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Athens Macedonian News Agency: News in English, 16-11-24

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] Hellinikon project is progressing, FinMin says
  • [02] Greek gov't determined to continue reforms, Stathakis says
  • [03] EZA has broken the barriers of micro-brewery

  • [01] Hellinikon project is progressing, FinMin says

    "There is absolutely no reason for delaying an investment in Hellinikon. I am absolutely certain for this. The Finance ministry and other related ministries are working hard to complete this project on time," Finance Minister Euclid Tsakalotos said on Thursday.

    Speaking in Parliament, responding to a question by Democratic Coalition deputy Odysseas Konstantinopoulos, Tsakalotos also announced a new legislation covering out-of-court compromise on arrears and setting up cooperative banks based on the German model. The Finance Minister said the government is expected to table a strategic environmental study on the former international airport at Hellinikon soon, to be followed by a Presidential decree on the issue. He acknowledged there were delays in the project, but stressed that the government wanted to renegotiate the agreement and has managed to get more money for it and to agree on a larger investment on utility projects.

    "The project is progressing. There is an agreement with the investor and there is a plan to move faster and to achieve targets," Tsakalotos said. He noted that a delay in approving the inclusion of a casino in the Hellinikon project was because the government wanted to include this to a wider strategy on casino operation in the country.

    Tsakalotos said the government planned the set up of cooperative banks based on the German model of "sparkassen". "The government is convinced that a new wave of cooperative banks is a fundamental element of a growth policy," he said.

    The Finance minister said the govenrment will expand a program to relocate public services, aimed to save more money.

    [02] Greek gov't determined to continue reforms, Stathakis says

    A recovery trend of the economy is expected to be supported and enhanced through the inflow of investment funds and the Public Investment Program, improving liquidity conditions in the banking system and further restoring a climate of confidence, Environment and Energy Minister George Stathakis said.

    Addressing the first day of a two-day forum on energy, environment, entrepreneurship and innovation, organized by the Greek-French chamber of commerce and industry.

    Stathakis said a smooth completion of a second review of the Greek program and implemeting agreed measures on debt relief were also significant and noted that the Greek side was determined to continue implementing a framework agreement and to promote the interventions and reforms needed by the economy.

    "A Eurogroup meeting in December 5 is expected to discuss the immediate implementation of short-term measures on debt relief and to begin discussions on short-term interventions on Greek debt, thus paving the way for ECB to include Greek bonds in its QE program," the Greek minister said.

    Stathakis said GDP data justified the most optimistic forecasts over the course of the Greek economy and noted that "GDP grew at the most significant rate recorded after the 2008 crisis on an annual basis". He stressed that behind a positive trend in the third quarter was a recovery in domestic demand, investments (up 7.0 pct) and exports which grew 16.6 pct in September. He added that applications in the framework of a new development law were expected to reach 1,000 by Christmas.

    [03] EZA has broken the barriers of micro-brewery

    EZA, a Greek brewer based in Atalanti, Central Greece, has climbed to the third place in the domestic beer market and the top Greek-owned brewery, leading its shareholders to a decision to surpass the tight limits of legal and tax framework of a micro-brewery and to seek to play a bigger role in the domestic beer market.

    Athanasios Syrianos, CEO of EZA, told reporters that beer production grew 50 pct in 2016 to 300,000 hectolitre -the tax limit of a micro-brewery is 200,000 hectolitre annually- while sales are expected to reach 30 million euros because of a government decision to double a special consumption tax this year. The company is currently implementing an investment program worth 30 million euros.

    Sales amounted to 16.5 million euros in 2015 and were projected to reach 29-30 million euros this year, while EBITDA are projected to soar from 950,000 euros in 2015 to 2.5 million euros in 2016.

    The company plans to invest around 30 million euros in the 2015-2019 period, of which the first phase of 6.5 million have been completed and a second phase of around 16 million are expected to be completed in May 2017.

    EZA has already begun exporting, with exports around 1.5 million euros, and has a market share of around 7-8 pct. Damma, a fund owned by Dimitris Daskalopoulos, owns a 33.8 pct minority stake in the company.

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