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Greek Companies prospering in Poland (Warsaw Business Journal)

Greece has made the headlines for all the wrong reasons in 2011, with the country being hit by political turmoil as it struggles under the effects of the economic crisis. However, for many Greek companies based inPoland, this year has been business as usual.
There are currently about 40 companies with Greek capital active in the Polish market, according to figures from the Embassy of Greece in Warsaw.
Greek-owned companies have invested more than €1.4 billion and created a total of 11,000 jobs in Poland, the country’s ambassador to Poland, Gabriel Coptsidis, said in a statement earlier this year.
Mellon Group, a company headquartered in Athens specializing in IT services and sales for financial institutions, telecommunications firms and companies in the retail sector, established itself in the Polish market almost six years ago. A growing Polish client base, which includes lenders such as PKO Bank Polski, Polbank EFG, and mBank, helped Mellon Poland make it in to the top 100 companies of Europe’s 500 fastest growing companies in 2010. Europe’s 500, which makes the ranking, is an association of fast growing owner-managed companies in Europe.
“This year is better than the previous one, and we have not been affected,” said Grigorios Kotoulas, General Manager, Mellon Poland. “However, we see in the market that there is a slowdown, but not a recession. We are making plans accordingly but none that … will affect our forecast for2012”, he added.
For Lefteris Maroulis, general director of sports betting firm Totolotek (owned by Greek company Intralot), business has been going well inPoland. Totolotek is a company which has been organizing sports betting in Poland since 1992 and operates close to 400 locations in the country.
(Warsaw Business Journal, 20/12/2011)

Για την προετοιμασία του άρθρου η δημοσιογράφος Veronika Joy συνεργάστηκε με το Γραφείο Τύπου και το Γραφείο Οικονομικών και Εμπορικών Υποθέσεων. Continue reading

The “Economist” Conference

(GREEK NEWS AGENDA) A much timely “Economist” Conference was addressed yesterday by the country’s leadership and experts from the financial and business world.

Taking the floor, Finance Minister George Papaconstantinou availed himself of the opportunity to note that Greece’s fiscal problems are also an issue for the entire eurozone and marked that a spill-over effect will not leave other eurozone countries unaffected, especially those which are as vulnerable as Greece.
The remarks were reported one day before the European Commission announces its recommendations on the country’s stability programme , which is most likely to receive European approval.   

» “Deficit Fetishism is a Mistake”
Addressing the Conference (Discussion and Debate with Joseph Stiglitz on the World Economy 2010), Nobel Economics Laureate 2001, former Senior Vice President of the World Bank, and Professor at Columbia University Joseph Stiglitz, dismissed fears that Greece will go bankrupt, adding that, when struggling with recession, governments ought to be careful with their rectifying measures.
“Cutting deficits in the wrong way can be counterproductive.”
Kathimerini daily: Greek woes are a eurozone issue

Greek Prime Minister: “There are no Easy Solutions to the Crisis”

(GREEK NEWS AGENDA)    Prime Minister Kostas Karamanlis on Tuesday reiterated his unwavering devotion to the duty mandated by the international financial crisis, warning that there were no easy solutions or recipes. Addressing a meeting of his party’s parliamentary group, the premier said that uncertainty and intense worry over the explosion in unemployment, as well as a fear of recession, prevail throughout Europe. He added that the repercussions inevitably affect Greece as well. “Greece is not outside or beyond the world,” he said, adding that the times beckon a responsible position. “We can convert the international financial crisis into a national opportunity. I am here, and I will fight with all my strength. The Greek people, with unity and unanimity, can win the challenges at this international conjuncture,” the prime minister stressed. On the Vatopedi Monastery-State land transactions affair, the premier said: “I assume our share of the responsibility.” He further added “I underestimated the issue, I did not see its dimensions early on, I did not have the full picture,” Karamanlis conceded, stressing that “the mistake is mine, and I am not passing it on to anyone.”  Athens News Agency: PM Karamanlis: There are no easy solutions