephes spp., Loligo spp., Nototodarus spp., Sepioteuthis spp.) : – – – – – Loligo spp. : – – – – – – Other

5,330,470

7

09.01.11.00

Coffee, whether or not roasted or decaffeinated; coffee husks and skins; coffee substitutes containing coffee in any proportion : – Coffee, not roasted : – – Not decaffeinated

3,783,453

8 08.01.32.00

Coconuts, Brazil nuts and cashew nuts, fresh or dried, whether or not shelled or peeled : – Cashew nuts : – – Shelled

3,621,622

9

03.06.17.92

Crustaceans, whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine; smoked crustaceans, whether in shell or not, whether or not cooked before or during the smoking process; crustaceans, in shell, cooked by steaming or by boiling in water, whether or not chilled, frozen, dried, salted or in brine; flours, meals and pellets of crustaceans, fit for human consumption: – Frozen : – – Other Shrimps and Prawns : – – – Shrimps of the genus Penaeus

3,451,683

10 29.39.99.90

Vegetable alkaloids, natural or reproduced by synthesis, and their salts, ethers, esters and other derivatives : – Other : – – Other

2,823,082

TOTAL GREEK IMPORTS FROM INDIA 159.4 million Source: Hellenic Statistical Authority (EL.STAT.) / Provisional data


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Greek exports to India- Top ten export items (product, 8-digit level)

January-June 2015

Source: Hellenic Statistical Authority (EL.STAT.) / Provisional data

CN Code

TOP 10 GREEK EXPORTS TO INDIA VALUE

(EURO €)

1 52.01.00.90

Cotton not carded or combed : – Other

3,076,218

2 76.02.00.90

Aluminium waste and scrap : – Scrap

2,716,298

3

72.04.21.10

Ferrous waste and scrap; remelting scrap ingots of iron or steel : – Waste and scrap of alloy steel : – – Of stainless steel : – – – Containing by weight 8 % or more of nickel

2,342,926

4 74.04.00.91

Copper waste and scrap : – Of copper alloys : – – Of copper-zinc base alloys (brass) :

2,038,375

5

72.04.21.90

Ferrous waste and scrap; remelting scrap ingots of iron or steel : – Waste and scrap of alloy steel : – – Of stainless steel : – – – Other

1,591,017

6

25.15.11.00

Marble, travertine, ecaussine and other calcareous monumental or building stone of an apparent specific gravity of 2,5 or more, and alabaster, whether or not roughly trimmed or merely cut, by sawing or otherwise, into blocks or slabs of a rectangular (including square) shape : – Marble and travertine : – – Crude or roughly trimmed

1,572,470

7

76.07.11.90

Aluminium foil (whether or not printed or backed with paper, paperboard, plastics or similar backing materials) of a thickness (excluding any backing) not exceeding 0,2 mm: – Not backed : – – Rolled but not further worked : – – – Of a thickness of not less than 0,021 mm but not more than 0,2 mm

1,566,893

8

25.15.12.00

Marble, travertine, ecaussine and other calcareous monumental or building stone of an apparent specific gravity of 2,5 or more, and alabaster, whether or not roughly trimmed or merely cut, by sawing or otherwise, into blocks or slabs of a rectangular (including square) shape : – Marble and travertine : – – Merely cut, by sawing or otherwise, into blocks or slabs of a rectangular (including square) shape

980,907

9

84.38.10.10

Machinery for the industrial preparation of manufacture of food or drink, other than machinery for the extraction or preparation of animal or fixed vegetable fats or oils : – Bakery machinery and machinery for the manufacture of macaroni, spaghetti or similar products : – – Bakery machinery

974,500

10 76.06.12.93

Copper waste and scrap : – Of copper alloys : – – Of copper-zinc base alloys (brass)

904,559

TOTAL GREEK EXPORTS TO INDIA 34.1 million


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India’s trade and investment interests

80th Thessaloniki International Fair (TIF) organised by ‘Helexpo’

(www.helexpo.gr) was held from 5-13 September 2015 in Thessaloniki, Greece. India Trade Promotion Organisation (ITPO) took part in TIF with Indian MSMEs. The ITPO successfully has taken part in this exhibition- which is the main trade fair in Greece- during the last years. Federation of Indian Export Organisations (FIEO) expressed their interest in participating in TIF 2016 as well. As per a list provided by ITPO, the following companies participated in India Pavilion in TIF 2015:

1 Parnam Internaitonal

2 MSME- Sughra Zari House

3 Manik Food

4 MSME- Sayan Handicrafts

5 MSME- Uma Handlooms

6 Winner International

7 MSME- SRA Interiors & Decorators

8 Hare Krisna Exports

9 MSME- Moon & Moon Creations

10 MSME- IRM H & H

11 MSME- Chandani Zari Art

12 MSME- Prince Trading Company

13 New Al India

14 MSME- Naseem Arts

15 MSME- Krishna Garments

16 MSME- Essem Srinisons Systems (P) Ltd

17 ITPO Office

18 MSME- M.P.A. Enterprises

19 MSME- J.S. Creations

20 MSME- Manya Arts & Crafts

21 Ganesh Rishab Enterprises

22 Singh Enterprises

23 Vakeel Enterprises

24 Alenjay Crafts India

25 Gagan Exports

26 Simran Export

27 MSME- S. B. Ornaments

28 MSME- Ilubela Enterprise

29 Bajaj Exports

A Greek company, ‘Saltic Himalayan Crystal Salt’, (Tel: 0030 2109619081, Mobile: 0030 6937951697, E-mail: [email protected], Website: www.salticproducts.com, Contact person: Ms Naya Zdravou) is looking for Indian suppliers of herbs and spices.

‘Lightdc’, a Greek company in lighting business and in die cast brass lighting is interested in finding Indian exporters of orthodox religion products, like cross

candle holders etc. Contact details: Mr. Constantine Fragiadakis, Address:

mailto:[email protected]

http://www.salticproducts.com/


10

Konstantinoupoleos 4, N. Smyrni 17121, Greece, Tel: 0030 2109333669, Fax: 0030 21093336979, E-mail: [email protected], Website: www.lightdc.gr).

The Greek company ‘Balkan’ (11th km National Road Athens-Lamia, Metamorfosi 14452, Greece, Tel: 0030 2102810030, Fax: 0030 2102845025, Mobile: 0030 6981355530, E-mail: [email protected], Website: www.balkan.gr, Contact person: Mr. Konstantis Tentzeris, Export Manager) is interested in exporting aluminium products to India.

SRGP Corporation Limited (Ganges Nagar, 365 Harrisganj, Kanpur-208004, Uttar Pradesh, Phone: +91 512 2326576, Mobile: +91 9953706229) showed interest in investing in real estate sector in Greece.

The Hellenic Republic Asset Development Fund (HRADF) announced on 3

September that Board of Directors decided minor modifications of the terms of the tender for the acquisition of 67% of the share capital of Thessaloniki Port Authority S.A.. Initially a stake of 51% will be transferred while the remaining 16% will be acquired by the preferred bidder of the tender process in five years provided the required investments are completed. The amended terms will be communicated to alla investors who have been qualified for the second phase of the prosess, and according to timetable, binding bids are expected in February 2016. The tender process for the sale of 67% of the shares of the "Thessaloniki Port Authority" was launched with the announcement of the respective Invitation for the Expression of Interest (http://www.hradf.com/en/procurement/privatization/20140414-thpa-eoi). The Greek state portfolio contains twelve (12) ports in the form of Societe Anonyme, namely the ports of Piraeus (OLP), Thessaloniki (OLTh), Volos, Rafina, Igoumenitsa, Patras, Alexandroupoli, Iraklio, Elefsina, Lavrio, Corfu and Kavala. HRADF owns 74% of OLP and OLTH shares (listed on the Athens Stock Exchange) and 100% of the share capital of the rest of the above mentioned ports. The Hellenic Republic has appointed Morgan Stanley and Piraeus Bank as financial advisors, Alexiou-Kosmopoulos Law firms and Freshfields as legal advisors and HPC Marnet as technical advisors to assist with the privatisation. Further Info for Projects Status: The tender process for the sale of 67% of the shares of the "Piraeus Port Authority" was launched with the announcement of the respective Invitation for the Expression of Interest (http://www.hradf.com/en/procurement/privatization/20140305-eoi-olp). For more information you can visit OLP website at www.olp.gr For Patras Port you can visit their website at www.patrasport.gr For Rafina Port you can visit their website at www.rafinaport.gr For Kavala Port you can visit their website at www.portkavala.gr For Alexandroupoli Port you can visit their website at www.ola-sa.gr For Volos Port you can visit their website at www.port-volos.gr For Elefsina Port you can visit their website at www.life-ole.gr For Igoumenitsa Port you can visit their website at www.olig.gr For Iraklion Port you can visit their website at www.portheraklion.gr For Corfu Port you can visit their website at www.corfuport.gr For Lavrio Port you can visit their website at www.oll.gr


http://www.lightdc.gr/


http://www.balkan.gr/

http://www.hradf.com/en/procurement/privatization/20140414-thpa-eoi

http://www.hradf.com/en/procurement/privatization/20140305-eoi-olp

http://www.olp.gr/

http://www.patrasport.gr/

http://www.rafinaport.gr/

http://www.portkavala.gr/

http://www.ola-sa.gr/

http://www.port-volos.gr/

http://www.life-ole.gr/

http://www.olig.gr/

http://www.portheraklion.gr/

http://www.corfuport.gr/

http://www.oll.gr/


11

Major investments within and outside the country

According to market sources National Bank of Greece (NBG) was planning to sell

100% of its stake in Turkish bank ‘Finansbank’. It was reportedly said that the goal was to sell the shares of the Turkish bank at least double its ‘book value’, which corresponds to Euro 3.8 billion. The pending ‘stress tests’ on the Greek banking system lead the management of the Greek bank to reevaluate its business plan. The previous board of NBG already planned on dumping 40% of its Turkish subsidiary that essentially meant Finansbank shares were rendered inactive. In light of the upcoming recapitalization, the NBG board of directors decided to assign the process of selling off Finansbank shares to Morgan Stanley and Goldman Sachs. Within this framework binding bids for the 100% shares of Finansbank were expected to be submitted on October 9. (Source: Greek Press)

Other news items of interest (Any other factor impacting on trade and economic relations)

Greece and Latvia are the only two EU member states that have not given their

approval to a request for genetically modified cultivation across the EU. ‘Monsanto’ sought approval to grow its MON810 pest-resistant corn in the EU, but, Greece has refused in accordance with an EU law that gives member states the freedom to decide for themselves. (Source: Greek Press)

A research of economists Nikolaos Antonakakis and Alan Collins published in the Journal of Social Sciences and Medicine, found that suicide rates were linked to GDP shrinkage. His paper, “The Impact of Fiscal Austerity on Suicide Mortality: Evidence across the ‘Eurozone Periphery‘, examined the impact of fiscal austerity on suicide mortality across the Eurozone. The result proved that there is an undeniable link between short, medium and long-run suicide-increasing effects on males in the age group from 65-89 years. It isn’t just the elderly that are suffering either as young males between the ages of 10 and 24 years are also committing suicide in growing numbers. Between 2011 and 2012, more than 6,000 young males in Greece, Ireland, Italy, Portugal and Spain committed suicide. Researchers focused on nations where the debt crises necessitated the most severe, crushing forms of austerity. According to the research, a 1% drop in the GDP growth rate was linked to a 0.9% increase in suicide rates across the spectrum. (Source: Greek

Press)

World Economic Forum report released on September 30, Greece ranked 81st in the Global Competitiveness Report 2015-2016. According to the report, most advanced economies have recovered to their pre-crisis level of competitiveness. Yet some disparity remains, with some Eastern and Southern European countries occupying the lowest rankings in this group. Most notable is Greece which is the least competitive economy of this group. Greece’s data was collected before the new agreement with its international creditors was signed by Prime Minister Alexis Tsipras over summer. Switzerland remains in the top of the list for the seventh consecutive year, with Singapore and the US following in second and third place. The Global Competitiveness Report 2015-2016 assesses the competitiveness


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landscape of 140 economies, providing insight into the drivers of their productivity and prosperity. (Source: Greek Press)

Greek PM Alexis Tsipras received a reception at an event at the Clinton Global

Initiative in New York on 27 September, with Bill Clinton as a moderator. The former US president had praise for Tsipras and repeatedly referred to investments in the recession- and election-plagued country. (Source: Greek Press)

Record tourist arrivals of 26 million will be recorded in Greece for 2015. Greek

Alternate Minister of Tourism, Mrs Elena Kountoura, expressed her optimism that Greece would continue to be one the top tourist destinations in the world, speaking on occasion of the World Tourism Day on 27 September. According to official figures, the 2015 tourism season is expected to close with revenues of up to Euro 15.5 billion. Greek Alternate Minister pointed out the significance of tourism in Greece noting that it accounts for 20% of Greece’s GDP while generating 1 million direct or indirect jobs. (Source: Greek Press)

As reported in the Greek Press, architect Dr Athanasios Papatheodorou makes

efforts to take Formula 1 to Greece. A proposal for a GP track in Piraeus was initially mooted in 2011. Greece’s financial crisis have slowed down the plan, however Dr. Papatheodorou insists that it might yet happen. Speaking to the Press, he said that there have been several meetings with senior officials from the FIA and Chief Executive of the Formula One Group Bernie Ecclestone.” The proposal of DielpisFormula1 project (http://dielpisformula1.blogspot.gr/p/dielpisformula1-project.html) was presented to Bernie Ecclestone, CEO of Formula One Group, in May 2012 at Monaco. Dr Papatheodorou also informed the president of the FIA Jean Todt, who was a supporter of our proposal, and forwarded the application file to the technical department of the FIA to analyse in order to implement the project. Now, Dr Papatheodorou expects from the Greek government to trigger the necessary legislative procedures in order for Greece to be ready for a first formal agreement with Bernie Ecclestone this year. Dr Papatheodorou is looking for potential investors for his project. (Source: Greek Press)

According to a report from Thomson Reuters (https://forms.thomsonreuters.com/290715_GreeceOilReport/) released recently and reproduced in the Greek Press in early September, vessel tracking data for July 2015 showed that Greece’s imports of crude oil increased by 84% month-on-month, with fears over “Grexit” given as the primary reason. Contingency plans by partially state-run Hellenic Petroleum (EL.PE.), Greece’s largest refinery group, were judged as accounting for the significant increase in crude oil imports. According to Thomson Reuters, with the exception of February and June, crude oil imports exceeded 10 million barrels per month, with March 2015 recording imports of 17.5 billion barrels. The report stated that level of imports exceeds Greece’s domestic consumption levels. (Source: Greek Press)

On 11 September the Standard and Poor’s agency (S&P) reaffirmed Greece’s

sovereign rating at CCC+ with a stable outlook. S&P also predicted that Greek economy will shrink by 3% in 2015. The S&P said the economy will continue to shrink due to capital controls although the risk of a Euro exit has decreased. (Source: Greek Press)

http://dielpisformula1.blogspot.gr/p/dielpisformula1-project.html

http://dielpisformula1.blogspot.gr/p/dielpisformula1-project.html


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Doctors of the World, an NGO (http://mdmgreece.gr/en/), released figures in

September showing that more than 250,000 children in Greece are not receiving public healthcare and they don’t have access to the necessary vaccinations. The NGO’s General Secretary Liana Mailli said the number was an approximation as there is no official data on inoculations for Greece despite the EU rules concerning this. She said the figures were based on estimations and said that the number will get higher due to the dramatic rise of refugees and migrants entering Greece. She warned of “an explosive situation” with the real risk that diseases which had been eliminated, such as diphtheria, tetanus, pertussis, measles and polio, will reappear.

The new Greek cabinet was announced on 22 September as it was formed by the

newly elected SYRIZA-ANEL coalition government:

Prime Minister: Alexis Tsipras Government Vice President: Giannis Dragasakis State Ministry: State Minister Nikos Pappas Government Work Coordination Minister Alekos Flabouraris Deputy Minister Terence Quick Deputy Minister Olga Gerovasili Maritime and Island Policy Ministry: Minister Thodoris Dritsas Economy, Growth and Tourism Ministry: Minister Giorgos Stathakis Tourism Deputy Minister Elena Kountoura ESPA Deputy Minister: Alexis Charitsis Deputy Minister Theodora Tzakri Infrastructure, Transportation and Network Ministry: Minister Christos Spirtzis Deputy Minister Dimitris Kammenos Economy, Infrastructure, Maritime and Tourism Ministry: Minister Giorgos Stathakis Maritime Deputy Minister Thodoris Dritsas Tourism Deputy Minister Elena Kountoura Interior and Administrative Reconstruction Ministry: Minister Panagiotis Kouroumplis Deputy Minister: Giannis Balafas Public Order and Civil Protection Deputy Minister Nikos Toskas Deputy Minister Christoforos Vernardakis Vice Minister Giannis Mouzalas Vice Minister Maria Kollia-Tsaroucha Deputy Minister Pavlos Polakis Finance Ministry: Minister Euclid Tsakalotos Deputy Minister Trifon Alexiadis Deputy Minister Giorgos Chouliarakis Defense Ministry: Minister Panos Kammenos Deputy Minister Dimitris Vitsas

http://mdmgreece.gr/en/


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Foreign Ministry: Minister Nikos Kotzias Deputy Minister Nikos Ksidakis Deputy Minister Giannis Amanatidis Deputy Minister Dimitris Mardas Producitve Reconstruction, Environment and Energy Ministry: Productive Reconstruction Minister Panos Skourletis Deputy Environmental Minister Giannis Tsironis Agricultural Growth and Food Ministry: Minister Vangelis Apostolou Deputy Minister Markos Mpolaris Justice Transparency and Human Rights Ministry: Minister Nikos Paraskevopoulos Deputy Minister Dimitris Papagelopoulos Labor Ministry: Minister George Katrougalos Deputy Minister Theano Fotiou Deputy Minister Rania Antonopoulou Deputy Minister: Anastassios Petropoulos Health and Social Security Ministry: Minister Andreas Xanthos Deputy Minister Pavlos Polakis Education, Research and Religion Ministry: Education Minister Nikos Filis Deputy Minister Sia Anagnostopoulou Deputy Minister Theodosis Pelegrinis Research and Innovation Deputy Minister Kostas Fotakis Culture and Sports Ministry: Culture Minister Aristidis Baltas Sports Deputy Minister Stavros Kontonis Government Spokesperson: Olga Gerovasili

The structure of three former ministries has been changed: 1) The former Economy, Infrastructure, Maritime and Tourism Ministry has been divided into three ministries: Maritime and Island Policy; Economy, Growth and Tourism; and Infrastructure, Transportation and Networks. 2) The former Production Reconstruction, Environment and Energy Ministry was separated into the Environment and Energy Ministry; and the Agricultural Growth and Food Ministry. 3) The former Culture, Education and Religion Ministry was divided into the Education, Research and Religion Ministry and the Culture and Sports Ministry.

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R. K. Verma First Secretary (HOC)

Distribution: As per the standard list

Documents

The electoral victory of PASOK and the collapse of the New ... · According to ELSTAT provisional data, Greek imports in August 2015 were €3,008.8 million against €3,301.8 million