Two of Three Greek Firms Losing Money



    Athens-stock-exchange-007How bad was 2012 for Greek companies? There were two loss-making businesses for every one that turned a profit among the 267 listed on the Athens Stock Exchange, bleeding money during a crushing economic crisis, the newspaper Kathimerini reported.

    With austerity measures worsening the country’s six-year recession and creating a record 26.8 percent unemployment, investor confidence continues to be shaken.

    The first few companies have already published their reports for last year, with analysts’ estimates referring to total after-tax losses in excess of 1.5 billion euros, ($2 billion) not including the results of the seven major banks that are in such dire straits they need 50 billion euros ($67 billion) in rescue recapitalization monies.

    The cost of money and the high cost of borrowing have been the catalysts for a seventh consecutive loss-making quarter for Athens-listed companies, a record in the history of the bourse. Greek banks have nearly stopped lending.

    In what the newspaper said was a particularly hostile environment after five straight years of recession, the only sectors to have managed to avoid a slump have been oil refineries (Hellenic Petroleum, Motor Oil), exporting companies (Coca-Cola HBC, METKA, Karelia, Sarantis, Eurodrip, Corinth Pipeworks), retail firms (Duty Free Shops, Jumbo, Plaisio Computers, Korres) and the main state companies (PPC, OPAP, OLP, OLTH, EYDAP and EYATH.)

    But Coca-Cola is so unhappy with the climate in Greece that the company is moving its Greek headquarters to Switzerland, while the big dairy company Fage is moving to Luxembourg.


    19 COMMENTS

    1.  It’s funny how they gave this Dictatorship the Nobel Peace Prize!  bunch of idiots!!!!

    2. Alex I know you are far more clever than you make out so why do you always harp on Skopians in the overall scheme of the mess greece is in, it seems a trival point.
      2 out 3  losing money the only surprise there is that its not 3 out of 3

    3. The Skopian issue is not a trivial point. They, and their numerous apologists, are literally trying to subtlety ethnically erase Greeks Arithehun.ny argument about protecting Greece is moot next to this. (including our economy). Many Greeks don’t fully appreciate we are in an undeclared war for our very ethnic survival. If we don’t fight back we are done. (as both FYROM and their apologists expect us to delete our identity to hide their shame for referencing the Skopians as “Macedonians”)

      As for your point about our business losing money, it comes back to the leftists in our country. They think they deserve to be paid more than they produce. They constantly disrupt our economy (further harming). Some of them even treasonously collude with the Skopians and encourage illegal immigration. (why I keep complaining about Greek leftists… especially the far left like communist Syriza)

      We need patriots and people concerned about production  not just useless whiners that only know how to complain about the government and only care about other Greeks when it comes time to rant for handouts. The way to go about this is Greeks focused on business and using timeless Hellenic classics like physics and mathematics to innovate in technology (as opposed to waving little red flags and throwing rocks at police)

    4. Can’t possbily be true. Tsipras told me that Greek firms can be taxed at 100% and they wont loose money. 

      I believe everything Tsipras says. 

    5. Oh come on Alithia. You know anything that comes out of a communist’s mouth must be the truth. They would never resort to lies and embellishment. Didn’t you know that communists now claim their views as “human rights”!  (sort of like when communist terrorists were murdering other Greeks for IMRO and the rest of the iron curtain during civil war)

      I suppose I shouldn’t be so negative about communist least my Skopian and Greek far leftist fans get upset with me again.  There are some potential positive uses for communists. We should set wind powered generators next to their offices. Their endless empty speeches could provide a source of infinite free energy.

      Communism has a long history of economic and social success as we all know. Take the former non-existent Yugoslavia for instance.

      ————-
      “No country of people’s democracy has so many nationalities as this
      country has. Only in Czechoslovakia do there exist two kindred
      nationalities, while in some of the other countries there are only
      minorities. Consequently in these countries of people’s democracy there
      has been no need to settle such serious problems as we have had to
      settle here. With them the road to socialism is less complicated than is
      the case here. With them the basic factor is the class issue, with us
      it is both the nationalities and the class issue. The reason why we were
      able to settle the nationalities question so thoroughly is to be found
      in the fact that it had begun to be settled in a revolutionary way in
      the course of the Liberation War, in which all the nationalities in the
      country participated, in which every national group made its
      contribution to the general effort of liberation from the occupier
      according to its capabilities. Neither the Macedonians nor any other
      national group which until then had been oppressed obtained their
      national liberation by decree. They fought for their national liberation
      with rifle in hand. The role of the Communist Party lay in the first
      place in the fact that it led that struggle, which was a guarantee that
      after the war the national question would be settled decisively in the
      way the communists had conceived long before the war and during the war.
      The role of the Communist Party in this respect today, in the phase of
      building socialism, lies in making the positive national factors a
      stimulus to, not a brake on, the development of socialism in our
      country. The role of the Communist Party today lies in the necessity for
      keeping a sharp lookout to see that national chauvinism does not appear
      and develop among any of the nationalities. The Communist Party must
      always endeavour, and does endeavour, to ensure that all the negative
      phenomena of nationalism disappear and that people are educated in the
      spirit of internationalism.

      What are the phenomena of nationalism? Here are some of them: 1)
      National egoism, from which many other negative traits of nationalism
      are derived, as for example — a desire for foreign conquest, a desire to
      oppress other nations, a desire to impose economic exploitation upon
      other nations, and so on; 2) national-chauvinism which is also a source
      of many other negative traits of nationalism, as for example national
      hatred, the disparagement of other nations, the disparagement of their
      history, culture, and scientific activities and scientific achievements,
      and so on, the glorification of developments in their own history that
      were negative and which from our Marxist point of view are considered
      negative.

      And what are these negative things? Wars of conquest are negative,
      the subjugation and oppression of other nations is negative, economic
      exploitation is negative, colonial enslavement is negative, and so on.
      All these things are accounted negative by Marxism and condemned. All
      these phenomena of the past can, it is true, be explained, but from our
      point of view they can never be justified.

      In a socialist society such phenomena must and will disappear. In the
      old Yugoslavia national oppression by the great-Serb capitalist clique
      meant strengthening the economic exploitation of the oppressed peoples.
      This is the inevitable fate of all who suffer from national oppression.
      In the new, socialist Yugoslavia the existing equality of rights for all
      nationalities has made it impossible for one national group to impose
      economic exploitation upon another. That is because hegemony of one
      national group over another no longer exists in this country. Any such
      hegemony must inevitably bring with it, to some degree or other, in one
      form or another, economic exploitation; and that would be contrary to
      the principles upon which socialism rests. Only economic, political,
      cultural, and universal equality of rights can make it possible for us
      to grow in strength in these tremendous endeavours of our community.”

       – mass murderer and communist dictator Tito

    6. Hey Bulgaria, have never changed, but its funny that you think this….

    7. Because Alex aka Kwsta does not know what sarcasm is…he continues and wrote all of this…..You are a total idiot.

    8.  I do support one in Greece….that doesn’t mean a dictatorship should get a Nobel Peace Prize.  That’s like saying that George W.Bush was the most peaceful President

    9. Sure buddy. You are a golden dawn supporter… that constantly refuses to denounce the Skopains and their communist supporters. That’s a new one.

    10. I agree with him you clueless dumb*ss.

      I thought you claimed that you to be a GD supporter no? Funny how you keep attacking my anti-Skopian anti-communist posts.

    11. Sure whatever you say  Skopian that pretends to be Greek Golden Dawn. supporter.

      Still waiting to see your anti-Skopian, anti-communist posts Mr. Golden Dawn.

    12. Uhmmmm… most of my posts are attacking communist ideology and skopians. Don’t you claim to be a Golden Dawn supporter now Skopian?

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