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...information last November about doctors in the wealthy Athens neighborhood of Kolonaki, where the streets are lined with shops selling brands like Prada and Louis Vuitton. Nearly a third of registered doctors there declared annual incomes of less than $22,000. In all of Greece - a country of 11 million people - only 3,125 people declared incomes more than $280,000. "Everyone who can avoid paying taxes does," says Georgakopoulos. "The only ones who don't are the ones who can't - wage earners and pensioners whose incomes are taxed at source...
Most Greeks agree that the tax system (see following story) and the bloated public sector, nicknamed "the country's sickest patient," are at the root of Greece's current problems. In a country of 11 million people, almost 850,000 workers are employed by the state, which means they receive 14 monthly paychecks instead of 12. Many enjoy a work day that runs from 7:30 a.m. to 2:30 p.m. "The state must change the mentality of the public employee," says one investor and economist, Timos Mellisaris, who calls Greece's public sector "the last communist frontier." Greeks like...
Those with healthy balance sheets, however, see a silver lining. Basil Stephanis, president of Selonda, a $167 million aquaculture company with fish farms in Greece, Turkey and Wales, says 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, also plans to beef up his portfolio. "We will acquire businesses that we wouldn't have ever been able to consider in better times," he says...
Companies that have interests outside Greece are 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 also looking outward. In the last six months, the carrier added routes to Egypt, Israel and Turkey. Greece's $40 billion shipping industry - the country controls 22% of the world...
...enjoy Stein's columns but was disappointed at his latest. He draws attention to the negative stereotyping of Italian Americans by using the pejorative "Guidos" and goes on to say all eight cast members are Italian American--which is not true. The overwhelming majority of the 21 million--plus Americans of Italian descent are honorable, decent, law abiding and intelligent. Like me, they are professionals whose children have graduated from the best colleges and universities in the U.S. You owe the 21 million--plus an apology. As a self-proclaimed New Jersey native, do you have enough "testosterone" to deliver...