Greece enters a new era next month, marking the end of an almost decade-long economic crisis and with the economy returning to growth. On Aug. 20, the country will conclude the last of three successive European oversight programs with analysts hailing Greece’s economic reforms and a new, debt-relief deal reached with official creditors.
Greece’s food and beverage companies are entering a new growth phase as the industry increasingly looks overseas to fresh export and investment opportunities, even as it continues to consolidate at home.
Greece's residence-for-investment programme is one of the most attractive in Europe. To acquire residency, one only needs to spend €250,000 on property purchases, or buy a hotel or tourist furnished apartments in a timeshare contract. The main applicant’s spouse, their parents and children under 21 years of age are also eligible for residence.
Greece’s hospitality real estate sector -- buoyed by five consecutive years of record visitor numbers -- is attracting intense interest from foreign investors with a record number of new properties coming online.
After a prolonged depression, the economy stabilized in 2016 and GDP is projected to grow by 1.6% in 2017 and 2.5% in 2018. In 2016, the primary budget surplus was 3.8% of GDP, exceeding expectations and the 0.5% target. The agreement on the second review has improved prospects for a reversal in economic sentiment and lowered bond yield spreads. Financing conditions remain tight as a large stock of non-performing loans is weighing on banks’...