Wednesday, February 11, 2015

Can Greek Businesses Even Survive?

Wall Street Journal
February 10, 2015

After years of struggling through Greece’s financial crisis, Nikos Vasiliou’s Athens-based lighting company finally began to see signs of a turnaround in 2014.

The relief was short-lived.

A radical leftist party that came to power last month vowing to reverse the austerity forced on Greece by its creditors has reignited fears the country could separate from the euro. With Greece running out of money, the country’s new leadership has only a couple of weeks to reach a compromise.

Mr. Vasiliou’s clients, 60% of whom are outside Greece, are nervous again.

“They ask, What’s going to happen? Will you be able to give us our products,’” says Mr. Vasiliou, whose company, Bright Special Lighting SA, has 150 employees. “Why should they buy from Greece when they can go to neighboring countries with more stability?”


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