ECONOMY

Libra Group pushes ahead with Greek investments

Global conglomerate Libra Group, with origins in Greek shipping, is pressing ahead with its $500 million investments in Greece despite the country’s political turmoil, its chief executive said.

Libra, with headquarters in London and New York, has invested in various projects in Greece, including developing hotels and putting $200 million into renewable energy projects.

Two-thirds of its total $500 million investments in Greece have been carried through already, Libra Group chief executive and chairman George Logothetis said.

“We intend to implement everything we have agreed to,” he told Reuters on Wednesday. “To have the political process potentially hijack the economic recovery, I think, would be a big mistake,” Logothetis said.

“You need continuity of government when you are in the midst of a crisis.” Libra owns the luxury Grace Hotels global brand, which began in Greece, as well as the Aria hotel and villas chain in Greece.

It acquired a 50 percent stake in Coco-Mat, a manufacturer and retailer of mattresses and home furnishings that is one of Greece’s top brands.

Logothetis said it was too early to tell if there would be any impact on Greece’s tourism sector – a vital revenue earner for the country.

“People need to remember where Greece was in June of 2012 and where it is today,” he said.

“It would be a mistake if the country is forced to general elections now having gone beyond the [economic] turning point.”

[Reuters]