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Selected Media Quotes

Arithmetic lesson Economist, 19.11.09 Tax collection “collapsed almost totally” after the first quarter, says George Papaconstantinou, the new Socialist finance minister. Revenue- raising slowed in the run-up to the European elections—a traditional ploy by Greek governments to keep voters loyal—then stagnated over the summer and during the national election campaign in September. A pre-election splurge (another tradition) helped widen the deficit. And as the economy weakened during the financial crisis, tax evasion rose: VAT receipts, for example, fell steadily. 40

Pressure on Greece mounts after downgrade FT, 08.12.09 The trigger for the latest turbulence is Greece, whose credit ratings were downgraded by Fitch on Tuesday. This came 24 hours after another credit rating agency, Standard & Poor's, warned the Greek government that it faced an imminent downgrade. 41

No One Should Rule Out a Greek Bankruptcy Der Spiegel, 11.12.09 Greece is in trouble. Swamped by public debt and shunned by international investors, the country has been told by EU leaders to face up to its fiscal crisis on its own. German papers on Friday ask how much fellow Europeans ought to do to help and who is to blame for the mess. 42

Greece condemned for falsifying deficit data FT, 12.01.10 Greece was condemned by the European Commission on Tuesday for deliberately falsifying data about its public finances and allowing political pressures to obstruct the collection of accurate statistics. In a damning report published as the eurozone grapples with its worst fiscal crisis since the euro's launch in 1999, the Commission said Greece's figures were so unreliable that its budget deficit and public debt might be even higher than the government had claimed last October. 43

Greeks Taking Bribes Thwart Papandreou’s Effort to Solve Crisis Business Week, 28.01.10 Greece’s attempt to dig itself out of its worst financial crisis in about 16 years and avoid a bailout is hampered by rampant bribery and tax evasion. 44

Greece and the eurozone: halcyon no more FT, 07.02.10 More alarming for European Union policymakers, investor nervousness has become contagious. Portugal and Spain, fellow eurozone members where public sector deficits have also spiralled, had their bond yields pushed up to levels last seen at the height of the global crisis in early 2009. 45

Greece Is Bankrupt (Morally, At Least); Greece's fiscal problems are a symptom of Athens's political shortcomings. The Wall Street Journal, 09.02.10 The unwillingness or inability of the Greek legal and political system to seek out and punish the perpetrators of this act of disinformation has created a moral vacuum in which all kinds of conspiracy theories flourish. They all have in common that they blame the victims—the holders of Greek debt—for Greece's present predicament. The Greek media are filled with stories about the despicable "speculators," "profiteers," "bankers," "financiers," and "Shylocks" that are to blame for the economic mess the country is in. If only the present government had not revealed to the world the deception, Greece, according to this narrative, could continue to milk the "stupid Franks," as they say in Greek, for years to come. In other words, the problem is not the size of the deficit per se but the fact that the present government of Greece chose to tell the world about it. In other words, Greece's problem is not only economic. It's is also moral. 46

Horrified EU watches as Greece teeters on brink of bankruptcy and puts euro in peril; Bribery is endemic, taxes unpaid and a third work for the State, but now the nation risks turmoil, writes Roger Boyes The Times / The Sunday Times, 10.02.10 The Greek word is fakelaki, derived from the word for envelope. That is how you pass the money. The political party in power hands out jobs, and lucky indeed is the man who gets to be the head of the planning permission department in a village on the islands. 47

Greek Tragedy: Athens' Financial Woes Time Magazine, 15.02.10 Problem is, though, the markets are finding it tough to trust Athens. At the World Economic Forum in Davos rumors swirled — despite assurances to the contrary by Greek and E.U. officials — that Greece was on the brink of a default and would need a bailout from Brussels or the International Monetary Fund (IMF) — or even get booted out of the E.U. altogether. 48

Bite the bullet. Kick Greece out of the euro; The cracks in the currency have long been apparent. The Greeks have acted irresponsibly and must pay the penalty The Times / The Sunday Times, 16.02.10 Or, alternatively, it could bite on a very hard bullet and ask Greece to leave the eurozone, not least "pour encourager les autres". (I am aware that there are apparently no formal procedures for this.) The financial repercussions would be tremendous, but financial crises eventually resolve themselves and if this boil has to burst, it's better sto do it ooner rather than later. The political fallout would, however, be shattering. The eviction of Greece would be the first serious retreat of the European project and would represent a terrific loss of political face for the believers in European integration and solidarity. 49

Echoes of Greece's Debt Crisis Time Magazine, 22.02.10 Greece now had a solid currency--but it wasn't Greece's currency. The euro was managed by monetary wonks at the European Central Bank in Frankfurt for whom the Greek economy was but a blip. And the decision makers in Athens with responsibility for fiscal policy continued to blunder. The country kept running big deficits in the boom years. Then came the Great Recession. 50

Europe's Shadow Economies a Boon in Crisis Newsweek, 03.03.10 Greece holds the record for the developed world's most crooked economy: with fully one quarter of its GDP earned off the books in illegal construction and unreported employment, Greece could easily have avoided its debt crisis had it found a way to tax even half of that income. But the shadow economy is far more widespread in the West than a few corrupt Mediterranean nations. 51

The Greeks Must Suffer Der Spiegel, 04.03.10 This lack of action has had negative effects on the population and also kept the Greeks in the dark about just how bad things really were in the country. Another result is that there is now only a single way out of the crisis: If the country is going to be reformed, the Greeks must suffer. 52

EU commissoners and Germany at odds over urgency of helping Greece Deutsche Welle, 21.03.10 Asking for a hand, or a handout? Greece may not be asking for immediate loans from its fellow euro-zone members, but it is hoping they can offer some security that would allow them to borrow money at less than the interest rates it is currently being offered. One way to do that is the establishment of a sort of contingency plan - offers of loans that can be redeemed if Greece finds itself unable to make payments on those loans, despite draconian budget cuts the country approved recently. 53

:mpossible task at any interest rate The Wall Street Journal, 14.04.10 Over the next five years, Athens has to raise !240 billion, roughly the country's current gross domestic product. Of that amount, !150 billion is to pay down the principal owed on maturing bonds. The rest is interest. This illustrates why the euro-zone offer of a !30 billion standby credit facility is just a drop in the bucket compared to Greece's overall cash requirements. Athens is unlikely to be able to raise this much money from private investors at any interest rate. 54

Greece's bail-out only delays the inevitable Financial Times, 19.04.10 . The financial markets have recognised that, bail-out or no bail-out, Greece is in effect broke. The bail-out prevents a default this year, but makes no difference whatsoever to the likelihood of a subsequent default. Just do the maths: Greece has a debt-to-gross domestic product ratio of 125 per cent. Greece needs to raise around !50bn ($68bn, £44bn) in finance for each of the next five years to roll over existing debt and pay interest. That adds up to approximately !250bn, or about 100 per cent of Greek annual GDP. 55

Greece and Who's Next? The New York Times, 24.04.10 As Greece careened ever close to default this week, frightened investors also rushed to dump bonds from financially troubled Portugal, Spain and Ireland. But while the markets increasingly see this as a euro zone crisis, many European leaders are in denial. 56

GREECE RESCUE Humiliation for Papandreou FT, 24.04.10 It was inevitably a humbling moment for George Papandreou, Greek prime minister, as he faced the television cameras yesterday against a backdrop of the shimmering blue Aegean. The proud son and grandson of Greek prime ministers, he was having to admit failure in his four-month crusade against "market speculators" and appeal for outside help to rescue his struggling economy from collapse. 57

Greece 'has to' consider euro exit The Sunday Telegraph, 25.04.10 The Greek crisis, which dominated events as the G20 and IMF met in Washington this weekend, has provoked internal discussion about the chance that European Monetary Union cannot survive in its current form. In an interview with Spiegel, Mr Friedrich said Greece "must seriously consider leaving the eurozone", adding that this subject "should not be taboo". 58

Greece Crisis Threatens German State Banks Der Spiegel, 28.04.10 Many in Germany are asking this week what is better: Direct aid or debt restructuring for Greece? But much of the country's exposure to Greek bonds is through banks that are state-owned, so it looks like taxpayers will get stuck with a big fat Greek bill no matter what happens. 59

Greece's ‘death spiral’ BBC, 28.04.10 German accusations that Greeks have been living beyond their means for years have fuelled inaccurate perceptions abroad that this is a nation full of idle playboys and party animals. In Athens, people endure some of the highest prices in Europe as well as lower average wages and pensions than those enjoyed by their EU peers. 60

The Euro Can Survive a Greek Default; Greece's economy would collapse, but the contagion is containable The Wall Street Journal 29.04.10 The real question is: Would a messy (and massive) default under which the country refuses to repay in full signify the end of the euro? 61

Aid for Greece won't put squeeze on Germany, says Schaeuble Deutsche Welle, 29.04.10 German Finance Minister Wolfgang Schaeuble said loans for Greece are good for Germany too. He said he hopes they will stabilize the euro zone and discourage speculation against euro-zone countries. […] "If we fail," he said, "then speculation against all countries in the euro zone would increase, and probably against other countries outside the euro zone as well.” 62

Will Violent Protests Imperil Reform in Greece? Time Magazine, 05.05.10 The international community's faith in Greece's indebted government, which has admitted to cooking its books to join the euro, is already at an all-time low. 63

Fire and blood on the streets of Athens CNN, 05.05.10 I am often asked on air how this mess will resolve itself. It is a question the Greek people, the Greek government, EU leaders and the financial markets don't have an answer to. Now Greek society is not just angry but traumatized. It is a terrible combination. 64

Bank workers killed in riots as Greece stares into the abyss The Times / The Sunday Times, 06.05.10 Violence flared as tens of thousands of striking workers and civil servants took to the streets of the capital and the northern city of Salonika to protest against the Government's austerity measures. 65

Greece's financial pain could ripple across USA ; How Athens handles its crisis affects our economy USA Today, 10.05.10 In a bid to stop the "Aegean flu" from spreading and support their currency, European Union leaders Sunday night announced a deal with the International Monetary Fund to provide as much as 750 billion euros ($965 billion) in loans and other financing to the EU's weakest members. 66

Greece May Survive, But the Bailout Won’t Help It Heal Newsweek, 10.05.10 The joint deal by the European Union and the IMF to pump up to one trillion dollars in loans and guarantees into Greece and other European countries threatened by government insolvency was far larger than expected, a case of shock and awe that has for now impressed the markets. Finally European leaders ended their months of fiddling while Athens burned and burned. 67

Greek Tragedies The Wall Street Journal, 10.05.10 Greece survived all that, as it will the present crisis, because in the end Greeks in extremis so often prove an heroic people. That is hard to remember in our present exasperation with the ongoing depressing spectacle in Athens, but it is nevertheless a historical truth. 68

Greece's Newest Odyssey The New York Times, 12.05.10 But over a lunch of Greek salad and grilled fish, Papandreou makes clear that he knows that the deal with the E.U. was not your garden- variety bailout-for-budget-cuts. No, if you really look closely at what it will take for Greece to mend its economy, this is actually a bailout-for-a- revolution. Greece's entire economic and political system will have to change for Greeks to deliver their side of this bargain. 69

Protests "not the real Greece": deputy minister AFP, 12.05.10 The government in Athens promised a harsh austerity package, including tax hikes, spending cuts and a sweeping pension reform, in exchange for a 110-billion-euro bailout loan agreed with the EU and IMF to rescue the debt-stricken country. But the measures have angered the country's unions, which have held a wave of street protests and were planning another rally later Wednesday. 70

Debt crisis? Bailout? Russia still has the scars; Greece is experiencing similar conditions, but in 1998, the rescue failed International Herald Tribune, 13.05.10 ‘‘Greece, fundamentally, does not have a debt problem,’’ Mr. Nash wrote. ‘‘It has an economy which is not competitive at the prevailing exchange rate and which lacks the structural flexibility to become competitive.’’ 71

Deutsche Bank CEO doubts Greece can repay debt: report Business Week, 14.05.10 Whether Greece over this time period is really in a position, to bring up the strength to make this effort, I have my doubts," Ackermann said. 72

Greek 'tax-dodging' doctors named BBC, 14.05.10 While the name-and-shame campaign will undoubtedly win approval in some quarters of Greek society, it will also increase pressure on the government to lift parliamentary immunity, which currently protects corrupt politicians from being prosecuted. 73

Muddling through Greece's Tremors Business Week, 16.05.10 Almost no one thinks the three-year IMF loan program will be the end of the story. Even if the rioters go back to work, the pensions are cut, and the taxes are collected, Greece is likely to be back at the table in 2013 to renegotiate its debts. With luck, the global economic environment will be more benign, and private financing will be more readily available. 74

The sad end of Greece's better tomorrow Financial Times, 18.05.10 Greeks do not lack talent or initiative. You only have to look at how many succeed abroad, once they escape their country's dysfunctional, influence-peddling institutions. The desperate need to reform those institutions has finally been laid bare. There can be no more illusions, for Greece or its friends. 75

In Greece, Anarchy Yields to Soul- Searching The Wall Street Journal, 22.05.10 At a nocturnal meeting of 300 black-clad anarchists here several days ago, radicals were plotting a demonstration against government austerity measures. But the air was thick with something other than the usual cigarette smoke and revolution: self-doubt. An anti-government demonstration involving radicals earlier this month had turned ugly. […] The killings shocked Greece, and are, at least for now, prompting soul- searching among the country's militant fringe and the many ordinary Greeks who long have quietly sympathized with it. 76

In Greece, Anarchy Yields to Soul- Searching The Wall Street Journal, 22.05.10 Many in Greece say street anger could yet reach a boiling point as recession deepens later this year amid the cutbacks. Greece's anarchists are the modern incarnation of a rebel tradition, dating back to mountain brigands who fought the Ottoman Empire and World War II, when Greece had one of the biggest guerrilla movements in Nazi- occupied Europe. [..] But in the past, violence was "not blind," says Panagiotis, with actions targeted at state and corporate buildings rather than innocent workers. For more than 30 years, Greece's anarchists have carried on a tradition of resistance to the state by the youth of Athens. 77

In Greece, Anarchy Yields to Soul- Searching The Wall Street Journal, 22.05.10 "A demonstration is one thing and murder is quite another." A day after the killings, amid national mourning, Greece's parliament passed IMF measures that include pay cuts of 20% or more for public-sector workers, with only muted protests in the street. 78

Greece: Model of Socialistic Excess Business Week, 24.05.10 The birthplace of democracy, today it is a model of socialistic excess: deficit spending, confiscatory taxation, Marxist public-sector unions, government ownership, nationalized health-care, excessive federal intrusion into private lives. Greece's debt obligations exceed its gross domestic product (GDP) by a factor heading fast toward 2. In today's jargon, the place is a paradigmatic entitlement society. 79

In Bouzouki Clubs, Some Greeks Still Live in Excess Time Magazine, 24.05.10 Behind Thalassa's doors and those of dozens of other bouzouki clubs dotted around Athens, Greeks can still spend big — if only for one night. Outside, reality is bleak. Flush with wealth only a decade ago, Greece is now drowning in debt and has been forced to go begging to Europe for help. 80

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6(3=/1" "903-' 2F31>, 830()(F.(>, vs. 7$5.1"' ",-8$#<&' µ(31/=0# $0#' .$1' BE+ USA MARKET Average sales growth p.a. 2003-f2008 vs Imported wines Sales share by volume ('000 9lt cases) by country of origin (on- & off-trade) 35.0% Italy (14.4%, 31.7%) 30.0% 25.0% Sales share 20.0% 15.0% France (5.4%, 13.3%) 10.0% 5.0% Spain (30.3%, 4.7%) Greece (4.9%, 0.0% 0.3%) Austria (21.6%, 0.2%) 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Sales growth 86

6(3=/1" "903-' 2F31>, 830()(F.(>, vs. 7$5.1"' ",-8$#<&' µ(31/=0# .$0 B,. J".=)(10 UK MARKET Average sales growth p.a. 2003-f2008 vs Imported wines Sales share by volume ('000 9lt cases) by country of origin (on- & off-trade) 18.0% 16.0% France (-7.4%, 15.7%) 14.0% 12.0% Sales share Italy (4.0%, 10.9%) 10.0% 8.0% Spain (7.4%, 7.4%) 6.0% 4.0% 2.0% Greece (-12.1%, Austria (28.8%, 0.1%) 0.0% 0.1%) -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Sales growth 87

6(3=/1" "903-' 2F31>, 830()(F.(>, vs. 7$5.1"' ",-8$#<&' µ(31/=0# .$& D(3µ",=" GERMAN MARKET Average sales growth p.a. 2003-f2008 vs Imported wines Sales share by volume ('000 9lt cases) by country of origin (on- & off-trade) 45.0% Italy (3.8%, 42%) 40.0% 35.0% 30.0% Sales share 25.0% 20.0% France (-4.9%, 17.3%) 15.0% Spain (5.6%, 15.7%) 10.0% 5.0% Austria (32.3%, 2.4%) Greece (-10.9%, 0.0% 0.8%) -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Sales growth 88

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@%*4=B%"#µ3) 4%6 *8$-"#*",3 ,56/8 source: European Travel Monitor, 2005 Sun & Beach Countryside Touring Wellness City Breaks Spain 28% France 21% >20 15 Spain 13% France 14% Austria 12% Germany 12% Spain 11% Gr. Britain 12% Spain 10% France 10% Italy 10% Germany 11% 10 Turkey 10% Greece 9% Italy 9% Spain 9% Italy 8% Germany 8% France 8% Italy 8% Croatia / France Germany 7% 7% Italy 6% 5 Ireland 5% Gr. Britain 5% Greece 3% Greece 3% Greece 1% Greece 1% 0 Leader Challenger Followers Present

@%*4=B%"#µ3) 4%6 *8$-"#*",3 ,56/8 source: European Travel Monitor, 2005 Cultural Nautical Luxury Meetings & Incentives Greece 26% Turkey 26% >20 Germany 17% 15 France 15% France 13% Spain / France 11% Italy 11% 10 Germany / Spain 10% Gr.Britain 10% France / Gr. Britain 9% Gr. Britain / USA 7% 5 USA 5% Italy 4% Spain 2% Greece 2% Egypt 2% Greece 2% Portugal 1% Greece 1% 0 Leader Challenger Followers Present

C. Case studies .F9H30,0# $0#31.$120F marketing

K-,0,$"' $0, E30031.µ% 2(,$312% 4*µ" .( #G&)5' 801%$&$"' 2"1 $&)(4*".&' $&)(08$12- 83093-µµ"$" Spain… on the road Again: US travel and gastronomy show, featuring Gwyneth Paltrow, Mark Bittman (food columnist, NY Times), Claudia Bassols (spanish actress) and Mario Battalli (winner of the US Iron Chef show) Supported by the Spanish tourism organization and the New York Times 93

+,"/(12,F0,$"' $0, E30031.µ% µ*.> 21,&µ"$093"I120F .(,"3=0# City branding: promotion of Spanish culture and lifestyle within Woody Allen’s movie “Vicky Christina Barcelona” Funded by the government of Catalonia and the city of Barcelona 94

AH(/1-C0,$"' 2"1 #)0801:,$"' µ=" /#,"$5 viral 2"µ8-,1" Best job in the world: Viral new media campaign to support the launch of a new destination brand, the Islands of the Great Barrier reef, to Global Experience Seekers across 8 key international markets 95

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Image ofgreecestudy

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