Business Partners | May-June 2011

BUSINESS

mAY-JUNE 2011Vol. X | No. 54

GaminG Finding Win-Win Gaming Solutions

issues in CliniCal & mediCal ReseaRCh ▼

insiGhtthe alChemist FoRmula… FRom GRaphite to diamonds! ▼

the entRepReneuRial spiRit in today's GReeCe ▼

stRateGy & innovationsailinG ‘oFF-the-Wind’▼

plusBiz Buzznames & FaCestRends & tRade makeRs

bponline.amcham.gr

Gaming Strategy— A Serious Game

Stephanos Theodorides Chief Executive Officer, Regency Entertainment

ameRiCan-helleniCChamBeR oF CommeRCewww.amcham.gr

WANTEDGood ideas for a new business.

Challenging work. $100.000 reward.Innovators may apply at www.miw.gr.

An Initiative of the American-Hellenic Chamber of Commerce

Please R

ecycle

May-JUNe 2011 | BUSINESS PARTNERS | �

4 THEBOARD 6 CHAmBERNEws 8 REAlEsTATE

coldwell Banker Hellas Tips on Finding the Perfect Neighborhood by Nikos iatrou

10 INsIGHTThe alchemist Formula… From Graphite to Diamonds! by alexaNder athaNassoulas

12 sTRATEGy+INNOvATIONsailing ‘Off-The-Wind’ by CoNstaNtiNos stavropoulos

14 NAmEs&FACEsINTHENEws16 HRTODAy

a closer look at the Medical Technology sector by koNstaNtiNos kaMariotis

18 BIzBuzzcurrents in Today’s Business environment

20 ClINICAlREsEARCHclinical Research: an Opportunity for economic Development by rayMoNd Matera

22 mEDICAlREsEARCHethics in Medical Research and Practice by WilliaM heNdee phd

24 THEINTERvIEwstephanos Theodorides, chief executive Officer of Regency entertainment

26 GAmINGFinding Win-Win Gaming solutions

34 TRAvElusADiscover america—colorado

36 INBusINEssThe entrepreneurial spirit in Today’s Greece by GeorGe CoNstaNtelis

38 EDuCATIONelias Foutsis on New york college and New Models in education

40 THEsTARwOODExpERIENCEVedema Resort, Mystique, and The Romanos

42 ExECuTIvEwORksHOpshifting Paradigms–starting With Our Own by NiCola Murray

44 TRENDs&TRENDmAkERs46 BusINEss2BusINEss

a B2B Toolbox

48 vIEwpOINT energy Policy, Pipelines, and Greece by yaNos GraMatidis

CONTENTsvOlumEx|NumBER54 AMERICAN-HELLENIC CHAMBER OF COMMERCECHAMBER.PRESS AMERICAN-HELLENIC CHAMBER OF COMMERCECHAMBER.PRESSISSN 1109-4990 CODE: 6526

DIRecTORElias Spirtounias [email protected]

PUBlIsHeR & eDITOR Raymond [email protected]

aDVeRTIsING Raymond [email protected]

DesIGNsnack•

PRINTING & BINDINGA. PSILLIDIS & CO

OWNeRAmerican-Hellenic Chamber of CommercePolitia Business Center109-111 Messoghion Avenue 115 26 AthensTel: +30 210 699.3559Fax: +30 210 698.5686-7 E-mail: [email protected]

BRaNcH OFFIce47 Vassileos Irakleiou Street 546 23 ThessalonikiTel: +30 2310 286.453, 225.162Fax: +30 2310 225.162E-mail: [email protected]

BusINEss pARTNERs Is THE BImONTHly mAGAzINE Of thE AmErICAN-hEllENIC ChAmbEr Of COmmErCE

24stephanos Theodorides, chief executive Officer of Regency entertainment,

discusses the gaming industry

38elias Foutsis, President of New

york college, discusses the role of private universities

36George constantelis, President and ceO of GeoVent corporation,

Group of companies, on the entrepreneurial spirit

BpONlINE.AmCHAm.GR

DIRECTOR’sDEsk

During a recent meeting of European American Chambers in Ireland, I had the opportunity to examine how this European country, in the midst of its own economic crisis, and being assisted by the EU sup-port mechanism, differs from and is similar to Greece in confronting its daunting challenges.

The Irish crisis is rooted in its financial industry—primarily its banking sector—whereas in Greece pub-lic debt and deficit are at the root of our grave dilemma.

What is important to note is the model that Ireland has adopted to emerge from crisis and spark growth. Like Israel, Ireland has tapped its intellectual capital and has transformed itself into a high-tech invest-ment hub of Europe.

How? By creating a favorable environment for high-tech investment, with a strong emphasis on R&D, a rapid response education system, low tax rates, and—this is essential—the interconnection of industry with universities and research centers.

That is to say, not only does Ireland attract investors but its infrastructure provides well-trained talent and research assistance in the industries of tomorrow—nanotechnology, biotechnology, photonics and the like. What this creates is a win-win loop that grows and develops—researchers assist business, busi-ness assists researchers.

Corporations search for nodal locations on our planet with a consistent and business friendly invest-ment environment—a predictable tax regime, a credible legal framework related to customs, export legislation, intellectual rights protection, and a symbiotic industry-R&D relationship that benefits both investor and scientist.

Naturally, I wonder why Greece has such a difficult time in creating a similar environment. Both Ireland and Greece were poor agrarian economies a few decades ago. From both emigrated vast amounts of the population. Why has Ireland, a country of 4.5 million, managed to attract 170 billion dollars of FDI from the United States? I would argue that Greece equals or excels any country in intellectual capital. Our natu-ral resources, geographic position, historical treasures, and tourism attractions are second to none.

We Greeks, so proud of our heritage, so willing to defend our national identity, and so quick to look else-where to lay blame, owe it to our forbears and our progeny to create, develop, and implement a national strategy, a national mentality, and a national behavior that does justice to our abilities and that succeeds in fulfilling our vast potential.

ElIAS SPIRToUNIASExecutive Director

The american-Hellenic chamber of commerce was established in 1932 and is one of the largest, most active, and dynamic ameri-can chambers in europe. Virtually all american companies that do business in Greece and Greek companies that engage in trade with the United states are members of the chamber.The chamber's membership is comprised of more than 1,000 proactive companies that seek to expand business horizons, cre-ate new business partnerships, and take advantage of trade and investment opportunities in today's global economy. The american-Hellenic chamber of commerce is an active mem-

ber of the U.s. chamber of commerce in Washington D.c. and the european council of american chambers of commerce (ecacc).

MissionstateMentThe american-Hellenic chamber of commerce strives for con-tinuous improvement of american-Hellenic commercial and financial relations, through increased membership and through the organization of top-quality events, exhibitions, fora, seminars, and congresses on both sides of the atlantic.

The American-Hellenic Chamber of CommerceA DynAmic, ProActive chAmber

� | BUSINESS PARTNERS | May-JUNe 2011


American-hellenic chamber of commerce

executivecoMMitteeGramatidis Yanos President | BAHAS, GRAMATIDIS & PARTNERSKyriacou Marios T. Vice President | KPMG CERTIFIED AUDITORS A.E.Bakatselos Nikolas Vice President | PYRAMIS METALLOURGIA A.E.Karayannis Angelos Secretary General | KARAYANNIS K. GROUP OF COMPANIESPanayotopoulos Litsa Treasurer | M2M SOLUTIONS CONSULTING SERVICESAnastassopoulos Simos Counselor | PETSIAVAS N. S.A.Bacacos George Counselor | BACACOS P. CHEMICAL & PHARMACEUTICAL PRODUCTS CO. S.A.Charalambous Odysseas Counselor | CISCO SYSTEMS HELLAS S.A.Papadopoulos Thanos Counselor | CHEVELLAS S.A.

Spirtounias Elias Executive Director

BoardofdirectorsAntoniades Vassilis | THE BOSTON CONSULTING GROUPAntonopoulos Constantinos | INTRALOT S.A. - INTEGRATED LOTTERY SYSTEMS AND SERVICESCanellopoulos Paul | CHARTIS GREECE S.A.Costas Stavros | EconomistCostopoulos Alexandros | FORESIGHT STRATEGY & COMMUNICATIONSCostopoulos John | HELLENIC PETROLEUM S.A.David George | COCA-COLA HELLENIC BOTTLING COMPANY S.A.Filiotis Dionysios | PHARMASERVE-LILLY SACIFrangou Angeliki | NAVIOS MARITIME HOLDINGS INC.Karella Katerina | PFIZER HELLAS S.A.Kartsanis Georgia | CEO CLUBS GREECEKhan Pheroze | BRISTOL-MYERS SQUIBB A.E. Kibaridis Stelios | ALAPIS S.A.Kokorotsikos Paris | EUROCONSULTANTS S.A.Kosmatos Makis | JOHNSON & JOHNSON HELLAS S.A.Kouides Antonis | B.E.R.M.A. A.E.Koutsoureli Eftychia | INFO-QUEST S.A.Kyriakides John | KYRIAKIDES GEORGOPOULOS & DANIOLOS ISSAIAS LAW FIRMMamidaki Eleftheria | MAMIDOIL JETOIL PETROLEUM COMPANY S.A.Manos Alexandros | PIRAEUS BANK S.A.Papalexopoulos Dimitri | TITAN CEMENT COMPANY S.A.Passaris Despina | PROCTER & GAMBLE HELLAS LTD.Plessas Dennys | LOCKHEED MARTIN (INTERNATIONAL) S.A.Priamou John | U.S. COMMERCIAL COUNSELOR (RET.)Saracakis John D. | SARACAKIS BROTHERS S.A.Stavridis Stelios | PISCINES IDEALES A.E.Symeonides Dimitris | MEVGAL S.A. DAIRY PRODUCT INDUSTRYSynghelides Polychronis | CHRYSLER JEEP DODGE HELLAS S.A.Tamvakakis Apostolos | NATIONAL BANK OF GREECE S.A.Yiannopoulos Emil | PwC (PricewaterhouseCoopers Business Solutions SA)Zeritis Panos | THRACE PAPER MILL S.A.

coMMitteesAuDitors committee Members: Felonis Athanassios, Sabatakakis Kyriakos, Papakosmas Dimitrios | Coordinator: Hadjianagnostou Andriana

corPorAte GovernAnce committeeChair: Papacostopoulos Constantinos | Members: Alexandris Spyros, Charalam-bous Yiangos, Dimou Ioannis, Petalas Apostolos, Siamishis Andreas, Theodou-lidou Maria | Coordinator: Constantinidou Dafni

corPorAte sociAl resPonsibility committee Chair: Stavridis Stelios | Members: Alexiou Maria, Constantelis George, Lolas Vas-silis, Papademetriou Pakis, Vrachatis Ioannis | Coordinator: Boyatzis Angela

environment & enerGy committeeMembers: Aloupis Constantine, Bakouris Konstantinos, Karayannis Angelos, Manos Alexandros, Melissanidis Dimitris, Mytilineos Evangelos, Nomikos Elias, Papadimitriou Spiros, Papavasileiou Athanasios, Peristeris George, Stefanakis Ioan-nis, Yannopoulos Sotiris, Yiannopoulos Emil | Coordinator: Dikeoulia Angeliki

Greek economy conference committee Chair: Kyriacou Marios | Members: Antoniades Vassilis, Anastassopoulos Simos, Bacacos George, Yannopoulos Sotiris | Coordinator: Dikeoulia Angeliki

innovAtion AnD eDucAtion committeeChair: Panayotopoulos Litsa | Members: Charalambous Odysseas, Giourelis Ste-fanos, Kollas John, Makios Vassilis, Makridakis Spyros, Patakiouti Maria, Skoura Alexandra, Tsangos Christos | Coordinator: Tzagaroulakis Katerina

insurAnce, sociAl security & lAbor mAtters committee Chair: Kremalis Konstantinos | Members: Canellopoulos Paul, Rouvas Andreas, Koussia (Dr.) Venetia, Lisseos Panayotis, Mazarakis Dimitrios, Panorios Manos, Pelidis Manos, Sarantopoulos Dimitris | Coordinator: Tseritzoglou Voula

iPr committeeMembers: Boscopoulos Paris, Galanopoulou Katerina, Makris Antonis, Ross Daniel, Zachou Dora | Coordinator: Constantinidou Dafni

leADershiP committeeChair: Miropoulos Artemis | Members: Griveas Polychronis, Hofmann Sybil, Katsivelis Pavlos, Kerastaris Antonis, Kofinas Kyriakos, Olympios Spyros, Paraske-vaides Stavros, Saracakis Alexandros | Coordinator: Ritana Xidou

northern Greece committee Chair: Bakatselos Nikolas | Members: Accas Ioannis, Alexopoulos Charis, Gigilinis Alexandros, Kafatos Vassilis, Katsaros George, Kokorotsikos Paris, Kouides Antonis, Kouimtzis Thanassis, Koukountzos Konstantinos, Mavroudis Theodore, Pylarinos Othon, Symeonides Dimitris | Coordinator: Tsavdaroglou Nikos

PhArmAceuticAl committee Chair: Karella Katerina | Vice Chair: Filiotis DionysiosMembers: Apostolides Pascal, Boscopoulos Paris, Frouzis Konstantinos, Geras-sopoulos Marcos, Karagiannoglou Stylianos, Katzourakis George, Kefalas Nikos, Khan Pheroze, Pateraki Evangelia | Coordinator: Tseritzoglou Voula

Public AffAirs committee Members: Anastassopoulos Simos, Kyriacou Marios, Papadopoulos Thanos | Coordinator: Xidou Ritana

strAteGic PlAnninG committeeMembers: Costopoulos Alexandros, Gramatidis Yanos, Priamou John, Stavridis Stelios | Coordinator: Mamali Georgia

tAxAtion committee Chair: Kostas Stavros | Members: Altiparmakis Christos, Ampeliotis Evaggelos, Anastasiadis Charalampos, Antoniou Vassilios, Desipris Antonis, Doucas Spiros, Gigantes Stavros, Gika Efstathia, Ioannidou Maria, Kerameus George, Laskaratos Panagiotis, Mavraganis George, Melemenis Ioannis, Mitsios Stefanos, Nomikos Vassilis, Samothrakis George, Sarafoglou Gerassimos, Savvaidou Katerina, Sfakakis Konstantinos, Spyriouni Litsa, Stavrides Bill, Stavropoulos Ioannis, Theofilides George, Trakadi Maria, Tsakonas Yiannis | Coordinator: Tzagaroulakis Katerina

tourism committeeChair: Stylianopoulos Andreas | Members: Ananiadis Tim, Anglos John, Argiri Byron, Ikkos Aris, Koutsivitis Stylianos, Marriott Carol, Peresiadis Kostas | Coordi-nator: Dikeoulia Angeliki

Women in business committee Chair: Kartsanis Georgia | Members: Adamopoulou Efi, Athanassoulas Elena, Dimou-Lampadari Maria, Papakonstantinou Ioanna, Rossou Efi, Sideri Anastasia, Tarou Iphigenia | Coordinator: Boyatzis Angela

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CHAmBERNEws

10th annual healthWorld Conference

The �0th Annual HealthWorld Confer-ence—“Healthcare System Reform through the Perspective of the Economic Crisis: Toward an Effective and Efficient Health-care System”—took place on April ��, �0�� at the Hotel Grande Bretagne, and was marked by great success and unprec-edented participation by all partners in the health sector in Greece.More than 300 guests, representatives of Health Agencies, Regional Health Admin-istrations, Patient Associations, Hospital Governors, MPs, and representatives of the business community attended the high-level speeches and detailed presenta-tions by members of the academic, politi-cal, medical, and business communities. Delegates expressed their deep concerns regarding today’s challenging health care sector environment by participating in the constructive dialogue following each

round of presentations.This year’s conference focused on health-care industry perspectives in the context of Greece’s economic crisis —one of historic dimensions— which determines all aspects of government policy and significantly af-fects the entire production and distribu-tion of health products and services.Yanos Gramatidis, President of the Cham-ber, stressed that the crisis that our country is experiencing is a catalyst for positive de-velopments in the field of health care. The conference concluded with a speech by the General Secretary of the Ministry of Health and Social Solidarity, Nicholas Polyzos.In her introduction, the Chair of the Chamber’s Pharmaceutical Committee, Katerina Karella, said that there is a clear need for a radical streamlining of health-care costs, an objective that requires a holistic and sustainable approach. “We

need an approach that makes all of us, Government, Healthcare Professionals and Companies, allies in a common mis-sion, which is to serve human life,” said Ms. Karella.Major Sponsor of the Conference was PFIZER HEllAS, Supporters the compa-nies: ABBoTT lABoRAToRIES (HEl-lAS), AMGEN HEllAS PHARMACEU-TICAlS, BRISTol-MYERS SQUIBB, GIlEAD SCIENCES HEllAS, PHAR-MASERVE-lIllY and SANoFI AVEN-TIS, Contributors the companies: BARD HEllAS , GE HEAlTHCARE, GlAXo-SMITHKlINE, JoHNSoN & JoHN-SoN HEllAS MEDICAl PRoDUCTS, MERCK and NoVARTIS HEllAS and Communication Sponsors: BUSINESS PARTNERS, CHANNEl 9, CITY PRESS, FREE SUNDAY, IATRoNET, KERDoS and VIMA FM.

Yanos Gramatidis Katerina Karella dionYsios Filiotis elias mosialos

Yannis tountas GeorGios merGos rovertos spYropoulos KYriaKos souliotis

Christos lionis

May-JUNe 2011 | BUSINESS PARTNERS | �

neW Ahei site

the new website of the American-hellenic enterprise initiative (Ahei), a new major program established by the chamber in 2010, is now online. the mission of the American-hellenic enterprise initiative (Ahei) is to develop and implement Greece-u.s. actions that further bi-national trade, partnerships, investment, technology transfer, green energy solutions, r&D, and entrepre-neurship through the combined efforts of Ahei Partners. American-hellenic enterprise initiative focuses on the challenges of the 21st century and is an initiative to respond to those challenges with solutions derived from Greece-u.s. synergies and all Ahei partners.

http://ahei.amcham.gr/

Chamber launches Make Innovation Work, Major business plan Competition

The American-Hellenic Chamber of Commerce has launched a major initiative to foster innova-tion and entrepreneurship in Greece.Make Innovation Work—MIW—is a competition designed to reward business plans that are inno-vative and entrepreneurial. It is also designed to

make Greece more competitive.Take part in the Make Innovation Work competition by submitting an innovative and feasible business plan to be implemented in Greece.❚ The rules and regulations are simple and straightforward.❚ Make Innovation Work is open to any Greek or Cypriot citizen or legal entity, includ-

ing those of the global Diaspora.❚ The business plan must be innovative, in some way prove to advance the Greek econo-

my, be feasible, and must be submitted by the deadline of June 30, �0��.❚ First prize is �00.000 dollars US, plus significant legal, technological, and organiza-

tional support.❚ The winning proposals will be announced in october �0��. Business Plans must be in one of four sectors that are cornerstones of Greece’s econo-my and growth: Green Energy, Tourism, Alternative Agriculture, and Transportation and Shipping.Technology can play a minor or major role in any of the business plans. Business plans can be web based, bricks and mortar based, or a combination of the two.Make Innovation Work is under the auspices of the Prime Minister of Greece.

www.miw.gr

innovativeMediaModelPresentedatchamber

Paul Polizotto, President and Founder of ecoMedia-cBs, visited the chamber offices on april 6, 2011 and discussed the novel business model he created and implemented in the United states, linking advertising revenue with com-munity environmental projects. The company develops partnerships with cities in the United states that need funding for environmental projects. ecoMedia then acts as an advertising

agency, with a portion of the revenue going to the urban project. The company that advertises is recognized for its “eco” assistance, both in the ads and with recognition at the community project. Mr. Polizotto discussed this business model at the chamber with members of the chamber staff, diplomats from the U.s. embassy in athens, and representatives of Greece’s media companies.

http://ecoad.cbs.com/

Chamber CalendarJune 1 athens, Hotel Grande Bretagne, 9th csR conference

June 15 athens, Hilton athens, Open dis-cussion: Greece and International Rating agencies: Myths & Reality

June 19-20 Thessaloniki, Thessaloniki concert Hall, National Forum on Regional Development and export in cooperation with the Federation of Industries of North-ern Greece

June 23 athens, Hotel Grande Bretagne, Pub-lic affairs luncheon with guest speaker chris-tos Papoutsis, Minister of citizen Protection

June 27 athens, Hotel Grande Bretagne, annual General assembly Meeting

paul polizotto (3rd From r) at the Chamber.


REAlEsTATE

By Nikos iatrouNIkOs IaTROU Is cHIeF OPeRaTING OFFIceR (cOO) aT cOlDWell BaNkeR Hellas,

PaRT OF THe sOUTHeasT GROUP; He Is a MeMBeR OF THe ROyal INsTITUTION OF cHaRTeReD sURVeyORs (RIcs)

“Location, location, location,” is one of the most commonly used phrases when discussing real estate, but in reality every individual and/or family has their own needs and desires when it comes to finding the right neighborhood to purchase a home.

thePerfectfitcolDWell bAnker hellAs tiPs on finDinG the Perfect neiGhborhooD

Some people want the fast-paced urban lifestyle while others crave the quiet feel of a small town. With so many options, it can be challenging to find

which neighborhood to call home.To help consumers navigate the many great neighborhood options available, the profes-sionals at Coldwell Banker Hellas have pro-vided the following five tips:

1Assemble a strong team of profes-sionals. This is key no matter what the location. Finding a trusted real es-tate agent and mortgage professional who can guide and advise throughout

the home buying process is critical to hav-ing a smooth and successful home buying experience. Also, when it comes to an ex-pert in the local area, a knowledgeable real estate agent is a great guide and can point consumers to resources that will help ease the neighborhood search and get the infor-mation to make an educated decision.

2Spend time exploring the lo-cal area. Most Greeks decide to purchase a home based on a life-style change. Whether searching for the first home for a growing

family or looking for the perfect retirement neighborhood, find out if the potential

town provides the right features. For exam-ple, families with young children will want to research safety, as well as parks and rec-reation options. If health concerns are an issue, make sure there are doctors and/or hospitals nearby. Explore the area as much as possible to find out which neighborhood will provide the best quality of life.

3Test out the commute. For most, five out of seven days a week are spent commuting to and from work. Take the time to test out the trip from potential new

neighborhoods. Don’t base this on what it’s like to drive out on a quiet Sunday af-ternoon, make the drive during rush hour. Also, check out the local public transpor-tation to find out the cost and ease of use. These may seem like small details but many people commute as much as 260 days a year which can add up to a significant amount of time. For this reason, many commuters may decide to live closer to work.

4The restaurant test. This is not a perfect science, but look into lo-cal restaurants in each neighbor-hood. Are there new restaurants opening around town? Are there

restaurants that have stood the test of time and remained open for years? These are

both good indicators that the area is flour-ishing and bringing in new startups as well as sustaining local favorites.

5Look for signs of investment in the community. This can be found by exploring the city. Look for signs of new construction or renovation projects around town,

which shows that companies are making an investment and building their brand in that town. Additionally, research any future plans for the town, which should be found on local government websites.

6Create a Pro/Con List. If trying to decide between two or more neigh-borhoods, sit down and write out the pros and cons for each town based on what is most important

to the family. This will help organize the likes and dislikes about each neighborhood and hopefully bring some clarity to what location will be the best fit.

itcanBechallengingtofindwhichneighBorhoodtocallhoMe

www.bms-greece.gr

Bristol-Myers Squibb A.E. Αττικής 49-53 & Προποντίδος 2, Τ.Κ. 152 35 Βριλήσσια, Αττική ΤΘ 63883 - Bριλήσσια, Τ.Κ. 152 03, Αττική Τηλ.: 210 6074 300 & 210 6074 400, Φαξ: 210 6074 333, ΑΡ.Μ.Α.Ε. 62772/01ΑΤ/Β/07/148

Together we can prevail.

H Bristol-Myers Squibb είναι

μια παγκόσμια βιοφαρμακευτική εταιρεία

με αποστολή της να ανακαλύπτει, να αναπτύσσει

και να παρέχει καινοτόμα φάρμακα

που συμβάλλουν στην αποτελεσματική

αντιμετώπιση σοβαρών ασθενειών.

Together we can prevail.

�0 | BUSINESS PARTNERS | May-JUNe 2011

INsIGHT

By alexaNder athaNassoulasalexaNDeR aTHaNassOUlas Is aN INTeRNaTIONal cONsUlTaNT ON BUsINess

GROWTH THROUGH HUMaN sysTeMs aND PResIDeNT aND ceO OF sTIRIxIs sa. e-MaIl: [email protected]

There is a fascinating example from nature that I use in my public presentations to show the importance of creating the right kind of bonds between members of an organization; it is that of the difference between graphite and diamonds. T

hese two minerals are chemi-cally identical, made of exact-ly the same carbon atoms. It is the form and strength of the bonds between the atoms that

make graphite soft and of little monetary value and diamonds strong and priceless. Businesses are similar: the stronger the bond among members of an organiza-tion, the stronger—and more valuable—the business. Tough decisions are required in hard

times, decisions such as cost cutting, re-muneration reductions, long and hard working hours, lay-offs. Explaining these decisions throughout an organization is no easy task. Still, it is the task of the leader. A major challenge is managing the giant gap between the stress-level and uncertainty a leader endures while preserving his or her calmness and decision making ability, and the stress level of the people he leads. This is, after all, the hallmark of leaders. So, there is clearly a fine line in what you com-municate and how you execute it. Cross it, and uncontrollable panic will spread among your followers, bringing perform-ance down when needed the most. Stay safely well below it, and see them under-perform, losing the sense of urgency and becoming alienated from your leadership,

unable to see the correlation between their reality and your decisions.Everyone has his own character, his own abilities to deal with challenges, his own limits. Does this mean that communica-tion transmitted at a single frequency is bound to fail, with some people being unable to receive the message and some not being able to deal with it? Can this be avoided? Would one-on-one meetings, for example, solve this problem? Obviously not. You would create multiple percep-

tions of reality by adjusting your commu-nication to each and everyone you talk to. Chaos would soon reign and collaboration among members of the organization would almost certainly cease. Let alone that in a large organization this is truly impossible. What a challenge…As in diamonds, however, the secret to value—and success—lays is in the bonds between the members of the organization. Raise the level on their relationships and collaboration, nurture a shared vision, and promote a common culture and two amazing things will have happened si-multaneously: a) you will have upgraded significantly the level of hard reality your people can cope with and b) your will have formed a now homogenous system where a single frequency would succeed

in communicating a unique and distinct message effectively. As easy as this may sound, I would easily argue that it takes a lot of time. Usually it

does. However, in times like these, people tend to look for a system to belong to, to provide them with a comfort zone, to share their hopes and fears, to support them in dealing with today and tomorrow. So, the timeframe required to build these rela-tionships and values shortens drastically. It is not rare that these bonds form in an absence of a leader and then the system re-acts disastrously, with inertia opposing vital changes needed to survive.If you are not certain of the level of the bonds between your system members, begin to un-derstand them today. Invest as much as you can afford in team building programs, cross-departmental projects and collaboration and talk to your people as much as you can. This investment has a great return. As if turning graphite to diamonds…

the alchemist Formula… From Graphite to diamonds!

Κεντρικό Νευρικό Σύστημα

Σακχαρώδης ∆ιαβήτης

Οστεοπόρωση

Ογκολογία

Σεξουαλική Υγεία

Καρδιολογία - Εντατική Θεραπεία

Αντιμετώπιση Λοιμώξεων

Στοματική Υγεία

∆υσπεψία

Ιατρικός Εξοπλισμός

Η γραμμή της ζωής, μας ενώνει.

CO

06/

2010

�� | BUSINESS PARTNERS | May-JUNe 2011

sTRATEGy+INNOvATION

By CoNstaNtiNos stavropoulosFOUNDeR, INNOValUe

In the second of a trilogy, Constantinos Stavropoulos employs the experience of sailing to discusses strategy and innovation. The next column will focus on Sailing ‘Before-The-Wind’—Pioneering Beyond (“Running”).

sailing ‘off-the-Wind’ innovAtinG ArounD (“reAchinG”)

You optimized your sailing yacht (enterprise) successfully. Imag-ine the clock. The wind blow-ing from 12.00. You dexterously sailed her ‘on-the-wind.’ You

cleverly avoided getting ‘In Irons’ (10:30 to 1:30 treacherous zone). Awesome! She kept ‘beating’ into the slim ‘optimizing’ zone (10.00-10.30 or 1.30-2.00). Great! But, the wind has changed again. Now what?Wind ‘gusts’ from her portside (left), from 7.00-10.00? What puzzling industry dis-continuities! Wind ‘blasts’ from her star-board side (right), from 2.00-5.00? What confusing industry disruptions! So, what ‘point of sail’ (direction) should you get her into? How do you innovate?Strategic Innovators, the finest cadre of skippers worldwide, have the answers. These gifted helmsmen sail ‘off the wind’ to innovate their journeys. They associate with the wind (‘reaching’ on close-beam-broad). They play with the wind (‘tacking’ their sail-boats). They flirt with the wind (‘trimming’ their sails). Time though for a glimpse into their ‘points of sail’ (methods), ‘tacking’ (approaches) and ‘trimming’ (tools).

“REACHING” (ASSOCIATING)Strategic Innovators sail their yachts ‘off-the-wind’, thereby enriching their offer-ing portfolios. They sail by a fixed course

(‘reaching’), thus dealing with industry discontinuities. How? They alternate their enriched ‘reaching’ points of sail, according to their predetermined course. Sailing on ‘close-reach’, at 9.00-10.00 or 2.00-3.00, to endure less heeling force and allow for fast-er speeds. Sailing on ‘beam-reach’ (with the wind on the beam at 90 degrees), at 9.00 or 3.00, to provide for the fastest speeds. Sail-ing on ‘broad-reach’ (with the wind behind the beam), at 7.00-9.00 or 3.00-5.00, for milder speeds as well. These skippers keep their boats straight without letting them yaw about. Easily ‘windward’ (towards the wind) and gently ‘leeward’ (away from the wind). By ‘reaching’, their innovative ‘sail-ing’ act now becomes dominant.

“TACKING” (PLAYING)Strategic Innovators play with the wind, by delicately ‘tacking’ (through a zig-zag course). They briskly apply business model innovation methodologies. They turn their boats’ bows through the wind to change wind on the other side. They craft anew and afresh all their architectural modules. Customer value propositions, profit formulae, key resources, key proc-esses, business rules, behavioral norms and success metrics. How? Not apart from one another, but creatively, in chorus and congruently.

“TRIMMING” (FLIRTING)Strategic Innovators flirt with the wind, by ‘trimming’ (adjusting) their sails. They en-deavor to keep the ‘sheets’ (lines control-ling sails) eased-off far enough to decrease the angle of heel. They continuously watch not to over-trim (tighten) or under-trim (loosen) their sails. How? They implement innovation pipeline phased roadmaps, in sharp contrast to traditional portfolio planning and strategies. They engage in innovation immersions, exposing them-selves experientially to a hand-picked breed of pioneering leaders. They run cus-tomized innovation trainings that com-bine emerging ‘next’ practices with practi-cal frameworks and actual business tools. They manage thought-leader resource networks to explore emerging trends and breakthrough opportunities. They form cross-functional innovation councils to ensure alignment of innovation strategy with operational practices.

But, this is what Strategic Innovators are already doing.They are retooling serendipity into certainty.What are you doing?Sailing ‘off-the-wind’?‘Tacking’ aptly?‘Trimming’ accurately?Innovating Around?

NAmEs&FACEs

frienDly ADviceIf you want to make enemies, try to change something.—Woodrow Wilson

Action heroThe greatest danger in times of turbu-lence is not the turbulence; it is to act with yesterday’s logic.—peter drucker

sPeAker’scorner


...inthenews Galaxy bar—oNe oF the World’s best

Hotels.com, part of the Expedia Group, has chosen the Galaxy Bar at the Hilton Athens as one of the top �0 hotel bars in the world. States the site on the Galaxy Bar: “It’s easy to understand why Greek celebri-ties frequent the roof-top Galaxy Bar at the recently revamped Hil-

ton Athens, with its relaxed, cosmopolitan atmosphere and majestic views over the Acropolis. located on the hotel’s rooftop �3th floor, on a clear day, guests can see as far as the island of Aegina. The bar keeps patrons happy with live music and a tasty snack menu.”

biovista siGNs aGreeMeNt With NovartisBiovista, a a privately held biotechnology company that finds novel uses for existing drugs, and profiles their side effects using their mecha-nism of action, has entered into a research collaboration agreement with Novartis. The collaboration is focused on identifying new indica-tions for a number of undisclosed Novartis compounds using Biovista’s Clinical outcome Search Space (CoSS) technology. “We look forward to working with Novartis to enhance their drug discovery efforts” said Aris Persidis, President of Biovista. “our unique CoSSTM technology offers significant advantages in terms of speed, comprehensiveness and depth of clinical outcome exploration, which we expect will help patients in need of novel solutions,” he said. www.biovista.com

�Greek sCieNtist WiNs aWardGreek scientist Nikos Pelekanos was among three European scientists who received the Solar Innovation 2010 prize for his proposal “III-V nanowires for next generation photovoltaics”.The prize is awarded by the French Atomic Energy Commission.He shares the prize, which includes funding and technical support for the research proposal for three years, with scientists Tamzin Lafford and Vincent Renard.Pelekanos received a PhD from Brown University in the United States and worked as a researcher in France for roughly �0 years, and at the Max Planck Institute in Germany. In �00� he was appointed to a professorship at the University of Crete and the FORTH Institute at Heraklion, Crete.

MANAGER OF THE YEARapostolos tamvakakis, managing director of the National Bank of Greece (NBG), was awarded the “Manager of the year” award by the Hellenic Management association for the year 2010, during a ceremony held at the athens concert Hall. addressing the event, government vice-president theodo-ros pangalos said that Greece and Greek

companies have immense abilities, adding that in this time of economic crisis enterprises were being created, invention patent applications were being submitted, and investments were on the way.

greece’saMBassadortotheunitedstateshonored

The World affairs Council, headquartered in los angeles, whose membership consists of opinion leaders, prominent business people and academics, honored Mr. vas-silis kaskarelis, ambassador of Greece to the united states, with the “diplomat of the year” award at a special Diplomatic Dinner, held at the Four seasons Hotel in Beverly

Hills on May 4, 2011. chairman of the World affairs council l.a. Board of Directors, Mr. Marvin suomi, bestowed the award upon the ambassador in the presence of over 200 guests, stating that “This highly coveted, prestigious award honors the lifetime achievements of select members of the international diplomatic corps.

CELEbRITY CELEbRATES 25 YEARSCelebrity international Movers celebrated 25 years of being in business on May 10 at a soiree held at the athens hilton. kathy Chrisovergis and her team hosted friends, customers, colleagues, and business part-ners with a grand reception and entertain-ment featuring alex de paris.

apostolos tamvaKaKis

vassilis KasKarelis

KathY ChrisoverGis

GreGory C. pappas FOUNDeR,

GReek aMeRIca FOUNDaTION

tell us about the Gabby awards. The Gabby awards are the main fundraiser for the Greek america Foundation, a non-profit organization I founded a decade ago with a mission of promoting Greek culture and ideals in america. We honor “Greek america’s Best and Brightest stars” which is also the acronym from which we evolved the name “Gabby.” We raise money for a scholarship fund that sends North american college students to Greece for semester and yearlong study abroad programs.

Who attends the event?The most successful and accomplished Greek ameri-cans from all walks of life attend—the 2009 event was a who’s who and we are planning for the same gather-ing of the most talented and successful Greek ameri-cans in 2011 at ellis Island on June 4.

What impact does the event have on the Greek com-munity in america?The Gabby awards actually place Greeks and their ac-complishments on the mainstream stage and show how we, as a community and as individuals, have impacted our nation. The event is about celebrating our successes and paying tribute to those who came before us, which is why we’re holding it at ellis Island this year—the place that welcomed 12 million new americans in the late 1800s and early 1900s. The event definitely promotes the Greek image to mainstream america because we are all products of Greece, per se.

thegabbyawards

sizinG it uPThe only difference between a rut and a grave is their dimensions.—ellen Glasgow

meAsurinG successThe most successful businessman is the man who holds onto the old just as long as it is good, and grabs the new just as soon as it is better. —robert p. vanderpoel

May-JUNe 2011 | BUSINESS PARTNERS | �5

conDuct becominGWhosoever desires constant success must change his con-duct with the times.—Niccolo Machiavel

FulbriGht NeWsletterThe Fulbright Foundation has issued its annual newsletter. For up-dates on Foundation news, grants and grantees, programs and events, view the newsletter online at www.fulbright.gr

ethiCs aNd bioMediCal researCh leCtureWilliam Hendee PhD, Distinguished Professor of Ra-diology, Radiation oncology, Biophysics and Bioethics, Medical College of Wisconsin, will speak in Athens on Ethical Lapses and Their Prevention in Biomedical Re-search on June �9, �0��, �.30-9.00 pm at the Amphithe-ater of Pasteur Institute in Athens. The event is being organized by the Fulbright Foundation in Greece; the Department of Medical Physics, School of Medicine,

University of Patras, and the Pasteur Institute. see article inside

JaMes WatsoN iN GreeCeNobel prize-winning American molecular biologist James Watson, the �3-year-old “father of DNA”, who recently spoke in Athens at “Dimokritos” research center, said, “I want to see the cure for cancer as long as I am alive.” The biologist, who has now turned his attention to cancer, an issue which, as he said, has been preoccupying him for over �0 years, expressed optimism that in five to �0 years there shall be consid-

erable progress in the therapy of at least certain forms of cancer, with the help of research in genes and stem cells.During his talk he gave advice to young people and candidate re-searchers, stressing the value of collective work and cooperation with scientists of various specialties. During a lecture in Patras, the scientist was interrupted by protesters, who stormed the auditorium before be-ing booed and led away.

kaMilo Nollas, “Mobile iN Ny”Kamilo Nollas, a photographer based in Athens, is presenting a one-man show at the New Benaki Museum (Pireos str) from June �0 to July 3�, �0��. The show, Mobile in NY, examines a variety of themes: “ Do his pictures tell us about New York and its people or about his experience of New York? Do they tell us about other pictures or about the photographer himself? or do they tell us about ourselves, our civilizations, our time on this earth? The answer, of course, is yes” —from the show’s curator. “Mobile in NY” the book is published by Kastaniotis Editions.

William hendee

James Watson

a Closer look at the Medical technology sector

HRTODAy

Taking a closer look at this par-ticular industry, as it can be a fu-ture leading force in the revolu-tion and the transformation of a country’s health care system, we

realize that there are fundamental changes going on in the sector globally. One major change involves the way that medical technology companies innovate. Until today, the existing innovation model of the industry is characterized by the fol-lowing factors:❚ Ability to bring innovations to market in a

short time frame – innovation is based on engineering versus human biology thus having short development cycle.

❚ Innovation continues after marketing ap-proval of the products as physicians give real-time feedback to sales representa-tives and companies are able to then bring out new generations of slightly improved products.

❚ Investment in small developing compa-nies and the venture Capital model are different to the one in the pharmaceuti-cal industry: ROI is faster and less risky and investment is much smaller. Exit usually comes through selling to big medtech companies after receiving mar-keting approval.

The new challenges in this innovation mod-el include:❚ Availability of capital has tightened due to

global financial crisis.❚ Negative impact on R&D costs due to ac-

cess to less capital.❚ Buyers of small firms are more risk averse

and tend to buy products after they’ve demonstrated initial sales and growth potential versus after just marketing ap-proval. This requires small firms to build commercial infrastructure and therefore re-deploy already scarce capital resources.

❚ Innovation through physicians is also changing due to greater scrutiny on pay-ments to physicians.

Further to the challenges in the way that medical technology companies innovate, the sector is facing the following trends:❚ Hospital consolidation. Global health

reforms are squeezing hospital margins – hospitals are consolidating purchasing decisions (physicians are no longer the decision-makers), negotiating prices with medtech firms and also forming joint ven-tures to share technology within a region. Medtech firms will need creative pricing and partnering approaches.

❚ Comparative effectiveness research. It has not been common in the medtech indus-try to compare medical interventions to determine how relatively effective they are but this is changing especially after the

Obama Administration reform. Due to short product innovation cycles, the com-parison will be between medtech regimens to alternative medical interventions.

❚ Health Outcomes Ecosystem. Companies will be rewarded not based on how many units of a product they sell, but rather on how effective those products are in im-proving the health of patients – need for capturing, measuring, sharing and mon-etizing information.

Recommendations for the future:❚ Companies should bring creative new ap-

proaches to the R&D process: a) whittled down version of products and partner with local firms, b) these products might have demand for them in the developed world as well, c) customization and allow-ing large customers to “bolt-on” the fea-tures they want.

❚ Build strategic alliances with non-tradi-tional companies.

❚ Preserve the medtech ecosystem – large firms could establish corporate ven-ture arms and incubators (example of Medtronic & Sofinnova Partners).

❚ Increase the use of information and com-munication technologies (“eHealth”).

By koNstaNtiNos kaMariotisassOcIaTe cONsUlTaNT, sTaNTON cHase aTHeNs


koNstaNtiNos kaMariotis holds the position of associate consultant specialized in the life sciences & Healthcare Practice Group. He joined stanton chase International in 2006 developing his executive search experience by handling demanding assignments for a wide range of multinational and local companies.

The medical technology sector constitutes an important factor for Europe’s economic welfare as it substantially contributes to the continent’s balance of trade.

18 | BUSINESS PARTNERS | MAY-JUNE 2011

BIZ BUZZ

Solar Breakthroughuniversity of Michigan researchers made a breakthrough discovery on the behavior of light, which could alter so-lar technology.Professor Stephen rand, Departments of electrical engineering and Computer Science, Physics and applied Physics, and William Fisher, an applied Physics doctoral student, found out that light, when traveling through a nonconduc-tive material such as glass, at the right intensity, can produce magnetic fields 100 million times stronger than previ-ously deemed possible.During these conditions, the magnetic field has enough strength to equal a strong electric effect, producing an “op-tical battery” that leads to “a new kind of solar cell without semiconductors and without absorption to produce charge separation”, Professor rand said.In a paper published in the Journal of applied Physics, Professor rand ex-posed the research using a new tech-nique that requires “lenses to focus the light and a fiber to guide it, rather than semiconductor processing.“glass works for both. It’s already made in bulk, and it doesn’t require as much processing. transparent ceram-ics might be even better,” Fisher said.the scientists expect to attain an ef-ficiency rating that could match today’s commercial-grade solar cells.

Faliro Set to Have New Look, New Urban RoleThe entire Faliro waterfront region, from the Peace and Friendship Stadium to the Kifissos River estuary in southern coastal Athens, will be fundamentally changed as envisioned by architect Renzo Piano, author of a 3-million Euro study sponsored by Stavros Niar-chos Foundation. The major urban regeneration project will turn a 76-hectare tract of land into a park which, combined with the old racehorse track, will cover a total of 100 hectares.

Helmet Violations—A High TollShocking facts on the consequences of motorcycle riders not wearing protective headgear were pre-sented by Deputy Infrastructure, Transport and Net-works Minister Spyros Vougias.Mr. Vougias unveiled a study conducted by the Uni-versity of Athens, according to which, 80 percent of motorcycle riders killed in road accidents died from severe head injuries. Riders who do not wear a hel-met are twice as likely to suffer head injury.The study revealed that motorcycles are involved in

one third of the traffic accidents in Greece and that 25 percent of the motorcycle drivers do not wear a helmet. Women ignore the helmet code at a higher rate than men. Facts on motorcycle passengers are equally alarming: 54 percent—with women being the majority—do not wear a helmet. The annual death toll in road accidents in Greece is roughly 1,300 persons—3.5 persons every day— with an estimated socio-economic cost that exceeds five billion Euros.

Startup Greece Startup Greece, an information, networking and collaboration space aimed at creating a new generation of entrepreneurs in Greece is up and running. An initiative of Ministry of Regional Growth and Competitiveness, and based on Start-up America, launched earlier this year, Startup Greece provides entrepreneurs with the information to start their own business (motivation, funding, legal framework, research material), uses social media to bring together people, ideas, corporations, universities, organizations, and create creative partnerships and investment opportuni-ties; provides citizens with valid and timely answers, and promotes online democracy, dialogue and accountability.Startup Greece is a “no stop shop” aimed at inspiring young people to believe in their own ideas, to cultivate novelty and innovation, to start their own business.Startup Greece is the expression of “nothing is impossible for Greece.” “If there is some-thing unique about Greece, it is the sleeping giant of the new generation: an invaluable treasure, a deposit of hundreds of educated young people in search of a window of op-portunity amidst the crisis,” Michalis Chrysochoidis, Minister of Regional Growth and Competitiveness said.Startup Greece invites citizens, organizations, associations, research institutes, social and economic entities to share their valuable knowledge and experience and add value to the Initiative with their people and ideas.If you are a public or private body, you may express your interest in joining the Startup Greece Initiative.

http://startupgreece.gov.gr/

MAY-JUNE 2011 | BUSINESS PARTNERS | 19

Drive, We SaidThe car is the preferred mode of transport for 46 percent of Greeks as opposed to 53 percent of Europeans in the EU27, according to a Eurobarometer poll released in March. Another 25 percent of Greeks opt for public transport, 13 percent walk, 7 percent use a motorbike (compared with 2 percent in the EU27 on average) and just 3 percent cycle.In the EU27 countries as a whole, 22 percent mainly use public transport, 13 percent walk, 7 percent cycle and just 2 percent use a motorbike.Men are the most attached to their cars as their main means of transport (59 percent) while women are more likely to use public transport or to walk. Support for replacing existing car charges with “pay-as-you-drive” schemes that took into account the actual use of a car, roughly half of European citizens broadly agreed with such changes and 16 percent strongly agreed, while 20 percent replied ‘don’t know/no answer’.In Greece, 57 percent supported a change in current car charges.Asked what compromises they would be prepared to accept in their cars in order to re-duce emissions, 68 percent of Europeans said they would be prepared to driver at lower speeds, 62 percent would be prepared to reduce their car’s size for the same reason. Greeks ranked third at 81 percent, after Cypriots and Luxembourgians, in agreeing to sacrifice car speed in order to reduce emissions.Reasons given by Greek car users for not using public transport included low frequency of services (82 percent), no connections (77 percent), greater convenience of the car (75 percent), lack of information on services (73 percent), unreliability (64 percent), security concerns (53 percent) and that public transport was too expensive (55 percent).

Illegal SoftwareGreek enterprises paid roughly 1.5 million Euros last year in compensation for using non-licensed software programs, according to Business Software Alliance (BSA). BSA, representing the global commercial software industry, is active in 80 countries and its efforts have resulted in a 58 percent decline in software piracy in Greece, with the country ranking third in the European Union. Piracy costs by enterprises in the region of Europe, Middle East and Africa (EMEA), surpassed 13 million Euros last year, up 110 percent compared with 2009.

the toP 20 BeSt WoRkpLaceS In greeCe For 2011

Top 10 BWp WiTH more THAn 250 employeeS 1 athenian Brewery

2 elais – unilever hellas

3 tasty Foods

4 Ygeia hospital

5 Media Strom

6 Pharmathen

7 leroy Merlin

8 Würth hellas

9 Vivechrom

10 accenture

Top 10 BWp WiTH 50 To 250 employeeS 1 Xerox hellas

2 kri-kri, Milk Industry

3 Imperial tobacco hellas

4 Medtronic hellas

5 genesis Pharma

6 Data Communication

7 3M

8 Melissa kikizas

9 amgen hellas

10 British american tobacco hellas

the 20 Best Workplaces in greece has been developed by great Place to Work Institute hellas with the scientific supervision of the applied research & Innovation Department of alBa gradu-ate Business School. this year 49 com-panies from various industries were evaluated for the competition.

ClInICal ReseaRCh & eConomIC Development

bY RaymoNd mateRa EDIToR & PUbLIShER, bUSINESS PARTNERS

Clinical ResearchaN oppoRtUNIty FoR ecoNomIc deveLopmeNt

One of the most important pillars of national growth and compet-itiveness is research: a continu-ous quest for better solutions. Essentially, research is an in-

vestment of today for a better tomorrow.The pharmaceutical industry is one of the most dynamic sectors in Greece, with contin-uous emphasis on R&D activities by funding a wide variety of clinical research projects. The pharmaceutical industry is committed to in-vesting in advanced technology by developing the country’s considerable intellectual capital. Innovation is a key priority and the phar-maceutical sector is increasingly devoting more resources to cultivate new and mar-ketable products and services.

WHAT iS CliniCAl reSeArCH?Clinical research is a highly dynamic though strict process. It takes place under strict scientific conditions and globally ac-cepted procedures and principles. It forms the essential and basic tool to: ❚ explore diseases❚ develop new pharmaceutical agents❚ improve health care❚ improve quality of life as an ultimate goal Through a strictly defined and controlled process, a future medicine is investigated in interventional clinical trials to assess the therapeutic outcome and safety profile.The clinical investigation continues, either in interventional clinical trials for the evalu-ation of potential new indications or in non-

interventional, observational studies, which enable the medical community to evaluate the approved drug in everyday clinical prac-tice, and to assess specific economic, social and medical parameters associated with the administration of this medicine.

WHAT reSourCeS Are neeDeD for CliniCAl reSeArCH?Clinical research is carried out at research sites, which are continually evaluated to as-sess whether they meet standards and sat-isfy the requirements of clinical trials.It is estimated that the cost of developing a new drug from the time of first conception until it is readily accessible to a patient is more than a billion Euros.It should be noted that the time required for a pharmaceutical agent to traverse the stage of idea (in the laboratory or the computer) to hospitals and pharmacies is 12 to 15 years.For every 100,000 new molecules investigat-ed, only 10 eventually reach the market as drugs and only two of them are a source of profit for the company that produces them!Approximately 300 clinical research proto-cols are approved each year in Greece, with about 700 state university and research in-stitutions overseeing these protocols. The number of protocols implemented cur-rently in Greece can be easily increased if a

As we live in An erA of economic crisis, All the dynAmic sectors of Greece hAve to remAin fully oriented towArd securinG fiscAl sustAinAbility And boostinG potentiAl Growth And competitiveness.


“clinical research culture” is cultivated. The average cost per clinical trial per patient is between €2,000 - €3,000.

WHAT Are THe BenefiTS of CliniCAl reSeArCH?The benefits of clinical research may be found in several aspects of human activity.

For patients❚ Improved medical treatment of various

diseases❚ Greater potential treatment options❚ Extending life expectancy❚ Improving the quality of life

For Health care professionals❚ Answers to specific scientific questions❚ Access to various therapeutic options

worldwide❚ Expansion of knowledge of various dis-

eases❚ Increase experience in the treatment of

various diseases❚ New drugs in the therapeutic arsenal❚ “Tailor made therapy”❚ Publications

For the National economy❚ Significant capital inflow❚ Investments in health facilities❚ New jobs❚ Utilization of human resources in special-

ized fields.

At least 30 pharmaceutical enterprises have departments staffed by specialized and highly educated physicians and other sci-entific personnel. They can offer high-level know-how, investments, and constitute a source of financing for Greece’s ESY (the National Health System) and universities. In addition, there is an important number of consultant firms (CROs) organizing clin-ical trials working in this sector.It is obvious that clinical research is ex-tremely important for the social state, public health, and the national economy. Clinical research creates specialized em-ployment, brings foreign direct invest-ment, and introduces international scien-tific and technological know-how. With

the proper economic, tax and develop-mental incentives, impressive perform-ance can be obtained.

WHAT iS THe fuTure of CliniCAl reSeArCH?With the ongoing efforts of pharmaceutical companies, Greece could become a region-al hub for clinical trials from major interna-tional pharmaceutical companies.Greece offers a unique investment opportu-nity to international pharmaceutical com-panies to enhance and support their main growth driver: the development of new medicines. With an exceptional talent pool at very competitive rates, top universities and research facilities to conduct R&D, and a competitive overhead structure, Greece lends itself to clinical trial investment.Greece is an ideal location for the develop-ment of a new medicine or a new diagnos-tic device. As underlined, a favorable envi-ronment for clinical trials presents a great opportunity for pharmaceutical companies looking to the international market to gain the extra edge over the competition.

THe europeAn meDiCAl ReseaRch InstItute (eMRI)Denis Filiotis (President of Pharmaserve-Lilly S.A.C.I. and President of SFEE—Hel-lenic Association of Pharmaceutical Com-panies) had the vision of developing an R&D unit several decades ago. In 1996 this vision started to become a reality with the creation of the Hellenic Medical Department. With a small group of people, led by Dr. Evangelos Drossinos, the Hellenic Medi-cal Department took its first steps toward becoming a state-of-the-art research facil-ity. Dr. Drossinos has come to embody the department and without his tireless efforts and tremendous personal and professional

involvement this project would not be the success it has become.Today, after 15 years of methodical efforts, with 30 distinguished scientists on board, after 25 million Euro invested and in a world class facility the European Medical Research Institute is ready to take its next steps.During the 15 year history of the research institute the achievements have become greater and greater every day in an impres-sive way:❚ 98 research programs❚ Cooperation with more than 1,000 inves-

tigative sites and more than 1,500 Greek physicians all over Greece

❚ Data from approximately 14,000 patients❚ Approximately 100 publications (in vari-

ous International Congresses and Scien-tific Journals) arising from these data.

However, the most important and interest-ing part of this activity is yet to come…In difficult times and in an environment of strong international competition in clinical research, EMRI stands as the new, emphat-ic step toward the new era, highlights the country’s potential and renders it a reliable European partner.As Denis Filiotis says: “clinical research, and research in general, is one of the most crucial aspects for our lives’ improvement and one needs to be really committed, fo-cused, aggressive and fast in terms of plan-ning and implementing.”The above data, with all the related details, are included in the 1st edition of the book entitled “Clinical Research in Greece 1996-2010” and were presented at the University of Athens (building “K. Palamas”) during a scientific event organized by Pharmaserve – Lilly SACI on April 15, 2011. Clinical research can promote one of the most essential components of economic growth and prosperity: public health.


Audience members At the university of Athens presentAtion

dionysios s. filiotis (2nd from l) At the university of Athens presentAtion.

meDICal ReseaRCh & ethICs

bY WILLIam HeNdee pHd

Ethics IN medIcaL ReSeaRcH aNd pRactIce

It is sometimes said that the majority of information relevant to today’s medical practice was unknown two decades ago. Patients benefit from this knowledge in ways unimaginable just a short while ago.

Since research is so vital to medical prac-tice, one might think that unethical be-havior in research is a non sequitur. Why would a researcher do something unethical, and what does unethical mean in the con-text of research? Case Study: Andrew Wakefield was a British physician who claimed in a 1998 paper pub-lished in Lancet that vaccination for measles, mumps and rubella increases the risk of au-tism in children. Subsequently, 10 of the 13 authors of this paper renounced the paper, and it was retracted by the journal. These ac-tions, unfortunately, occurred after parents worldwide grew fearful of vaccination and withheld their children from immunization. This fear continues today, and has resulted in illnesses and deaths of many children that could have been prevented by immunization. An analysis of Wakefield’s research revealed that he had altered data in the Lancet article and misrepresented the medical records of several children in the study. Why would a medical researcher falsify data and publish an untruthful article? Isn’t eth-

ics fundamental to medical research? Isn’t the Hippocratic Oath a fundamental tenet of medical research, and doesn’t the Oath state “First, do no harm”? Why would a re-searcher report fraudulent findings that will ultimately harm children? In any specific case, including the Wake-field episode, we cannot answer the “Why” question. But we can offer some generalities related to the causes of unethical behavior of researchers. ❚ It is possible to believe in one’s own mythol-

ogy. If belief in a myth is strong enough, it tempts the researcher to look for data that support it. If the data are not forthcoming,

medicAl reseArch is the foundAtion of the prActice of modern medicine. much of the knowledGe used by physiciAns hAs evolved from the work of investiGAtors in bAsic And clinicAl reseArch over the pAst couple of decAdes.

Why would a researcher do something unethical, and what does unethical mean in the context of research?


the believer may be tempted to alter data (data falsification) or even make up data (data fabrication) to support the myth.

❚ Sometimes a researcher believes that a particular set of research conclusions is essential to his/her career. When the data do not support these conclusions, the researcher may be tempted to adjust the data in line with the desired conclusions. Sometimes this is done incrementally, and the researcher ends up on a path from which a return to truth is impossible, at least without considerable cost to his/her reputation.

❚ Funding of research is required for a medical researcher to succeed. Funding is dependent not only on good science, but also on the relevance of the research to diagnosis and treatment of disease. A re-searcher may be tempted to alter research data and conclusions to make the next ap-plication for support more appealing, and hence ensure that funding will continue.

❚ The stature of a medical researcher de-pends in part on the respect the researcher commands within a peer group of inves-tigators. The collapse of a research project because the data do not support the hy-pothesis can erode this stature, especially if the project has existed for several years. In this circumstance, the researcher may be tempted to “doctor” the results to maintain the project even though the cost of doing so is unethical behavior.

Of course, discovery of fraudulent research and unethical behavior result in a total loss of credibility as a medical scientist. Because medical research depends heavily on peer review, the likelihood of discovery of re-search misconduct is high, and the penalty for discovery is great—usually loss of one’s career. One wonders why anyone would be-have unethically in medical research—but it happens. Fortunately, it’s a rather rare event.Research misconduct such as data falsifica-tion and fabrication are obvious examples of unethical behavior in medical research. There are other examples where the bound-ary between acceptable and unacceptable behavior is more subtle. Conflict of interest is one example. Case study: In 1999, 18-year old Jesse Gels-

inger died during an early clinical trial of gene therapy. Gelsinger suffered from ornithine transcarbamylase deficiency, a gene-linked disease in which individuals are unable to metabolize ammonia. In the clinical trial performed by investigators at the University of Pennsylvania, Gelsinger was injected with an adenoviral vector car-rying a corrected gene. He died 4 days later from a massive immune response resulting in multiple organ failure and brain death. An investigation by the U.S. Food and Drug Administration revealed that the investiga-tors had broken several rules of proper conduct of a clinical trial. Further, the in-vestigators had a personal financial interest in the success of the gene transplant pro-cedure, which constituted an overt conflict of interest. This conflict was not revealed

to Mr. Gelsinger or his parents before the gene-transplant experiment. Considerable funding of medical research comes from the pharmaceutical and medi-cal device industries, and other businesses marketing products to medical practition-ers. Investigators receiving such research support are expected to reveal this support in research publications and presentations, and whenever patients are recruited into research studies funded by industry. There is nothing intrinsically wrong with industry support of research, provided that it is trans-parent to all who may be concerned and the investigators have taken care to ensure that the results of the research are interpreted and published correctly and without bias. The story is different, however, when inves-tigators have a personal financial stake in the research and their level of remuneration de-pends on the outcome of the research. In this case, the research must be overseen, all results reviewed, and all conclusions approved by an

impartial third party without a financial in-terest in the research. In the Gelsinger case, the financial conflict of interest was not re-vealed to the patient or his family, and the re-search was not supervised by someone other than the investigators. These lapses constitute unethical behavior by the researchers and, by implication, the institution. Because of recent lapses in research ethics and the attendant publicity about these laps-es, considerable attention is being directed by professional organizations and legislative and regulatory bodies on the ethical conduct of medical research and practice. This attention is filtering into medical and graduate schools, where discussion is occurring among faculty and students of what constitutes ethical and unethical conduct in medical research and practice. In the United States, medical spe-

cialty accreditation and certification boards are focusing on ethics and ethical behavior as an integral component of the education and practice of physicians, and even the U.S. Congress is addressing the issue of conflict of interest in medical research. Medical research and practice are noble pro-fessions that expect the highest standards of ethical behavior of its members. Almost all practitioners of these professions meet these standards and would not think of doing oth-erwise. Still, exceptions do occur and when they do, the professions must be diligent in identifying the unacceptable behaviors and cleansing the profession of them.

Isn’t the Hippocratic Oath a fundamental tenet of medical research, and doesn’t the Oath state “First, do no harm”?

William Hendee phd is Distinguished Professor of Radiology, Radiation oncology, biophysics and bioethics, Medical College of Wisconsin; Professor of biomedical Engineering, Marquette University; Adjunct Professor, Electrical Engineering – University of Wisconsin, Milwaukee; Radiology, University of Colorado; Radiology, University of New Mexico



stephAnos theodorides, chief executive officer of reGency entertAinment, discusses A winninG strAteGy for the Growth of the GAminG industry in Greece.

the InteRvIeW

ing policy direction has been the licensed provision of as a limited number of gaming channels as possible. The more the gaming venues become, the bigger the penetration of the activity and the larger the economical anomaly will be; meaning increasingly more are lost by the many and gained by the fewer. Suffice to say that all negative indicators go wild when gaming expands.

yet, casinos stand accused of wanting to expand their own pool of clients at the expense of other gaming operators.This could not be further from the truth. We strongly advocate the principle of proportionality in our business. You can never go to a village of a 1000 inhabitants and create accessibility to gaming for all or even half of them. A widespread gam-ing culture is risky both for the gaming business and the villagers’ finances and subsequently the taxation income. You always go for 5% of the villagers. Your foot-print on the local economy is restricted and your 5% customer pool is regularly replenished. Local economy targets and other business prospects are not diverted, and state income remains stable. This is why we also object to the deployment of another 30,000 slot machines. The country’s 9 casinos have 5,000 units already. This will be equivalent to 54 new slots casinos or 1,200 mini-casinos. How can you guarantee all the necessary control mechanisms? How will the government cope with the unintended economical and societal consequences of such an initiative? Proportionality is paramount in achieving the necessary balance between con-tained levels of gaming activity and the acceptable positive/negative effects ratio.

Still, many argue that fair-play and transparency could be best guaranteed by increasing competition amongst gaming operators.Values protection, including fair-play guarantee, is a key currency of our industry. But gaming expansion hinders the homogeneous protection of the gaming indus-try’s core values. Consider self-banning, problem gaming identification, and pro-tection of under-age or young individuals. Is it possible to implement such com-plex control mechanisms across thousands of gaming venues? Fair play is also scalable only to a limited extent. A state along with a specific number of operators can guarantee that a limited number of gaming channels provide fair-play to the participants. It is a mutually beneficial relationship. On the other hand, a massive expansion of gaming channels cannot be possibly sustainable. The costs of truly monitoring and maintaining fair-play across thousands of new venues and chan-nels would exceed the proceeds from any associated tax and license fees. Adher-

Gaming strategy—A SeriouS GAme

mr. theodorides you have argued against gaming pro-liferation. does not this amount to protecting the inter-ests of a narrowly defined industry, i.e. the casinos, by preventing loss of profits to more gaming operators?We believe that gaming containment is a manifestation of social responsibility that should be central to govern-mental policy-making. Gaming is an inherent human need and even an accepted societal necessity. We all, though, are aware that gaming is a delicate matter due to its nature and the repercussions that it may bring on local economies, societal structures, human relations and youth upbringing. That is why governments step in. But they should do so in the right way. Global experi-ence has indicated that containing gaming—rather than expanding it— has been the most sustainable and equi-table route for all those involved and impacted; citizens, employees and entrepreneurs. Ever since policy-mak-ers around the globe have realised this, the overarch-

ence on such a large scale is unsustainable and will make the whole value chain open to manipulation and eventual demise. The gaming activity per se will be scorched both in terms of quality and pay-out guarantee. The customer pool will be replenished with hard-core gamers rather than entertainment-seeking partici-pants. In essence you create a negative spiral both for society and business.

What about online gaming? Why do you object to its licensing since you stand to gain from it?We are not opposed to online gaming licensing. To the contrary, we believe there is a rationale for licensing online gaming, provided unlicensed gaming is pre-vented. No-one will enter into a license-gaining process when there are hundreds of websites already illegally operating in the country. At the same time we should acknowledge that gaming participants’ protection can only be guaranteed by the natural providers of such games. In the majority of EU countries, online casino games are awarded to casino industry enterprises, in order to guarantee fair-play,

age verification, self-banning and because they are already under the strictest supervision of the state.

yet, the Greek government’s ra-tionale behind gaming expansion is to curb illegal gaming and to fight tax evasion, thus increasing state revenues.Illegal gaming is dangerous and it is unfair on state economics and existing legal gaming operators. This is a fact. However, there is no logic in expanding gaming by add-ing thousands of channels with a view to cannibalizing illegal gam-ing activity. This is a paradox on its own similar to claiming that we may legalize corruption since it is widespread. Illegal gaming activity

cannibalizes existing gaming operators’ revenue and subsequently state income. Each year, the toll taken by illegal gaming operators on the legal gaming market exceeds €300m, and is increasing. The call for urgency should not only be for the protection of the legal market but also for the resulting state income reduction. There is only one way to combat illegal gaming activity. Fight it and make citizens aware of its negative footprint. The more the state effectively fights illegal gaming activity, the more it increases the associated state revenues from the licensed legal gaming venues and channels. It is high time that policy-makers started doing their duty to provide the authorities with the necessary framework to eliminate all such activity. The benefits will be enormous both for state and citizen economics.

mr. theodorides, in what ways do you believe the gaming industry can con-tribute to exiting the financial crisis Greece is grappling with?The gaming industry, as a financially healthy and profitable sector, has a responsi-bility to contribute to the extent possible to the country’s economic recovery. And it does so in a responsible, sustainable and above all accountable manner through the taxation of its activities and through job creation. It also proactively imple-


It is high time that policy-makers started doing their duty to provide the authorities with the necessary framework to eliminate all such activity

ments social responsibility practices centering on fair-play guarantee. The gaming industry does not view na-tional economy protection as a temporary inflow exercise, but as a long-term strategy for sustainable and socially responsible economic growth, competitiveness and promotion of extroversion. In this context, gaming proliferation may yield temporary benefits, but in the long run overall gaming activity and parallel activities taxation will be tremendously deprived and the econo-my will be thrown deeper into recession. Society and government have to agree on which values to uphold and which compromises to make. The casino industry can be instrumental in the process of setting out a na-tional strategy and a more sustainable vision for gaming activity. Actually, we have already submitted a study and proposal to the Greek government for an alternative plan, sufficient to generate €1.045 billion in state reve-nues over a 3-year span whereas the current draft legisla-tion projects state revenues of up to €690 million, while cannibalizing higher taxed gaming activity by up to €400 million. Today, the entire economic spectrum needs au-thentic and transformational leadership. Each one of us has a role to play. We are confident that the government understands all parameters already discussed and will come back with the optimal solution.

GamInG

FINdING Win WinGamING SoLUtIoNS26 | BUSINESS PARTNERS | MAY-JUNE 2011

the GAminG industry in Greece is in need of reform. the leGAl And reGulAtory frAmework hAs been hobbled by poor leGislAtion And A fAilure of policy mAkers to confront serious issues in mAkinG correct, win-win decisions. now, As Greece Attempts to reform its GAminG lAws, there is An opportunity to serve both industry plAyers And stAte interests so thAt GAminG contributes positively to Greece’s economic Growth And stAte revenues.


Having, from the beginning of 2010, already announced its intentions to confront illegal land-based and In-ternet gambling, to ensure income for the State and to achieve the lift

of the fine imposed to the Hellenic Republic due to the prohibition of technical games, the Minis-try of Finance recently notified to the European Commission the draft legislation for the regula-tion of the gaming market.It is an undeniable fact that the standing legisla-tion for games of chance is totally obsolete, legally incorrect, fragmented, as well as ineffective in confronting illegal gambling. At a meeting organized by the American-Hel-lenic Chamber of Commerce, just one year ago, regarding the market of games of chance, I had stressed that the prospects for the undertaking would be decided by four factors: a) That regulation of the market of games of chance is absolutely necessary and that cracking down on illegal gaming can’t be accomplished through the addition of new forms of gaming.b) That using games of chance as a mechanism for deriving income only opens the «bag of worms» and undermines State interests.c) That the Ministry of Finance’s confusion in regard to the prohibition of technical games, for which the country has been condemned by the E.U., and, on the other had, in regard to games of chance, for which no such condemnation exists, raises questions as to potential hidden agendas.d) That the Ministry of Finance’s ignorance con-cerning the legal, technical, economical and so-cial particularities and aspects of the market of games of chance on a national as well as, mostly, European level, will prove detrimental and will only multiply the problems instead of providing solutions.Consequently, market expectations had, from the very beginning, placed the benchmark very high. Despite this, and despite the two Public Consulta-tions, with thorough interventions and observa-

tions, and the three discussions to the Cabinet of Ministers, the draft legislation—whatever posi-tive aspects it includes aside—is in its entirety, inferior to the expectations of the market, as well as of the circumstances.In the draft legislation’s positives aspects are in-cluded: ❚ The constitution of a single Supervisory and

Control Commission for technical games and games of chance and their real-time supervision through a central IT system.

❚ The constitution of a single age limit for partici-pating in games of chance regulated by the draft legislation and land-based casinos.

❚ The introduction of an individual player card, as a means for achieving transparency and super-vision of gambling activity.

❚ The introduction of a single turnout for the share of the Hellenic State in the gross gaming revenues of the new operators and land-based casino license holders.

❚ The extensive mesh of strict administrative and penal sanctions for the participants in illegal gambling.

On the other hand, a series of fundamental provi-sions of the draft legislation are completely op-posed to Community Law. Indicatively: ❚ The determination of minimal payout of 80% for

the games of chance regulated in the draft legis-lation, as opposed to the equivalent 85% for the slot machine terminals of land-based casinos.

❚ The reservation of OPAP’s monopolistic rights within the framework of the licensing process for games of chance with gaming terminals, a reservation which didn’t exist in the texts post-ed for Public Consultation on 26/8/2010 and 26/1/2011, is ostensible and cancels the provi-sion for the conduct of International Tenders.

❚ The attribution of the Hellenic State’s share in the gross profits of new operators per a three-month period, as opposed to the equivalent monthly attribution on the gross profits of land-based casinos.

Needed: Radical Reform, Period.

a. SteRGIotIS ADMINISTRAToR, CLUb hoTEL CASINo LoUTRAkI

GamInG


The draft legislation’s extremely negative ele-ments are: ❚ The insufficient provisions for responsible gam-

ing, protection of minors and the commercial communication of gaming.

❚ The legislatively incorrect and vague definitions, particularly those regarding the licensing proc-ess, as well as the conditions for participation in tenders.

❚ The utter vagueness concerning the type and va-riety of licenses for conducting games of chance through the Internet.

An especially painful impression, as well as ques-tions of actual ends, is created by:❚ The removal of strict provisions that prohib-

ited participation in Tenders, to anyone, since enactment of the law, engages in land-based or Internet games of chance, or advertises or pro-motes them, which were present in the draft legislation posted for Public Consultation on 26/1/2011. It is not acceptable for what was ille-gal and unethical yesterday to become legal and ethical today. It is not acceptable for the State to forgive violators of law by awarding them with a license to operate games of chance. Following the completion of pending tax issues and the completion for owners of illegally built homes, we are facing completion for illegal operators of games of chance.

❚ The refusal to adopt provisions, according to which operators interested in participat-ing in Tenders for Internet gambling licenses and which, before adoption of the legal bill, provided directly or indirectly through the Internet, games of chance and/or gambling to individuals in Greece, without having a per-mit from the Hellenic State and contrary to national legislation, shall be obliged to prove shut-down and deletion of their data bases, and their clients accounts, since they were cre-ated within the framework of expressly pro-hibited business activity.

❚ The incorrect and purposely vague provisions for the conduct of games of chance by broadcasters.

❚ The refusal to adopt provisions for imposing a single entrance ticket to those entering shops and those participating in Internet gambling, as already imposed on the players of land-based casinos.

❚ The absence of essential progress in the entire undertaking is evident from the fact that, al-most in their entirety, the fundamental terms

of exploitation will be determined through Ministerial Decisions. In order for the legal bill to be implemented, 9 Ministerial Decisions, 2 Joint Ministerial Decisions and 4 Regulatory Commission Decisions of the Supervisory and Control Commission must be issued and, sub-sequently, approved by the European Commis-sion. In addition to this, Ministerial Decisions will be required for the approval of the Deci-sions of the aforementioned Commission, thus becoming objectively impossible to determine the range and the consequences of the legal bill, to secure the required transparency of the entire undertaking and to evaluate the legal bill’s com-patibility with Community Law.

All the above, combined with the double rejec-tion by the European Commission of the Hellenic Republic’s request to audit the draft bill according to the emergency procedure, and its subsequent withdrawal from the competent Parliamentary Committee, imply that the road to effective regu-lation of the market for games of chance remains long and difficult to transverse.It is obvious that disengagement from everything that has led to today’s impasse is required.There is an existent threat of perpetuating the de facto deregulation of the market of games of chance with whatever adverse consequences involved for State interests, legal businesses, and society.

It is obvious that disengagement from everything that has led to today’s impasse is required


In the last two decades, gaming, and the gaming industry, has evolved glob-ally into a 150 billion dollar industry; in Greece, 2009 legal revenues reached 2.5 billion Euros in 2009 and illegal rev-enues are estimated to have been 302

million Euros. Gaming is a key industry. In addition to contributing significantly to the national GDP, it provides employment, enter-tainment, and important revenues to State coffers.

Gaming—A Key Industry

The gaming industry, despite the global economic crisis and unlike other busi-ness sectors, has remained resilient, as not only it wasn’t seriously affected, but in 2010 it posted increased sales.

Governments worldwide regard it as an impor-tant means of boosting public revenues, since the reduction of their budgetary deficits is an urgent need, even for the survival of national economies. Several measures, which vary on their appropri-ateness and their effectiveness, were introduced, such as the lottery games related tax increases, the liberalization and the legalization of selected

markets, and the privatization of State Lotteries. Gaming tax increases were proven to be an inad-equate and ‘dangerous’ measure; i.e. in Bulgaria the results were negative, because it impacted negatively the gaming sales. On the other hand, liberalization, legalization and privatization can create opportunities for the gaming sector and at the same time—within the appropriate regulato-ry framework—can provide financial aid to state and national budgets. Italy and France were the first countries in Eu-rope to proceed with the liberalization of their markets, with Italy being the typical successful

example. In fact, Italy constitutes the most suc-cessful model of market liberalization, as licensed organizations such as Intralot, among others, de-veloped retail networks alongside online games. The combination of these two, together with a reasonable tax regime, has led to the healthy de-velopment of the market. In France, the liberali-zation of the market has taken a different form, with the state licensing only online gaming. The first phase of the market opening in France has created competitive imbalances that favor es-tablished operators leading the Government to reevaluate its goals and set a new path for the achievement of a fair and balanced regulatory framework. Intralot has entered the French mar-ket through the award of a license by the French Online Gaming Regulator, ARJEL, to operate online sports betting; however, high gaming tax-ation poses significant restraints to new online operators and has to be reassessed. Many other European countries, such as Spain and Germany and Greece, are considering the opening and regulating of their markets.Aiming to increase public revenues, the Greek government also published a draft law, includ-ing online games and VLTs (video lottery termi-nals). For its long-term success though, it is very important to secure a robust regulatory frame-work that will shield the market from illegal ac-tivities, a need apparent to every European juris-diction. To this goal the European Commission published a Green Paper on Online Gambling, its first-ever comprehensive policy document on an issue that has been subject to heated discus-sions in the EU for a decade. In Greece, the two crucial issues that need to be handled are the elimination of illegal gaming through precise measures, as well as the need to set equal terms for the companies that will operate on the Inter-net. Moreover, as far as privatizations are con-cerned, it is of utmost importance that they are performed with clear sectoral policies, in a way that will guarantee that the lotteries of Greece

A Robust Regulatory Framework is Required

coNStaNtINoS aNtoNopoULoS CEo, INTRALoT GRoUP

The two crucial issues that need to be handled are the elimination of illegal gaming through precise measures, as

well as the need to set equal terms for the companies that will operate on

the Internet


GamInG

The online gaming industry has been growing at fast pace as of the end of the 90s. This growth is

based on several competitive advantages that online servic-es offer, such as easy access and a broad spectrum of prod-ucts and services. The key dif-ferentiation factor from offline gaming and betting is that the Internet attracts a much larger number of players who are betting rather small amounts and their key purpose is to en-tertain themselves rather than “gamble” per se. Moreover, in terms of safeguarding poten-tial hassles so as to ensure “responsible gaming,” there are several state-of-the-art platforms developed that en-sure player identification and avoid vulnerable groups, such as under aged players, to en-roll. The industry has attracted lots of attention and Greece’s online gaming market, which is one of the largest in terms of per capita expense, is esti-mated at circa € 4.5 billion. We, at Centric, have been en-gaged with the industry since 2007 when we joined forces with one of world’s leading groups, Sportingbet PLC, a London listed online gaming group active in more than 30 languages worldwide. We’ve

exploited our know-how in marketing and promoting digital content products in Southeast Europe and we now promote, via our European subsidiaries, online gaming services in five languages (Greek, Croatian, Slovenian, Slovakian and Romanian) along with online poker and casino games, and we already plan to expand with an addi-tional five languages, so as we cover the rest of the Southeast European region.The gaming and betting in-dustry is undergoing radical changes worldwide. The key issue is to regulate the industry so as to allow an open market environment both in the offline and the online gaming and betting. Several countries have already regulated their domes-tic industries, such as France, Italy and the Uk, while several others are underway (includ-ing Greece), and others are still examining the possibility. In our view this is the only way to go forward, namely to estab-lish a strict set of regulations that will ensure the protection of consumers and set a level playing field for all operators. In view of the above we believe that the Greek government’s efforts to regulate online gam-ing are definitely in the right direction. Following two con-

secutive public consultations, where we participated actively by submitting our propositions, the government has prepared a draft that is still pending with the European Commission. We believe that when a set of strict rules is established and a monitoring and policing mechanism is in place, when there are reasonable costs and taxation for operators and players, then this will attract solid and well-established international players to the Greek market. This will pro-

vide the required tax revenue to the Greek government that is needed to assist in the fiscal adjustments that the country has underway. Even though there is quite some time ahead of us before we have the leg-islation approved and imple-

mented, we are confident that the Greek government will keep an open mind and will establish a regulated frame-

work, to ensure serious and sizable international players and operators are engaged in a well-structured business environment, and in that envi-ronment, Centric will definitely apply for one of the licenses and play a significant role.

would offer additional value from international expansion, and will not be restrained to operate in a limited market. The lucrative gaming sector has evolved, so as to follow new trends and meet people’s new habits and needs. The economic crisis has cre-ated many opportunities for the gaming mar-ket, as the Governments’ need to increase their

revenues has led to the fast implementation of measures that have been discussed for many years. Intralot, with its two decade international experience—always alert to identify and exploit any business opportunities that meet its strate-gic plans—is well placed in the new gaming en-vironment that is shaped and sets the trends of the global gaming industry.

vaSSILIS NeIadaS V.P. bUSINESS DEVELoPMENT & INVESToR RELATIoNS, CENTRIC MULTIMEDIA

Online Issues

The key issue is to regulate the industry so as to allow an open market environment both in the offline and the online gaming and betting


Greece is undoubtedly going through the toughest financial crisis of its re-cent history and all prudent voices call for greater determination, promotion of reforms and political consensus.

Well, as these lines are being drafted, it seems that the above criteria are not to be found with respect to most of the necessary reforms, let alone the reg-ulation of the Greek gaming industry. In 2006 Greece was convicted by the European Court of Justice for failure to fulfil its obligations under EU law. The conviction concerned Law 3037/2002 through which Greece banned the pro-vision of gaming at all public venues. The subse-quent Greek governments failed to take action and consequently Greece was fined with a one-off €3 million fine as well as a fine of €31.536 per day of delay. As a result, taxpayers have since been bur-dened with a fine in the region of €60 million and despite that, law 3037/2002 still remains in force. The current government has expressed its inten-tion to amend the framework concerning gaming and has held two public consultations. As a result, a draft law was filed with the Greek Parliament by the Minister of Finance in early April 2011. At the same time it has sought to receive the approval of the European Commission on the provisions of the draft law but has seen both its requests for the matter to be dealt under the fast track procedures, denied. The Commission is thus expected to pro-vide its comments to the draft law sometime in June or July, this year. Through the regulation of the market the govern-ment expects to generate income in the region of €700 million. The target, according to plans,

can be achieved through the tendering of 4 to 10 wide scale licenses and 15 to 50 online licenses. Nonetheless, when it comes to the wide scales licenses, the government was forced to retreat when a number of MPs, belonging to the govern-ing party PASOK, expressed publicly their refusal to allow the long awaited regulation of the gam-ing market. Currently, a new draft law has not yet been officially released by the Greek government. Nonetheless, according to several press articles, it appears that wide scale licenses will be granted exclusively to OPAP, the Greek state-run monop-oly holder.Briefly, the current and still only official, draft of the law will bring the following changes to the gaming regime: The draft law foresees the establishment of the Committee for the Monitoring and Supervision of Gaming, as the competent authority for the issuance of licenses, the certification of gaming machines, the monitoring and the supervision of conduct and exploitation of gaming etc. At the same time it introduces the notion of responsi-ble gaming and provides that players must obtain an “Individual Player’s Card” and be at least 21 years old. Bets will range between €0.10 and €2 for VLTs. The upper limit was reduced from €5 with an aim to protect heavy gamblers. Simulta-neously, the draft law provides for the drafting of a “Games Code of Conduct” that will regulate, among other things, the marketing of all types of games of chance. With respect to offline gaming, the draft law fore-sees that from 4 to ten 10 “wide scale” licenses will be issued concerning 30.000 VLT’s. The li-

Reforming the Gaming Industry. Fact or Fiction?

JoHN c. kyRIakIdeS PARTNER, kYRIAkIDES GEoRGoPoULoS & DANIoLoS ISSAIAS LAW FIRM

GamInG


censes will be granted following an international tender conducted by the Ministry of Finance (this remains to be seen) and in the event that the to-tal number of licenses is not awarded to licensees these will be distributed on a pro rata basis to the interested participants. Each license will be valid for 10 years but the term can be renewed. When it comes to participants, the draft law provides that these must be Greek sociétés anonymes with a share capital of €400k, having their registered seat in Greece and provided they file a letter of credit of €200k. The licensees will be obliged to operate the VLTs within 24 months following the award of the li-cense and provided that their VLTs, AWPs, slot machines etc. have been approved and certified by the Gaming Committee. The Gaming Committee must also approve and certify the game operated on each machine as well as the venue where the VLTs / slot machines will be operated. The draft law distinguishes venues between “ad hoc gaming venues” and “mixed venues.” In the first case up to 30 VLTs can be installed while in the latter up to 3 VLTs can be installed. On this subject, it now seems most likely that all such gaming machines will be operated through OPAP’s agencies only. With respect to the regulation of the online indus-try, the draft law foresees that the Gaming Com-mittee referred to above shall determine the op-eration prerequisites and technical specifications of the servers and software of online providers. The draft law also provides that by decision of the Minister of Finance 15 to 50 licenses will be awarded to online providers following an interna-tional tender. Each license is valid for 5 years but the term can be renewed. Similarly to the regula-tion of offline gaming, participants must be Greek sociétés anonymes with a minimum share capital of €200k having their registered seat in Greece and provided they file a letter of credit of €100k. The license holders will be allowed to operate websites that have a “.gr” URL and accept bets only by players who are at least 21 years old and have an account with the provider of the service. All payments/ transactions must be done through banking institutions that have their registered seat in Greece. At the same time the draft law also foresees that the Gaming Committee will maintain a “black list” of non-licensed websites offering services to the Greek population. Bank-ing institutions will be forbidden from making payments of winnings deriving from the partici-

pation of players to such websites. In this way the government hopes to combat the participation of players to non-licensed websites. With respect to taxing, the draft law provides that the State participates with 30% on gross profits paid on a quarterly basis. Winnings are taxed at the rate of 10%. At the same time participants to the tendering proceedings, and thereafter license holders, will be invited to pay certain duties and levies, either one-off or on an annual basis. At the same time the draft law foresees strict adminis-trative and criminal sanctions against infringers.The general feedback that one receives from the

market is that the envisaged provisions and tax requirements leave little space for profit, thus ren-dering the proposition of the Greek government unattractive. Nonetheless, there is no doubt that Greece must necessarily regulate a market that is estimated in the region of 4-5 € billion annually and in which there are currently more than 150-200 non-licensed online operators. No doubt there will always be illegal operators and infringers of our laws. This cannot, and should not, however, act against the reformation and cleansing of a practically “non-existent” reg-ulatory regime. Greek laws on gaming are out-dated and inapplicable. There was never a better time for the Greek politicians to show greater de-termination in promoting a reform that is, to say the least, necessary. After all, such a reform will not only be beneficial to the State itself and the Greek taxpayers, as it will certainly generate in-come and employment, but it will also benefit heavy gamblers, who rely heavily on non-licensed, non-regulated and non-surveyed gaming activi-ties of all sorts.

The general feedback that one receives from the market is that the envisaged provisions and tax requirements leave little space for profit, thus rendering the proposition of the Greek government unattractive


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Colorful Colorado—Home State of U.S. ambaSSador daniel bennett SmitH

It is a great privilege to introduce you to Colorado, the state where I grew up and which I still consider “home.” Colorado is renowned for its natural beauty, its world class ski resorts, and some of the most incredible natural wonders the United States has to offer. Although Colorado’s population has grown substantially since I last lived there, it remains a place with vast open spaces, seemingly endless horizons and spectacular mountains. My memories of childhood

focus on the outdoors, whether hiking in the foothills of the Rocky Mountains, picnicking in the beautiful canyons, or exploring the open fields of the high plains. But while Colorado is a year-round paradise where one can participate in almost any sport or activity from skiing to mountain climbing, mountain biking to whitewater rafting, the state also offers tremendous cultural and educational opportunities, not to mention renowned hotels, restaurants and resorts.I encourage everyone to visit “Colorful” Colorado, to see majestic elk grazing in the meadows of Rocky Mountain National Park, to explore the wonderful rock formations of “Garden of the Gods,” to watch scientists extract dinosaur fossils from the rocks in Dinosaur National Monument, to hear an open-air concert in beautiful Red Rocks Amphitheater, or walk in the footsteps of the ancient Pueblo people amidst the cliff dwellings of Mesa Verde National Park. With its sunny climate and warm, hospitable people, Colorado is a place where all Greeks should feel at home.I hope that you will discover Colorado yourself and explore the many wonders that await you.

Best wishes,Daniel Bennett Smith

White and Lavender rocky Mt. coLuMbine, the officiaL State fLoWer of coLorado

34 | BUSINESS PARTNERS | MAy-june 2011

Discover America—Colorado★

On the occasion of Greece’s entry into the Visa Waiver Program, the U.S. Commercial Service of the American Embassy in Athens is showcasing all 50 states and five territories in Business Partners.

THE CENTENNIAL STATELAnD AreA 104,247 square miles

PoPuLAtion 4,939,456

StAte CAPitAL Denver (“The Mile High City”)

LArgeSt City Denver

LoCAL time 9 hrs behind Greece

CLimAte An average of 300 days of sun-shine with warm dry summers (average high 77 F (25 C), crisp sunny springs, col-orful Autumn foliage and winter snowfall across the mountains (ski resorts open third week of november).

nAtionAL PArkS 4 (Rocky Mountain national Park, Great Sand Dunes national Park, Mesa Verde national Park, Black Canyon of the Gunnison national Park) 6 nat Monuments and 42 State Parks

For more information: Colorado Tourism Office Tel: 00 1 720 570 4110 e-mail: [email protected] Website: www.colorado.com

Colorado, a year-round destination, invites you to come and be captivated by its western history, world renowned ski resorts, modern art, famous breweries, wonderful wineries and the grandeur of the Rocky Mountains; just imagine your perfect holiday hot spot and make it a reality in Colorado. During the spring, summer and autumn months visitors can experience the vibrant capi-

tal city of Denver and explore the four national parks and a World Heritage Site. Take in the scenery on 10 scenic and historic byways, enjoy wine tasting in over 80 vineyards, re-lax on one of eight historic train rides or tackle a myriad of world class outdoor activities. Then in the winter months head to one of the 26 world-class ski resorts where skiing and boarding the world famous Rockies while admiring panoramic vistas of jagged mountain peaks is the norm. Add crisp, blue-sky days and incredibly varied terrain, and it’s easy to understand why Colorado attracts more skier and snowboarder visits than any other state in the uS. From sky-scraping, snow-capped mountains, to rolling prairies, rushing rivers to desert lands, in Colorado visitors can be sure to experience it all.

Great Sand duneS nationaL Park

MAy-june 2011 | BUSINESS PARTNERS | 35

In BUSIneSS


The Entrepreneurial Spirit in toDAy’S greeCe

Unfortunately, such management has become established as com-mon practice or simply tolerat-ed by a large part of our society. The roots of our problem run

deep and many of us, directly or indirectly, share in responsibility for what we experi-ence today. Most of us wished to “pay fewer taxes” or de-manded a job in the public sector for our chil-dren; thus, instead of expecting justice, trans-parency, and prudent management from our

politicians, we “conveniently” concluded a silent pact with them and subsequently dealt with every scandal with apathy or a blind eye. For a while, this “arrangement” seemed to work as a win-win situation. Eventually, however, it turned to a lose-lose situation.In recent months many analysts, qualified or otherwise, have speculated on the causes of our current problems, focusing on the past and putting the blame on the “evil traits” of our national character; others ap-proach the issue more micro-economically

or micro-politically. Ironically, people who have played a key role in leading our coun-try into the crisis appear today as expert consultants and critics of all. There are very few people who convincingly propose ways to exit this very difficult situa-tion: their proposals employ mainly techno-cratic means and methods that are based on lifeless models of uncertain efficacy. However, as the saying “over-analysis leads to paralysis” goes, the result is a general state of indecision that does not allow us to comprehend wheth-er there is even a vision for the country.I humbly wish to share some thoughts with you. It is my strong conviction that in or-der to overcome our current recession two basic prerequisites must be fulfilled: to act decisively and effectively to tackle corrup-tion, and to adopt significant initiatives for economic development. Consequently, in order to move forward in the course of development there is only one simple—but not simplistic —solution: the human factor, people, the GREEK PEOPLE. The growth that Greece envisions will not come about through the successful im-plementation of an econometric model, a product or a service, but through utiliza-tion of human capital and resources. From the times of Socrates, Plato and Aristotle, to this day, regardless of the inevitable shifts in their culture and mentality, the Greek peo-

By george ConStAnteLiS PReSiDenT AnD CeO OF GeOVenT CORPORATiOn, GROuP OF COMPAnieS

It Is certaInly no secret that Greece Is In the mIddle of a deeP fInancIal crIsIs, due to Both the GloBal fInancIal crIsIs and unwIse domestIc manaGement of the natIonal economy durInG recent decades.


ple are an entity with immense potential.Having lived abroad for many years and hav-ing held a number of high executive positions, I have concluded—and this is a conclusion shared by many—that the greatest advantage of the Greek character is its inherent ability to think “outside the box.” Indeed, when this ability is combined with hard work, agility of mind, and a sense of urgency—natural to most Greeks—it is certain that he or she will achieve great accomplishments. The big question is when this will happen? The answer is when the right conditions pre-vail: conditions that encourage resourceful-ness and pioneering, that reward innovation and quality and promote meritocracy. It is no accident that Greeks who have lived abroad have been successful in all these areas. This has happened because they were not “sti-fled” and thus were able to exhibit all their ingenuity and skills, as the state was an ally to their efforts and not an enemy; because to a large extent transparency and meritocracy were established methods and procedures. In sharp contrast, for a very long time in Greece the common—and often the only—way of doing business was through “connections,” personal channels, and bribing.However, we must be careful and self-disci-plined because our national DNA contains both ends of the spectrum; it is absolute: all these positive characteristics can quickly and dramatically turn to negative. The same people who sang the praises of Socrates gave him the poison; the same people who were liberated from the Ottomans by Kolokotronis sentenced him to a prison term; after fighting against the Nazis and fascists during World War II, we, Greeks, started a divisive and catastrophic civil war. Let us not forget that the phrase “A patron hath no surer foes, than those who, helped, no thanks bestow” («Ουδείς ασφαλέστερος εχθρός του ευεργετηθέντος αχαρίστου») was introduced by Heraclitus.The Greek mind has proved over time that it can excel in every entrepreneurial endeavor, as long as it combines the following elements, which it has shown to possess throughout history: the ability to see “the big picture,” to understand the environment in which it lives and operates; to translate the “big pic-ture” into a comprehensive and inspiring vi-

sion; the insight for business opportunities, market needs and the creation of strategic plans; the ability to successfully raise funds for business projects as well as staff the en-deavor with people who are ready to take on calculated risk; and, finally the persistence to faithfully implement the business plan.On this basis we have created GeoVent Cor-poration – Group of Companies, a group of Greek American private capital with diverse activities/diverse portfolio. The Group’s main goal is to develop collaborations and alli-ances for innovative products for pharma-ceutical and biotech companies that are not represented in Greece and Cyprus. For this purpose, the Group has created three phar-maceutical companies: Bioneuron, that fo-cuses on pharmaceuticals dealing with the Central Nervous System, medPLATINUM, that focuses on oncology and Haematology, and metCardis, that focuses on Cardiology and Pulmonology. In the field of health serv-ices, the Group also includes CRAxis CRO, a company that conducts Clinical Studies and Consulting Services in Research related topics. Lastly, the Group founded TASIS, a Human Resources Consulting Services com-pany for the pharmaceutical industry as well as for other professional fields.Our vision is to become a trusted partner for our clients and all stakeholders in this constantly changing business environment. We pride ourselves in being a Greek com-pany that follows international standards in every process, and every aspect of its op-

eration. Our professionalism is guaranteed by our staff who have vast experience and know-how having worked in top multina-tional corporations.I cannot emphasize enough that we con-sider the Human Factor the cornerstone of the Group’s success. Our first concern was to select the people we wanted to work with and then we decided on the creation of the companies, something unique for Greek standards. The professional experience, the efficiency and the overall business acumen of each managing director determined the business model and the way in which each of the companies was set-up.Our common denominator and our driving force is our faith in the notions of integrity and collaboration as well as our passion for business that influence all our activities. Our shared goal is to put out products and services that are innovative and of the highest quality.To reiterate, the Greek is able to achieve great achievements once he or she is inspired. I am certain that our genes have remained unal-tered from antiquity to the present, and it will help us persevere through these critical times. I am convinced that our positive at-tributes will resurface, once the right condi-tions are created. I am an eternal optimist, despite the many difficulties that my col-leagues and I have encountered since work-ing in Greece—difficulties that are mainly due to the bureaucratic maze of our public administration. For example, even though our new offices are located on one of the busiest commercial avenues, it still took weeks to set up a business phone line. Which foreign investor would put up with this?Ultimately, we focus on the positive, we fully trust the great potential that the Greeks have and, never losing sight of our vision, we anticipate the success of our endeavor, thus contributing to our country’s much desired economic growth.

george Constantelis, a Greek-Canadian, worked at BMS for 22 years and was Chairman of the Pharma-ceutical Committee of the Chamber and a member of the Board of both the Hellenic Association of Pharma-ceutical Companies and the American Association of Pharmaceutical Companies. He is President and CeO of GeoVent Corporation, Group of Companies

The Greek mind has proved over time that it can excel in every entrepreneurial endeavor, as long as it combines [certain] elements

edUcaTIon

new York college and new Models in education


What is your vision and the guiding philosophy of new york College?I started my business career in post-secondary edu-cation, motivated by my personal belief that offering American and European education to young people in Greece would give them the opportunity for an inter-national educational experience without having to im-migrate. I have built my vision on three fundamental principles: students’ ability in choosing what they want to study; high quality teaching; career opportunities in the globalized labor market. The first contact was made in 1988, when we signed a contractual agreement with the State University of New York at New Paltz, and subsequently with the Empire State College. Then this model of cooperation extended to other partnerships with recognized universities in Europe and the U.S.

elIas foutsIs, PresIdent of new york colleGe, dIscusses the role of PrIvate unIversItIes In Greece and how educatIonal models are evolvInG to meet the needs and desIres of students.

new york College operates in Athens, thessaloniki, tirana, Albania; Prague, Czech republic; Belgrade, Serbia; and you now have a new branch in georgia. What drives you to expand beyond greece?Having the experience of a successful operation of such programs in Athens, as well as the human and capital resources necessary, we decided to explore the possibilities of offering such programs to several sites in other countries. It is my belief that an educational organization can not operate in isolation. New York College is the first educational institution that dared to invest in the establish-ment of private universities in the Balkans and Central Europe. A key reason of our success has been that countries such as Albania, Serbia, FYROM, and the Czech Republic have a strict but fair legal framework for the establishment and operation of private universities, according to the European and American standards. So an investor knows from the start that he/she will not have to deal with ambiguity, arbitrariness and overregulation. A second important reason was that we were aware from our existing international students that there was a great demand for high-level European and American education in these coun-tries, partly due to people’s openness to an international education that will enable them to compete on equal terms with candidates from the rest of the westernized world in the globalized labor market.

new york College offers a wide variety of majors. What major areas of study do you offer to greek and non-greek students?NYC offers PhDs, Bachelors and Masters degrees in business, informatics, com-munication, international relations, psychology, tourism, shipping, film studies, and education. All but one of our programs are taught in the English Language, and the degrees are awarded to students directly from the partner university. In addition, New York College also provides e-Learning courses through its highly interactive e-learning platform, which offers convenience and flexibility for our working students.

How important are non-degree programs, such as seminars, continuing education, and lifelong learning programs in rounding out your instructional offerings?In Greece, lifelong learning policy started as a top-down process in response to EU directives, and by using funds from the Community Support Framework Pro-


grammes, Greek governments implemented a number of structures which are critized for lack of complementarity, coordination and sustainability. However, even today, the response to the learning society has hardly begun, at a time when the Greek higher education system is still unable to meet the national needs and recognition and accreditation learning acquired outside the formal educational system is neither accredited nor recognized. New York College has implemented a program of professional qualifications, as well as seminars, lectures and work-shops which supplement the curricula. Most importantly, skills and competen-cies such as learning to learn, problem solving, critical analysis and synthesis and reflection skills have been incorporated into the courses of each program.

With which educational institutions are you affiliated and how does this ben-efit your student body?We offer flexible study programs which address the needs of both non-work-ing and working students and young executives in cooperation with the State University of New York, Empire State College, USA; University of Greenwich, UK; Institut Universitaire Kurt Bosch, Switzerland; National American Univer-sity, USA; Paris Graduate School of Management, Ecole Superieure de Gestion, France; LaSalle University, USA, and the University of Bolton, UK. The breadth of curricula, diversity of student body, scholarly activities of the faculty, contin-uous support and guidance by the partner universities, as well as our contacts with the job market, have secured for New York College students a multicul-tural educational experience.

Please briefly discuss the new law regarding private education in greece.In August 2008, the Greek Government voted for a new law on private post-sec-ondary education, following the pressure of the European Union for incorporating the European Directive 36/05 about the recognition of profes-sional qualifications of graduates of European Universities, who completed their degrees through franchised or validated models at Greek colleges. Last summer, the current government required all colleges to fulfil additional conditions with refer-ence to specific infrastructure and financial re-quirements that the colleges had to meet in order to renew their licenses. As a result, New York College has upgraded its infrastruc-ture, operational procedures, and administrative structure, all of which have had a positive impact on the delivery of the programs and received licensure in Ath-ens and Thessaloniki (Government Gazette No: 1302 & No 1320, respectively).

many parents and students are concerned about the recognition of degrees in greece from private educational institutions. The EU Directive 36/05 was incorporated in the Greek law through the Presi-dential Decree of May 2010 and it grants graduates of licensed private colleges the same professional rights as graduates from Greek universities. It should be noted that the recognition of professional qualifications applies only to spe-cific legally-regulated professions, such as doctors, psychologists, accountants, and others. This includes degrees from American universities, provided that students receive recognition and have work experience in any other European Union country, for example in the U.K. Indeed, there is a number of SUNY/ESC graduates who, after having completed their studies at New York College, had

their degrees recognized by the British NARIC (Na-tional Recognition Information Center). For any pro-fession which is not legally regulated, according to the European Union, European citizens have the right to exercise it, without any special permission.

How will this issue evolve?Greece is obliged to comply with EU law, otherwise it will face legal and financial sanctions. It is true that the proce-dure of recognition is long and bureaucratic, but in view

of the current economic crisis that our country is experi-encing, public servants, decision-makers, and state offi-cials who engage in discriminatory and exclusionary tac-tics, in serving the interests of a select few, condemn our country to economic and intellectual stagnation. The de-mand for tertiary education outstrips supply in the Greek educational system, as admissions are limited due to lack of infrastructure and insufficient human resources. Con-sequently, the number of students who do not enter the Greek state universities does not reflect upon their ability to participate in university education, but it is shaped by supply and demand considerations. Indeed, our statistics prove that the majority or our graduates have been ac-cepted by renowned universities for continuing their studies at a higher level and have succeeded in having brilliant careers in Greece and abroad.

Greece is obliged to comply with EU law, otherwise it will face legal and financial sanctions

The STarwood experIence

Santorini at its BestBuilt around a 400-year-old wine cellar, Vedema, a Luxury Collec-tion Resort, preserves the traditions of a classic Greek village. Situ-ated in the middle of emerald vineyards and overlooking Santorini’s renowned ebony beaches, presents the treasures of the Mediterra-nean. Built in traditional white-washed Cycladic-style, our 45 villa village immerses guests in the sophisticated, relaxed philosophy that captivates Santorini. All boast dramatic sea, village, or vine-yard views, with private Jacuzzis and pools for some. Radiant col-ours and distinctive island-style interiors welcome guests into the resort’s Suites. All majestic lodges include a bedroom, living space and gracious marble bathroom. Vedema Resort’s refined dining op-tions range from a 400-year-old atmospheric wine cellar to vivid poolside bars. The spa, offers guests the opportunity to relax and unwind in the hands of experts. Therapeutic massages and body treatments soothe with ancient methods and ensure guests leave fully rejuvenated. Exquisitely furnished, delicately situated on a matchless Aegean isle and gracefully equipped to meet all needs of the body and soul, Vedema Resort, may simply be an extraordinary hideaway resort, which will feel like your personal paradise.

5*Megalohori, Santorini, 84700Tel: (30)2286081796 | Fax: (30)2286081798www.vedema.gr | [email protected]

VEDEMA RESORT

With a typical island-style design that preserves the nature in a cli-mate of unabashed luxury, Mystique, a Luxury Collection hotel, is built in the world’s most beautiful scenery, Santorini.Located on Oia’s most famous cliffs with dazzling views of clear blue waters towards the volcano and the Aegean Caldera. Twenty two suites and villas in a landscape of more than 2000 square me-ters provide a sensorial experience of Santorini in surroundings of understated elegance. All accommodation is lovingly handcrafted from wood and local stone and feature spacious bedroom with king-size bed, living room, large panoramic private terrace with open-air dinning area, great views to the sea and the Caldera and airy bathroom with a combination of Jacuzzi bathtub and shower. Slatted wooden decks that lead to the in-finity-edge pool surrounded by sun beds for the utmost relaxation.Guests may experience the “Aura” Bar an alluring, alfresco venue by the pool, the “Charisma” Gourmet Restaurant for open-air dinning and the “Secret” Wine Cave, a dramatic wine cellar for daily wine tastings.Reserved for only the most discerning of travellers, Mystique is nothing but a pure natural and exclusive retreat.

5*Oia, Santorini, 84702Tel: (30)2286071114 | Fax: (30)2286071115www.mystique.gr | [email protected]

MYSTIQUE


The romanos luxury at costa navarino

The Romanos, a Luxury Collection Resort, located on the world-class 130-hectare Navarino Dunes site in Costa Navarino, is set amid lush olive groves and crystalline waters having as a backdrop the splendor of the deep blue Ionian Sea. The 321 beautifully appointed rooms

and suites with private infinity pools in almost all ground-floor units, as well as the magnificent 660m² Royal Villa Koroni –awarded the prize “Best Suite, Interior Design of the Year” at the European Hotel Design Awards 2010—creates a distinctive and inspiring envi-ronment of genuine luxury and heartfelt hospitality. The selection of

culinary venues enjoys a hint of local traditional flavours, whether it is within the International Buffet at Pero Restaurant, the Da Luigi Italian restaurant, a Moroccan restaurant or Eleon Restaurant pre-senting the Greek Cuisine. The 4,000 m² Anazoe Spa offers a full range of specialist treatments rejuvenating body and mind and using Ancient Greek practices, including Oleotherapy featuring unique therapeutic olive-oil treatments. A state-of-the-art House of Events, a multi-functional and highly versatile conference, convention and event center, extends over a total area of more than 5,000 m² and will accommodate up to 2,000 guests with both style and grace


Intrigued, I watched for a while in an at-tempt to understand what might have been going on inside the robin’s head. It was clear that the robin was either in awe or in disbelief at seeing its own

reflection; never having seen it before or indeed it might have mistaken its own re-flection for that of another bird’s. The significance of the event was profound. I could not help but draw a correlation be-tween the robin’s actions and the reality of the disparity between how we often see ourselves and how we are seen through the eyes of others. At the same time the little

bird’s blind repetition in behavioral pat-tern reminded me how we, as individuals and as collective groupings of individuals, can and do so often fall into the trap of be-havioral and thought stagnation, paralyzed by the truths of the past and our subjective belief systems. So how does one begin to influence a shift in paradigms, the very operating princi-ples, of others to affect transformation and progress in a time when it is most needed? The starting point is simple; for a moment, set aside the profundity of corporate jar-gon, the complexity of innovative business

execUTIve workShop


By niCoLA murrAy inTeRPeRSOnAl iMPACT AnD CAReeR PeRFORMAnCe COACH, TOniC lTD, lOnDOn, uK

Shifting Paradigms—StArting WitH our oWn

walkInG to a meetInG the other day I was struck By the sIGht of a lIttle red roBIn flyInG to and fro rePeatedly from the sIde vIew mIrror of an audI, uPwards Into the aIr only to return once aGaIn to rest on the arm of the mIrror to rePeat the same Pattern.

When it comes to personal change, how courageous are we at acknowledging that sustainable change begins with each one of us?


models and first focus on that which you can precisely influence - YOU! Yes, agreed, the irony of this statement cannot be un-derestimated.We are each prepared, and some more versed than most, at influencing a change in others regarded as disconnected to us, be that individuals or collective groupings of individuals.But, when it comes to personal change, how courageous are we at acknowledging that sustainable change begins with each one of us, at a deeply individualistic level, long before the affects of change take place at an aggregated one? To successfully move collective behavior which, in time and with critical mass, will impact any given environment, it is not suf-ficient to simply recognize that change is needed, to speak about change, designing transformational models for others to un-dergo in order to overcome the challenges faced from a detached outlook point, with-out first accepting the pain, the temporary loss of control and the un-learning that per-sonal change in behavior, thought patterns and belief systems requires? A teacher had given a discourse on crea-tive thinking, after which his students ap-proached him and requested he set them a problem that required them to think creatively as a group. The sage gave them a sieve and asked them to collectively think of a way to fill it with seawater. The students were gone a long time, when eventually the sage decided to go down to the beach to see what they were do-ing. He found them gathered around the sieve looking perplexed, beat and arguing among each other. When they saw the sage approaching, they scrambled to their feet and rushed over to him announcing that he had set them an impossible task. ‘It’s just not possible to fill the sieve with wa-ter!’ the oldest student explained. ‘Are you sure?’ asked the teacher, picking up the sieve. ‘Sometimes we need to dis-tance ourselves from what we believe to be true and view the challenge from an altered angle.’He waded into the water and threw the sieve as far out as he could into the sea.

It sank.‘There! Said the sage. ‘It’s now full of water.’To succeed at influencing others in order to affect sustainable, positive change in an environment, we need first to ‘see’ things not through our own confirmed biases but to understand from a different angle, away from our own limiting beliefs and collective judgements based on past truths that may sabotage our creative agility and no longer hold true. And second, we need the cour-age, humility and conviction to undergo our own change journey.In the context of economic crisis, the reality of the fragility of economic prosperity has become evident, what is unfolding on one side of the Atlantic is very much, albeit per-haps more time-advanced, a reflection of what is transpiring on the other side of the Atlantic, and an indicator of what poten-

tially is still to come. Like the robin and its reflection, the two are interconnected and held in a fine balance.The common thread binding us one to an-other lies in the personal responsibility we must accept for ‘living beyond our means’ and perhaps an acknowledgement of our inflated visions of our own self-importance, both of which we can ‘see’ now are rendered transitory by the magnitude of change we are all facing at present. No paradigm from the past in its original form can be spared the scrutiny that is needed to move beyond this place of discomfort.It is deemed far more advanced and is in-herently less traumatic to analyze, to judge and to transform others than it is ourselves. In part because the latter appears too ru-dimentary and in part too, because we, as

humans, are not naturally equipped at ‘see-ing’ and then ‘interpreting’ the facts and implementing authentic change as objec-tively when these very facts are intrinsi-cally tied to our own personal emotions, data, thoughts and past experiences. In the absence of this untainted capacity we have an innate tendency to distort, delete and generalize ‘information,’ making others the primary subject of change rather than us.The very same dynamic can be seen tran-spiring in multiple contexts, not just the obvious economic one; to name but two, from the context of genuinely accommo-dating the changing face of the Boardroom to that of disparate, business unit integra-tions for example. Each context is linked in likeness due to the very personal nature of the change required.So who will be among the first to show the

humility, to have the courage and to take the initiative to admit personal responsibility for the need to change and to then actually follow through with a step-by-step process of realizing the benefits for the collective of a transformation in your own individual behavioral patterns, thought processes and actions? Then, with hindsight, as it is certain that we will eventually move beyond this present environment of discomfort, be that in what-ever context, it will become apparent that there is no short cut, no feasible escape from the personal role we must play in ulti-mately realizing sustainable shifts in the mindset of the collective.

www.tonicltd.com | [email protected]

There is no short cut, no feasible escape from the personal role we must play in ultimately realizing sustainable shifts in the mindset of the collective


innovation reSoUrceShttp://www.innovationinpractice.com/ a blog in which drew boyd shares how to use effective, repeatable, and trainable in-novation process for organic growth.

http://completeinnovator.com/ boris is an expert and tireless evangelist of corporate innovation management, knowl-edge management, social media and col-laboration

http://creativegeneralist.blogspot.com/ creative Generalist is an outpost for curi-ous divergent thinkers who appreciate new ideas from a wide mix of sources.

http://appliedimagination.blogspot.com/ a blog exploring ideas about creativity, creative thinking, creative problem solving, innovation, applied imagination, education, creative studies and more

http://creativityandinnovation.blogspot.com/ collective experiences, best practices and insights on creativity and innovation in busi-ness at top 50 innovative companies.

http://blog.thinkforachange.com/ blog of american institute for innovation excellence

TrendS & Trade MakerS

WWW.American Studies resource Portal The Department of American Literature and Culture at the School of English, Aristotle University of Thessaloniki, has launched the American Studies Resource Portal The ASRP portal provides links to resources, libraries and research centers in Europe that have an emphasis on American Studies and U.S. academic departments in Greece that offer courses in American Studies, and a listing of related undergraduate and graduate course.. Additionally, the site posts completed and ongoing theses and disser-tations, news about conferences and events, as well as HELAAS (Hellenic Association for American Studies) activities and publications.The site’s list of online resources offers an impressive collection of social science sites related to the United States, its culture, and history.

http://my.enl.auth.gr/asrp

One-Stop Shop to Start New Businesses in a Day

“The introduction of a one-stop-shop to start new businesses, via a gener-al commercial register, is of national importance and rebukes a myth that Greek society cannot achieve major changes,” Prime Minister George Papandreou said during a visit to the Athens Chamber of Medium-to-Small Size Manufacturing enterpris-

es. He noted that the new service will boost transparency and reduce bureaucracy while it was liberating the huge forces of business activity to the benefit of the country.The new service cuts the time needed to start up a business from 19 days to one day, and reduces costs by 50-62 percent, The new service aims to significantly improve the country’s position in World Bank’s Starting a Business list; Greece currently occupies a very disappointing 149th place.

Accenture Survey on Public Sector EnterprisesGreece’s Ministry of Finance expects a sur-vey on the operation of public sector enter-prises to be presented by Accenture—the U.S. company which won an international tender on the issue—by May 31.The survey, to be used as a guide in the framework of a government program for restructuring public sector enterprises and organizations, focuses on four areas:1. A new labour environment (human

resources management, introduction of flexible management mechanisms, hir-ing and payroll)

2. Pricing policy3. State subsidies and dividend revenues

for the state4. Operating costs and public sector enter-

prises’ real estate property

innovative, in the Box thinkingThe Container Guest House in San Antonio, Texas by Poteet Architects is an ingenious us of materials at hand and an inspir-ing project. The architects noted the emphasis was on sustainable strategies—first, the recycling of a “one-way” container for a new and permanent use. The planted roof is held off the container top, provid-ing shade and air-flow to reduce

heat gain. The interior is insulated with spray foam then lined with bamboo plywood, equally appropriate for the floor as the walls. The grey water from the sink and shower is captured for roof irrigation. The WC is a composting toilet. The rear of the container is screened by wire mesh panels which will eventually be covered in evergreen vines.


E.U.DIREC

TinnovAtion union“innovation provides real benefits for us as citizens, consumers, and workers. it speeds up and improves the way we conceive, develop, produce and access new products, industrial processes and services. it is the key not only to creating more jobs, building a greener society and improving our quality of life, but also to maintaining our competi-tiveness on the global market.The innovation union is one of the seven flagship initiatives of the europe 2020 strategy for a smart, sustainable and inclusive economy.The innovation union plan contains over thirty actions points, with the aim to do three things:❚ Make europe into a world-class science performer❚ Remove obstacles to innovation – like expensive patenting, market fragmentation,

slow standard-setting and skills shortages – which currently prevent ideas getting quickly to market

❚ Revolutionize the way public and private sectors work together, notably through inno-vation Partnerships between the european institutions, national and regional authori-ties and business

http://ec.europa.eu/research/innovation-union/

Tax Burden: Just a Little LopsidedAccording to the Hellenic Federation of enterprises (SeV), 55 percent of Greek households reported incomes below the tax-free level, paying no taxes. Another 15 percent of taxpayers paid around 80 percent of total income taxes of individu-als, and 1,660 enterprises, out of a total of 221,000 enterprises in the country, paid around 70 percent of corporate taxes.

green iSLAnD, green viLLAgeEnvironment, Energy and Climate Change Minister Tina Birbili announced that the islet of Lipsi, near Patmos, will become the second “green island” in Greece, after Aghios Efstratios, and meet its energy needs through the use of Renewable Energy Sources (RES).Ms. Birbili also announced the creation of a “green village” in the prefecture of Arta, northwestern Greece, that will be energy self-sufficient and the ministry is also pro-moting a number of pilot energy saving actions in public and private buildings.Ministry actions include programs for green roofs, green army camps, neighbor-hoods with zero energy consumption, and green museums.

WWW.

glamping—campinG witH camp

People love adventure and new experienc-es. The great outdoors. Fresh air. Nature. And some people like a little bit of comfort while they’re at it. Welcome to glamp-ing; Camping with a bit of Glam. Some creature comforts. In the last three-four years a new trend in the tourism offering, glamping is a mad, albeit mad in a good way—mixture of enjoying the outdoors while enjoying a nice bed, comfortable furniture, and well-equipped kitchens. Sounds just about right. Campy even.

B2B

The office is a great place to make some big savings on energy and waste. Whether a small home office or a large corporate office, there are many things you and your colleagues can do to help the environment. WWF offers some smart suggestions.

LOOk fOR ThE fSC LABELWhen you are shopping for the office and need to buy tissues, paper for the pho-tocopier, or a desk then look for the FSC label. When you see this label it means that the timber that was used to produce the item was grown and harvested sustainably.

SAVE PAPERHow much paper is simply thrown away in your office every day? Reuse paper for scrap and recycle. Print on both sides of a page when possible. Companies can save significant sums on printing costs by

publishing reports electronically rather than on paper, and customers have instant access to the report. Use e-mail and web-sites to market your products. Save money on printed publicity material and postage costs. Aim for the paperless office.

TURN IT OffUse a large power strip for your computer, broadband modem, scanner, printer, monitor and speakers. Switch it off when equipment is not in use. This is a practical way to cut 200 kWh per year. Make sure computers are switched off at night.

USE GREEN ENERGYAsk your employer to purchase energy from a green supplier.

LOVE YOUR LAPTOPAsk for a laptop instead of a desktop it

consumes 5 times less electricity. If you must have a desktop, make sure that you get an LCD screen instead of an outdated CRT screen.

SAVE POwER wITh YOUR PCEnable the power management function on your computer; contrary to popular belief, screen savers do not save energy.

RECYCLE OffICE EQUIPMENTDonate old computers and office equip-ment to other organizations and institu-tions such as schools.

DON’T TRAVEL UNLESS YOU MUSTUse phone, e-mail or video conferencing wherever possible and/or organize a Cli-mate Care Day.

Source: http://wwf.panda.org


info@amcHam

Dining: For Business and Pleasure

Π BoXout of tHe BoX Dining

it is fair to say that many restaurants design a menu based on mass appeal—serving items that are tried and true—and that often end up being truly trying. Most urbane diners, however, prefer well-designed originality, a fresh approach, a personal signature that demonstrate care, intelligence, and an understanding of food chemistry. Christoforos Peskias, chef-proprietor of Π BOX, and his team deliver a personal interpretation of what might be called Mediterranean Fusion in a way that stirs the spirit and stimulates the appetite.Tucked into a elevated space on Haritos in Kolonaki, the diminutive Π BOX instantly signals its focus on the menu by artfully

displaying a variety of the ingredients the kitchen uses, a stimuli to the taste buds and testimony to the kitchen’s intent. Menu items include beef hearts with anticucho spicy sauce; “Calamara-da”—shredded calamari in a spicy tomato

sauce; sashimi style salmon, with hot olive oil and topped with aromatic cretan rusk; penne with smoked salmon and yuzu (citrus juice); cabbage salad topped with king crab; tandoori chicken thigh with yoghurt and coriander sauce, served with mashed potatoes; pasticcio with foie gras; and rib eye steak for two persons, with thyme and sesame pesto, served with baby potatoes cooked in the oven. Desserts equally seductive. Wines mostly Greek and Spanish.

Π BoX 22-24 Haritos St, KolonakiTel: +30 210 729 8556

WWF Tips for the Office

flip book, e-book, online publications that have a realistic page turning effect (complete with page turning sound), replacing flat traditional documents.

conSUmer backyardthe public side of a brand as discussed by consumers. Sources include publicly avail-able online blogs, forums, ratings and re-view sites, twitter, facebook,,youtube and flickr, and offline word of mouth.

baketo create, or to include. for example, “a growing number of brands are trying to figure out how to ‘bake’ listening into their business process

brand lifta concept in online advertising, specifically brand advertising, that refers to an increase in awareness, attitudes, favorability, intent, and preference.

[ ]Silence: two brackets with space in be-tween them refers to the old adage “some-times silence is the best response.”

1% rUlean emerging rule of thumb that suggests that if you get a group of 100 people online, then one will create content, ten will interact with it (commenting or offering improve-ments) and the other 89 will just view it (also known as lurking).

3-way linkinGan example of 3-way linking is when a person owns two web sites, and uses one of the web sites to offer link exchanges, in an attempt to build up the popularity of the other. in doing so, he or she adds a link to your site on the link exchange web site, and asks in return that you link to the main site being promoted.

Reproduced by Permission © 1994-2010 netlingo® The internet Dictionary at http://www.netlingo.com

Christos Papoutsy, a former mediator and direc-tor of united States Arbitration & Mediation of new england, inc., has written and published a comprehensive universal manual on how to establish, build and operate a successful media-tion business. “Sudden Outbreak of Reason, Me-diate Don’t litigate - Disputes Settled!—lessons from the Classics” is a comprehensive manual on how to utilize alternative dispute resolutions to settle disputes.it is a timeless reference book for attorneys, law schools, law students, insurance compa-nies, businesses, business schools (MBA Pro-grams), disputants, classicists and those who want to become mediators.The book illustrates the principles Mediate,

Don’t litigate, and Dispute Settled, emphasizing mediation as a key alternative dispute resolution process that benefits attorneys and their clients. The book examines lessons from the Classics, such as The Melian Dialogue and Ancient Greek Mediation and how to apply them to today’s mediation business strategies.Sudden Outbreak of Reason is available at http://www.enfielddistribution.net

Sudden Outbreak of Reason

By CHriStoS PAPoutSy


The Business Bookshelf

Jargonaut

Cape Cod—Beautiful coastline, hiking, biking, fishing, clamming, sailing and relaxation at it’s best.

to Staychatham bars inncaptain’s House innland’s end inncrownie pointe Historic inn and Spa

to eatfront Streetthe naked oyster bistro and raw barthe regatta

to dofishing & clammingGolf, Sailing & bikingcape code museum of artlighthouses of cape codShopping—brewster, chatham, provincetown

By AnDreAS StyLiAnoPouLoS PReSiDenT, nAViGATOR TRAVel & TOuRiST SeRViCeS lTD

cape cod

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e

cHatHam barS inn

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Become a MemberTo become a member of the American-Hellenic Chamber of Commerce, one of Greece’s most preeminent and proactive business organizations, apply on the Chamber website at www.amcham.gr, send an e-mail to [email protected], call the Chamber at 210-699-3559, or fax the Chamber at 210-698-5687-7 and request an application form.

tHe AmeriCAn-HeLLeniC CHAmBer of CommerCe

bponline.amcham.grTo subscribe to business Partners, send an e-mail to [email protected], call the Chamber at 210-699-3559, or fax the Chamber at 210-698-5687-7.

BUSINESS

Today, government energy policy should include long-term factors that include diversity of supply source, energy source, and means of delivery. Cost considerations

remain a crucial part of the equation. In ad-dition, environmental consequence, related to pollution and climate change, must be factored into the complex evaluations that policy makers must appraise. Currently, Greece faces daunting challenges as it struggles with its gravest financial crisis in modern history. At the center of its efforts to emerge from deep debt and an overburdened deficit, energy policy is both a challenge and an opportunity for a brighter future. Energy infrastructure is large and expensive, requires complex planning, involves multiple players, and has a longevity that extends over generations. For these reasons, it is crucial that Greece’s national energy policy be draft-ed and implemented with as much political consensus as possible. Long-term planning, with long-term consequences, exhorts parti-san agreement that ensures a stable, consist-

ent policy to serve Greece’s national interest regardless of political leadership. A policy of this vital national interest based on political consensus will prevent waste, save vast amounts of money and resources, and enable Greece to pursue long-term en-ergy objectives that deliver energy security for future generations. Today, Greece has embarked on a new axis of development based on green growth, im-plying a surge in the importance of renewa-ble energy sources (RES) to supply electric-ity and other energy needs. And while the development of RES must proceed relent-lessly, other energy sources, including coal, oil, and gas, continue to play a major role in supplying Greece with its energy needs. The increasingly important role of gas de-mands careful attention. Since reserves are relatively abundant, especially in the Caspian region, and it is a cleaner source of energy, Greece will rely on gas for several decades. It is crucial, therefore, that Greece tries to ensure diversity of supply and transmission and strives to become a gas transit country.

The Southern Corridor pipeline projects under consideration today—Nabucco; ITGI or the Turkey-Greece-Italy Interconnector; and TAP, the Trans-Adriatic Pipeline—are defined by a variety of characteristics that demand comprehensive consideration. Occupying a geographic link of the tran-sit route—having a gas pipeline transverse Greece—provides political leverage that should not be relegated to neighboring coun-tries at Greece’s expense. In addition, economic benefits, such as transit fees, are considerable. Furthermore, lobbying for multiple supply routes, as well as multiple supply sources, will provide Greece with political flexibility that is becoming increasingly important in a region with an uncertain geopolitical future. Certainly, pipelines must be constructed with both political interests in mind and the logic of market forces. Supplies must corre-late to demand and pipeline capacities. Greece will be well served to pursue its strate-gic interests through political consensus as it strives to ensure diversity of energy suppliers and energy transmission routes.

vIewpoInT

By yAnoS grAmAtiDiSPReSiDenT, AMeRiCAn-HelleniC CHAMBeR OF COMMeRCe

Since 1973, energy concerns have been at the forefront of national agendas. Once primarily an issue of cost, energy considerations have taken on additional parameters, many of strategic national importance.

energy Policy, Pipelines, and greece

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Business Partners | May-June 2011

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Transcript of Business Partners | May-June 2011