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Paragon Shipping CEO Michael Bodouroglou on the success of the Greek shipping industry and the impact of the Greek economic crisis on businesses that ...
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Actors from the European Union the IMF and the European Central Bank.
Are heading to Athens this -- they're called troika to meet with the new Greek government -- want to know what's really going on in Greek business because in the way.
That's really the only way that this country's going to get back on its feet so we are bringing in someone who actually imagine this operates a business there.
It's publicly traded it's a shipping company and he says his shipping industry.
-- -- other businesses because by law the Greek government leaves them alone joining me now from Athens Greece and Fox Business exclusive.
Is Michael -- wrote -- he is founder chairman and CEO.
A paragon shipping welcome mr.
-- -- -- and we're thrilled to have you want because you are voice.
-- a business that is operating.
Even under the most difficult political circumstances I would like to begin by asking you.
How the shipping industry and how your business is doing with all of this turmoil.
-- good morning it's here in New York.
Makes it nice and is an international business it is not a big business.
And it that way it is not that big victories.
Have fallen on a lot more welcome on a lot of assets actually they -- what -- of that analogy.
-- in Brazil criticizing -- China.
Holly Shimizu Donna's.
Clients have made several places of you know international level there's like cognizant -- -- -- and -- -- And -- financiers.
Are you know major European banks and other banks so we yeah but they're not influenced all that -- valued by what is going on.
It is kind of and of course -- the facts are more than sentiment today did.
We'll of course of it it's hard really to say shippers without putting the word Greek in front of it.
Guys really know how to do this -- and that is a part of the big issue with becomes a double edged sword lately because there's so much negativity around.
Greece and what's been happening but right now we do have that -- about to meet with the Greek government now I want explain to people.
Greek shippers while they operate with the Greek government pretty much staying out of the way.
You do also get a bit of an advantage even though your tax by tonnage.
You -- in -- -- subject to fiscal exemptions is there a possibility and how bad would it be if the new government.
Eliminates those fiscal exceptions.
Well -- landed in my class -- -- that is I think as a means that side fixable and isn't zoning and tax breaks I would like to tell you that's.
-- -- owners are not -- any less favorably.
Anymore favorably.
-- -- -- -- policy move by Singapore Hong Kong.
Friends and I would also say -- kind of as little plays out of new York and London I would -- -- that most of the Dixie pointers oral phasing out of -- outside of New York along them.
For many decades and it was on that do for the years ago or so or so when.
-- when the interest actually improved in this country whether it was smaller.
When it depends that we do that's important has made -- choice but to come and indicated -- end provide jobs as a and you know income for the country but it's -- meets its -- -- actually statements.
That Dixie voters are designed tax -- that out of consequence.
On the London office but what.
Isn't a myth is that you have sent to a certain degree been ham -- been held back.
By the Greek government and that's what you've been able to operate so beneficial -- and -- watched some of the entire industry employs about 200000 people.
Which is no small number certainly especially at a time when so many people.
Are unemployed increased so now the question becomes.
Are you worried that the government is going to make some type of mistake or change.
That would force -- I don't know you tell me move headquarters.
Lay off people.
Not hire people.
Not only and I want to -- in -- it's.
You know and makes -- been has been successful and but I mind I think because it has been able to update -- he has he's -- -- framework -- -- even if that actually -- states.
And I hold.
And that's the success of that -- it been a big -- Cannot surprising as an example for -- -- -- -- uses the -- and other towards out of sectors of the economy and I'm not saying.
And that -- companies -- not having connection with a statement saying that the states.
So didn't -- I mean government -- improving there's the -- that's not finally he does not seem that businesses as it does now.
But sent because facilitates news this what's -- -- -- in this country.
And -- you know that the ECB has a very good example qualify how business should be run and I'm sure that the quantities in the government in the media they all understands.
That is very important to maintain -- prepay disabled -- that they do have here which is international shipping.
We should make should.
That -- did not lose any of our competitiveness -- and you know on events and success for study.
-- -- unsuccessfully pleases we just cannot afford to reduce its many less -- what I mean run out of time devising New York London Singapore Hong Kong Geneva its attack.
Michael when you talk about.
Making favorable conditions for running businesses.
We've heard unbelievable anecdotes about how difficult it is to get even the smallest business started in Greece.
How tough is it what's it like to do business.
On the Greek side effects.
It -- steadily dissent when I think his wanna there's Hawaii hi it myself defense -- of -- Monday quotes of mine and many more people.
I'm very skeptical about actually setting up business in various states of the definitive license and that is -- commodities -- in the laws that is.
That is not satisfied as seen in the way of -- government environment to departments are operating.
That is -- we have ten economist gonna take -- to -- and I think it's intimate time it's.
So that -- very many question marks an invention in -- -- due to.
-- -- -- Google how to get it didn't of those who have supported his things and this is the problem.
Listings.
For as long as it will have to use to -- -- right there's not going to be any serious investment in this country.
In this past and this is what constitutes.
Some people call strings a little bit of corruption that that that's a very fine line we only have about about forty seconds left but.
Cool is -- -- customers now that seemed to be healthy what part of the industry what sector.
Well -- and an exhibitor -- -- -- now containers.
I think that's an -- in better than drive violent.
And -- because as well as someone that is I think.
I have been more optimistic right now but generally there is the downside and out -- which is -- -- needs you must into the global recession.
But last you to the oversupply of serious.
-- foreigners have -- to a seasonally now -- That sentencing but I am optimistic about -- -- the future of the reminds -- of those strong.
-- -- -- -- -- that Jennifer enough not to all the northern I think medium to long attending this he would do.
Find eleven vessels three under construction to container ships were watching paragon shipping good luck to you Michael thank you for joining us.
