Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: dalroi who wrote (94011)	8/28/2012 12:42:55 PM
From: Cogito Ergo Sum	Read Replies (2) \| Respond to of 218705

because they became too complex... size kills all governments.. regardless of type...

To: dalroi who wrote (94011)	8/28/2012 1:35:56 PM
From: elmatador	Respond to of 218705

Greece in talks on economic zones A 22% cut in the minimum wage, legislated this year, has contributed to a fall of about 30 per cent in private sector salaries, indicating that Greece has recovered much of its lost competitiveness since joining the eurozone. China, which has made extensive use of special economic zones to attract foreign direct investment, has suggested a similar zone should be established near Athens and its port of Piraeus where Cosco, the state-owned Chinese shipping company, already operates a container terminal, pledging participation by Chinese companies Greece in talks on economic zones By Kerin Hope in Athens Greece is in talks with the European Commission to establish several special economic zones offering tax breaks to attract investors and help reinvigorate its economy after five years of recession, development minister Kostis Hatzidakis said on Tuesday. The proposal is one of 10 priorities, from accelerating EU-backed infrastructure projects to reducing bureaucracy for potential investors, aimed at creating jobs and putting the country on track for sustained growth from 2014 onwards. Antonis Samaras, the Greek premier, stressed during talks last week in Berlin and Paris with German and French leaders that Greece needs its partners’ support to lay the basis for future growth within the eurozone, following an unprecedented fiscal consolidation. Athens is putting the finishing touches to another €11.7bn of spending cuts, set for approval next month by the EU and the International Monetary Fund, to be implemented in 2013 and 2014. “We think these special zones would boost the real economy by operating under a special regime to attract investment and increase exports,” Mr Hatzidakis said. But he admitted that Greece still has to overcome objections by some EU partners on grounds of unfair competition, “because the creation of such zones would give the country a comparative advantage”. The proposal follows a similar effort by previous Greek governments, citing continued problems with attracting inward investment despite steadily improving wage competitiveness over the past three years. A 22 per cent cut in the minimum wage, legislated this year, has contributed to a fall of about 30 per cent in private sector salaries, indicating that Greece has recovered much of its lost competitiveness since joining the eurozone. China, which has made extensive use of special economic zones to attract foreign direct investment, has suggested a similar zone should be established near Athens and its port of Piraeus where Cosco, the state-owned Chinese shipping company, already operates a container terminal, pledging participation by Chinese companies Analysts said investors could benefit from being able to operate in a special zone without having to go through time-consuming bureaucratic procedures to get more than a dozen permits and licences required to establish a business. “A stable and advantageous tax regime would certainly help to overcome doubts about moving into Greece,” one consultant said. But investors are unlikely to make a move until it becomes clear whether Greece can remain a member of the single currency, the same consultant added. Mr Hatzidakis pledged that several infrastructure projects stalled because of the crisis would shortly be resumed. Fresh bids would be called for a €5bn concession to build and operate an airport on Crete, the largest Greek island which attracts more than 3m tourists annually. The ports of Patras and Igoumenitsa in western Greece, both main gateways for trade with the EU, are to be upgraded under a plan to offer operating concessions for regional ports under the country’s revised privatisation programme. Piraeus port would also be expanded as a base for Mediterranean cruise operators. Copyright The Financial Times Limited 2012. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web.