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1.  Financial Times - Print 10.  The Economist
and Online 11.  Newsweek
2.  The Wall Street Journal - 12.  Telegraph
Print and Online 13.  AFP
3.  The Times/ The Sunday
14.  BBC - general
Times
15.  CNN News
4.  International Herald
16.  Xinhuanet
Tribune
17.  TIME Magazine
5.  The New York Times
18.  Bloomberg/
6.  Reuters
BusinessWeek
7.  Deutsche Welle
19.  Der Spiegel
8.  The Washington Post
20.  The Guardian/ The
9.  USA Today Observer

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38

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

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

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

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

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

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?

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

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

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

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

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

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

Searching

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

Searching

"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

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

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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Greece Austria
Production vol. f2007 3,500 khl 2,628 khl

Export vol. f2007 296 khl 559 khl

Domestic consumption vs 90% vs 10% 79.5% vs 20.5%
exports

83

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23".1:,-($12($:,

Greece Austria
Wine advocate 2008
>90
>95
19 216
- 8
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“1001 Wines you must try 4 labels 3 regions & 24 wine
befor you die”
producers

84

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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

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vs. 7$5.1"' ",-8$#<&' µ(31/=0# .$0 B,.
J".=)(10
UK MARKET
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

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vs. 7$5.1"' ",-8$#<&' µ(31/=0# .$& D(3µ",="

GERMAN MARKET
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

B. 7))&,12%' !0#31.µ%'
A#9231$12- µ(3=/1" $&' 7))-/"' 2"1 $0#
+,$"9>,1.µ0F ",- $0#31.$12% 2)-/0

@%*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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