The growth miracle of startups

Small innovative companies invested 42 million euros, creating 1,500 jobs

Small, innovative companies – so called startups – have seen significant growth over the past years. By the end of 2013, they numbered 144, up from just 16 in 2010 and have created 1,500 jobs. In 2013 total investment reached 42 million euros from only 500,000 in 2010. Of the 144 startups almost half (71) are technology companies, followed by companies producing food or agricultural products (41), those with activity in culture and education (31), 19 electronic trading companies, 18  health sector companies etc. 


The Memorandum is going…

EU Monetary Affairs Commissioner Olli Rehn admits that Greece will not need a new loan in 2014

Samaras – Venizelos: The groundwork is being laid for a recovery of the economy

The way is clearing for an exit from the Memorandum following yesterday’s statements by Commissioner Olli Rehn who – confirming reporting by Ta Nea – stated clearly that the financing of the Greek economy had been secured for all of 2014.

… and investors are coming

The country is becoming a refuge for investment following the stabilization of the economy according to Reuters

A landmark agreement is reached in Europe over the banks following a night of negotiations

The international news agency Reuters gave Greece a vote of confidence yesterday calling the country an ‘investment shelter’ following the agreement reached with the troika and the successful bond issuance from the Bank of Piraeus.


Hellinikon and the Piraeus Port Authority (PPA) are being sold for peanuts

The financial committee is attempting to convince the public that the recovery has begun while at the same time the country’s ‘silver’ is being sold-off. While the 6,200 stremmata (about 1550 acres) of the site of the former airport at Hellinikon are valued at 1.25 billion euros, the Hellenic Republic Asset Development Fund is pleading for… 700 million euros. Six candidate mayors are calling for a united effort to prevent the sale of the PPA.




Warrants issued for Lyginos and Eschler

Two European warrants have been issued for the arrest of the banker Fanis Lyginos and the vice president of the German company Wegmann, Olaf Eschler, over the case of the weapons system PHZ2000.


Profits and relief for the National Bank of Greece

809 million euros in profits were made by the bank in 2013

Positive signs are a reduction in the rate of growth of unserviced loans and the return of deposits.

  • Profits up 50% from estimates
  • Finansbank contributed significantly to the bottom line with 439 million euros
  • In the 4th quarter of 2013, the creation of new ‘red’ loans fell to zero

Yesterday’s publication of 2013 results by the National Bank of Greece was a pleasant surprise for investors and the market. Net profits reached 809 million euros, compared to losses of 2.14 billion euros in 2012. Deposits increased by 14% while the ratio of loans to deposits in Greece was at 90% compared to 101% in 2012. CEO Al. Tourkolias appeared positive over the future for the economy and businesses.