telecom services and equipment markets.
Competition remains strong and prices are kept
at low levels; however demand is shrinking: busi-
nesses discontinue their connections; consumers
adopt cheaper packages, while large customers
(banks, the public sector, utilities) demand bigger
discounts from their providers.
This trend is reflected on the figures presented by
the National Telecommunications and Post
Commission (EETT) in its Annual Report for
2010. After reaching an historical high (of €8.5 bil-
lion) in 2007, turnover in the telecom services
C
onsumers demanded more, and more
advanced, telecommunication services
and products, while investors, anticipat-
ing very high returns, lavishly provided finance to
both the newcomers and the established players
of the sector. The latter were investing billions in
the development of new networks, as well as in
company acquisitions.
Very few of all the above are still the case today.
Greece’s debt crisis, in conjunction with the drop
in the consumers’ disposable income, has spread
gloom over the entire Greek market, including the
Trade with Greece
122
Ten years ago, the telecoms market was the El Dorado
of Greek entrepreneurship, as the full opening of
telecommunications, the rapid technological advances in
the internet, the positive prospects of the Greek econo-
my and the improvement of the Greeks’ living standards
spurred a frenzy of growth in the telecoms sector.
By Vangelis Mandravelis
Telecommunications:
Crisis and Brand
New Challenges
