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Yanos Gramatidis of the American-Hellenic Chamber of Commerce on how Coca-Cola Hellenic’s decision to leave Greece will impact the country.
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All right well enough fresh blow to Greece's economy Coca-Cola Hellenic the country's largest company says it's leaving the crisis wracked Greece this circles as the country struggles to -- a budget in the face of a crippling recession it's a tough -- there's no doubt about it.
Joining me now again also gravitating he's president of the American Hellenic chamber of commerce and a partner at law -- of the -- Gravity -- and partners and the analysts think you so much for being here wolf tough -- -- to -- day we get some tough news out of Greece.
How much of a below is the news from Coca-Cola Hellenic.
Actually it creates an -- but we have to make a distinction between V.
Thrust of the -- shift of the the company outside the country and post its production facilities which would remain in the country it was -- good news.
So.
Actually -- the shares you know the company to do exactly views though was mainly dictated by the fact that there's a lack of liquidity of the market today and they have to find the other.
More efficient ways -- We hear.
Tax issues people looking for lower tax rates so low -- volatility.
How can counteract those concerns when you're trying to attract attract companies and to the stock exchange and then just investing in Greece in general.
You're touching committee sensitivities of the sensitive issue of Citi forums videos we got -- going to be at a forum some of the country at this moment.
Among recent -- have to emphasize the change in the tax system that we have.
-- up to now.
Allow for tax invasion and that the -- -- Discrepancies.
Cohen we had a mean that the new tax system which would be constantly we -- to -- -- simple.
We so to have surprises to invest -- and social for the business community.
But this will be in place up to the end of the year so it's good news and we are expecting much more.
-- the context of the reforms that we have on -- going to increase at this moment but the news we see from Greece and you know this receive the rioters in the streets we see the general strikes.
Up to a thousand jobs a day of being lost over the past year and unemployment the latest number 25 point 1%.
Could go higher -- when you -- that kind of picture what are you saying is a member of the chamber of commerce to people who are looking at Greece and and how can you tracked -- well.
The main issue is -- -- that the government is doing at this moment he goes this reform through reforms have to do an Obama with the taxes from the social with the flexibility and the labor market that.
We have -- talking about the reforms in that he moving quote -- -- -- different notion.
By simply -- procedures for stuffed up -- of similar.
Situations.
So these are issues which we looked like -- -- -- here in the United States this is what this message we try to convey.
And we should say that the Coca-Cola example is it going to dent on line if that importer you because we believe that when the conditions would would be that I planned.
Then Coca-Cola would be back.
With these corporates he concludes.
What do you say to the -- -- say the Greece.
The economy is in such shape that would never be able to pay back all the money that it's boring to stay afloat.
Well it's -- it'd be good it's going to be stake that would shift to face here.
I don't shift some pretty soon what we need these more time.
We may very well.
A face total negation of these of the government of national graded those you from the -- -- and it could be more.
Time.
To do that.
We need another two years -- extension of the contractual obligations that we -- on that they can -- -- be -- We would be an acquisition to -- so how was in order.
And we say these from the point of view of the private check that we -- to present completed the government we have this private sector.
And we believe that the -- -- the courts have taken right -- views of the right mentions -- that I direction.
And don't forget the -- -- country to undertake such a huge exercise and to change in and I have.
Economic more brave -- -- to the -- is a show of an exercise.
Case in fact the would take age his foot in another country to pick -- -- that will evaluate.
-- and now right and it's very painful.
We wish you the very best thank you so much thank you very much it -- in his -- it.
