Greece’s position on an international listing ranking countries based on foreign direct investment (FDI) improved more than 20 places. Data from the United Nations Conference on Trade and Development showed that Greece moved to position 49 in 2008 from 73rd position in 2007. In 2008, $5.1 billion in FDI poured into the country versus $1.7 billion in 2007. The large increase is largely due to Deutsche Telekom spending $3.2 billion to buy into OTE telecom. FDI from Greek companies expanding abroad reached $2.6 billion, some 50 percent lower than 2007 levels.