Two of Greece’s biggest projects — together valued at about 11 billion euros — have stalled on bureaucratic and legal wranglings, raising questions about the country’s ability to draw investments, says a report in Bloomberg.
The report focuses on two recent developments relating to the Hellinikon investment by Lamda Development, which is described as the biggest real estate investment in country, and Skouries mines run by Canada’s Eldorado Gold.
Lamda Development said on Friday that Greece’s efforts to go back on terms already agreed to “violates the necessary trust between the parties.”
A day earlier, Eldorado Gold Corp. announced that it’s taking legal action against Greece for its failure to issue the company permits needed for its Skouries project.
Bloomberg says that the setbacks come as the government of Alexis Tsipras tries to lure much-needed investments to revive the economy.
The government hasn’t had much to say after the latest twist in the two projects, both of which have dragged on for years.
Lamda shares tumbled as much as 9.6 percent in Athens on Friday. Eldorado shares have dropped more than 60 percent in Canada this year, in part because of its Greek woes, Bloomberg notes.