Arab Today, arab today foreign companies leave greece
Last Updated : GMT 10:34:52
Arab Today, arab today
Arab Today, arab today

Foreign companies leave Greece

Arab Today, arab today

Arab Today, arab today Foreign companies leave Greece

Athens - ANSA

Several foreign companies in Greece operating in the trade, insurance and pharmaceutical sectors, among others, have decided to leave the country due to the increasing number of problems caused by the financial crisis. The evolution of the situation, as reported by the Kathimerini newspaper, has shown that such a choice has been wise. Consumption is progressively decreasing along with salaries and pensions, austerity measures and tax increases are further weighing on family incomes and the government has failed to take measures in order to cut red tape and implement fiscal policies encouraging companies to invest in Greece. Morever state debts to local and foreign businesses have never been repaid. The companies which have therefore chosen to leave Greece are many, some of them very well known. The recent suspension of all activities in Greece of French credit insurance company Coface, a branch of investment bank Natixis, has had a deep impact on retailers. Coface\'s announcement in June that it would stop signing new insurance contracts concerning exports to Greece was due to the fact that the company was facing increasing problems in receiving payments from Greek importers. The step left wholesalers of electric and electronic equipment and retailers in general without the insurance protection they had received since 2000. In the same period, the Euler Hermes - a branch of Credit Agricole, the largest commercial insurance company worldwide - announced it would stop providing insurance for goods imported to Greece for fear the country might leave the 17-member euro currency. Saturn was the last foreign company to leave the Greek market of electric and electronic devices. The first to leave were Electroworld and Fnac, the largest European franchise of high tech and cultural goods. In the past few days another foreign company, Univel, which produced electronic security systems and other high tech devices in Greece, left the country and moved production to Romania. The same trend is being registered in the pharmaceutical sector which used to be very prosperous. A number of foreign companies operating in Greece have started to study the cost of severance payments as they are planning to fold their local branches. Other pharmaceutical companies have limited their commercial activities and are trying to sell their stocks. Among them is Bristol Myers Squibb which recently fired 55 employees, most of them sales reps, due to the failure of former Greek governments to update drug prices in relation to production costs, which led the company to the choice of not introducing new medicines on the Greek market. Meanwhile Germany\'s Biotest announced they were closing their Greek branch and that the company will not export to Greece anymore due to the large number of unpaid bills.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today foreign companies leave greece Arab Today, arab today foreign companies leave greece

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today foreign companies leave greece Arab Today, arab today foreign companies leave greece

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today A no-frills business success

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Rouhani at UN defends Iran nuclear deal

GMT 09:41 2017 Thursday ,21 September

Rouhani at UN defends Iran nuclear deal
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Actress Ream Hhagag prepares for a new film

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday