sands, of other businesses found themselves in
its shoes.
Those that managed to survive in the first, very
tough months of adjustment to the new environ-
ment may still be going concerns. That said,
many businesses simply threw in the towel after
the first six months. And this is how unemploy-
ment continues to soar in Greece, while the econ-
omy remains steeped into recession, with no vis-
ible signs of recovery...
Trade with Greece
58
The very fact that Greece’s Bankruptcy Code is, at last, changing, and a second opportunity is given to those entre-
preneurs who were unlucky the first time, is in itself very promising. Although these changes are in risk of becoming
a new “Bridge of Arta”, the bridge that according to Greek fable “was built all day, and in the evening it collapsed”,
since they have been in the making for more than three years, the entire market has been permanently put “on hold”.
That said, banks are also “on hold”, along with the (mostly foreign) funds that wish to get involved in the manage-
ment of non-performing loans. It remains a puzzle how they will manage to do anything in regard to that, given that,
for example, even a loan restructuring requires a small haircut. So, it is very likely that, when the time comes, the
persons responsible for putting their signature under such a decision will have second thoughts. And may refuse to
do it.
Attention: Many of the loans that are in immediate need of restructuring are —also— business loans. They were
mostly extended to companies that still have prospects, are deemed to be viable and, therefore, can even attract the
interest of foreign investors. It should be noted once again, though, that in order for foreign managers to agree on
investing their much-needed cash, all the other parties to this venture must be true to their commitments. Because,
if the loan is not restructured in order to become sustainable, how will any third party generate any profit? And so,
we find ourselves —once again— right where we started: in the mire.
