Archived news

The national air carrier of Greece undergoing privatization, announced an extended winter timetable including new long haul flights to Hong Kong in an attempt to rationalize utilization of its A-340 fleet currently underutilized on its New York and Johannesburg routes. Last fall the European Commission advised that the Company has been subject to illegal State subsidies and requested for reimbursement of substantial amounts which would have been impossible for the carrier to pay. In the meantime the Company has taken the case in front of the Greek Courts asking very important amounts it claims due by the Greek and looks towards some form of accounts reconciliation. As we have been involved on the latest privatization attempt and we follow the current legal battle with great interest.

We welcome with great pleasure our new collaboration with the Law Offices of Sylvestre Fafard & Painchaud in Montreal, Canada (www.sfpavocats.ca) and of Martin Chico & Asociados in Madrid, Spain and Bordeaux, France. Unlike other offices we do not go the easy way of simply adhering in already build-up cooperation schemes. We insist on personally getting to know our cooperation partners and on making sure they enjoy an excellent reputation in their field or country and that they meet the highest standards on their practices. It certainly takes an extra effort and a little longer to build such a network but we feel it as part of our commitment.

On our last newsletter we presented this very interesting legal event that took place in Paris in May 2006 where top attorneys, Judges and University professors from all over the world presented and discussed the latest developments in plaintiffs' practices. ELC was actively represented by two of its attorneys and was one of the three Greek Offices being present at the Forum. The U.S. firm of Lieff Cabraiser Heimann & Bernstein LLP of San Francisco which was hosting the event has opened a very interesting web site (www.globaljusticeforum.com) with pictures minutes and conclusions from the event.

Japanese firms or particulars wishing to deal with Europe or vice versa, may address their issues to ELC with confidence that their point would be properly understood and dealt with. We are the only Greek office and one of the very few Europeans that we have successfully established a highly respected business partnership in Tokyo and this winter we undertake our fourth trip in a row to the land of the rising sun for further enhancing our presence there.

The talented Swiss artist who lives in Greece is exposing her inspired colorful yet very subtle painting work in Kosmothea-Agios Stefanos (Chrysanthemon 1) "Pathways of Colours".

Opening: Sep, 29, 2006

After an impressive recovery in 2005 with a successful campaign around the "Live your myth in Greece" slogan, the Greek tourist industry is expecting another 15% growth in 2006. In a lunch conference organized by the German-Hellenic chamber of commerce where we were also present, the Minister of Tourism Mr. D. Avramopoulos expressed his optimism for a good 2006 on the country’s top industry as indications are very positive for orientation towards higher quality services thus attracting higher yield visitors. Interesting incentives are being offered through local and European initiatives. Our law offices with considerable experience throughout the tourist related industry would be pleased to help you on an any such issue and would gladly assist you wherever possible.

The flag carrier of Greece is still in search of a new private owner: The Government of Greece has announced a new attempt of privatization for this company with a minority stake to remain under state control. The aviation consultant company Sabre has presented the new business plan in London while the government is approaching potential private equity investors. Convincing them should not be an easy task as the aviation industry in spite of a relative recovery last year, is still considered as an "interesting but difficult" field for equity placement with relatively thin margins.

Last year we announced our cooperation with a Tokyo law firm specialized on corporate and business law. Japan is an excellent place to do business with, although it still remains relatively unknown in Greece. Our law offices intend to build up and maintain a leading position on commercial and business legal support and backing on both directions. For the third time we will be visiting this winter the country of the rising sun meeting business and commercial people while we are already in contact with the highly organized export Trade organization of this country (www.jetro.go.jp).

Following her acquaintance with Greece the talented French painter who chooses to express herself through art forms in vivid colors is preparing an exposition of her paintings in Athens this winter and later in spring in Amsterdam in Holland. One of Mrs. Leray-Pajon’s paintings decorates our offices and is one of our favorites. We are therefore particularly pleased and glad to encourage Mrs. Leray-Pajon’s talented work and to assist and support her two forthcoming events.

It seems that tourists are rediscovering Greece this year. Along with tourist numbers, the "holiday home" market has also been growing considerably, perhaps because of the ease of bureaucracy, along with the economics and security resulting out of twenty-five years EU membership. As seen at the London fair - held during the last week of May 2006 - this real estate market is currently booming, but prices are remaining relatively reasonable.

Our offices, with over a decade of activity in this sector, have streamlined the acquisition process for foreign clients through an innovative "flexi-plan" that makes it easy to understand and safe to acquire property, while keeping transaction costs low and transparent. Although our "flexi-plan" applies to all foreign investors, some restrictions imposed by the laws currently in force in Greece may apply to non-EU nationals.