Word: greekness
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...easy to be told that your attitude needs to change, but that's the Greek government's message. Still, even as Greeks grapple with changing their lifestyles, the fact that they like to spend could turn out to be a blessing. "Greece is a poor country with rich people," says Sarantis. "It's a strange thing." He has a point. Despite the economic downturn, Golden Hall, a luxury mall in the capital that opened in 2008, was packed on a recent postholiday weekend, and the shelves in many of its 131 stores were bare. And when a popular singer, Michalis...
...Road Ahead Brussels has okayed the Greek austerity plan but warned that it will be subject to unprecedented monitoring. Joaquin Almunia, the European Commissioner for Economic and Monetary Affairs said Athens' targets were "ambitious" but "achievable." Importantly, Greece managed to raise about $11 billion in its first postcrisis bond offering on Jan. 25. But relief was short-lived. Within days the spread over 10-year German bonds, the European benchmark, reached a record high. The bottom line: until the Greek government delivers results, the pressure...
...report released Jan. 13, ratings agency Moody's said that Greece, along with Portugal, was likely to suffer a "slow death" as it uses more and more of its income to pay off debt. With the cost of that debt heading north, Greek banks could face further problems. "It's like they have a bomb in their hands," says investor Melissaris. "If rates keep climbing, it'll explode." (See the worst business deals...
...Turkey. Greece's $40 billion shipping industry - the country controls 22% of the world's oil-tanker fleet and nearly 25% of its cargo ships - should also prove immune from the financial maelstrom because of its global reach, according to Theodoros Veniamis, the president of the Union of Greek Shipowners. "Shipping is a cyclical business that operates worldwide," he says. "The current crisis won't have a direct impact." (Read: "Is the Euro the New Dollar...
...make a real break with the past, the Greek state must also go global, say business executives and business analysts. Athens needs to lure foreign investors aggressively, which means offering everything from tax breaks to helping investors navigate the bureaucracy associated with setting up shop. "We must transform Greece into a welcome place to do business," says Eurobank's deputy CEO Nikolaos Karamouzis. The potential for future investment - in tourism and renewable energy in particular - is promising. Wind-energy generation alone is expected to increase fivefold in the next decade. "The new Greek government seems determined to push the 'green...