Business Partners | November-December 2016 by Raymond Matera Publishing

N OV E M B E R - D EC E M B E R 20 1 6

TH E M AG A ZI N E O F TH E A M E R I C A N - H E LLE N I C C H A M B E R O F CO M M E RC E www.amcham.gr

JUDICIAL REFORM— A JUST CAUSE JOHN C. KYRIAKIDES

PARTNER, KYRIAKIDES GEORGOPOULOS LAW FIRM

PRESIDENT OBAMA VISITS GREECE THOUGHT LEADERS

DISRUPTING GREECE

REGUS AND THE RISE OF FLEXIBLE WORKING — CHRISTOS MISAILIDIS, CEO FOR MIDDLE EAST, SOUTH EAST EUROPE, CIS & TIPE ALTERNATE MINISTER OF LABOR RANIA ANTONOPOULOU

“

WE ARE ALREADY WITNESSING THE RISE OF REMOTE WORKING, CO-WORKING SPACES, INCREASED CONNECTIVITY, THIRD SPACES AND MANY OTHER WORKPLACE INNOVATIONS WHICH ARE TRANSFORMING OUR DAILY LIVES. THE INTRODUCTION OF THESE DIFFERENT WORK MODELS ARE DESIGNED TO MAKE BUSINESSES MORE AGILE.

”

CHRISTOS MISAILIDIS, CEO FOR MIDDLE EAST, SOUTH EAST EUROPE, CIS, TIPE (TURKEY, INDIA, PAKISTAN, EGYPT) AT REGUS PAGE 24

CONTENTS

John C. Kyriakides, Partner at Kyriakides Georgopoulos Law Firm, discusses Greece’s judicial system—and how it affects growth and employment.

Christos Misailidis, CEO for Middle East, South East Europe, CIS, TIPE (Turkey ,India, Pakistan, Egypt) at Regus on the future of the workplace

Barack Obama, President of the United States, makes a historic visit to Athens on his final foreign trip as president

4 THE BOARD

2 8 THE INTERVIEW

John C. Kyriakides, Partner, Kyriakides Georgopoulos Law Firm

6 CHAMBER NEWS THE BIMONTHLY MAGAZINE OF THE AMERICAN-HELLENIC CHAMBER OF COMMERCE VOLUME XV | NUMBER 87 ISSN 1109-4990 CODE: 6526 BPONLINE.AMCHAM.GR CHAMBER.PRESS

CHAMBER.PRESS

AMERICAN-HELLENIC CHAMBER OF COMMERCE

3 1 TRAVEL USA

Discover America—South Carolina

Leadership through Storytelling

32 THOUGHT LEADERS

1 0 S HAPING TOMORROW

Disrupting Greece

ReGeneration

4 0 ECONOMIC MODELS

1 2 U PSTARTS

AMERICAN-HELLENIC CHAMBER OF COMMERCE

DIRECTOR Elias Spirtounias e.spirtounias@amcham.gr PUBLISHER & EDITOR Raymond Matera raymond@materamiller.com ADVERTISING Alexandra Loli alexandra@materamiller.com DESIGN snack• PRINTING & BINDING Queue Print LTD OWNER American-Hellenic Chamber of Commerce Politia Business Center 109-111 Messoghion Avenue 115 26 Athens Tel: +30 210 699.3559 Fax: +30 210 698.5686-7 E-mail: info@amcham.gr

PLEASE RECYCLE

9 L EADERSHIP The Nameless King—Quality

BRANCH OFFICE 47 Vassileos Irakleiou Street 546 23 Thessaloniki Tel: +30 2310 286.453, 239.337 Fax: +30 2310 225.162 E-mail: n.tsavdaroglou@amcham.gr

BY VASSILIOS KAMINARIS

4 2 EMPLOYMENT INDEX

Job Creation—Policies and Programs

1 4 A LBA BUSINESS REVIEW

BY RANIA ANTONOPOULOU

Is There Any Morality in Moral Hazard?

4 4 DEMO KRATIA

President Barack Obama Visits Greece

BY PANAGIOTIS K. AVRAMIDIS

1 6 H EALTH MATTERS

Innovation: Paying Only For What Offers Better Health and Longer Life BY MARCOS GERASSOPOULOS

1 8 N AMES AND FACES in the News

2 0 BIZ BUZZ 2 2 COMMUNITY

WeCare—CSR Program by MetLife

2 4 W ORKPLACE | WORKSPACE

Regus and The Rise of Flexible Working with Christos Misailidis

2 6 T HE FAMILY BUSINESS www.amcham.gr

The Circular Economy: An EY Study

Agile, Lean, and Professional with Dimitris Livas and Alexandros Basakidis

Family Enterprises—Shaping Societies More Than Ever BY PETER VOGEL

4 6 AUSA

Greece’s Defence Industry in the USA

4 8 PUBLIC SPACE

Are We in the Midst of Public Space Crisis? BY ZENOVIA TOLOUDI

5 0 ONE WORLD

George Afroudakis—The Buddha, In the Water, and Out

5 2 BUSINESS2BUSINESS A B2B Toolbox

54 TRENDS & TRADE MAKERS 5 6 VIEWPOINT F rom the Classroom to the Office— Closing the Gap BY VASILIKI MITRAKOS

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 1

DIRECTOR’S DESK We live in disruptive times—to a great extent a result of rapid technological evolution and changes in longstanding perceptions and mindsets. We live in times of conflicting mentalities that, in combination with technological advancements, deeply impact people and societies. The post World War world, as we knew it in the West, appears to be reaching its end and, with this, we may be losing values and equilibriums that have prevailed in that era, in one way or another: the quest for equality, compassion, diversity, social cohesion and, most of all, understanding of our world. Today we witness a continuous decline of the middle class, an unjustified, unequal distribution of wealth, the soaring of relative poverty, intense migration flows, environmental degradation and the dawn of a fierce, competitive and self-centered environment. Fear, envy and insecurity too often characterize our world, accompanied by isolation and various kinds of unrest and conflict. People are insecure and react by choosing leaders or political formations that promise their safety and welfare. And, rather than nations and states working together for a new global treaty of cooperation, based on strong principles that would guarantee peace, stability, education and mutual understanding, all with the help of new technologies, we continue to observe an escalation in tensions and conflicts. It is clear that countries should begin to rationalize relations and behaviors, and enact obvious new models, not based solely on alliances, unions and organizations, but rather on principle, following an open discussion with all citizens. And clearly countries must find a better way to manage their finances and wealth, material and non-material, to create sustainable and non-dependent growth. In today’s disruptive environment how ready is Greece to successfully deal with these challenges? How ready are we to manage the impacts of technological developments? Such questions will be addressed and discussed by our Chamber, in a series of events and other activities, beginning with the 27th Economy Conference at the end of November. Our Chamber believes Greece should deviate from roads that lead to the past. We must confront the future and its challenges and make a successful leap forward. We must stop exhausting ourselves by repeatedly asking for—or shall we say begging for—all kinds of debt relief or new loans and focus instead on how we can develop conditions that will help our society excel, prosper, regain its integrity and achieve a future we all deserve. ELIAS SPIRTOUNIAS Executive Director

THE AMERICAN-HELLENIC CHAMBER OF COMMERCE A DYNAMIC, PROACTIVE CHAMBER The American-Hellenic Chamber of Commerce was established in 1932 and is one of the largest, most active, and dynamic American Chambers in Europe. Virtually all American companies that do business in Greece and Greek companies that engage in trade with the United States are members of the Chamber. The Chamber's membership is comprised of more than 1,000 proactive companies that seek to expand business horizons, create new business partnerships, and take advantage of trade and investment opportunities in today's global economy. The American-Hellenic Chamber of Commerce is an active mem-

2 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016

ber of the U.S. Chamber of Commerce in Washington D.C. and the European Council of American Chambers of Commerce (ECACC).

MISSION STATEMENT The American-Hellenic Chamber of Commerce strives for continuous improvement of American-Hellenic commercial and financial relations, through increased membership and through the organization of top-quality events, exhibitions, fora, seminars, and congresses on both sides of the Atlantic.

AMERICAN-HELLENIC CHAMBER OF COMMERCE

COMMITTEES AGROTECHNOLOGY COMMITTEE Argiriou Notis, Bezergiannis Stella, Chriss Dimitrios, Constantinidis Constantinos, Efthymiadis Thymis, Karagiorgos Nikolaos, Katsaros Georgios, Kouides Antonis, Kouimtzis Athanasios, Koukakis Athanasios, Michailides Ekaterini, Nakas Ioannis, Tsaftaris Athanasios, Vergos Evangelos | Coordinator: Tsavdaroglou Nikos AUDITORS COMMITTEE Felonis Athanasios, Kerameus George, Sabatakakis Kyriacos

EXECUTIVE COMMITTEE

Anastasopoulos Simos, President | PETSIAVAS S.A. Bakatselos Nikolas, Vice President | PYRAMIS METALLOURGIA A.E. Kyriacou Marios T., Vice President | KPMG CERTIFIED AUDITORS A.E. Panayotopoulos Litsa, Secretary General | E.VI.A Papadopoulos Thanos, Treasurer | CHEVELLAS A.E. Canellopoulos Paul, Counselor | AIG GREECE A.E. Costopoulos Alexandros, Counselor | FORESIGHT STRATEGY & COMMUNICATIONS Mamidaki Eleftheria, Counselor | MAMIDOIL-JETOIL S.A. Saracakis John D., Counselor | SARACAKIS BROTHERS S.A. Spirtounias Elias Executive Director

CORPORATE GOVENRANCE COMMITTEE Chair: Papacostopoulos Constantine | Apsouris John, Charalambous Yiangos, Kozoboli Christy, Lessi Eleni, Monogios Vassilis, Shiamishis Andreas, Staikouras Panagiotis, Theodoulidou Maria | Coordinator: Constantinidou Daphe CORPORATE SOCIAL RESPONSIBILITY COMMITTEE Chair: Papademetriou Pakis | Aggeli Anastasia, Diakatou Chrysoula, Katsouli Katerina, Konstantinou Natasha, Konti Kiara, Macheras Alexia, Melios Nikolaos, Menidiati Manina, Papadaki Xanthi, Papadogianni Erietta, Vrachatis Ioannis | Coordinator: Boyatzis Angela CULTURE COMMITTEE Chair: Lidoriki Zozo | Antoniades Vasilis, Arsenis Eugenia, Carras Christos, Daskalaki-Mytilineos Sophie, Karaitidi Eva, Kouroupis Spyros, Liantis-Lianos Efstathios, Marangopoulou Vicky, Panos Pantelis, Pataki Anna, Tsougrianis Panagiotis, Zenetou Artemis, Zirinis Yannis | Coordinator: Tzagaroulaki Katerina EDUCATION, INNOVATION & ENTREPRENEURSHIP COMMITTEE Chair: Panayotopoulos Litsa | Carydis Claudia, Costopoulos Alexandros, Ioannou George, Katsou Nelly, Ketikidis Panagiotis, Kokkini Alexandra, Koutouvelis Fanis, Loutsos Thanos, Makios Vassilis, Mergou Barbara, Papadakis George, Papapanagiotou Archontoula, Paraskevopoulou Elina, Persidis Andreas, Pilitsis Loukas, Porfyris Nikolaos, Printzos Michael, Rizopoulos John, Sabatakakis Kyriacos, Triviza Katerina, Tsiboukis Antonis, Tsoukalis Alekos, Tzakou Nelly, Vyzas Elias | Coordinator: Tzagaroulaki Katerina EMPLOYMENT COMMITTEE Chair: Dr. Koussia Venetia | Anastasiou Despina, Andriopoulos Stavros, Condoyanni Leda, Doukidis George, Ioannou Christos, Karayannis Vassilis, Kikilias Elias, Kollias Vasso, Makris Antonis, Michalopoulos Antonis, Monokrousos Antonis, Oikonomopoulou Antouaneta, Panorios Manos, Papadopoulou Elena, Rigopoulou Irini, Sotou Konstantina, Stergiopoulou Georgia, Tsalikis Constastninos, Vlassopoulos George | Coordinator: Chaidogiannou Sofia ENERGY COMMITTEE Chair: Karayannis Angelos | Alexopoulos George, Desypris John, Ekaterinari Rania, Peristeris George, Rigas Mathios, Stassis George | Coordinator: Dikeoulia Angeliki

BOARD OF DIRECTORS

Alexopoulos George | HELLENIC PETROLEUM S.A. Anastasiou Despina | DOW HELLAS S.A. Antonakou Peggy | MICROSOFT HELLAS S.A. Antoniades Vassilis | THE BOSTON CONSULTING GROUP (BCG) S.A. Apostolides Pascal | ABBVIE PHARMACEUTICALS S.A. Daskalaki-Mytilineos Sophie | MYTILINEOS HOLDINGS S.A. Karayannis Angelos | KARAYANNIS K. GROUP OF COMPANIES Katseli Louka | NATIONAL BANK OF GREECE Kafatos Vassilis | DELOITTE BUSINESS SOLUTIONS S.A. Kolokotsas Dionisis | GOOGLE GREECE Kouimtzis Athanasios | KOUIMTZIS S.A. Koussia Venetia | BUSINESS SOLUTIONS CONSULTANT Coustas John | DANAOS SHIPPING CO. LTD. Koutsoureli Effie | QUEST HOLDINGS S.A. Kostas Stavros | ECONOMIST Kotsalos George | INTERAMERICAN HELLENIC LIFE INSURANCE CO. S.A. Kyriakides John | KYRIAKIDES GEORGOPOULOS LAW FIRM Lazaridis Socrates | ATHENS EXCHANGE Lekkakos Stavros | PIRAEUS BANK S.A. Liakopoulos Theodore | JOHNSON & JOHNSON COMMERCIAL & INDUSTRIAL S.A. Papazoglou Panos | ERNST & YOUNG (HELLAS) CERTIFIED AUDITORS S.A. Papalexopoulos Dimitri | TITAN CEMENT COMPANY S.A. Papapolitis Nikolaos-Leon | PAPAPOLITIS & PAPAPOLITIS Passaris Despina | PROCTER & GAMBLE HELLAS M.E.P.E. Pikrammenos Panagiotis | F. PRIME MINISTER & F. PRESIDENT, THE COUNCIL OF STATE Plessas Dennys | LOCKHEED MARTIN (INTERNATIONAL) S.A. Poulidas Spyros | IBM HELLAS S.A. Sage Jim | PFIZER HELLAS S.A. Stylianopoulos Andreas | NAVIGATOR TRAVEL & TOURIST SERVICES LTD. Tsamaz Michael | HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. (OTE) Tsiboukis Antonis | CISCO HELLAS S.A.

4 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016

GREEK ECONOMY CONFERENCE COMMITTEE Anastasopoulos Simos, Antoniadis Vassilis, Bacacos George, Mamidakis Eleftheria INFORMATION TECHNOLOGY & COMMUNICATIONS COMMITTEE Chair: Poulidas Spyros | Antonakou Peggy, Galani Agathi, Kolokotsas Dionisis, Monokrousos Antonis, Phocas Makis, Peppas Nikolaos, Sabatakakis Kyriacos, Tsiboukis Antonis | Coordinator: Mamali Georgia INSTITUTE OÎ? ECONOMIC POLICY & PUBLIC GOVERNANCE Acting President: Anastasopoulos Simos | Steering Committee: Kotsalos George, Koussia Venetia, Mina Zooullis, Passaris Despina, Sage Jim | Executive Officer: Dikeoulia Angeliki INSURANCE, SOCIAL SECURITY & LABOR AFFAIRS COMMITTEE Chair: Kremalis Konstantinos | Andriopoulos Stavros, Canellopoulos Paul, Christidou Agni, Ioannou Christos, Kalamatianos Dionyssios, Karamesini Maria, Karmiris George, Kollas John, Konstantinidis Theodore, Koussia Venetia, Kyriopoulos Ioannis, Lisseos Panayotis, Lyssimachou Triantafyllos, Michalopoulos Antonis, Micharikopoulos Dimitris, Michos Stathis, Oikonomopoulou Antouaneta, Plomaritis George, Poulias Alkiviadis, Sarantopoulos Dimitris, Siatounis Manolis, Spanou Kalliopi, Spyrakos Fotios, Tzotzos Apostolos, Vafeiadis Ioannis, Vlassopoulos George, Zoulaki Angeliki | Coordinator: Tseritzoglou Voula INVESTMENTS & FINANCE COMMITTEE Chair: Papapolitis Nicholas | Athanassiou Odisseas, Karagiannis Costas, Kokkalis Konstantinos, Lazaridis Socrates, Linatsas George, Megalou Chris, Varvitsiotis Thomas | Coordinator: Dikeoulia Angeliki IPR COMMITTEE Chair: Zachou Dora | Ailianou Andromahi, Chatzopoulos Alexandros, Galanopoulou Katerina, Hatzinicolaou Eleni, Kargarotos Iakovos, Kosmopoulos Michalis, Makris Antonis, Michos George, Michos Stathis, Paparrigopoulos Xenophon, Tavlas Manos, Vasileiadou Julie | Coordinator: Constantinidou Daphne LEADERSHIP COMMITTEE Chair: Miropoulos Artemios | Antonakou Peggy, Kalligeros John, Kerastaris Antonis, Mamidakis Eleftheria, Mastrocostas Yannis, Mavropoulos Michael, Morris Philip, Negkas Nikos, Panteleadis Aristotelis, Rabbat Vassilis, Raptopoulos Emmanuel, Roussos Michalis, Saracakis Alexandros, Vlachos George, Zorgno Giuseppe | Coordinator: Xidou Ritana LEGISLATIVE REFORM COMMITTEE Chair: Kyriakides John | Alexandris Panos, Alexandris Spyros, Tsibanoulis Dimitris, Scorinis George, Margaritis Evangelos | Coordinator: Constantinidou Daphne MEDICAL DEVICES & DIAGNOSTICS COMMITTEE Chair: Liakopoulos Theodore | Anastassiou Giannis, Boulougouris George, Brillis Dimitris, Christopoulou Martha, Deligiannis Konstantinos, Kakavelaki Nora, Katsolis Theodore, Krinos Gregory, Michalitsis Iakovos, Nikas Dimitris, Politis George, Voreopoulos Ion, Vrettos John | Coordinator: Tseritzoglou Voula NORTHERN GREECE COMMITTEE Chair: Bakatselos Nikolas | Alexopoulos Charis A., Gigilinis Alexandros, Kafatos Vassilis, Kanelakis Ioannis, Katsaros Georgios, Kokorotsikos Paris, Kouides Antonis, Kouimtzis Athanasios, Koukountzos Konstantinos, Mitsiolidou Olga, Vlachos Panos | Coordinator: Tsavdaroglou Nikos PHARMACEUTICAL COMMITTEE Chair: Ahmad Haseeb | Apostolides Pascal, Arvela Matti, Capone Carlo, Caporis Xenia, Charalampidis Savas, Commissaris Jeroen, Dakas Christos, Filiotis Spyros, Canevari Riccardo, Gerassopoulos Marcos, Greco Roberto, Papataxiarchis Efthimios, Kofinas Konstantinos, Konstantinidi Marianna, Lorge Emmanuel, Michalitsis Iakovos, Issopoulos Leonidas, Sage Jim | Coordinator: Tseritzoglou Voula PUBLIC AFFAIRS COMMITTEE Canellopoulos Paul, Kyriacou Marios, Papadopoulos Thanos, Saracakis John | Coordinator: Xidou Ritana TAXATION COMMITTEE Chair: Kostas Stavros | Abeliotis Evaggelos, Achilas Ioannis, Altiparmakis Christos, Anastasiadis Charalampos, Athanasiadis Ioannis, Daveros Panagiotis, Doucas Spyros, Gigantes Stavros, Govaris Vasilios, Kerameus George, Konstantinopoulos Alexandros, Kyriakidis Stelios, Laskaratos Panos, Mitsios Stefanos, Morfis Vangelis, Nikolaou George, Panagiotidis George, Pantazopoulos Petros, Papadatos Eugene, Papandreou Christina, Pelekanou Liza, Pothos Panagiotis, Psylla Mary, Samothrakis George, Sfakakis Kostas, Spyriouni Litsa, Stamatiou Georgios, Stavropoulos Ioannis, Tapinos Gregory, Trakadi Maria, Tsakonas Yiannis, Vagena Lia, Yiannacou Sofoklis, Zaverdinos Zois | Coordinator: Tzagaroulaki Katerina TOURISM COMMITTEE Chair: Stylianopoulos Andreas | Ananiadis Tim, Argiri Byron, Fokas Makis, Koutsivis Stylianos, Marriott Carol, Mavropoulos Michael, Panayotopoulos Panos, Van de Winkel Bart | Coordinator: Dikeoulia Angeliki WOMEN IN BUSINESS COMMITTEE Chair: Sideri Anastasia | Alexaki-Catsambi Hariklia, Bachas Liona, Cheimonidou Zeta, Dalekou Chara, Dritsa Anastasia, Katsou Nelly, Kazakopoulou Betty, Labrou Marica, Miliopoulou Georgia-Zozeta, Milona Martha, Siropoulou Niki, Stoumbou Myladie, Tarou Iphigenia, Tsekoura Teti, Tsemperlidou Katerina, Tzimea Deppie, Velliotou Peggy | Coordinator: Boyatzis Angela

CHAMBER NEWS

15th Annual HealthWorld Conference The 15th Annual HealthWorld Conference—Hygeia 2021 – Blue Ocean Thinking on Health: An Open Debate for a Patient Oriented & Sustainable HC System—took place September 20 & 21, 2016 at the Athenaeum Intercontinental Hotel. The conference, that was organized under the Auspices of the Ministry of Health and the Hellenic Association of Pharmaceutical Companies (SFEE), was marked by participation by all major stakeholders in the health sector of Greece. More than 400 distinguished guests, representatives from health institutions, regional health administrations, patient associations, hospital governors, MPs, and the business community heard the high-level speeches and detailed presentations from the distinguished speakers from Greece and abroad. Delegates dynamically participated in conference proceedings by submitting questions and sharing their views with the panelists. They expressed their deep concerns regarding today’s health care sector environment and focused on the necessity for a national health strategy and an effective and sustainable healthcare system, easily accessed by patients. Without a doubt the HealthWorld Conference confirmed its position as the annual high-level policy meeting for the governmental, medical, academic/scientific community and healthcare sector professionals. The conference primarily focused on the improvement of healthcare services provision and improvement of the life quality and safety of patients. In addition, it focused on the formulation of proposals designed to support the healthcare system on a long-term basis and contribute to its sustainability—by properly utilizing existing resources, supporting healthcare enterprises, and facilitating the introduction of innovation in healthcare practices.

NIKOS NEGAS

LEADERSHIP FORUM The Chamber, in collaboration with its Leadership Committee, hosted the 2nd Leadership Forum 2016 Talking with Young People: Business Opportunities and Entrepreneurship on October 24 at TGI Fridays in Paleo Faliro. The event was marked by great success and more than 170 guests (young people from educational institutions both public and private) attended this unique gathering. The purpose of these events is for young people to be informed from top managers and key business leaders on challenges and opportunities regarding careers and to promote young people’s spirit of healthy entrepreneurship and further help them in planning their professional orientation. ARTEMIOS MIROPOULOS

SIMOS ANASTASOPOULOS

HASEEB AHMAD

JOHAN HJERTQVIST

PANEL DISCUSSION

MINISTER XANTHOS

PANEL DISCUSSION

6 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016

14th CSR Conference The Chamber, in conjunction with its Corporate Social Responsibility Committee, held its 14th annual Corporate Social Responsibility conference, Redefining the CSR Vision: Innovate, Circulate, Engage, on November 3 at the Benaki Museum As businesses today are exposed to multiple economic, environmental and social changes that create both risks and opportunities in search for sustainable growth, the design and introduction of sustainable products, services, and business models are needed to achieve business success. This begins with redefining and realigning the CSR Vision with a clear focus on substance, in line with the global trend of sustainability. The conference, attended by 260 delegates, provided a platform for attendees to hear insights from prominent speakers and learn about new opportunities to develop more meaningful corporate social responsibility practices in fostering a culture of corporate sustainability leading to a more sustainable future. The eventâ&#x20AC;&#x2122;s successful innovation, the CSR Marketplace, showcased innovative best practices, encouraged more interaction, dialogue, and sharing among conference participants. Exhibitors included: 3M, AB Vassilopoulos, Alpha Bank, Athens International Airport, Diageo, EY, Interamerican, and Vodafone.

PAKIS PAPADEMETRIOU

ALEXANDRA PALLI

ARIS VRETTOS

CIRCULAR ECONOMY PANEL: WALTER STAHEL, EFTHIMIOS VIDALIS, VASSILIOS KAMINARIS, YANNIS PERLEPES

RANIA ANTONOPOULOU

BRIDGES TO EMPLOYMENT The Chamber and its Employment Committee, to strengthen employment, held the Bridges from Education to Employment event at the Athens Hilton Athens on November 1. Speakers explored the concept of internships, described the legal framework of interns for both businesses and interns, and examined the skills needed by companies and the skills that are in will be in demand that young people posses. Making presentations were Alternate Minister of Labor Rania Antonopoulou, Education Secretary General Pavsanias Papageorgiou, Evangelos Vergos, Maria Kapsokefalou, Konstantinos Kremalis, Maria Laina, Vlassis Stathakopoulos, Irini Fafalou, Irini Apostolou, Dimitris Vasalakis, Fani Bambiolaki, Ioannis Plevrakis, Elena Stasi, Panos Madamopoulos-Moraris, Irene Notia, and Sophia Tsigou. Chamber President Simos Anastasopoulos and Chamber Executive Director Elias Spirtounias welcomed the delegates and Employment Committee President Venetia Koussia moderated the evening and provided a summation of the discussion. VENETIA KOUSSIA

ENGAGEMENT PANEL: STEPHANOS THEODORIDES, STAVROS BENOS, MICHAEL HIMONAS, ALEXANDROS KOURIS

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 7

CHAMBER NEWS

8th Thessaloniki Tax Forum The Chamber and its Taxation Committee held the 8th Thessaloniki Tax Forum, Longterm Overtaxation and Disproportionate Tax Rates, Severe Obstacles to the Dynamic Reboot the Economy, on November 7, at The Met Hotel. Speakers discussed current tax issues, including tax legislation, and how it will affect the trust of the taxpayers towards the state. Additionally, the panels focused on topics including overtaxation, the ways in which taxation will bring new investment, the elimination of tax avoidance and tax evasion through the use of credit cards, and a unified banking system. The Thessaloniki Tax Forum 2016 was attended by more than 270 delegates, with representatives from the economic and tax sector, national decision and policy makers, professors, consultants, accountants and members of the Greek business community. Speakers provided first-hand knowledge of crucial taxation issues. Their expertise and perspective contributed to the success of the conference proceedings and the sharing of valuable information.

ANASTASIA SIDERI

WIB WORKSHOP The WIB Workshop, Make an Impact: Deliver Effective Presentations, took place on October 18, 2016 at Deree – The American College of Greece. Participants engaged in a dynamic hands-on workshop on impactful presentations. Workshop presenter Charis Perdikari introduced specific pointers on ways to use stress and speak with confidence, better ways to tell a story, and offerered tips and techniques covering presentation related issues, from design and preparation to handling the audience. CHARIS PERDIKARI

NIKOLAS BAKATSELOS

STAVROS KOSTAS

IRINI GIALOURI

State Dinner Honors President Obama The President of the Republic, Prokopis Pavlopoulos, hosted a State Dinner at the Presidential Mansion in honor of the visiting President of the United States, Barack Obama, on November 14, during the official visit to Greece of the U.S. President. Chamber President Simos Anastosopoulos attended the Dinner as one of the select 130 invited guests. In his remarks President Obama said. “On bePRIME MINISTER ALEXIS TSIPRAS, PRESIDENT BARACK OBAMA, PRESIDENT PROKOPIS PAVLOPOULOS half of myself and my delegation, on behalf of the American people, thank you for the warmth that you’ve shown us on this visit. Of course, your hospitality comes as no surprise. As Pericles said in his famous oration many centuries ago, “In nobility of spirit, we differ from most others in the way we conduct ourselves towards other people. We make friendships not by receiving kindness from others but by conferring it on others.” And we certainly have felt the kindness of the Greek people conferred on us today.”

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CHAMBER CALENDAR December 5 Athens, Hotel Grande Bretagne, Export USA Forum December 7 Athens, Education Conference December 9 Thessaloniki, Agrotechnology Conference December Athens, MIW Project Announcement

LEADERSHIP

The Nameless King QUALITY LEADERSHIP THROUGH STORYTELLING

he Nameless King, a book of 15 stories of leadership from Ancient Greece by Artemios Miropoulos, links its tales to modern corporate and social reality and brings to light a variety of traits and behaviors, such as trusted coaching, communication, discipline, tenacity, judgment and problem solving. Topics such as developing high potential individuals and teams, women leaders and innovation—or the disastrous effects of arrogance and injustice—are brought under discussion and acquire a thrilling perspective through intriguing story telling. This 128-page, hardcover book is richly illustrated with original drawings inspired by ancient Greek art forms, created exclusively for The Nameless King. The stories are written in simple, non-technical, non-business, everyday language, making it an easy, bedtime choice and an ideal gift.

Most of us have seen Leonidas kicking the Persian messengers into a well, yelling “This is Sparta” in the movie 300. Don’t you want to know what happened next? What’s the parallel between Steve Job’s Apple and Sparta or Alexander the Great and Howard Shultz’s Starbucks. And most important, what’s in it for us today! Miropoulous has written a captivating and edifying collection of insights on important connections between Ancient Greece and successful leadership today. A worthy and engaging read that will both excite and challenge today’s leader!

— Marshall Goldsmith, author of the New York Times and global bestseller “What Got You Here Won’t Get You There.”

The Nameless King focuses on the importance of leadership through the ages and how great leaders emerged, under the most in-

credibly tough situations. The fact that someone is running a large organization or serving in an influential role does not qualify him as a leader. A leader´s job is to define reality and give hope. This is a book that should give clear examples of leadership, to those who lead and do not have all the answers. — Nando Parrado Best-selling author of Miracle in the Andes, 2010 “Best Speaker in the World” World Business Forum

We can go back to ancient history to really understand what are the things that we can do as organizations today to be more successful. The Nameless King is a fascinating read with incredible stories! I highly encourage anyone to take a read if you really want to understand some ancient wisdom and apply it to your modern day problems. — Stephen Shapiro Innovation Instigator Best-selling author “Best Practices Are Stupid”

THE AUTHOR After a career that reached senior positions in multinational organizations, Artemios Miropoulos is now a co-owner of Linkage in Greece. Linkage is the United States’ most highly respected Leadership Development company. He works with senior and middle management teams of large domestic and international corporations as a workshop facilitator, an executive coach and a public speaker. He has studied Mechanical Engineering, Marketing and HR and Performance Management in Greece and abroad. He lives in Athens with his wife Julie and their three daughters.

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 9

SHAPING TOMORROW

ReGeneration GIVING COMPANIES THE OPPORTUNITY TO INVEST IN GREEK TALENT AND JUMPSTART CAREERS OF YOUNG GRADUATES ReGeneration is an innovative program offering young graduates the personal and professional development and skills they need, as they enter the labor market.

n initiative established by the World Economic Forum Global Shapers Athens Hub, the program is sponsored and supported by Coca-Cola and The Hellenic Initiative (THI). In a country facing a 52 percent youth unemployment rate, ReGeneration offers— apart from a traineeship opportunity—a holistic developmental experience for young Greek graduates, by empowering them with the necessary skills that will help them increase their employability, become more competitive in their job searches and, ultimately, pursue their dreams in their own country. The program also aims to reduce the phenomenon of brain drain by bridging the skills gap between talented Greek graduates looking for a job, and companies in search for new hires. More than 70 companies, including multinationals, large Greek enterprises, small medium companies and even start-ups have already embraced the program. ReGeneration is open to graduates up to 29 years old from Greek or foreign institutes of higher education (university/college), with up to 2 years of full-time work experience after graduation. Panagiotis Madamopoulos-Moraris, ReGeneration Cofounder: “ReGeneration has helped to create a new mindset about the incredible value of traineeships and professional development in Greece. Companies in Greece are recognizing the benefits of investing early in talented young Greeks, while young graduates are given the opportunity to discover their potential, develop their skills and pursue their career aspirations in Greece. We are proud of the progress of ReGeneration and are grateful for the more than 70 companies that have already joined the program. We are committed toward growing the program even further so that even more opportunities are given to young people in Greece, who are eager to enter the workforce.” Nectaria Metrakou, Senior Public Affairs and Communications Manager, Coca-Cola Hellas, responsible for Greece, Cyprus and Malta: “At Coca-Cola, we believe in the power of each and every individual to act as a ‘change-maker’ in Greece’s path toward recovery. Our efforts are geared toward supporting programs that foster young employability such as ReGeneration, aimed at giving young graduates a real chance at pursuing their dreams.” Michael Printzos, THI Director of Programming: “One of THI pillars focuses on entrepreneurship and the economic development of Greece. The program was recently recognized in the context of the 4th Annual THI Gala for its contribution. We will continue supporting ReGeneration and would like to see more companies joining the program and taking advantage of its assets.”

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What the program includes: • 6-month paid internship • Extended and reliable selection process (CV Screening, Games-based Assessment, Live Assessment Centre) • Intensive 80 hours practical training • 25 hours of community work Why should a company join ReGeneration? 1. Integration of high caliber and dynamic, young graduates in your organization, while achieving cost efficiencies related to employee recruitment and training 2. Contribute to ReGeneration’s goal of helping to tackle young unemployment and brain drain by actively supporting the next generation. 3. Make a difference in the lives of young Greeks eager to demonstrate their talent and capability in the workplace. Interesting facts about ReGeneration • 80% of ReGeneration trainees were hired full-time after their traineeship • 13.000+ hours of targeted professional development have been delivered to all trainees. • 8.000+ hours of community service have been offered through six NGO partnerships, focusing on homelessness and the refugee crisis. • 130+ organizations have embraced the program. For more information, please visit http://regeneration.gr/be-interested/

Κεντρικό Νευρικό Σύστηµα Σακχαρώδης ∆ιαβήτης ∆ιαταραχές Ανάπτυξης Οστεοπόρωση Ογκολογία Oυρολογία - Σεξουαλική Υγεία Καρδιολογία Πνευµονική Αρτηριακή Υπέρταση Αντιµετώπιση Λοιµώξεων Μη Συνταγογραφούµενα Φάρµακα Παραφαρµακευτικά Χρόνια Έλκη

Η γραµµή της ζωής µας ενώνει.

CO/05-2015

Είδη ∆ιατροφής

UPSTARTS

Agile, Lean, Professional

UPSTARTS

Dimitris Livas and Alexandros Basakidis, Partners and Co-founders of Agile Actors, discuss their new venture

What is the vision behind Agile Actors? Agile Actors aims to be an “agile” organization. We respect our people and empower them to decide and self-organize. We value their feedback and use it to continuously improve. We are advocates of agile management practices and we strive to create such a culture and mentality. How do you view the scaling up process? Our philosophy is based on “lean management.” We have grown significantly over the course of the last year, from 25 to 175 people. During this journey we have managed to maintain a very lean structure, having only six people to manage and administrate the organization, with the rest being tech professionals.

Please provide a little background on Agile Actors. Agile Actors is a network of tech professionals that form effective and efficient software development teams, knowledgeable in cutting-edge as well as in traditional technologies, methodologies and processes. These teams are hired and in some cases acquired by organizations in need of staffing their software development projects. These projects may be long or short term and may require a variety of specialties and seniority. Agile Actors strives to become an environment where a tech professional DIMITRIS LIVAS will be offered the opportunities and choices to practice and achieve his/ her next career goal. As a member of a global team, an Agile Actor professional aims to be a professional of the world and resident of the place of his/her choice.

What new models of business services do you plan to introduce to fulfil your vision? Agile Actors develops, coaches and manages cross functional teams for our customers according to their specific needs. Our partnerships, mainly long-lived, are based on us adapting to the processes and standards, ceremonies and guidelines of our partners, so we create united teams that improve collaboration.

WE HAVE GROWN IN 1 YEAR FROM 25 TO 175 PEOPLE

What is your special expertise? Agile Actors professionals are practicing agile methodologies on the most important project: their own professional development. They gradually evolve their own seniority by continuously aiming and achieving short term motivating goals. How do you see the company expanding? We grow by expanding both our network of global customers and our network of tech professionals where the first gives the second the environment to live and evolve. Currently we have customers in the UK, the US, Sweden and Greece. Currently most of our tech professionals are located in Athens, where the Agile Actors incubation started and we aim to expand to other global locations.

AN AGILE ACTOR PROFESSIONAL AIMS TO BE A PROFESSIONAL OF THE WORLD 12 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016

ALEXANDROS BASAKIDIS

Our services are in the areas of: • Software development • UX/UI Design • Business Analysis • Product and Service Design • Quality Assurance and Test automation • Agile Coaching We provide services on cutting edge technologies, including Javascript, Scala, Java, .Net, Nodejs, Angular, React, React-Native and Mobile, and traditional technologies, such as Cobol.

ALBA BUSINESS REVIEW

Is There Any Morality in Moral Hazard? One of the biggest challenges for the Greek and the European banking systems is the management of the non-performing loans

mediation. For instance, in advance economies, peer to peer (p2p) lending, where investors and borrowers contract directly, has emerged as a new mechanism for funding. The direct interaction of borrowers and lenders reduces the emotional factors and that, in turn, curtails moral hazard. Moreover, studies show that in p2p markets, morality weighs on the borrower’s decision to default in a loan funded by a peer.3 Whether there is morality in moral hazard is probably a question equally suitable for philosophers as well as for economists. But

fter a prolonged econom- even resolve to credit rationing, affecting ic recession, it is expected primarily those borrowers in greater need of that a proportion of loans credit. All these constitute market inefficienwill incur losses due to the cies and entail significant social costs. When financial insolvency of the the implications of strategic default are borrower. A smaller but significant num- viewed on a societal level, the term “moral ber of borrowers, however, are strategic de- hazard” is no longer unbefitting. faulters since they have the ability, but not the willingness, to pay off their liabilities. Market participants and authorities use the term “moral hazard” to describe this payment (mis)behavior. The term suggests ALTERNATIVELY, WE CAN SEEK FOR OTHER that there is something inherently immoral in such a decision. However, this view is FORMS OF FINANCIAL INTERMEDIATION challenged by a group of academics. They argue that the decision to default on a mortgage loan, with an outstanding amount higher than the value of the house, is a ra- What can we do to mitigate moral hazard the social costs implied by moral hazard are tional economic decision in line with the and its undesired side effect on credit mar- real and must be dealt with. It is not the first prevailing orthodox economic theory. In ket efficiency? Recent studies show that in time where a self-interest behavior has negaddition to economic factors, ative repercussions for the society. But all particular, proponents of this emotions like fear, anger and modern economies and markets are built view claim that “The loan contrust also affect the decision to under the assumption that pursuing self-intract, like all other contracts, strategically default2. Hence, terest by individuals will ultimately benefit is purely a legal document, our first priority should be society too. Moral hazard represents a real not a sacred promise. Nobody to restore the trust between threat because it challenges this fundamenuses the term moral hazard borrowers and financial in- tal assumption of capitalism. Until we find for breaching a contract with stitutions that was hurt by the the right remedies, by restoring faith to the a cell phone company for a misconduct of bank manage- existing institutions or by inventing new better deal, why we use it for a ment before the global finan- ones, the future of modern economies and mortgage contract?”1 — BY — If we concede that loan losses, cial crisis. Such an endeavor markets is at stake. PANAGIOTIS K. AVRAMIDIS including the strategic defaults, would therefore include a Assistant Professor of is part of bank’s business, then tighter regulation on financial Finance and Quantitative banks are entitled to adjust institutions and particularly 1 White 2010 - The Morality of Strategic Default Methods, Academic Director of MSc in Risk their credit policies accordingon management compensa- 2 Guiso, Sapienza, Zingales 2013 - The determiManagement Program, nants of attitudes towards strategic default on ly. This practically means that tion and bank risk taking. ALBA Graduate Business mortgages School at The American they will charge higher rates, Alternatively, we can seek for 3 Avramidis, Mylonopoulos 2016 - Morality and College of Greece ask higher down-payments or other forms of financial interMoral Hazard in P2P Lending

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HEALTH MATTERS INNOVATION

Paying Only For What Offers Better Health and Longer Life How can we get the most value from public pharmaceutical expenditure?

uring seven years of eco- Then we examine the budget. Is the fixed nomic crisis in Greece, pub- annual budget for public pharmaceutical lic spending on health has expenditure a good model? Is this budget been decreased significantly. connected to patient needs? Does this budStakeholders took tough de- get improve or maintain the health status of cisions, implemented horizontal measures Greek citizens? and transformations to decrease the health We need to justify the fixed budget. IDIcare expenditures, due to the memoran- KA and EOPYY can effectively collaborate dum. Now, we must consider the health to develop robust data for the Greek popneeds of the Greek population and make ulation’s needs. National therapeutic area strategic/justified decisions. registries for those categories that impact There is a growing recognition that no sin- the budget acutely can be a valuable data gle part of the healthcare eco-system, in iso- source. Disease registries could be an effeclation, can provide a solution. Meaningful tive tool to gain insight and help us develop partnerships and a high level of collabora- improved management strategies. tion between all stakeholders (Ministry of Another fundamental decision is how and Health, EOPYY, EOF, Academia, Pharma) at what price innovative medicines will be could develop the Greek mereimbursed. This is a difficult dium- to long-term policy to decision to make if you lack improve health care services an HTA mechanism. We need and secure the future of NHS. to develop the right incentives It is important to recognize and of reimbursement to value inanalyze the needs of our popunovative medicines. One way lation. If we address the annual to get the most value from the health needs of patients, the fixed public pharmaceutical diseases that impact the health expenditure would be to move — BY — states of large parts of the poptoward ‘value-based’ innovaMARCOS ulation, the diseases that have tion, outcomes-based pricing GERASSOPOULOS an increased financial impact models or value-based conCountry Chair Greece, on the NHS, we could make tracts. Also, the introduction Head of MCO Greece and Cyprus, justified decisions to prevent of therapeutic protocols for GEM GBU General Manager and manage diseases. the first four diseases is an im-

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portant test from the Greek MoH to gauge how much more savings can be made. Finally, therapeutic protocols, the development of Rx incentives and the appropriate use of innovative medicines, the right medicine to the right patient, could secure savings.

THE TIME IS NOW

The challenge is to change the country’s healthcare policy. It is important that we start collecting data for the Greek population, analyze them, measure actual health outcomes, and take fair and reliable measures. Only if we tackle the healthcare cost curve by reducing overall healthcare costs and reward the long-term improvement of patients’ health will we get the most value from the public pharmaceutical expenditure. Innovative medicines, that efficiently deal with disease, can have a positive impact on the healthcare cost curve. For example, innovative drugs may reduce the length of a hospital stay or the need for surgery, producing significant savings in other cost centers of the health system. To shape tomorrow’s health needs we must adopt a holistic approach today. The Ministry of Health, EOPYY, EOF, Academia and Pharmaceutical companies should together drive the NHS on a more sustainable path and develop value assessment frameworks for innovation. The biggest beneficiary of a sustainable NHS will be patients, who will receive better care and have access to the best innovative medicine. Who doesn’t want to pay only for what offers better health and longer life?

NAMES & FACES

...in the news NEW COUNSELOR FOR PUBLIC AFFAIRS

Monica Cummings arrived in Athens as new Counselor for Public Affairs at the U.S. Embassy.

MARRIOTT TO RETURN TO ATHENS

Marriott International’s agreement with Chandris Hotels will mark the return of the Marriott Hotel brand to Athens, Once the Metropolitan Athens Hotel completes its $15 million transformation, the Athens Marriott Hotel will debut in 2018 with 366 guestrooms.

MANPOWER GREECE—NEW MANAGING DIRECTOR

On September 9 ManpowerGroup welcomed Fani Kleida as Managing Director of Manpower Greece. A graduate of the London School of Economics & Political Sciences, Ms Kleida has 20 years of experience in human resource management in key sectors of the economy, with a focus on retail, high technology and industry.

STIRIXIS AWARDED

Build Magazine’s 2016 Architecture Awards have honored Stirixis for Best Business Concept Creation & Design-Greece and for the Best Greek F&B Project for Kostarelos Deli.

AMERICAN P&I CLUB HEADS BEACH CLEAN UP

On October 2 the American P&I Club, in cooperation with HELMEPA and in celebration and honor of Ocean Conservancy’s 2016 International Coastal Clean-up, attracted over 80 volunteers, representing members, associates and executives from the Greek shipping sector, along with their families, for a beach cleaning at Kavouri beach.

WHITE HOUSE RECOGNITION

Panagiotis Roussos, who studied medicine at the University of Crete, specializes in psychiatry at The Mount Sinai Hospital in New York, His research is focused on genetic factors causing neuropsychiatric conditions such as schizophrenia, bipolar disorder and Alzheimer’s. In May, Dr. Roussos was one of the 106 scientists to be presented with awards at The White House by President Barack Obama for their contributions to society and the environment

SPEAKERS CORNER

NEW US AMBASSADOR

Geoffrey R. Pyatt was sworn in as the U.S. Ambassador to the Hellenic Republic in September 2016. He served as U.S. Ambassador to Ukraine from 2013-2016, Previously, Ambassador Pyatt was Principal Deputy Assistant Secretary of State in the Bureau of GEOFFREY R. PYATT South and Central Asian Affairs, Deputy Chief of Mission at the U.S. Mission to the International Organizations in Vienna, and served at the U.S. Embassy in New Delhi as Deputy Chief of Mission, and as Political Counselor. Ambassador Pyatt served as Economic Officer at the U.S. Consulate General in Hong Kong and as Principal Officer at the U.S. Consulate General in Lahore. Ambassador Pyatt grew up in La Jolla, California and holds a Master’s degree in International Relations from Yale and B.A. in Political Science from the University of California, Irvine

PAUL B. KAZARIAN HONORED

Chamber member Paul B. Kazarian received a special editors’ award from The Accountant and International Accounting Bulletin in London on October 6. Mr. Kazarian, the CEO and founder of Japonica Partners, has been actively involved in the promoPAUL B. KAZARIAN tion of transparency within government finances, becoming one of the most prominent advocates of the international benchmark IPSAS or International Public Sector Accounting Standards. In the context of Greece’s successive bailouts he has led the debate on transparency and sound public finance management, stimulating intellectual discussions compiled in the campaign website Most Important Reform. Carlos Martin Tornero, editor of The Accountant said: “Kazarian’s work is breaking the shameful silence imposed by short-sighted and self-serving politicians, regulators and other stakeholders of the global financial industry. His quest for transparency and accountability should be commended and celebrated.”

DEAD OR ALIVE

SELF WORTH

— EARL WILSON

—MALCOLM FORBES

If you think nobody cares if you’re alive, try missing a couple of car payments.

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It is unfortunate we can’t buy many business executives for what they are worth and sell them for what they think they are worth.

GRANDE BRETAGNE AWARDS

Q&A

The Hotel Grande Bretagne earned two awards in the 23rd annual World Travel Awards competition. The Grande Bretagne was voted as Greece’s Leading Hotel and also received the Greece’s Leading Hotel Suite award for the Presidential Suite.

ANDREAS SKOURAS POST-GRADUATE STUDENT IN BANKING & FINANCIAL MANAGEMENT, UNIVERSITY OF PIRAEUS

A Student Perspective

HELLENIC U.S. ALUMNI ASSOCIATION

Are you satisfied with the education you received? Through my educational path I gained a large amount of knowledge from some highly qualified educators but my main complaint is that the Greek system, by its structure, encourages and rewards memorization, shutting out critical thinking. Of course, there were exceptions and things improve at the upper educational levels, but the problem remains, especially at primary and secondary levels which, after all, are the most crucial years in a student’s life. Did your education prepared you properly for your career? The Greek educational system prepared me well as a scientist, providing more than enough theoretical knowledge but, unfortunately, there was lack of practical implementation. Moreover, the educational process lacked basic career guidance and advice. As a result, I came to choose my career path through personal research and advice from experienced professionals, as well as some stimulation by a few educators over the years. Is Greece offering you what you believe is should offering? Greece, the birthplace of science, deserves a more modern, innovative, and flexible educational system. A system that along with the necessary theoretical knowledge encourages students to think out of the box and discover their own skills through recreational activities and assessment procedures. This will eventually lead to personal, social, and economic development and may slow down brain drain.

Hellenic U.S. Alumni Association is organization for participants of U.S. government-sponsored exchange programs including International Visitor Leadership Program, Study of the U.S. Institute, Fulbright Fellowship, Foreign Press Center Reporting Tour, Benjamin Franklin Transatlantic Fellowship, NATO Tour. Danae Bezantakou is President.

WYNDHAM GRAND ATHENS OPENS

Wyndham Grand Athens, the first Wyndham Hotel Group hotel in Greece, is set to open on Karaiskaki Square, in central Athens, on December 1. The 5-star hotel will have 273 rooms, conference halls, a gym, a spa, and a 450 sq. m. roof-garden with a pool and a 360 degree view of the Athens skyline.

ANDREAS STYLIANOPOULOS ADDRESSES CONFERENCE

Andreas Stylianopoulos, President of the Chamber’s Tourism Committee, participated as a speaker at the Seatrade Cruise Med held September 21-23 in Tenerife. The biennial event focuses on the second largest cruise destination in the world—The Mediterranean.

STAVROS KOSTAS PRESENTATION

Stavros Kostas, member of the Board of the Chamber and President of its Taxation Committee, participated as speaker on September 28 at the Microsoft Hellas event “re-IMAGINE Finance.’’ Mr. Kostas discussed the crucial role of CFOs as strategic partners of businesses and the importance of forming a new conception of finance functions.

WINNING FORMULA

A Greek team of students from Mandoulides Private School snagged the prestigious Bernie Ecclestone trophy after taking top honors in the F1 in Schools World Finals in Austin, Texas. The team beat the acclaimed Australian squad who took second place, with the German team coming third.

WAGES

WORTHY SELF

DEEP VALUES

—ROBERT BOSCH

—AUTHOR UNKNOWN

—DAVE BARRY

I don’t pay good wages because I have a lot of money; I have a lot of money because I pay good wages.

The real measure of your wealth is how much you’d be worth if you lost all your money.

Once again, we come to the Holiday Season, a deeply religious time that each of us observes, in his own way, by going to the mall of his choice.

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 19

BIZBUZZ

Coca-Cola Greece Helps Young Entrepreneurs Make Their Ideas a Business Reality! Following its success last year in Athens, with the valuable support of The Coca-Cola Foundation, the Entrepreneurship School has returned to Greece to offer the chance to more than 200 young aspiring entrepreneurs ages 18-35 to make their ideas a business reality in both Athens and Thessaloniki! The Entrepreneurship Schools are THE WINNING TEAM FROM ENTREPRENEURSHIP SCHOOL ATHENS organized globally by ThinkYoung, the WITH THE EVALUATION COMMITTEE: PAUL KIDNER, (FIRST FROM LEFT), first think tank that focuses on young LUCA SELVA, (2 FROM LEFT), NECTARIA METRAKOS, (5 FROM LEFT), ALEXIS KOMSELIS (2 FROM RIGHT) people. The School lasts for five days, is free and offers in its program successful entrepreneurs. During the Athens program (October 3-7, The Cube Athens), Entrepreneurship School participants visited the office of Coca-Cola in Greece, where they learned more about Coca-Cola’s local presence in Greece, how to leverage social media in their business plans and received advice on how to navigate through a constantly evolving business landscape. The Entrepreneurship School addresses all stages of the business planning process, including developing the idea, marketing, communication and networking, funding your enterprise and ‘Failing to Succeed’. At the end of the week, participants pitch their ideas to an evaluation committee. The winning team in Athens won with their idea called “Unblock,” an application that taps into the need for tenants in an apartment building to have contact with one another, share information and take decisions about developments in their building. ND

Oracle—New Enterprise Security Consulting Competence Centre Oracle announced the establishment of an Enterprise Security Consulting Competence Centre in Athens that launched in September and that covers the rapidly growing demand for Enterprise Security solutions and related architecture design and implementation services, provided by Oracle Consulting, in the cluster that includes Greece, Cyprus, Malta, Balkans, Middle East (including the Gulf countries), Saudi Arabia and North Africa. The new Enterprise Security Consulting Competence Centre operates as the central security advisory and expert services implementation hub across these geographies, covering the complete Oracle Technology offering: Cloud, Hybrid and On-premises implementations. Focus areas of the Enterprise Security Competence Centre include: identity governance, access management, data security, API Management, web services security, mobile security and database security. This new Oracle investment in Greece empowers and expands the local and regional role of Oracle Consulting, whose team at the heart of the Competence Centre consists of 16 high caliber Greek young consultants, with excellent know-how and experience in widely adopted security and integration methodologies.

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DID YOU KNOW ...

the Rolling Stones’ tongue logo design was inspired by the Indian Hindu goddess Kali The Destroyer?

...

Lynyrd Skynyrd got their name from a high school teacher, Leonard Skinner, who suspended students for having long hair?

...

Brian Jones, co-founder of The Rolling Stones, was proficient at over 60 musical instruments?

... ... ...

Jimi Hendix created the song “Little Wing” in 145 seconds? Elton John’s real name is Reginald Kenneth Dwight? Queen has the longestrunning fan club, according to the Guinness Book of World Records?

...

Paul McCartney performed at the 2012 London Olympics Opening Ceremony for the amount of 1 pound ($1.57)?

... ...

Elvis recorded more than 600 songs, but wrote zero of them? Bob Dylan’s first draft of “Like a Rolling Stone” was six pages long?

...

the Clash’s “Rock The Casbah” was written after the banning of rock music in Iran?

Electra Metropolis Opens The Electra Metropolis, part of the Electra Hotels & Resorts Group, located on Mitropoleos Street, two city blocks from Syntagma square, opened October 3. The five-star hotel, housed in the former Education Ministry building, was thoroughly renovated. The Electra Group now has three hotels in Athens, one in Thessaloniki, and one in Rhodes.

Promoting Greek Wine Enterprise Greece and the National Inter-professional Organization of Wine and Vine (EDOAO) have earmarked the sum of 5.5 million Euros on joint actions to boost exports in 2017. Christos Staikos, Chairman of Enterprise Greece, said the wine sector was dynamic with a strategic plan to promote its products, also a priority of Enterprise Greece. He said that the organization implemented a 1.3-million-Euro promotion program this year focusing on five markets: U.S. and Canada, Switzerland, China, Korea and Japan.

SFEE’S STRATEGIC PLAN The Hellenic Association of Pharmaceutical Companies (SFEE) has designed and introduced a medium-term (20142021) Strategic Action Plan for the industry, based on two key pillars: a. production and exports and b. research, development and innovation. The key points of the strategy are: making Greece a hub for clinical research with a view to increasing annual expenditure on clinical research from 84 million Euros to 400 million Euros; doubling employment in the pharmaceutical industry; increasing R&D expenditure above 10% of the turnover of the industry in line with the target of “Europe 2020” (1.5% of GDP for R&D); increasing the number of medicinal patents; doubling investment in production plants in Greece; improving the competitiveness of Greek pharmaceuticals and increasing exports by 50%’ linking academic/ research centres with industry; promoting Greece as a major destination for medical conferences.

Intrasoft International Contract with EU Agency for Railways Intrasoft International was selected by the EU Agency for Railways to provide effective communication strategy advice and the development of communication plans and products. Intrasoft will provide a wide range of services, from template creation and graphic design to strategic advice on communication activities. Furthermore, the company’s information and communication team will undertake the design and implementation of surveys and stakeholder research as well the impact assessment of all communication activities, using the newly-developed VARID tool.

SMES AND THE ECONOMY According to a presentation of the Athens Stock Exchange, small and medium size enterprises in Greece dominate the economy, accounting for 85% of employment and 72% of added value—significantly higher than the EU average. In addition, SMEs constitute a significant proportion of ATHEX listed companies, both in the Regulated Market (43%) and the Alternative Market (92%). The primary concern of SMEs is access to finance.

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 21

COMMUNITY

MetLife, with 145 years of experience, has a strong presence internationally by providing financial security in an uncertain world.

CSR PROGRAM BY METLIFE

etLife in Greece, since 1964, firmly focuses on the real benefit of their members while plans programs and services that meet their needs. This year, MetLife unified all corporate social responsibility programs under the umbrella of WeCare CSR program. In specific, MetLife’s CSR activities support: 1. t he implementation of the globally recognized program “LifeChanger” 2. the educational program of Hellenic Children’s Museum “Play, Discover and Feel in the museums” that offers amazing experiences to people with disabilities

This program intends to give the knowledge and the skills to young people to lead them to financial independence. MetLife launched this initiative in collaboration with the NGO Junior Achievement Worldwide, providing accredited training programs in over 35 countries in collaboration with MetLife Foundation. As part of the implementation of the “LifeChanger” program in Greece, more than 250 MetLife volunteers, employees and insurance agents have made training sessions and activities to more than 2000 students of all education levels. During the whole school year, on a weekly basis, MetLife’s volunteers educated elementary, middle and high school students through creative games, competitions and discussion, in order to make youngsters responsible for their financial future. In high school, MetLife volunteers operated in a more consultative way, giving a real taste of the business world. The company supported and rewarded students who “build” from scratch their own start up, through mentoring meetings, where the top executives of MetLife discussed and advised young people how to successfully support their entrepreneurial vision.

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The Hellenic Children’s Museum is an organization with 30 years of experience in the design and implementation of training programs helping children from pre-school age to develop their full potential so as to become active citizens of tomorrow. In this context they created the program “Play, discover and Feel in the museums” targeted to people with disabilities. MetLife’s employees play a leading and important role in this program as well since they actively interact with children. So far, more than 250 children from 15 special schools have registered in the program. Children explore each room of the museum through experiential activities driven by their senses.

The Human Element at Work.

DEDICATED TO SUSTAINABILITY Dow has a legacy of innovation, leadership and action in sustainability. As we look ahead, we are committed to going beyond our current capabilities and the reach of our products and solutions, to advance the well-being of humanity by helping lead the transition to a sustainable planet and society. DOW HELLAS A.E. Thoriko Lavrion - 19500 Greece Tel: +30 22920 62200

www.dow.com

WORKPLACE | WORKSPACE

THE RISE OF

FLEXIBLE WORKING Regus is the world’s largest provider of flexible workspace solutions, with customers including some of the most successful entrepreneurs, individuals and multi-million dollar corporations. Through its range of office formats- as well as a growing mobile, virtual office, and workplace recovery businesses- it enables people and businesses to work where they want, when they want, how they want, and at a price they want.

uring last year, based on a sustained global trend towards flexible workspaces and after enjoying strong demand for its premises, Regus expanded its network of serviced offices by a fifth. The company is now seeking to expand in China, India and the US and by launching its new Spaces brand in 2015 is seeking to target creative workers. This brings its total business center footprint to 2.850 workplaces across 107 countries and over 1,000 cities, with 2.3million members worldwide. Mr Christos Misailidis, CEO for Middle East, South East Europe, CIS, TIPE (Turkey, India, Pakistan, Egypt) at Regus shares with us the secrets behind the success of the company and his insights on the future of the workplace. How will the future of work look like? The daily commute to an office where people arrive with their coffees ready or the designated 38-hour week is gone. Globally, experts predict that the workplaces of tomor-

row will be more flexible, collaborative and mobile, where the majority of people work remotely on a freelance basis for multiple companies and are paid for work carried out its value, rather than just hours. As generations collide, workforces become more diverse and people work longer; traditional career models will soon be a thing of the past. We are already witnessing the rise of remote working, open plan offices, co-working spaces, increased connectivity, hot-desking, third spaces and many other workplace innovations which are transforming our daily lives. The introduction of these different work models are designed to make businesses more agile.

ORGANIZATIONS NEED TO CREATE WORKPLACES WHERE PEOPLE WANT TO BE AND THAT STIMULATE THEIR THINKING

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How can businesses adapt in these changes? Business transformation is never-ending, so embracing change and learning to thrive in an ambiguous environment is an ongoing challenge for everyone. Change is the ‘new norm’ and we need to champion it as such. Organizations need to provide a workplace that is flexible and mobile. They need to create workplaces where people want to be, somewhere that stimulates their thinking and importantly allows them to work in the way they need to. That means having a workplace that’s not only a dynamic en-

vironment but one that encourages collaboration and supports flexibility. Likewise, as individuals we need to be adaptable. We also need to have the ability to collaborate, influence and continually learn. It’s as much about mindset as it is about skills and experience. What is the role of technology for the future workplace? Technology also plays a critical role in the success of future workplaces. Already it facilitates a global workforce, eroding geographical boundaries and providing the ability to interact almost anywhere, anytime, blurring the lines between work and home life. Evolving technology means that all elements of our lives are intermingled. We take our lives to work, and likewise we work outside of work hours as well as inside – it’s fully versatile in my view. As the number of tools available for a broad range of tasks balloons, users will be waiting for emergent players who can offer much of what constitutes digital office management in one place‚ and they’ll be expecting them to keep up with many of the more niche services when it comes to important, pioneering features. How do you explain Regus’ success and ongoing expansion? An increasing number of businesses—from large corporations to entrepreneurial startups—have come to recognize the power of flexible workspace in helping them maximize the positive impact of new technologies and transform performance. Flexible offices now account for 8 per cent of global office take-up. By using our services, companies can keep their costs variable. This frees them up from being saddled with assets that may become obsolete. In addition, Regus can help its clients ramp up quickly should an opportunity prove more attractive than initially thought. We help small companies seem like big ones; and help big ones explore new territories and operate as a “virtual” back office for companies on the move. Companies like Regus have much to teach us about how to operate with the logic of transient advantage underpinning a strategy.

CHRISTOS MISAILIDIS

AN INCREASING NUMBER OF BUSINESSES HAVE COME TO RECOGNIZE THE POWER OF FLEXIBLE WORKSPACE

What are the prospects for Regus Greece for the next years? We currently operate 3 locations on the Greek market and intend to grow our national network all around Greece and be present in every city in order to meet the needs of individuals and companies for new ways of working and adapted workspaces. Our target is to develop a network in the next years to 20 centers. Moreover there are plans of opening a Spaces site in Athens. Spaces is an Amsterdam-born creative workspace pioneer that offers an inspiring work environment for professionals and growing businesses. It has the goal to offer an inspirational surrounding with an entrepreneurial spirit where ideas are born, a company evolves and valuable relationships are being built.

Given the large number of underutilized building in Athens, what are the solutions that Regus can offer to property owners? Regus is a great tenant providing high security on building owners through tailor made long term partnerships in each country we operate. Experience shows that in every market we improve the occupancy levels and we can significantly maximize lease terms and rental income. Moreover we help owners reach a broader market and incubate future growth occupiers.

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 25

THE FAMILY BUSINESS FAMILY ENTERPRISES—

Shaping Societies More Than Ever Family-controlled enterprises are among the most important institutions around the world. Estimations say that at least two-third of all enterprises worldwide are family-controlled enterprises.

hese family enterprises account for 50-80% of jobs in the majority of countries worldwide (European Family Businesses, 2012) and combined create more than 70% of the world’s GDP (FFI, 2016). Why are family-controlled enterprises so successful? There are many reasons, but here are a few key points. They… … take a more long-term strategic perspective … have very high bars for capital expenditures … are less likely to raise debt … oftentimes have a superior corporate culture and manage to retain their employees … are quite resilient to economic fluctuations due to financial buffers which they create during good economic times … have entrepreneurial founders who instill their entrepreneurial drive and vision in the next generation … oftentimes have a highly diversified portfolio The economic and societal impact of family enterprises is tremendous and has, until recently, been underestimated. A study conducted by the Tharawat magazine found that family-controlled businesses show higher profitability in the long run, are less likely to lay people off in times of economic crisis and are more likely to give charitably to their community (e.g., in the form of foundations or the support of art and culture in a region). Hence, one can conclude that family-controlled businesses are an essential cornerstone to the economy and society.

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— BY — DR. PETER VOGEL (www.petervogel.org), Entrepreneur, Director Custom Programs at the Executive School of the University of St. Gallen, and Associate Partner of the Cambridge Family Enterprise Group. Follow Peter on Twitter: @pevogel

Reference: • European Family Businesses. Family Business Statistics. 2012. • FFI (Family Firm Institute). Global Data Points. 2016. • Tharawat Magazine. The Economic Impact of Family Businesses. Issue 22. 2014.

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THE INTERVIEW

JUDICIAL REFORM A JUST CAUSE

John C. Kyriakides, Partner at Kyriakides Georgopoulos Law Firm and Chairman of the Chamber’s Legislative Reform Committee, discusses the reforms needed within the Greek judicial system leading to a more effective, efficient, and productive social and economic environment. What is the key problem in the justice system today? The Greek judicial system is going through a serious crisis and, as a consequence, has lost its credibility with Greek society and the international business community. To be clear, I do not refer to corruption but solely and specifically to the time it takes to resolve disputes in Greece. The legal maxim justice delayed is justice denied couldn’t better describe this phenomenon as it has evolved over the past decade. According to the EU Justice Scoreboard released in April 2016, Greece ranks among the last countries regarding the time it takes to resolve disputes. Every practitioner knows that in civil cases a dispute may take up to six or eight years to reach the Supreme Court; in administrative cases the petitioner will have to wait at least seven years before recourse is introduced for a hearing at the first instance level and, in criminal cases, felony offences are usually heard some six years after the filling of the criminal complaint against the perpetrator. This is a huge problem and I would like to see the judicial and legislative powers work moretogether toward restoring the lost credibility and reliability of the system. A start was done with the introduction of the new civil procedure rules effective as of January 1st, 2016. But clearly it’s not enough.

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What are the obstacles to reform? First, and foremost, there is a lack of genuine willingness and professionalism on behalf of politicians, lawyers and judges to make deep and substantial reform. Second, there are no funds to upgrade the system, to hire more judges and prosecutors, and to improve resources, such as manpower, technology, courtrooms, information systems and the like. How do businesses and citizens suffer due to this dysfunctional system? Everyone suffers from a dysfunctional system. Not only businesses and citizens, but the State as well. A dysfunctional legal system harms the real economy. Imagine you run a company and a supplier provides you with defective materials. Just before delivering these items to your customer, you realize that the entire production is worthless. Your supplier refuses to accept liability so you must take legal action to be compensated for your loss. Despite the fact that as an entrepreneur you act swiftly and take all appropriate measures, it takes several years until you end up with an exequatur in your hands; and by that time your supplier has filed a petition for bankruptcy and there are no assets

against which you can satisfy your claim. Has justice been rendered in this instance? Technically yes but in essence, obviously not. You, the entrepreneur, couldn’t care less about having an exequatur in your hands that is useless. There is no value left in this judgment which is drained of value by the time it has taken to obtain it. With this example I want to emphasize that when someone has suffered an injury he or she must be given a speedy, just and fair resolution. If legal redress is not rendered within a reasonable time, it is effectively the same as having no redress at all. As a result, what are some of the losses to the Greek economy, employment, and competitiveness? This is glaringly simple yet it baffles me how we, as a nation, continuously fail to see the obvious. An effective judicial system plays a crucial role in upholding the rule of law. Investors consider this a fundamental prerequisite in choosing business friendly environments. How can Greece attract investment if the perception of its judicial system is at such low levels? Greece, in the Doing Business index of The World Bank (2016 edition), ranks 61st (having lost 3 places) in the overall ranking; 82nd in ‘getting credit’ and 133rd in ‘enforcing contracts.’ A country with such a low ranking, combined with increased bureaucracy, high taxation and an ineffective judicial system, will obviously not attract investment. As a consequence, new jobs will

“

IF LEGAL REDRESS IS NOT RENDERED WITHIN A REASONABLE TIME, IT IS EFFECTIVELY THE SAME AS HAVING NO REDRESS AT ALL not be created, revenues will not be generated, and the spending of households will not grow. This leads with mathematical certainty to the collection of fewer direct and indirect taxes for the State and to the collection of lower social security contributions by the social security funds. Everyone loses—businesses, citizens, the employed and unemployed and, most important, the State itself.

”

How can we begin to create win-win synergies among all stakeholders? We must educate all key players, including lawyers who often oppose change, to understand the importance of introducing major reforms in our legal system. Although everyone accepts that the courts are slow in resolving legal disputes, either because the system is too complex or overburdened, in essence each time changes are introduced they are usually criticised on personal criteria and

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 29

THE INTERVIEW not on the basis of the economy’s interest. It is important to change perception. The world is evolving fast and the judicial system and the people serving it must adapt to the changes with the same speed. Former Chief Justice of the Supreme Court of Delaware, Justice Myron T. Steele, at his address at the International Law Conference cohosted by the Chamber and the American Bar Association in Athens in June 2015, said that citizens and businesses of the State of Delaware were “potential clients.” Initially, I was puzzled to listen to a judge refer to litigant parties and advocates as his “clients.” On second thought however, I realized how right he was in his perception. Justice is a “public” service like any other. And it needs to be efficient, reliable, friendly, effective and attractive to citizens. If this happens it will also be so to investors. How can the Chamber, especially through its Legislative Reform Committee, catalyze dialogue, understanding and, ultimately, change? The Legislative Reform Committee, like all committees of the American-Hellenic Chamber of Commerce, brings together experts, hosts events such as conferences and seminars, and develops position papers, to assist in policy formation, legislation, and government action. Our most recent project, a survey conducted with the collaboration of the U.S. National Center for State Courts, is a

The Chamber, I am proud to say, is always at the disposal of policymakers to provide best practices, fresh ideas and substantial contribution to all good efforts. What tangible benefits do you believe would result for Greeks if effective reforms were to be implemented? Let me provide a simple example. To file for a divorce petition in the UK all procedures can be done online, by the couple, without involving solicitors and without having to go to a court hearing. The petition is filed online and the court deals with the divorce based on the paperwork. By simplifying procedures we help efficiency, which in turn contributes to fostering economic growth. Factors such simplifying procedures, making better use of existing human resources and ensuring that only those cases that really have to end up in the courtrooms, are all essential parameters of an effective justice system. In other words, justice will be less burdensome, less expensive, more effective and more impartial for all citizens and businesses if we proceed with appropriate reform.

“

EVERYONE LOSES—BUSINESSES, CITIZENS, THE EMPLOYED AND UNEMPLOYED AND, MOST IMPORTANT, THE STATE ITSELF needs assessment of the Greek justice system designed to gather the perceptions of judges, lawyers, government agencies, the business community, and other stakeholders about the strengths and weaknesses of the judicial system and to identify opportunities for change to improve public trust and confidence in the Greek courts—by the public and the international business community. The findings of the survey will be published very soon. If the perception of key stakeholders does not change, nothing will improve. The Greek judicial system is crying out loud about the need to be modernized, to become less complex and less overburdened. It is inconceivable to think that a corporation has to wait seven years to see recourse against an act of the State, for example a tax ruling, being introduced to trial.

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”

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DISCOVER AMERICA

South Carolina

THE PALMETTO STATE

he Palmetto State offers an exciting, contrasting landscape comprised of Atlantic Ocean beaches, coastal plains, the Santee River Delta, and the Barrier Islands. Boasting a year round subtropical climate, mild winters and over 200 days of sunshine each year, the state provides an ideal climate for many holiday activities. From a relaxing beach break, to playing golf, shopping in one of the state’s charming towns or visiting Charleston’s historic sites, you’re sure to find a style of holidaying that suits your taste. The combination of southern hospitality, the barbeque culinary tradition and an extensive year-round festival calendar, makes for a relaxing, healthy break in the great outdoors. Charleston, founded in 1670, is a contemporary city with old world charm. Narrow streets are lined with grand colonial houses and stunning gardens, and the magnificent mansions of “The Battery” look out onto Fort Sumter, site of the first shots of the Civil War. Meanwhile, Columbia, the state capital, offers a cultural experience with museums, art galleries and the Riverbanks Zoo and Garden. Hilton Head Island is a quiet resort island to the south of Charleston, perfect for those looking to escape it all and relax.

Land Area 32,020 square miles Population 4.625,364 State Capital Columbia Largest City Columbia Local Time EST. GMT - 7 hours behind Greece. Climate Short mild winters with long warm summers. Moderate rainfall throughout the year. Spring and autumn provide sunshine without the humidity, and beaches are busy from April to October. National Parks Fort Sumter National Monument, King’s Mountain National Military Park, Congaree Swamp National Monument, Charles Pinckney National Historic Site, Cowpens National Battlefield, Fort Moultrie National Historic Site, Ninety Six National Historic Site and seven parks

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 31

THOUGHT LEADERS

DISRUPTING

GREECE TWELVE ENTREPRENEURS OFFER DISRUPTIVE PROPOSALS THAT CAN HELP KICK START GREECE’S ECONOMY AND CREATE NEW EMPLOYMENT. —RAYMOND MATERA

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NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 33

THOUGHT LEADERS

“T

Real Jobs, in Real Companies

he Sea will show us the way,” according to one of the major Greek shipowners, Captain Panayiotis Tsakos. And this is what definitely happens within HEMEXPO, the Hellenic Marine Equipment Manufacturers and Exporters. Being the only manufacturing sector in Greece that has shown steady growth in turnover and exports during the crisis years, we can absolutely acknowledge that supporting the biggest shipping industry in the world is an extreme challenge and a massive opportunity. The reasons behind the success are consistency, quality, specialized, technologically-advanced products with added value and

— BY — HELEN POLYCHRONOPOULOU Executive Vice President, Environmental Protection Engineering SA www.epe.gr

DRIVERS FOR GROWTH SHOULD BE ONLY FISCAL

full-time after sales service. This is the approach that we should have for our economy. Short term planning and subsidies may facilitate a company for a year or two, or even less, but not in the long term. I believe that drivers for growth should be only fiscal: the bigger the growth, the less the taxation. And since our motto is “United We Stand,” the Greek economy needs more motives for mergers and acquisitions. We need larger and stronger companies that can compete in the globalized environment. As far as the Partnership Agreement for the Development Framework 2014-2020 (ESPA) funds are concerned, they should be directed to healthy companies for the creation of new job opportunities. Internship for people who lack skills due to extended unemployment is not a solution. We need real jobs, in real companies for 2 to 3 years at least. In that way a proper CV can be built—and a proper economy as well.

Reimagine Greek Products

veryone agrees that Mediterranean food products have great growth opportunities for Greece. Still, our food sector is a national “untapped potential,” primarily because of the absence of strong—or any— branding abroad. Low performing indexes related to branded Greek foods confirm why Greek traditional products are hardly known (with certain exceptions). Yoleni’s—the company I work at—is a good example on how Greek traditional food products can be marketed together. We invested in the elements that make Greek products competitive and introduced the idea of having a unique product bundle of artisanal Greek foods products, leading to the successful shipping, for example, of more than 600 corporate gift baskets worldwide. Changing how we market Greek food products can bring strong returns for the Greek economy and society. Any increase in these exports would contribute to the increase of GDP and bolster Greek economic growth in multiple ways. Typical Greek foods products come from indigenous, small-scale activities of the

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— BY — HARIDIMOS SPINTHAKIS B2B & Business Development, Yoleni’s www.yolenis.com/

countryside: these are key players to sustainable development, that can turn revenues to job opportunities and prevent educated personnel from leaving Greece. For this to happen, we need to change our mentality. For years Greece has discussed the need for national branding. Now is the time to act on capitalizing the rich cultural heritage of Greece and introduce a narration that can empower the image of Greek food products. At the same time, we must be more consistent and intensify synergies and partnerships. The Greek food sector is fragmented and needs a common direction. Without this, any great storytelling or impressive advertisement would generate only temporary impact.

STILL, OUR FOOD SECTOR IS A NATIONAL “UNTAPPED POTENTIAL”

THOUGHT LEADERS

Letting Start-ups Leverage Partner Channels

GDP, the measure of the Internet’s contribution to a country’s gross domestic product, reflects nowadays the potential of a country to create a sustained economy through digital transformation. We can hardly find any data for Greece while we see countries like United Kingdom, Korea, Japan, Sweden, China, United States, France, Germany and Canada occupying the top positions in the iGDP rankings. Considering the particularities of the Greek public and private sectors, the awakening of the undeniably simmering dynamics of our society could come from the export oriented Greek industrial sectors. Compa-

— BY — DR. ALEX MANIATOPOULOS CEO, Yodiwo SA www.yodiwo.com

GREEK INDUSTRIAL SECTOR COMPANIES SHOULD TRUST GREEK STARTUPS FOR THE MODERNIZATION OF THEIR BUSINESS PROCESSES

nies specialized in tourism, shipping, food processing, chemicals, metal products and mining should trust Greek startups for the modernization of their business processes with the use of technologies like the Internet of Things (IoT). With incentives that a well-organized visionary government should give, part of the productivity gains and increased earning that will derive from the improvement of their product quality could be invested to smaller groups with disruptive technologies and business models. The payoff can be huge but requires a change in the mindset of the industry leaders to resist the temptation of absorbing innovative companies for just serving their IT needs. Instead, they should open the doors to new markets and, as stakeholders, and let ‘their’ start-ups leverage their partner channels. The expected growth could stimulate the conservative domestic investment ecosystem or attract foreign money and, less likely, drift the slow moving public sector to make the necessary changes in areas that directly affect development, such as education.

It’s Not Rocket Science!!

t goes without saying that tourism is vital to the Greek economy. The sector’s remarkable contribution to GDP, to employment, to local economies and communities and to a wide range of other sectors and professions, is crucial and extremely valuable. Since 2010, Greek tourism increased revenues brought into the country by 40% at a time of unprecedented recession, and juxtaposed with a 25% drop in the GDP. So what do you do, being a country in economic crisis, when you have such a strategic advantage as tourism, along with your other unique assets, like culture and natural environment? Certainly not what Greek tourism is experiencing: over-taxation, the absence of funding and of investment incentives, the high rate of indirect costs for businesses, the lack of a long-term strategic master plan. Tourism needs the State to: • create and sustain a stable and friendly tax and investment frame that will restore competitiveness • boost entrepreneurship through development tools and attract foreign direct investments

— BY — KOSTAS ZIKOS CEO, HotelBrain www.hotelbrain.com

• provide influx of new capital • focus in investment in infrastructure, like airports, ports, marinas • drastically cut the red tape • strengthen the sector’s effort to keep demand going through a creative and cooperative brand strategy, adapted to each of our main source markets • And yes, pay serious attention to the needs of the real economy For the private sector, all these are obvious and evident. It’s not “rocket science” and Greek Administrations don’t need to reinvent the wheel or “boldly go where no government has gone before.” Do they?

SO WHAT DO YOU DO? CERTAINLY NOT WHAT GREEK TOURISM IS EXPERIENCING NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 35

THOUGHT LEADERS

Office of the Chief Scientist

pportunities abound for Greece to reinvent its role as a beacon of knowledge and a birthplace of exciting new technology, and to jump-start its economy in the process. Despite the brain drain, universities are churning out highly-skilled knowledge workers at ever growing rates. Besides Athens, startups are sprouting in the ‘college cities’ of Patras, Thessaloniki and Volos. These startups are rousing the interest of international investors and global companies looking for acquisition targets. In September 2016, our company Centaur Analytics (centaurtek.com) which started in Volos, announced a $1.3 million seed investment led by an Israeli VC and complemented by Athens-based fund PJ Jeremie Tech Catalyst, and American ‘exponential’ entrepreneur Avi Reichental. Centaur is developing breakthrough sensor technology for the Industrial Internet-of-Things, along with cognitive tools that address safety, transparency and waste mitigation of agricultural commodities. Greece needs more startups and more savvy investors

— BY — SOTIRIS BANTAS, PH.D. CEO, Centaur Analytics, Inc. www.centaurtek.com

like these. It should leverage its specialized human resources, including its diaspora, as much as possible. The government should establish an Office of the Chief Scientist (OCS), modeled after Israel’s related body. The OCS should be market-driven and investor-focused, with the key objective of attracting, fostering and facilitating VC investments into technology. It can also become an effective broker between startups and Greek industry, helping established companies become competitive by adopting innovations. This can even help re-invent government itself; for instance, FinTech startups can help curb tax evasion by making electronic transactions more convenient and transparent.

THE GOVERNMENT SHOULD ESTABLISH AN OFFICE OF THE CHIEF SCIENTIST, MODELED AFTER ISRAEL’S BODY

Connecting the Dots

eople’s experiences make them who they are. And yet lack of experience keeps them from being who they can become. Young professionals in-the-making are stuck in a set of mistaken beliefs and depressed that they cannot find work experience, for example in shipping, to make them employable. We have to tackle the issue at the root of the problem: jobs and changing the mind-set of stakeholders—the schools, the students and the employers. We need to prepare Greece’s next-generation work force with actual work experience and they need to earn their keep. The shipping industry functions at a different fre-

— BY — IRENE NOTIAS Founder & Director of Project Connect; Managing Director of Prime Petroleum Services, Inc.

WE HAVE TO TACKLE THE ISSUE AT THE ROOT: JOBS AND CHANGING THE MIND-SET 36 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016

quency; it follows strict international regulations and hires with criteria and character. The demands of the jobs are equal to the demands of jobs in a 24-hour hospital emergency room. Project Connect, an initiative I began to provide jobs and experience in the shipping industry, finds the crisis can serve as an opportunity for today’s young professionals to learn crisis and conflict management. If these skills become innate this will certainly influence the success of future businesses and in sustaining successful industries that will make this country flourish. Project Connect is a creative disruption in the maritime sector and in Greece. It tries to set the stage for success by putting out positive beliefs and putting them into action swiftly and effectively. It helps introduce opportunities, encourage internships and entry level job openings, and transform traditional processes into more productive and sustainable ones, thus jump starting careers and this country. “Project Connects” in other industries could do the same.

THOUGHT LEADERS

It’s Time to Allow Private Universities in Greece

here is a pilot’s school on the outskirts of Athens. The cost of training to become an airline pilot is about 50,000 Euros. According to Boeing, the number of airplanes in service worldwide will double by 2034. There is a constant demand for pilots in a market that is growing by at least 5% annually. Still, how many Greeks can afford to pay this amount of money, during a time of financial crisis, to become pilots? The pilot’s school has 7 trainer aircrafts. If you visit Megara airport on a weekday morning you will see

— BY — NIKOS GOULIS Founder and CEO of e-Travel mytrip.com pamediakopes.gr fraudpointer.com

SUN, SEA, SAND AND … EDUCATION

none. All of them are flying, almost nonstop, from 09.00 to 17.00 for training. Is this a paradox? No, because the vast majority of the students are not Greeks. The instructors are Greeks but the students are mainly coming from Arab countries and India. Given our history and resources, it shouldn’t be hard to combine education with sea, sun and culture. In discussions about changing the constitution to allow private universities, the theme is almost always about keeping Greek students in Greece. Maybe it shouldn’t be only about them, but also about all the foreign youth who would find in Greece the perfect place to get a higher education. I am confident that, in addition to future pilots, the human capital of this country could also offer a good education for doctors, engineers and other specialties, while at the same time providing employment opportunities for Greeks. And it won’t cost the state budget anything.

Exonerate Dreamers, Ulysses Returns

everal years after “The Crisis” was first declared, Greece is still on a downward spiral. I wish I could say Greece has been on the mend but the ongoing “National Depression” highlights one solid fact: The roots of “The Crisis” are based neither on fiscal mismanagement, nor on external factors that fight Hellenic spirit and pride. It’s not that Wall Street imploded in 2008. Nor that Greece was shut out from borrowing in the financial markets. It is not even that lenders imposed harsh austerity measures. It is the outcome of a profound cultural crisis that took place in the 80s and 90s and deprived Greek youth from an ancient Greek right: The right to think and dream! “Improve your scores to secure a public servant position!”. “Complete a post-doc and I guarantee you a position as lecturer working by my side!”. In the past de-

— BY — DR. IOANNIS ARABATZIS Managing Director NanoPhos SA nanophos.com

cades, things were always easy to promise. A roadmap prescribed by seniors, so that any dream was doomed to a dark time-chest. How can Greece kickstart its economy, combat unemployment, and attract investment? Exonerate dreamers! Pardon those who dare to envision making it to the highest peak. Those are who will lead the regeneration of my country. Knowledge and education props are there: it’s proven by the brain-drain that has intensified over the last decade. Promote innovation, set the fiscal environment for entrepreneurship to flourish. Encourage international cooperation and experience exchange. And as several thousands of Ingenious Ulysses will be “mentally” returning to their homeland, Greece will regain its momentum as a lighthouse of creativity. Because Greeks still remember how to dream!

AS THOUSANDS OF INGENIOUS ULYSSES WILL BE “MENTALLY” RETURNING TO THEIR HOMELAND, GREECE WILL REGAIN ITS MOMENTUM AS A LIGHTHOUSE OF CREATIVITY NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 37

THOUGHT LEADERS

The Second Wave of the Entrepreneurial Ecosystem

t has become conventional wisdom to see the economic downturn and structural crisis as opportunities for paradigm change and disruption. Clearly then, embracing and supporting innovation and entrepreneurship in sectors that Greece can demonstrate significant competitive advantages is sine qua non for economic recovery, job creation and growth. Since 2012 Greece has made use of EU financial instruments, notably Jeremy funds, that have contributed significantly to the creation of a promising startup ecosystem. Almost two-fifths of the country’s startups1 focus on the traditional sectors of tourism and transportation, while now activity focuses on other sectors more closely related to technology and pure science. In this direction, 2016 marks a first with the country’s three telecommunication companies—Cosmote, Vodafone, Wind—coming together to create the ICT oriented incubator Invent, in cooperation with the National Technical University of Athens (NTUA) and the contribution of Industry Disruptors Game Changers, under the aus-

— BY — MICHALIS STANGOS ID-GC Co-Founder industrydisruptors.org

pices of the Ministry of Infrastructure, Transport and Networks. Invent shows how joint efforts of the market, academia and the ecosystem can leverage knowledge and technology to create the second wave of the entrepreneurial ecosystem. Similarly, other sectors could pool their logical synergies, as in Invent, to boost entrepreneurship and help startups enter the market with new services, products, or innovations.Such initiatives break barriers in bringing diverse parties together for change, creating fundamentals to stop brain drain and make Greece more attractive for startups and young entrepreneurs, offering them reason and opportunities to stay. 1

Source: http://www.face-entrepreneurship.eu

SECTORS COULD POOL THEIR LOGICAL SYNERGIES TO BOOST ENTREPRENEURSHIP

Government Intervention: No Thank You

istorically, Greek governments, irrespective of which political party was behind them, have failed dramatically to turnaround the economy and create growth. The reasons were: 1. Even when Greece was ruled by liberal and pro private sector parties, the public sector dominated the economy. Greece bears resemblance more to a soviet economy rather than an open economy. 2. Entrepreneurship, instead of an ideal, became synonymous with corruption. 3. Corruption within the government/public servant domain, and among successful businesspersons dis-

— BY — ARIS KEFALOGIANNIS Managing Director, GAEA Products http://gaea.gr

GREECE BEARS RESEMBLANCE MORE TO A SOVIET ECONOMY RATHER THAN AN OPEN ECONOMY 38 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016

illusioned Greek society, that lost vision and values. Government intervention distorts the economy and creates corruption; it raises obstacles and creates unfair competition. An example from our sector illustrates this: a catastrophic Ministerial decision in 1993 created an impossible situation, as a result of which today Greece is about to lose, from international markets, its most recognizable agricultural product and valuable brand name—Kalamata Olives. Yet despite the recent unanimity of the private sector and the cooperative world in resolving the problem, several ministers from different governments over 23 years, and especially the last 4 years, have failed miserably to solve the problem and correct the mistake. To save Greece and secure a future we need: • A leader that will re-inspire our society, providing vision and values • Dramatically less State and intervention in all aspects of economic activity.

THOUGHT LEADERS

Unlock Greek Microfinance and Entrepreneurial Potential

FI (Action Finance Initiative) is the first microfinance institution in Greece. Since 2015 it has granted access to microloans through banks for 52 microenterprises, creating over 100 jobs. A small, yet genuine contribution to the fight against unemployment. Policies often focus on medium and large enterprises, thus ignoring the basis of the pyramid. Yet, micro-enterprises represent over 96% of Greek enterprises, over 55% of employment and over 1/3 of the added value to the economy1. The main challenge those micro-entrepreneurs face for the creation and survival of their company is the lack of access to finance and cash flow2.

— BY — MARISA ANTONOPOULOU Microcredit Development Officer, AFI (Action Finance Initiative) www.afi.org.gr

MICRO-ENTERPRISES REPRESENT OVER 96% OF GREEK ENTERPRISES

To unlock Greek microfinance and entrepreneurial potential, Greece could take simple yet efficient measures inspired by some other European countries3: • Amendment of the banking law allowing non-bank institutions to directly disburse micro-loans to individuals willing to create their own job or develop their business • Access for Greek microfinance institutions to European Structural Funds to cover the expenses related to coaching and mentoring services delivered to micro-entrepreneurs, and EIF guarantees and credit lines. • OAED grants, complementary to micro-loans • Lenient and progressive tax regime for micro-businesses and starting enterprises • Unemployed should be able to start a business without losing their right to unemployment benefits until they get sufficient revenue to survive g. 2, European Commission 2015 SBA factsheet for Greece P Pg. 3, European Commission 2015 SBA factsheet for Greece 3 OECD, the Missing Entrepreneurs 2015, Policies for Self-employment and Entrepreneurship, November 13, 2015 1

Basic, Necessary Steps

he Greek recession is characterized by its own particularities yet is part of a worldwide recession—as global economical growth is relatively weak. Greece has lost 40 % of its GDP the previous six years. More than 400,000 enterprises were forced to close. Taxation has risen tremendously. Incomes have declined immensely. The banking sector has undergone tremendous changes, lost value and shrunk. The globalization of the economy creates open borders and favors strong economies. Greece is not able to respond. Greece has lost competitiveness and im-

— BY — MARIA SPANOU CEO, Spanos S.A. www.spanosmills.gr

THESE ARE NECESSARY STEPS THE GOVERNMENT MUST ADOPT

balances among European economies within the EU have widened, although they are under the same currency and the same terms of trade. The imposition of the capital controls weighed heavily on the economy. There are no magic solutions for this economy but there are some necessary steps that the government, with other stakeholders, must adopt: 1. Review of the austerity policy 2. Abolition of capital controls 3. Enhancement of liquidity of the Greek banking system; reduction of interest rates by participation in the quantitative easing program of the ECB 4. Reduction of taxation as an incentive for companies to invest in Greece 5. Implementation of a program for public and private investments 6. Stability of tax system 7. Settlement of the Greek debt NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 39

ECONOMIC MODELS

EY STUDY

THE CIRCULAR ECONOMY IN GREECE On December 2, 2015 the European Commission (EC) adopted an ambitious new Circular Economy Package to “stimulate Europe’s transition towards a Circular Economy, which will boost global competitiveness, foster economic growth and generate new jobs.1”

he Package contributes to broad political priorities by tackling climate change and the environment while boosting job creation, economic growth, investment and social fairness. Although the Circular Economy is often bracketed together with recycling, these two are very distinct and different and should not be seen as synonymous. Materials that have been jumbled up in the waste stream or have been contaminated lose much of their value, and the recycling process to clean and convert them into usable products can itself consume a large amount of energy. In the Circular Economy the emphasis is on designing goods to be long-lasting, easy to repair and reuse, easy to disassemble and easy

— BY — VASSILIOS KAMINARIS Head of Assurance Climate Change and Sustainability Services Leader, EY

to remake into items that are as good as, if not better than, their virgin equivalents. The Circular Economy is more than squeezing more life from a fixed stock of resources that have been dug from the ground at the expense of the environment.

POLICY AGENDA

To stimulate and support this policy direction the EC has committed to a long and very ambitious policy agenda to streamline and optimize waste streams, recycling, primary raw materials and obsolescence of products and more, and will support these initiatives: ”with €650 million from Horizon 2020 (the EU program for research and innovation) and €5.5 billion from structural funds from waste management and investments in the Circular Economy at national level.2” At the same time, especially in Greece, the Circular Economy could stimulate the necessary dialogue for resolution of chronic confrontational topics, such as waste management including reuse, storage, and treatment. A dialogue of transformation with the State, regional and local government authorities, but also businesses, industry and the civil society, is necessary to change mindsets on the issue of wastes, both municipal and industrial, waste treatment, the location of landfills, avoiding EU penalties levied against unpermitted or dysfunctional waste facilities and landfills, and other dysfunctions of the current context. In this context, SEV’s Business Council for Sustainable Development commissioned the Sustainability practice of EY in Greece to prepare a Study on the Circular Economy in Greece. The objective of this study is to promote the potential for transformational change that the Circular Economy can bring to the status quo of the Greek economy, both upstream and downstream, in-

uropean Commission, viewed at 15/03/16, http://ec.europa.eu/environment/circular-economy/inE dex_en.htm 2 European Commission, 2015, Press release-Closing the loop: Commission adopts ambitious new Circular Economy Package to boost competitiveness, create jobs and generate sustainable growth, Brussels 1

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cluding the disruptive resolution of chronic confrontation topics, such as waste management, and extending to the provision of investment opportunities, as a catalyst towards sustainable growth. In order to meet the objective of raising awareness and stressing the need for action on the transition to the Circular Economy in Greece, the study was developed in two phases.

PHASE ONE

The first phase included the documentation of the current legislative and regulatory framework regarding the Circular Economy at both the EU and the national level. Given the vast array of issues covered by the Circular Economy, the scope definition and selection of relevant EU and Greek legislation, regulation, and other governmental initiatives was limited to the criteria mentioned in the current state documentation framework agreed with SEV BCSD, per category of required information. The clear message deriving from the analysis is that implementation of the European legislative framework into the Greek legal system should not be limited to the typical procedure of translating, repeating or rephrasing European law via a national legislative instrument, but it should further include the political will to exercise all powers available to make this law operational and effective in practice, setting thus the required underpinnings for the transformation of the Greek economy to progress to the Circular Economy. Finally, in order to provide a more holistic view, the study was expanded to governmental initiatives, within the EU, for the development of the Circular Economy. In order to proceed with documentation and analysis, we selected a benchmarking group of EU countries considered frontrunners in relevant implementation, and identified examples worth sharing for both awareness raising purposes, as well as for providing inspiration for policy makers in Greece.

PHASE TWO

The second phase consisted of an analysis based on a documentation of the main material and product flows within the respective

life cycles, a current state assessment and gap analysis against specific aspects of the Circular Economy for selected sectors in Greece and the EU, an identification of specific Circular Economy models currently applied as mainstream practices in Greece and the EU, inclusion of indicative international leading practice examples for the selected sectors, as well as main barriers and proposed policies for facilitating the transition to the Circular Economy in Greece. The second phase was based both on primary and secondary research. The stakeholder engagement approach was based on stakeholder dialog/conversations with business associations and other third parties, which was identified early as a key element and objective of the study. This approach was deemed necessary in order to collect sector specific data that may not have necessarily been publicly available, to understand material and product flows, to document current Circular Economy models applied and potential models to be applied in the future, to assess the current state of each sector against specific circularity aspects, as well as to discuss existing barriers and potential policy interventions towards a successful transition.

IN THE CIRCULAR ECONOMY THE EMPHASIS IS ON DESIGNING GOODS TO BE LONG-LASTING, EASY TO REPAIR AND REUSE, EASY TO DISASSEMBLE AND EASY TO REMAKE INTO ITEMS THAT ARE AS GOOD AS, IF NOT BETTER THAN, THEIR VIRGIN EQUIVALENTS

KEY CONCLUSIONS

The main conclusions on the current state of the Circular Economy in Greece are: • Need for legislative and regulatory reform toward the Circular Economy • Fragmented adoption of circular models, in the context of inefficient systemic approach • Emphasis is placed on the ‘end-of-life’ stage, rather than on the design stage • Recycling and recovery of construction and demolition waste requires considerable improvement • Energy is largely dependent on non-renewable sources and efficiency is relatively low • Bio-waste and food waste recovery is limited, resulting in significant economic and environmental impacts • Need for law enforcement of hazardous waste legislation • Addressing waste market barriers Finally, indicative focus areas towards the transition to the Circular Economy include: • Development of a national roadmap for the transition to the Circular Economy • Development of collaboration platforms • Sectorial level assessments • Awareness raising at consumer level

To read the brief summary of the study visit http://www.ey.com/Publication/vwLUAssets/EY-study-onthe-circular-economy-in-greece/$FILE/EY-study-on-the-circular-economy-in-greece.pdf

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 41

EMPLOYMENT INDEX

JOB CREATION—

POLICIES AND PROGRAMS THREE PRONGED STRATEGY

Signs of mild economic recovery are in evidence as of late. ELSTAT reports that in the 3rd quarter of 2016 GDP increased by .5% compared with the 2nd quarter of 2016, and 1.5% compared with the 3rd quarter of 2015. The evidence is also clear that productive investment rose by 2.4% during the first half of the year, in comparison with last year, and FDI doubled during the same period.

s a result, during the first 9 months of 2016 we experienced the highest levels of new, private-sector net job creation: 245,00, a record since 2001. The economy, of course, is expected to shed, as it does every year, roughly forty-two percent of them due to seasonal adjustment, but I am convinced that we will surpass last year’s 99,700 figure. Yet, despite the optimism these figures bring, as the Prime Minister has stated repeatedly, this is no cause for celebration. More than one million citizens are willing, able and ready to work but remain jobless.

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The Ministry of Labour, Social Security and Social Solidarity, to support those out of work, employs a three pronged strategy: a) encourage job creation in the private sector via wage support programs b), enhance skills and capacities through training, so that the underemployed workforce, by retaining and improving its skills, remains employable and c), offer job opportunities to the long-term unemployed that benefit local communities through ‘public works plus’ programs, a new generation of ‘koinofelis ergasia,’ or ‘community service,’ in municipalities, where the plus stands for voluntary participation by selected beneficiaries in ITC skills courses and in support of individual and social collective entrepreneurship. One example of the first type of intervention is a program currently being implemented through the public employment service, OAED, for 10,000 unemployed between the ages of 30-49. A registry invites private businesses to identify those positions they are interested in filling. OAED identifies from among the unemployed the most suitable candidates for the jobs on offer. The state, through OAED, contributes 15 Euros per day for each unemployed and 18 Euros per day for each long-term unemployed hired. This support will be offered for 12 months and the implementation will be coordinated and monitored by OAED. Another example is the conversion of the unemployment benefit to an employment benefit (360 Euros monthly). A choice is offered to the unemployed to use this benefit toward the wage cost should they be hired. The conversion is optional for the unemployed and the employment benefit can be used only by small businesses, which employ 1-10 people, provided they have not laid off employees in the previous three months, to avoid labor substitution effects. In the medium- to long-term, tackling unemployment can only be achieved through real economic growth, that is, new job creation on the basis of private sector investment and the rebuilding of the country’s productive base. Besides invest-

ment capital, the creation of new wealth calls for well-trained human capital. To that end, continuing vocational education and training, skill upgrading, and the optimal matching of supply and demand in the labor market is required. Therefore, the Ministry will continue to strive to make more efficient use of the limited financial resources at our disposal by focusing our programming (a) toward the dynamic sectors of the Greek economy (b), providing targeted training, as needed and when needed (c), include certification of knowledge acquired and skills and (d), incorporate on-the-job training and guaranteed employment as a follow up. To this end, the Ministry has rolled out sectoral training and guaranteed employment programs, such as, for example, the training voucher for 15,000 young unemployed aged 18-24, with a total budget of 39.75 million Euros. The action provides vocational training, certification and on-the-job training in private sector enterprises, in cutting-edge sectors of the economy: supply chain (logistics), retail, export trade, and ICT. Another example is the training voucher for 23,000 unemployed aged 29-64, which has undergone a major redesign to accommodate more unemployed in better targeted jobs in eight sectors: commerce, logistics, infrastructure and technical professions, tourism, IT, environment/processing of waste, F&B, and energy. The program includes training in close to 60 specialties, counseling, skill certification and on-the-job training, as well as guaranteed employment for close to half the beneficiaries.

and secondary data (inputs), the National Institute for Labour and Human Resources is responsible for the synthesis and production of the mechanism results to determine labor market needs in skills and occupations at sectoral, national and local level. The annual reports will inform the design of skill creation programming. Nonetheless, given the state of the economy, these interventions, however innovative and significant, cannot suffice in redressing the problem of unemployment. Temporary job creation that allows the long term unemployed to re-attach themselves to the labor market is vital, and this we aim to achieve through a new generation of public works programs.

JOB CREATION, COMMUNITY BENEFITS

JOB CREATION IS A NATIONAL PRIORITY AND WE MUST ALL WORK, UNITED, TOWARD THIS END

IDENTIFYING SKILLS NEEDS

The most significant change the Government has introduced is the ‘Diagnostic Mechanism for Labor Market Needs,’ to identify and forecast skills needs. A network including ministries, state agencies, regional authorities, and social partners, involved in the inputs and outputs of the system, will collaborate under the guidance of a Coordination Committee to collect and evaluate data on dynamic sectors and occupations. After analyzing and processing of primary

These programs have been redesigned to combine the offer of employment to the long-term unemployed with the provisioning of social benefits for local communities. Their key features are: a) the integrated approach where public benefit job creation is coordinated with a wider range of activation measures b), greater emphasis on the assets or services produced by the participating beneficiaries, and hence on productivity, and c), introduction of a real-time monitoring system. Two new programs have already been rolled out for 51 municipalities which are pockets of the highest long-term unemployment, and will be followed by a national rollout in the remaining 274 municipalities within the year. Training is optional and those beneficiaries who are interested in participating in this action can select between ICT, Entrepreneurship and Social Economy. Counselling services by OAED is offered to all beneficiaries at entry and exit and an individual action plan will be produced. Because the new generation of Public Works Programs aims at promoting social benefit at the local level, municipalities have been asked to suggest specific projects and services that will improve the everyday lives of the residents of these municipalities by improving social infrastructure and services, the natural environment and by supporting the local market. To ensure transparency and accountability, a monitoring system will be set up where each participant, the supervising agency, the responsible technical ministry and the public employment services can monitor and verify data relevant to participation and output. In the past two years, the Ministry of Labour has undertaken a major effort to redesign policies that fully exploit every resource. In this effort, in our battle against unemployment, we unceasingly seek to collaborate with our European partners, the private sector and our social partners. Job creation is a national priority and we must all work, united, toward this end.

— BY — RANIA ANTONOPOULOU Alternate Minister of Labour, Social Security and Social Solidarity

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 43

DEMO KRATIA

BARACK OBAMA THE PRESIDENT OF THE UNITED STATES IN GREECE The President of the United States, Barack Obama, made an official visit to Greece November 14 & 15. Following the touchdown of Air Force One at 10:30 am November 14, the President had meetings with Prime Minister Alexis Tsipras and the President of the Republic Prokopis Pavlopoulos. President Pavlopoulos hosted a State Dinner in honor of the U.S. President at the Presidential Mansion on the evening of November 14. Chamber President Simos Anastasopoulos was one of the 130 guests who attended the official dinner.

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n November 16 the U.S President visited the Acropolis and the Acropolis Museum and at 14:00 hours he delivered a legacy speech at the Stavros Niarchos Foundation. The President requested the audience be composed of a large number of young people. During his remarks, which centered on democracy in today’s world, President Obama recalled the vast contribution Greece has made in establishing the first democratic rule in the world, more than 2500 years ago. Throughout his speech President Obama elaborated on the advantages of democratic government, even in light of the many challenges that it poses. The President made pointed remarks on the success, freedom and prosperity that accompanies democratic rule and that his eight years in office has convinced him that people throughout the world strive to a form of government that espouses participation by all. He stated that the most important title in a democratic country is not President or Prime Minister—but “citizen.” In addition, President Obama stressed the importance of effective structural reform in any country, including Greece, to create opportunity for all, to create new jobs and investment, and to create durable growth. Chamber President Simos Anastasopoulos said: “The visit to Greece by President Obama sent a strong message to all Greek people. His inspirational remarks provided a new sense of hope that we, as Greeks, must work together to emerge successful from our years of crisis. I am encouraged by the exceptional support he offered Greece and his belief in the Greek people. We should all feel stronger, more confident, and more determined to reform our institutions to global standards so that we can once again stand proud, as Greeks, and offer the world a shining example of democratic rule—founded in Greece and shared with the world.”

“Open, democratic societies can deliver more prosperity --because when people are free to think for themselves and share ideas and discover and create -- the young people who are here, what they’re able to do through the Internet and technology, that’s when innovation is unleashed, when economies truly flourish.” “Just as democracies are premised on the peaceful resolution of disagreements within our societies, we also believe that cooperation and dialogue is the best way to address challenges between nations.” “And that’s why, as hard as it can be sometimes, it’s important for young people, in particular, who are just now becoming involved in the lives of their countries, to understand that progress follows a winding path -- sometimes for-

ward, sometimes back -- but as long as we retain our faith in democracy, as long as we retain our faith in the people, as long as we don’t waver from those central principles that ensure a lively, open debate, then our future will be okay, because it remains the most effective form of government ever devised by man.” “The young people [of Greece] need to know there is a future—there is an education and jobs that are worthy of your incredible potential. You don’t have to travel overseas, you can put roots right here in your home, in Greece, and succeed.” “In all of our communities, in all of our countries, I still believe there’s more of what Greeks call philotimo, love and respect and kindness for family and community and country, and a sense that we’re all in this together, with obligations to each other.” “The most important office in any country is not president or prime minister. The most important title is ‘citizen.’”

“THE MOST IMPORTANT OFFICE IN ANY COUNTRY IS NOT PRESIDENT OR PRIME MINISTER. THE MOST IMPORTANT TITLE IS ‘CITIZEN.’” NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 45

AUSA

GREECE’S

DEFENCE INDUSTRY IN WASHINGTON

Greece’s defense industry showcased its expertise and capabilities at the Association of the US Army (AUSA) 2016 Annual Meeting. The Hellenic Pavilion was organized by the AmericanHellenic Chamber of Commerce, under the Auspices of the Ministry of National Defence Defense and supported by the General Directorate for Defense Investments and Armaments and Enterprise Greece.

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teadfast in its efforts to support Greece’s high value-added industries in the international markets, the American-Hellenic Chamber of Commerce organized for the the 3rd consecutive year the Hellenic Pavilion at the Association of the US Army (AUSA) 2016 Annual Meeting. Held under the auspices of the Ministry of National Defense, and in collaboration with the General Directorate for Defence Investments and Armaments (GDDIA) and Enterprise Greece, the Hellenic Pavilion consisted of ten of the best Hellenic industries, private and state-connected: Alpha Systems, Hellenic Aerospace Industry (HAI), Hellenic Defence Systems (HDS), Hellenic Vehicle Industry (ELVO), Theon Sensors, Common Booth for SEKPY Member Companies: AEL Joint Venture, Aeroservices, Dasyc, Soukos Robots, Turbomed. The Hellenic Ministry of National Defence, which encourages initiatives that ensure international stability, cooperation, and the evolution of technological progress, participated at the Pavilion with an official welcoming committee, supporting the outward-oriented efforts of the Hellenic Defence industry. The Alternate Minister of the Hellenic Ministry of National Defence, Dimitrios Vitsas, stressed the Ministry’s strong commitment to fostering the development of Greece’s defence industry as a ma-

jor export sector. Parallel to the exhibition, the Alternate Minister also held a series of meetings with leading U.S. defence companies to discuss prospects for industrial co-operation, co-production, joint ventures, and high-tech transfers with Greeceâ&#x20AC;&#x2122;s defence sector. Military executives from the General Directorate for Defense Investments and Armaments, fully capable to inform all interested parties for the opportunities provided by the Greek industries, opportunities for industrial cooperation, co-production, joint ventures, high technology transfer and investment programs, participated at the Hellenic Pavilion during exhibition hours. Held every October in Washington, D.C., AUSA is the largest land warfare exposition forum in North America. The three-day event brings together the biggest names in the industry and attracts over 26,000 attendees, including senior officials from the Department of Defence, members of Congress, industry leaders and foreign dignitaries. AUSA has become a flagship event for the modern Army and a fitting platform for Greek defence companies to meet potential new clients and strategic partners, build international brand exposure, and showcase their offerings alongside other international contractors. A series of media interviews and briefings with attending industry reporters were organized for the Hellenic Pavilion exhibitors, to help them further enhance their visibility and positioning in the international markets. Media interviews and briefings were arranged with top trade publications, including National Defense Magazine, Aviation Week, Politico, Defense News and Armada international. A series of media interviews were also arranged for the Alternate Minister, who met with top-tier news outlets, such as the Associated Press, to discuss new developments in the Southeastern Mediterranean and new challenges in defence and security matters. As Greek firms increasingly look for international customers, having a presence at vital industry events and communicating their competitive advantage through international media helps drive the companiesâ&#x20AC;&#x2122; outward-looking strategies and helps to boost their credibility amongst key stakeholders. NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 47

PUBLIC SPACE

ARE WE IN THE MIDST OF

PUBLIC SPACE CRISIS?

Public space that encourages dialogue and welcomes everyone— regardless of age, wealth, race, religion or sexual orientation—is a core aspect of democracy. As artist and social activist Krzysztof Wodizko put it, these places exist for both “the privileged and the unwanted.”

ut few of today’s public spaces adequately prioritize this mission. Figuring out how to change this is at the core of my own work. In my creative practice and research, I study public spaces in American and European cities and investigate how classical concepts, buildings, and small structures for public space—the kind that existed during the earliest days of democracy—have been repackaged during contemporary times. Bottom line: Whether the economy is growing, or is on crisis, welcoming public spaces are in decline—at least, those that exist in the real world. Increasingly, debates that once took place

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face-to-face happen on the Ιnternet, on Facebook, Twitter and countless other digital forums and platforms. You might say the Squarespaces of the world are replacing public squares.

ANCIENT GREEK FOUNDATIONS

Since ancient Greece, public space has been vital to people and cities. It’s where citizens debated everything, from current events to business to the nature of the universe. It’s where they voted for politicians, preserved the law and participated collectively in making decisions for civic matters—all the elements that foster a functioning democracy. In fact, the birth of democracy in fifth century B.C. didn’t arise just from a combination of philosophical ideas, scientific discoveries and technological advances. Dedicated physical spaces also played a huge role: civic centers and marketplaces, along with open spaces between buildings, where people often mingled. The most notable example is the Athenian Agora. It’s almost impossible to find contemporary examples of the agora, where anyone could actively participate and shape civic matters. Today, urban growth eliminates accessibility to public spaces. And when public spaces do get created, they’re often designed for the privileged and wealthy. For example, in New York City, High Line Park is a relatively new public space that has been highly praised by media and press. The promenade, which winds along a former elevated freight rail line, borders some of the city’s wealthiest areas. It has become a major draw for the tourists and locals who populate Chelsea, now one of the most expensive neighborhoods of the city. To be sure, High Line does not bar entry to “undesirables.” But the rising rents and increasing living costs around it eventually dislocate existing businesses and poorer populations to other parts of the city, making trips to these new, gleaming parks expensive and time-consuming.

ciently accessible to scores of underprivileged people. But there also seems to something else lost when we resort to debating in online spaces, behind the comfort and security of our screens. Social scientist Sherry Turkle has found that digital technology harms users’ abilities to feel empathy and self-reflect, which causes people to avoid face-to-face conversations and other traditional forms of communication.

BUDGET CUTS, PHILANTHROPIC APPROACHES

So what’s behind our notable shortage of truly democratic public spaces? On the one hand, budget cuts have crippled governments’ ability to invest in public spaces, such as parks, for poor neighborhoods. On the other hand, wealthy philanthropists who often fund or contribute to public projects will often end up simply serving their own interests and needs by investing in convenient areas that are close to their homes and offices. Extra security and ubiquitous surveillance— which have increased since the advent of global terrorism—not only discourage gatherings and eliminate services, but they also transform public space in ways that make them even more dangerous. In sum, public spaces have gradually transformed into areas that are less open, less democratic, less comfortable, less enjoyable and less “ours.”

FROM IN PERSON TO IMPERSONAL

With public space shrinking, it’s worth noting that web access is expanding and absorbing much of the dialogue and debate that once took place in person. Internet, mobile and other communication technologies certainly create opportunities for citizens to participate in addressing public challenges. There’s even a term for it—e-democracy— and a number of public—and private—sector platforms provide an avenue to citizen engagement, whether it’s social networking, online forums or argument maps. By being able to access transparent information, these platforms can reinforce participation, create inclusiveness and promote voting equality. Meanwhile, social media platforms allow people to express solidarity and raise awareness about global events. The New York Times journalist Thomas Friedman has argued that social media can initially act as a powerful voice, but does a poor job keeping momentum and effecting actual change. Social media has also been shown to reinforce polarization and hate speech. Look no further than the echo chamber phenomenon, where people tend to listen only to those who share their beliefs, and the trolling of strangers. Moreover, social media is still not suffi-

NEW INTERSECTIONS

In my work, one of my goals is to design public spaces that encourage dialogue, participation, collective activities, interaction and exchange—in other words, democracy. My own project, Parrhesiastic Play (inspired by the Greek word “parrhesia,” meaning “to speak freely”), explores free speech at the intersection of public, physical space and the digital world. For the project, chairs and sculptural letters can be placed in public areas; passersby are

IT’S ALMOST IMPOSSIBLE TO FIND CONTEMPORARY EXAMPLES OF THE AGORA, WHERE ANYONE COULD ACTIVELY PARTICIPATE AND SHAPE CIVIC MATTERS

— BY —

then free to rearrange in them into different forms, words and phrases. There are multiple locations, and cameras are constantly recording the people, allowing them to communicate with people in the other Parrhesiastic Play locations around the world. By linking physical spaces with a live webcam network, Parrhesiastic Play gives people a stage to “perform” before the cameras. It’s a playful way to comment on the rise of surveillance while interacting with a large audience. While this is just one project, I hope to, in my own way, comment on the need to create architecture for the public that integrates the “free” dialogue that happens in the realm of social media with physical, everyday activities. Picking the aforementioned challenges of public space, my exhibition Speak! Listen! Act! A Kaleidoscope of Architectural Elements for Public Space, on view at Dartmouth College, draws from field trips with students in big cities such as New York and Athens, and presents ideas on how to create user-friendly structures in public squares that promote dialogue and social interaction, while reinforcing freedom of speech and democracy.

ZENOVIA TOLOUDI Αrchitect, Intl. Assoc. AIA, Assistant Professor of Architecture, Dartmouth College.

An earlier version of this was originally published on The Conversation. To read the original article, visit: https://theconversation. com/are-we-in-the-midst-of-a-public-space-crisis-56124

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 49

ONE WORLD

George Afroudakis—

THE BUDDH A , IN THE WATER, AND OUT

Every chapter in a story has its ending, and the sports story of George Afroudakis is written in golden letters.

very chapter in a story has its ending, and the sports story of George Afroudakis is written in golden letters. In his 25-year water polo career, Afroudakis won almost everything. Above all, he won the respect and recognition of the world water-polo community, as he is considered among the greatest of all times. The Greek Olympian decided to announce the end in his career, on August 4, 2016, one day before the opening of 2016 Olympic Games in Rio. It was the first Olympiad after Atlanta 1996 in which he was not participating. His decision to withdraw literally broke the Internet. Thousands of messages from former teammates, opponents, coaches and fans from all over the world revealed the extent of gratitude and admiration that Afroudakis enjoyed as a personality and an athlete. “I could never imagine this” George admits, “only sports can offer such emotions, and I am blessed and thankful for dedicating my life to sports.” Looking back, the five-time Greek Olympian had been the definition of sportsmanship, the favorite player of his coaches, a deadly weapon

for every offence and a nightmare to the opposing defenders. 1600 goals in his career make him the top scorer in the Greek League, a record that cannot be easily broken. Five Olympic Games (1996, 2000, 2004, 2008, 2012), one Silver Olympic medal, six national championships and endless other accomplishments put Afroudakis in the elite of water-polo athletes in the history of the game. George belongs to a group of personalities in Greece that represent the true spirit of Olympic Games. A perseverant athlete, persistent in his purpose, he paved the way for the teammates of his generation. His dedication has been an example, especially to his peers, on how to optimize skills through hard practice, discipline, and competitive spirit. It is not accidental that Greek water polo is at its highest level of the last 20 years. “Undoubtedly, all members of our team were exceptional atheletes. We kept a low profile and our only concern was how to raise the

OUR CHILDREN NEED TO ENHANCE THEIR SPIRIT AND AMBITION. THEY LACK MOTIVATION. GREECE DOES NOT PROMOTE THESE VALUES. SUCCESS IS NOT CELEBRATED AND THIS IS SOMETHING THAT SHOULD CONCERN US

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level in every practice, every game and every competition we took part in” he remembers. “George Mavrotas –an emblematic figure in Greek sports- shaped us all” he confesses.“ “Numerous other former players made this team strong in spirit and in results. My generation was fortunate to have two of the best

coaches, Giannis Giannouris and Alessandro Campagna, who both helped us bring important triumphs to the country and created the ground for further success.” Although water polo is not the most popular sport in the country Afroudakis is one of the most recognizable figures and an idol for kids in Greece, and his impact is precious. The nickname “Buddha” accompanied him throughout his career, because he was almost flawless, the ideal teammate and a born leader. “All we had was a love for the game and this is a strong message to younger athletes. You need determination and persistence, when you lose, to stand again, to overcome pain, and finally win. When you really love what you do, you become better, richer in experience and ready to face life’s real difficulties. This is the true meaning of sports after all.” Now that the intensity of competition is over, George is adopting to his new life. He has a beautiful family, two young sons and a wonderful wife, Mara Zoupa. “After 25 years in swimming pools and eight hours a day in the water, the most difficult part is to getting used to living on land” he says smiling. The next chapter in his story has him focused on transferring the winning habits of his sport career to his family business, Afroudakis Yachting Ltd, one of the oldest and most efficient agencies that specialize in Yacht Charters in Greece and the Mediterranean. “It seems like the water element is my fate,” he says. “Family is the core of our business, as I am lucky to have a very talented wife and two excellent brothers, Zahos and Christos, also water-polo champions, who are fully involved. My uncle Christos, a pioneer in yacht chartering, founded the company 35 years ago and is still active, offering his valuable advice. I remember him telling us: never cheat your customers. They are all you have,” he adds. Restless out of the water, he now wants to transmit his energy and winning spirit to others, especially children. “Unfortunately, we lack true leaders. Our children need to enhance their spirit and ambition. They lack motivation. Greece does not promote these values. Success is not celebrated and this is something that should concern us.” “Greeks have lost faith, but we witness dai-

ly that small miracles happen, especially when we focus on a target. See what happened in the Olympics of Rio, for example, where Greece, beyond expectations, came 26th in total medal rankings. And this in a period where Greek athletes are struggling, without the assistance of the state, without infrastructure, without resources. This is the Greek miracle: the soul and the heart of individuals. This is where we should invest and keep carrying on. I am optimistic and certain that we will soon stand on our feet.” “I have chosen the tourism sector, because I see great potential in it. Tourism can be an even greater success story of this small country. We must focus on the delivery of efficient services.” Despite the general crisis, his perception is positive: “Greeks have proven throughout millennia they have an ability to over-

come obstacles. The best proof is the Greek diaspora. If you consider what these people have achieved, away from home and against all odds, you can’t lose hope” and adds, “Every summer we serve hundreds of Greek expats who choose Greece for their holidays. They come here to support their country and you can feel their frustration about the current situation. We live in the most beautiful country in the world with thousands of talented individuals. Above all, we have our values and of course, the Greek filotimo.” he proudly confesses. Beyond business, Afroudakis has plans for the future related to social action. “I am not a person who likes to be at the center of attention but I believe that people who can positively influence the public, as I believe I can, have a responsibility to put in a hand for the common good and the reconstruction of our country. Remaining silent is not an option and I am convinced that others will follow.” NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 51

B2B INFO@AMCHAM

What is Integrated Reporting? Integrated Reporting is an evolution of corporate reporting, with a focus on conciseness, strategic relevance and future orientation. As well as improving the quality of information contained in the final report, <IR> makes the reporting process itself more productive, resulting in tangible benefits. <IR> requires and brings about integrated thinking, enabling a better understanding of the factors that materially affect an organization’s ability to create value over time. It can lead to behavioral changes and improvement in performance throughout an organization. As set out in the International <IR> Framework, an integrated report is a concise communication about how an organization’s strategy, governance, performance and prospects, in the context of its external environment, lead to the creation of value in the short, medium and long term. The Framework enables a business to brings

these elements together through the concept of ‘connectivity of information’, to best tell an organization’s value creation story. <IR> has been created for any organization that wants to embrace integrated thinking and progress their corporate reporting. Businesses have reported breakthroughs in understanding value creation, greater collaboration within their teams, more

Zonars—Urban Rendezvous City-center dining recently got a major boost. Zonars, the venerable Athenian institution dating to 1939, has reopened with a flourish. Redone by the Panas Group (The Island) Zonars has once again taken center stage for coffee, breakfast, lunch, or dinner, a cocktail, or a pastry. The landmark eatery is conveniently incorporated into sections (coffee-drink, light snack, more formal dining) without being physically divided—making for a comfortable destination to have a discussion while enjoying the inventive cuisine. The large space has been refurbished with a refined touch—with wood and natural materials creating an urbane atmosphere. The extensive menu covers most dining requirements, with a nod to traditional Greek, contemporary fusion, and a double bow to sushi. The pastry card is naturally impressive, reflecting the roots of the founder, Karolos Zonaras. Tables line Panepistimiou on the front and Voukourestiou on the side. The music might be adjusted to match the polished veneer of the walls, however, and the natural tendency in such a room toward polite conversation.

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informed decision making and positive impacts on stakeholder relations. For organizations or stakeholders interested in real world examples and practical advice about the journey towards <IR>, networks have been established to share experiences and learning. — http://integratedreporting.org/

DINING FOR BUSINESS AND PLEASURE

Zonars Panepistimiou & Voukourestiou Streets, Athens, 210 325 1430

THE BUSINESS

BOOK SHELF

Public Sector Economics and the Need for Reforms

Jargonaut

BY APOSTOLIS PHILIPPOPOULOS, MIT PRESS

JERRY RIG

The public sector has grown substantially in the last 50 years. In the Euro area total government expenditures have been around 50% of GDP since the early 2000s, resulting in a growing tax burden or high public debt or both. At the same time, government had intervened in all aspects of economic life, from the provision of public goods and services to product and labor market regulation. Research shows that the effect of government size on economic performance is positive in countries where the public sector is efficient but negative in countries where it is inefficient. In this book, experts from academe and central banking discuss reforms that would make the public sector more efficient and/or more equitable. The contributors offer theoretically and empirically informed perspectives on policy topics including public wage and employment policy, the role of international institutions such as the World Bank in promoting public sector reforms, the optimal mix of tax policy, the measurement of public sector efficiency, and the study of fiscal sustainability. Apostolis Philippopoulos is Professor of Economics at Athens University of Economics and Business.

To create or fix something in an unconventional way, just so it works for the time being. ♦

PERCUSSIVE MAINTENANCE

Whacking the heck out of something in order to get it running again. ♦

AGKWE

And God Knows What Else ♦

C-LEVEL

A company’s senior executive level: the CEO, CIO, CFO, COO, CTO, ♦

GWOT

BY ANDREAS STYLIANOPOULOS PRESIDENT, NAVIGATOR TRAVEL & TOURIST SERVICES LTD

TRAVELOGUE

Glorified Waste of Time ♦

AROMA DRYOS—THE SCENT OF AN OAK

KEITAI

Set in one of the most spectacular natural landscapes in Greece, the Aroma Dryos Hotel in Metsovo offers guests the chance to get away from it all— and then get away more, into the surrounding areas and attractions that are bountiful. With 16 handcrafted rooms, most with mountain views, the Aroma Dryos represents the new era of traditional lodging in Greece, with a deep appreciation for natural materials and the surrounding attractions. In addition to enjoying Metsovo and its museums, galleries, and local customs, guests may wander off into the Pindus Mountains on foot, bicycle, horseback or, in the winter, on skis. Or visit hidden villages, rivers, and lakes. Or trek to Ioannina for an “urban” experience in this natural wonderland of Greece. Combining local décor with a refined sense of style, the hotel is an ideal nest—cozy and comfortable—to enjoy on its own or to return to after a day’s adventure. With a spa, fireplaces, wifi throughout, and buffet breakfast, the hotel provides the basics. Wander off to dine in one of the local eateries to sample the local noodles, barbecue, oven baked meat dishes, cheese, wines, and sweets. Enjoy. http://aromadryos.gr/

Japanese for cell phone ♦

LAPTOP NOMAD

A person who works primarily on their laptop outside of a traditional office setting. ♦

PHONESIA

Dialing a phone number and forgetting whom you were calling just as they answer ♦

TELEPHONE NUMBER SALARY A seven-digit salary ♦

VOICE JAIL SYSTEM

A poorly designed voice mail system that has so many submenus you get lost and have to hang up and call back. http://www.netlingo.com

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 53

TRENDS & TRADE MAKERS

The New York Times International Edition— A New Experience

FORUM ON EDUCATION ABROAD HELD IN ATHENS

The New York Times Company introduced The New York Times International Edition on October 11, a redesigned, improved and more relevant print newspaper and refreshed digital web experience for readers outside the United States. The New York Times International Edition features more international news, an increased focus on deep, analytical reporting, enterprise stories and a broader selection of coverage from The Times including culture, technology, travel and other topics relevant to international audiences. Highlights of The New York Times International Edition include will feature coverage intended specifically for a global audience and for the first time, The New York Times International Edition will feature Opinion pieces on the front page.

Faculty and administrative executives from more than 300 universities, colleges and educational institutions from the U.S. gathered in Athens for the Forum on Education Abroad 3rd European Conference, ‘Living Change: Education Abroad in 21st Century Europe’ on October 3-8, 2016. CYA (College Year in Athens) hosted the conference in cooperation with its Athens-based subsidiary DIKEMES, the International Center for Hellenic and Mediterranean Studies. The conference explored how U.S. education abroad defines Europe, and how European education abroad partners define Europe to visiting U.S. students, so that students may appreciate the past, understand the present and anticipate the future of the most popular education abroad destination. Conference keynote speaker, Anna Diamantopoulou, president of DIKTIO-Network for Reforms in Greece and Europe, a Fellow at the Robert Bosch Academy in Berlin and former Minister of Education, addressed the plenary. She referred to critical aspects of the international education system and its contribution to social development. CYA president Alexis Phylactopoulos said: ‘We need to prepare our students for Europe at this critical time in European history. Things are not as they used to be. We all know how the landscape has changed and how the emphasis has shifted from traditional European values, its culture, languages, art, to other more pressing issues, like the deficient European governance, the financial crisis, the influx of refugees and the inability to create a sustainable plan to deal with the flow, and the advances of the extreme right.

ACS Recognized ACS Athens was recognized by the MSACESS as a Leading School during the Fall Leadership Conference of the Near East South Asia Council of Overseas Schools (NESA), which took place on October 19-23, 2016, in Doha, Qatar. The award recognized ACS Athens as a Leading School for its successful implementation of the Sustaining Excellence protocol and for sharing its comprehensive research on the i2Flex Classroom Model with the local and global education community through a Colloquium held in April, 2016. Dr. Stefanos Gialamas, president of ACS Athens, accepted the award stating, “ACS Athens’ outstanding faculty and exceptional institutional leaders are committed to an educational model that has the pursuit of excellence (intellectual, academic, social, physical, emotional, ethical) at its core.”

Justice Denied Greece placed 41st out of 133 countries the world over, according to a the World Justice Project (WJP) Rule of Law Index, which ranks countries according to the way the rule of law is experienced by the general public. The report used 44 indicators in eight rule of law factors: constraint on government power, absence of corruption, open government, fundamental rights, order and security, regulatory enforcement, civil justice and criminal justice. Greece’s overall rule of law performance put it in 22nd place out of 24 countries in the regional ranking – that includes countries from the European Union, the European Free Trade Association (EFTA) and North America – and 34th out of 36 among high-income countries. With regard to the criminal justice factor, it placed 23rd out of 24 in the regional category, 35th out of 36 among high-income countries and 50th on a global level. In the category referring to the absence of corruption, it also made a poor showing – 22 out 24 regional countries, 34 out of 36 high-income countries and 46th globally.

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WWW. OPERA ONLINE

Sustainable Losses

ILLEGAL LANDFILL, NORTHERN GREECE

An annual report released by the local branch of the World Wildlife Fund (WWF) shames Greece for systematic violations of the environmental rulebook, while lamenting the waste of a historic opportunity to make the financial crisis a starting point towards a “truly sustainable economy.” “We are pretty much in the same mess as last year. Despite some progress in certain areas, the overall picture is quite grim,” WWF Greece chief executive Dimitris Karavelas said. “This is the picture of a country that is paying a hefty price for inaction, a lack of transparency, the ‘tidying up’ of violations and bad legislation,” Karavelas said. “This is the picture of a country that is killing its own hopes for a truly sustainable economy,” he added. Among other faults, the annual study, now in its 12th year, criticized the government for not doing enough to curb illegal construction, for its plans to build new coal plants and for lax waste management, resulting in more European fines.

MEDICAL BREAKTHROUGH

EU Internships The EU offers internships to recent graduates in a number of areas and locations. Committee of the Regions, Where: Brussels; Council of the European Union, Where: Brussels; Court of Justice of the European Union, Where: Luxembourg; European Central Bank, Where: Frankfurt am Main; European Commission, Where: Brussels, Luxembourg, Member States capitals; Commission Delegations in non Member States, Where: Ispra (Italy), Karlsruhe (Germany), Geel (Belgium), Petten (The Netherlands) or Sevilla (Spain); European Court of Auditors, Where: Luxembourg; European Economic and Social Committee, Where: Brussels; European External Action Service, Where: EU Delegations, European Investment Bank; Where: mostly Luxembourg; European Joint Undertaking for ITER and the Development of Fusion Energy (Fusion for Energy), Where: Barcelona (Spain), Garching (Germany) or Cadarache (France); European Ombudsman, Where: Strasbourg, Brussels; European Parliament, Where: Brussels, Strasbourg, Luxembourg, information offices in Member States.

EU DIRECT

https://europa.eu/european-union/about-eu/working/graduates_en

http://www.theoperaplatform.eu/en The Opera Platform offers a range of content from the most popular titles to the most innovative ♦ www.opera-online.com/en Opera Online has information on productions and an opera encyclopedia ♦ http://www.metopera.org/Season/ On-Demand/ Met Opera on Demand is a subscription service of the Metropolitan Opera in New York ♦ bachtrack.com/watch-online Bachtrack lists on demand performances and broadcast performances of opera and classical music ♦ http://www.digitaltheatre.com/ Rent or buy from the Royal Opera House, London ♦ http://www.utahopera.org/watchlisten-learn/online-learning-courses Opera Utah Online Learning Courses

Greek doctors leading a team from the Wellcome Trust Sanger Institute in the UK, outside Cambridge, have made an incredible breakthrough discovery in the fight against acute meloid leukemia (AML). Dr. Konstantinos Tzelepis and Dr. George Vassiliou — the Greek researchers heading the team — in collaboration with joint project leader Dr. Kosuke Yusa, identified a large number of genes that could act as potential targets for anti-AML treatments. Their research paper, published in “Cell Reports,” describes how the repression of KAT2A, one of the genes, destroys AML cells without destroying non-leukemic blood cells.

NOVEMBER-DECEMBER 2016 | BUSINESS PARTNERS | 55

VIEWPOINT FROM THE CLASSROOM TO THE OFFICE—

Closing the Gap

n often overlooked aspect 2014, over 30% of Greek university gradof Greece’s economic cri- uates were willing to pursue opportunities sis and youth employment elsewhere, compared to only 8% in 2009, trends is the deficiency of and nearly three-fourths of that population resources linking university had already taken measures to leave. Given students to the job market. that the rate of youth unemployment has In my year studying the impact of politicized lingered between 33% and 58% since 2010, youth groups at public universities in Ath- according to Eurostat, the trend does not ens, this lack of resources resonated heavily come as a surprise. But as high-performing among the several dozen interviewees. Stu- young professionals and scholars continue dents, professors and faculty members alike to flee the country, they leave behind even agreed that inadequate mentorship and ca- weaker institutions, further reducing the reer services further deepened the negative likelihood of economic growth via innovaprospects for youth employment. As one tion and expansion. professor noted, there was great resistance to The public sector’s failure has created a gap establishing a career center at the university that the private and nonprofit sectors, on a where he worked, due in part to ideological brighter note, seek to fill by offering a few tensions between the overarching premise of alternatives. Take for example the ReGena liberal arts education and the idea of shuf- eration initiative (ReGen) started by the fling graduates into a capitalist market sys- Global Shapers Athens Hub, whose purtem. But in an economic downturn, students pose is to address the unemployment of and recent graduates should university-educated youth by be provided with as many emoffering targeted training and ployment-oriented resources connecting graduates to paid as possible. internships and job opportuThis purposeful indifference nities at major companies. Or by public institutions at such College Link, a more recenta critical stage for students ly-launched platform designed transitioning into an adult life to coach students on the job further intensifies the rate of hunt and connect them to brain drain. A recent study by available openings. — BY — Lois Labrianidis and Manolis The thousands of applications VASILIKI MITRAKOS Pratsinakis estimates that by both ReGen and College Link

receive demonstrate the country’s undeniable demand not only for jobs but also for internships, job training, mentoring, and professional network building. Placing an early emphasis on core skills necessary to obtain employment can help reduce the time youth spend unemployed, better match talent with opportunities, and revitalize Greece’s generation of lost productivity. As such, it should be part and parcel of

THE FAILURE CREATED A GAP

the public education system. Career resources should be made available to all students, and in turn, universities should establish an official collaborative network of alumni both in Greece and abroad. In particular, there is tremendous untapped potential in connecting Greek professionals and alumni of public universities who have emigrated abroad. As new reforms are being implemented with the goal of improving public higher education, university administrations need to actively engage students seeking job opportunities, mentorship and network building during their undergraduate years.

THE AMERICAN-HELLENIC CHAMBER OF COMMERCE Become a Member

bponline.amcham.gr

To become a member of the American-Hellenic Chamber of Commerce, one of Greece’s most preeminent and proactive business organizations, apply on the Chamber website at www.amcham.gr, send an e-mail to info@amcham.gr, call the Chamber at 210-699-3559, or fax the Chamber at 210-698-5687-7 and request an application form.

To subscribe to Business Partners, send an e-mail to info@amcham.gr, call the Chamber at 210-699-3559, or fax the Chamber at 210-698-5687-7.

56 | BUSINESS PARTNERS | NOVEMBER-DECEMBER 2016

THE NAMELESS KING 15 Stories of Leadership from Ancient Greece

by Artemios Miropoulos

Sometimes you read a book and you can’t put it down. The Nameless King is a book that you’ll want to read over and over again and give it as a gift. The stories contain lessons for living and leading . Historical research that will leave you wondering why you didn’t know it— masterful and wonderful prose that is easy-to-read… hard to forget. Phil Harkins, founder of Linkage Inc., author of Powerful Conversations

Για εταιρικές παραγγελίες: Ιουλία Παπαοικονόμου email:info@thenamelessking.com κιν 6944795601 www.thenamelessking.com

second edition

Revisited for Leadership self-help