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Most Greeks agree that the tax system and the bloated public sector, dubbed "the country's sickest patient," are at the root of the problems. In a country of 11 million people, nearly 850,000 workers are employed by the state--the country's biggest companies are state-run or -managed. They get generous perks, like 14 paychecks a year instead of 12. Many enjoy a workday that runs from 7:30 a.m. to 2:30 p.m. "The state has an irrational control of the economy," says Yannis Stournaras, director of research for the Foundation for Economic & Industrial Research...
...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, inking...
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 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...
...homeschooling? Romeike's wife Hannelore tells TIME the family was contacted by the Virginia-based Home School Legal Defense Association (HSLDA), which suggested they go to the U.S. and settle in Morristown, Tenn. The nonprofit organization, which defends the rights of the U.S. homeschooling community - with its estimated 2 million children, or about 4% of the total school-age population - is expanding its overseas outreach. And on Jan. 26, the HSLDA helped the Romeikes become the first people granted asylum in the U.S. because they were persecuted for homeschooling. (See pictures of East Germany making light of its past...
VINCENT ZURZOLO, co-owner of Metropolis Collectibles, which conducted the record-breaking $1 million auction of Action Comics No. 1, featuring the first appearance of Superman...