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Debt-laden Greek companies, with nowhere to turn for further loans, may go belly up or be gobbled up. "Without cash, you're dead as a business," says Aegean's Vassilakis, whose company is in discussions for a possible merger with Olympic Air. For Basil Stephanis, president of Selonda, a $167 million aquaculture company with fish farms in Greece, Turkey and Wales, Greece's woes are an "opportunity to consolidate and buy up companies with liquidity problems." Constantine Petropoulos, chairman of Petros Petropoulos, a $158 million firm that sells cars, automotive supplies and industrial equipment, has already diversified his business...
...also likely to fare better. Kyriakos Sarantis, CEO of Sarantis, a $363 million consumer-products company, expects revenue to remain flat despite the problems at home, in large part because nearly 60% of his business is in Eastern Europe. "That exposure is helping," he says. Aegean Airlines, which may have to move to short-term leases for some of its fleet, is looking outward too. In the past six months, the carrier has added routes to Egypt, Israel and Turkey. Greece's $40 billion shipping industry--the country controls 22% of the world's oil-tanker fleet and nearly...
...Long May...
This community backing may have factored into the offer Yvolene's temporary caregiver made in late February to let the girl live with her on a permanent basis if UNICEF can't locate a legal relative. That would be good news to any aid worker. But to St. Louis, who herself became homeless after the quake, the relief is all the sweeter, she says, knowing that "I've saved a child from a life on the streets." -With reporting by Jason Tedjasukmana / Jakarta, Indonesia
Many of the credit-card changes signed into law last May by President Obama took effect Feb. 22. Some key provisions: retroactive interest-rate hikes are prohibited unless the account is more than 60 days past due, users can opt out of paying for overdraft protection, and annual or application fees cannot total more than 25% of the initial credit limit. While the changes provide more transparency for the consumer, analysts warn that banks may find loopholes for new fees to make up for lost revenue...