ECONOMY

Two groups mulling exit from Greece

two-groups-mulling-exit-from-greece

Two major industrial groups listed on the Athens Exchange are said to be on the verge of deciding to move their headquarters abroad in 2016, Kathimerini understands.

According to sources, their main shareholders believe that the government is being too slow in its effort to change the economic climate and personal discussions with cabinet members have suggested that entrepreneurship in Greece is not a priority for the country’s administration.

One of the two entrepreneurs close to moving abroad told Kathimerini that “the imposition of the capital controls on June 28 was the straw that broke the camel’s back. Especially for exporting companies like us, it cut our oxygen supply.

“We view this situation like the collapse of Lehman Brothers, when we suddenly found ourselves in a void on international level, with dozens of orders cancelled and exposed with bank checks.”

The examples of the companies that have already left Greece (FAGE, Coca-Cola HBC and Viohalco) are paving the way, as their common target has been to maintain their competitive position in the international markets. In Viohalco’s case, after several years of losses the company has returned to profits this year, which is to a great extent attributed to the weakening of the euro against the dollar and the return of the productive investments made in recent years.