Greece A. Definitions and sources of data The Bank of Greece introduced a new balance of payments-data compilation system in 1999, basically in line with international standards as recommended in the International Monetary Fund’s Balance of Payments Manual, 5th edition. Under the new system, foreign direct investment (FDI) flow data are compiled monthly, based on an international transaction reporting system (ITRS). FDI flow data prior to 1999 refer to foreign exchange transactions of domestic firms, regardless whether such transactions were conducted between residents or non-residents, as the previous data collection system was based on exchange controls and the monitoring of foreign exchange flows. In order to compile FDI stock data, annual enterprises surveys were introduced, using a business register of enterprises involved in direct investment. Prior to 1999, estimates for the stock of FDI presented in this country profile were derived by accumulating flows. In the past, the Ministry of National Economy provided approval data; since 1986, FDI in Greece has been liberalized and is subject to authenticity and legality controls only. Approval data ceased to be reported in 1992. The International Monetary Fund reports data on the inward flow of FDI into Greece, since 1976. Data on the operations of foreign affiliates in Greece and of affiliates abroad of Greek TNCs were compiled for the first time for the reporting year 2000, by the Bank of Greece.

Posting date: 19 September 2005

B. Statistics on FDI and the operations of TNCs

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UNCTAD WID Country Profile: GREECE

Table 1. Summary of FDI (Millions of dollars) Variable

Inward

1. FDI flows, 2001-2004 (annual average) 2. FDI flows as a percentage of GFCF, 2001-2004 (annual average) 3. FDI stock, 2004 4. FDI stock as a percentage of GDP, 2004

Outward

913.1

481.2

2.3

1.2

27 213

13 056

13.2

6.4

Sources : Based on tables 3a and 4 and UNCTAD, FDI/TNC database.

Table 2. Summary of international production (Number and millions of dollars)

Variable

1. Number, 2003*

Foreign Affiliates of Home-based affiliates of foreign TNCs TNCs home-based in Greece TNCs abroad 235

805 a

407a

a

32 130a

a

8 051a

620 2. Employment, 2003* 3. Sales, 2003*

Source: Bank of Greece, unpublished data.

*Provisional data a Refers to majority-owned foreign affiliates.

.. .. .. ..

80 750 33 629

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UNCTAD WID Country Profile: GREECE Table 3a. FDI flows, by type of investment, 1998-2004 (Millions of dollars) Inward investment Year 1998 1999 2000 2001 2002 2003 2004

Equity .. 676 973 1 509 209 1 197 1 730

Reinvested earnings .. .. .. .. .. .. ..

Other .. - 114 136 80 - 159 - 535 - 379

Source: Bank of Greece, unpublished data.

Outward investment Total 71 562 1 108 1 589 50 661 1 351

Equity .. 536 2 110 550 598 - 15 522

Reinvested earnings .. .. .. .. ..

Other .. 16 27 66 57 61 85

Total - 276 552 2 137 616 655 47 607

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UNCTAD WID Country Profile: GREECE Table 3b. FDI flows, by type of investment, 1976-2003 (Millions of dollars)

Equity Year 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

295 363 410 593 598 489 399 423 474 431 463 675 896 740 991 1 082 1 082 946 956 1 040 1 044 967 .. 681 953 1 504 277 1 244

Inward investment IntraReinvested company earnings loans .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 53 62 31 25 13 14 17 .. .. .. .. .. ..

10 24 18 20 74 31 37 16 11 16 8 8 11 12 14 .. .. .. .. .. .. .. .. - 114 130 81 - 224 - 527

Total 305 387 428 613 672 520 436 439 485 447 471 683 907 752 1 005 1 135 1 144 977 981 1 053 1 058 984 .. 567 1 083 1 585 53 717

Equity .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 527 2 071 546 612 - 51

Outward investment IntraReinvested company earnings loans .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

Source : International Monetary Fund, Balance of Payments CD ROM , March 2005.

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 15 27 65 57 60

Total .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 542 2 099 611 669 9

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UNCTAD WID Country Profile: GREECE Table 4. FDI stocks, by type of investment, 1990-2004 (Millions of dollars)

Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

Equity .. .. .. .. .. .. .. .. .. 14 568 13 183 13 117 14 604 20 629 26 216

Inward investment Reinvested earnings Other .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

.. .. .. .. .. .. .. .. .. 840 930 824 956 946 997

Total 14 016 15 151 16 295 17 272 18 253 19 306 20 364 21 348 21 433 15 408 14 113 13 941 15 560 21 575 27 213

Equity .. .. .. .. .. .. .. .. .. 3 714 5 867 6 752 8 583 10 150 11 843

Outward investment Reinvested earnings Other .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

.. .. .. .. .. .. .. .. .. 102 227 268 417 1 120 1 214

Total 853 863 905 889 799 865 847 850 1 112 3 816 6 094 7 020 9 001 11 271 13 056

Sources: Data from 1999 to 2004: Bank of Greece. Stock data from 1990 to 1998 are estimated by subtracting flows from the stock of 1999.

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UNCTAD WID Country Profile: GREECE Table 86. Largest home-based TNCs, 2003 (Millions of Euros and number) Company

Industry

Sales

Employees

A. Industrial Hellenic Petroleum Coca-Cola Hellenic Bottling Company Motor Oil SA Viohalco (CB) Titan Cement Property A-B Vassilopoulos Heracles Elval Delta Holding SA Aluminium Company Greece Frigoglass MJ Mailis SA S & B Industrial Minerals SA Hellenic Sugar Industry Crown Hellas Can Mytilineos Hldgs

Petroleum Food and beverages Petroleum Metal products Non-metallic mineral products Food Non-metallic mineral products Metal products Food Metal products Machinery equipment Non-metallic mineral products Metal products Food Metal products Mining

4 671 4 064 1 843 1 549 1 036 902 607 552 545 317 313 296 290 285 282 278

3 710 37 553 1 295 7 266 4 827 6 453 2 774 1 796 275 1 196 4 590 2 036 1 467 2 627 .. 3 500

Telecommunications Electricity gas and water Entertainment Construction Telecommunications Telecommunications Telecommunications Telecommunications Telecommunications Trade Computer and related activities Transport and storage Electricity gas and water Trade Computer and related activities

4 914 3 898 2 282 1 920 1 357 1 255 809 707 641 523 475 385 330 324 321

17 169 28 100 264 2 467 1 950 2 440 1 361 2 095 3 748 4 528 .. 1 851 4 390 703 ..

B. Tertiary OTE-Hellenic Telecommunications Organisa Public Power Corporation Opap Technical Olympic Cosmote Mobile Telecommunications Vodafone Panafon Hellenic TIM Hellas Telecommunications Germanos Intracom Property Atlantic Supermarket SA Info Quest CR Attica Holdings SA Athens Water Supply & Lavipharm CR Intralot SA C. Finance and Insurance National Bank Of Greece Bank Of Greece Alpha Bank SA EFG Eurobank Ergasias SA Emporiki Bank Of Greece SA Bank Of Piraeus Aspis Housing Bank Ethniki Greek GEN In Co

Assets Finance Finance Finance Finance Finance Finance Finance Insurance

53 712 32 810 30 803 27 912 16 888 14 735 1 841 1 621

Employees 20 752 3 175 7 412 12 304 7 682 4 896 976 1 463

Sources: Thomson Financial Piranhaweb (http://www.piranhaweb.com), Who Owns Whom, 2003 (London, Dun and Bradstreet Ltd., 2003), various company websites.

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UNCTAD WID Country Profile: GREECE Table 87. Largest foreign affiliates of home-based TNCs, 2000 (Millions of dollars and number) Company Name

Host Economy

Industry

Sales

Employees

United Kingdom United Kingdom Bulgaria

Textiles Metals Metals

69 39 19

591 14 350

United States Bulgaria United Kingdom Portugal France Bulgaria United States Kenya Germany Cyprus Cyprus Spain

Non-metallic mineral products Paper Plastic products Plastic products Machinery and equipment Food Plastic products Textiles Plastic products Electrical and electronic equipment Other manufactring Plastic products

15 14 11 10 8 8 8 7 5 4 4 4

14 1 000 100 130 33 250 40 50 11 47 25 26

United States United States Czech Republic Luxembourg Canada United States Cyprus United States United States United Kingdom United Kingdom United Kingdom

Construction Transport and storage Trade Computer and related activities Trade Tourism Trade Transport and storage Transport and storage Other services Transport and storage Real estate

406 34 21 16 5 4 3 1 1 .. .. ..

350 80 250

Assets

Employees

117 51 28 19 16 6 ..

392 352 3 350 40 109 14 52

A. Industry Don & Low Ltd Metal Agencies Ltd Steelmet A D Titan Atlantic Cement Industrial & Commercial Company SA Belovo Paper Mill SA Payne Strapping Systems Ltd Heliflex Petzetakis Tubos Lda Cerbere Agrifvit Delvi - POOD Eurodrip Inc Teita Estate Ltd A. Petzetakis Gmbh Ideal Grafico Limited Jumbo Investments Ltd M.J. Maillis España SA B. Tertiary Newmark Home Corporation Candia Shipping USA Inc Europe Technic, Spol. SRO Intrasoft International SA Neoset Canada Inc Mediterranean Convention & Incentive Travel Inc Sit Kyros (Cyprus) Ltd Michail A Karageorgis of NY Inc Pollux Marine Agencies Inc Sarantis UK Ltd Candia Shipping (U K) Ltd Aimclock Ltd C. Finance and Insurance Atlantic Bank of New York Inc Alpha Bank Limited United Bulgarian Bank A D Banque Nationale de Grece (Canada) Commercial Bank Of Greece (Germany) GmbH NBG International Ltd France Banque Nationale De Grèce

United States Cyprus Bulgaria Canada Germany United Kingdom France

Finance Finance Finance Finance Finance Finance Finance

50 14 56 3 3 4 1 ..

Sources: The Banker's Almanac, 2001 (London, Reed Information Services Ltd, 2001); City Guide to Hungary (Budapest Business Journal/ITD Hungary, 1999); Classic Ratings Database, 2001 (New York, McGraw-Hill Companies, 2001); Foreign Investment in Latin America & the Caribbean (ECLAC, United Nations 2000); Thomson Financial Piranhaweb (http://www.piranhaweb.com); Who Owns Whom, 2001 (London, Dun and Bradstreet Ltd, 2001); Worldscope Database, June 2001; World Investment Directory Asia and the Pacific (Geneva, United Nations, 2000); World Investment Directory Central & Eastern Europe (Geneva, United Nations, forthcoming); Wright Company Analysis (http://profiles.wisi.com/); various company websites.

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UNCTAD WID Country Profile: GREECE Table 88. Largest affiliates of foreign TNCs in the host economy, 2003 (Millions of United States Dollars and number) Company

Home Economy

Industry

Sales

Employees

Netherlands Netherlands Switzerland Switzerland Canada Germany England England Japan Netherlands Italy Netherlands Netherlands Italy Germany

Petroleum Petroleum Motor vehicles Beverages Metal products Electrical and electronic equipment Tobacco Motor vehicles Electrical and electronic equipment Chemicals Motor vehicles Chemicals Electrical and electronic equipment Metal products Pharmaceutical

1 495 593 450 448 401 364 341 245 244 222 187 181 174 169 158

350 .. 180 1 500 1 230 758 86 .. 104 .. 120 .. 254 530 340

Netherlands Italy England Ireland France Germany USA Netherlands India Switzerland England Germany France Netherlands

Trade Telecommunications Telecommunications Automotive trade and repair Trade Trade Trade Trade Trade Hotels and restaurants Trade Electrical and electronic equipment Trade Publishind printing and media

939 470 393 332 285 280 273 225 212 183 168 152 117 115

.. 1 200 .. 260 1 300 1 100 450 1 488 1 497 300 350 220 300 300

A. Industrial

Shell Hellas S A Mobil Oil Hellas S A Kosmocar S.A. Athenian Brewery S.A. Aluminium of Greece S.A. Siemens S.A. Imperial Tobacco Hellas S.A. Toyota Hellas S.A. Sony Hellas S.A. Unilever Hellas S.A. Fiat Auto Hellas S.A. Lever Hellas S.A. Philips Hellas S.A. Hellenic Steel CO. S.A. Boehringer Ingelheim Hellas S.A. B. Tertiary

Vassilopoulos Alfa-Beta S.A. Stet Hellas Telecommunications S.A. Vodafone-Panafon S.A. Lion Hellas S.A. Dia Hellas S.A. Praktiker Hellas S.A. Pfizer Hellas S.A. Trofo S.A. Hyatt Regency S.A. Roche Hellas S.A. Astrazeneca Pharmaceutical S.A. Siemens Teleindustrial S.A. L'Oréal Hellas S.A. Multichoice Hellas S.A. C. Finance and Insurance

Interamerican Hellenic Life Insurance Co S A Allianz General Insurance company S.A. Generali Life S.A. Generali Hellas S.A.

Assets Employees

Netherlands Germany Italy Italy

Insurance Insurance Insurance Insurance

.. .. .. ..

205 40 100

Sources: The Banker's Almanac, 2003 (London, Reed Information Services Ltd., 2003); Classic Ratings Database, 2003 (New York, McGraw-Hill Companies, 2003); Thomson Financial Piranhaweb (http://www.piranhaweb.com); Who Owns Whom, 2003 (London, Dun and Bradstreet Ltd., 2003); Global Researcher - Worldscope Database (CD-Rom) June 2003;

UNCTAD WID Country Profile: GREECE

Page 10 of 15

C. Legal framework for FDI 1. National policy framework Greece’s policy aims at providing an encouraging environment for FDI. As of December 2004, the main features of the FDI regime include the following, Entry and establishment: Most industries are open to foreign investors. The Government recently opened the telecommunications market and planned to gradually liberalise the energy industry. The Hellenic Centre for Investments (ELKE) established in 1996 functions as a “one-stop shop” for foreign investors. Ownership and control: Ownership restrictions apply in a few industries, including in television, ships, and mining. Operational conditions: There are no mandatory performance requirements. Some performance requirements are imposed as conditions for incentives but local content is no longer required. There are restrictions regarding purchases of land in border regions and certain islands. Foreign investors are granted national treatment with respect to business operations including licenses and supplies. Foreign exchange controls: Capital inflows are allowed freely into the country. Repatriation of investment is allowed and guaranteed. Profit and other remittances are also allowed freely subject to reporting requirements. Incentives: Investment incentives are offered to both foreign and domestic investors on an equal basis. These include tax exceptions, grants and subsidized loans to stimulate regional development, job creation, competitiveness, industrial restructuring, environmental protection and energy saving. The types of activity eligible to participate in these schemes include most manufacturing industries, mining, energy, research laboratories and software development. Foreign firms are also allowed to participate in government financed or subsidised research and development programmes. Sources: The Economist Intelligence Unit. Country Commerce Greece December 2004, Internet. Main legislations relating to FDI Law No. 2527 of 24 September 1920 as amended and supplemented by Law No. 1023 of 20 February 1980 on Patents; effective 26 February 1980. Law No. 1733 of 1987 on Patents. Law No. 2387 of 29 June 1920 on Intellectual Property; effective 3 July 1920. Amendment: Law No. 4264 of 12 November 1962; effective 12 November 1962. Law No. 2687 of 31 October 1953 on Investments and Protection of Capital; effective 10 November 1953. Amendment: Law No. 4256 of 13 October 1962; effective 19 October 1962. Law No. 2,121 of 1993 on Copyrights. Amendment: Law 2819 of 2000 on Copyright Protection of for Information Held in Databases. Law No. 2239 of 1994 on Trademarks.

UNCTAD WID Country Profile: GREECE

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Law No. 3190 of 9 April 1955 on Closed Corporations (Limited Liability Companies); effective 16 April 1955. Law No. 3816 of 26 February 1958 on Private Maritime Law; effective 28 February 1958. Law No. 187 of 29 September 1973 on Public Maritime Law; effective 3 October 1973. Law No. 959 of 18 August 1979 on Shipping Enterprises; effective 24 August 1979. Law No. 4171 of 23 May 1961 on General Measures to assist the Development of the Country's Economy; effective 3 June 1961. Amendment: Law No. 1360 of 23 May 1983; effective 24 May 1983. Laws No. 89 of 31 July 1967, effective I August 1967; No. 378 of 1968, No. 27 of 1975, No. 814 of 1978 on Incentives and Privileges for Foreign Enterprises. Law No. 468 of 1976 on Oil and Exploration and Development. Law No. 148 of 9 October 1967 on Incentives to Foster the Capital Market; effective 9 October 1967. Law No. 378 of 17 April 1968 on Establishment of Foreign Trading, Industrial and Shipping Enterprises, effective 17 April 1968. Law No. 1116 of 7 January 1981 on Incentives for Regional and Economic Development; effective 14 January 1981. Presidential Decree No. 207 of 1987 on Unrestricted Capital Movement Between Greece and Other EEC Member States. Law No. 2367 of 1995 for Promotion of Sources of Investment Capital for Small and Medium-Sized Enterprises. Codified Law 2190 of 1920 on Corporate Regimes. Amendments: Presidential Decrees 409 of 1986; 498 of 1987, 2,065 of 1992, 14 of 1993, 56 of 1993, 360 of 1993, 325of 1994, 326 of 1994, 367 of 1994, 882 of 1994.No., 2286 of 1995, 1339 of 1995. Law No. 2187 of 1994 Designed to Encourage the Formation of Larger Companies. Law No. 2601 of 1998 on Investment Incentives. Law No. 2238 of 1994 Codifying Legislation and Amendment to Laws Governing Corporation and Personal Income Tax. Law No. 2459 of 1997 Introducing Real Estate Tax for Large Properties. Law No. 2214 of 1994; Law No. 2459 of 1997; and Law No. 2579 of 1998 on Auditing. Law No. 27 of 1975 (providing special benefits for offshore operations of foreign companies established in Greece).

UNCTAD WID Country Profile: GREECE

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Amendment: Law No. 2289 of 1995. Law 1297 of 1972, 2166 of 1993 on Merger of Small Enterprises. Law No. 2578 of 1998 on Cross-Border and Mergers. Law No. 703 of 19 September 1977 on Control of Monopolies and Protection of Free Competition; effective 26 September 1977. Amendment: Acts No. 1934 of 1991, No. 2000 of 1991, Law No. 2296 of 1995, No. 2741 of 1999, 2837 of 2000. Law 2246 of 1994 on Telecommunications Market. Hydrocarbons Exploration Law No. 2,289 of 1995. Law No. 2773 of 1999 on Energy Market. Law No. 2941 of 2001 on Establishing a Corporation. Law No. 3220 of 2004 on Corporate Income Tax.

2. International framework a. Multilateral instruments Paris Convention for the Protection of Industrial Property of 20 March 1883, as amended and revised. New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 10 June 1958. Convention on the Settlement of Investment Disputes between States and Nationals of Other States of 18 March 1965, signed on 16 March 1966, effective 21 May 1969. ILO Tripartite Declaration of Principles Concerning Multinational Enterprises and Social Policy, adopted on 16 November 1977. The Set of Multilaterally Agreed Equitable Principles and Rules for the Control of Restrictive Business Practices, adopted on 5 December 1980 by the General Assembly of the United Nations (resolution 35/63). Convention Establishing the Multilateral Investment Guarantee Agency of 11 October 1985, signed on 18 July 1986. Agreement on Trade-Related Investment Measures, signed on 15 April 1994; in force on 1 January 1995. General Agreement on Trade in Services, signed on 15 April 1994; in force on 1 January 1995. Fourth Protocol to the General Agreement on Trade in Services of 15 February 1997. Fifth Protocol to the General Agreement on Trade in Services of 12 December 1997. Agreement on Trade-Related Aspects of Intellectual Property Rights, signed on 15 April 1994; in force on 1 January 1995.

UNCTAD WID Country Profile: GREECE

Page 13 of 15

a. Regional instruments

Treaty Establishing the European Community (Treaty of Rome), adopted on 25 March 1957 and in force on 1 January 1958. It was subsequently amended by the Single European Act (singed on 17 and 28 February 1986) and by the Treaty on European Union (Treaty of Maastricht) (signed on 7 February 1992). Code of Liberalisation of Capital Movements, adopted by the Council of the Organization for Economic Cooperation and Development on 12 December 1961. The Code was amended on several occasions. Code of Liberalisation of Current Invisible Operations, adopted by the Council of the Organisation for Economic Cooperation and Development on 12 December 1991. The Code has been amended on several occasions. Declaration on International Investment and Multilateral Enterprises, adopted by the Council of the Organisation for Economic Cooperation and Development on 21 June 1976. The Declaration and the Guidelines for Multinational Enterprises attached to the Declaration were revised on several occasions (1979, 1984, 1991 and 2000). Agreement on the European Economic Area of 2 May 1992; entered into force on 1 January 1994. Energy Charter Treaty of 17 December 1994; effective since 16 April 1998. b. Bilateral treaties

1.

Bilateral investment treaty for the protection and promotion of investments with Albania 01 Aug 1991; Algeria 20 Feb 2000; Argentina 26 Oct 1999; Armenia 25 May 1993; Bosnia and Herzegovina 12 Dec 2000; Bulgaria 12 March 1993; Chile 10 July 1996; and 25 June 1992; Congo, Democratic Republic of the 26 April 1991; Croatia 18 Oct 1996; Cuba 18 June 1996; Cyprus 30 March 1992; Czech Republic 03 June 1991; Egypt 16 July 1993; Estonia 17 April 1997; Georgia 09 Nov 1994; Germany 27 March 1961; Hungary 26 May 1989; Iran, Islamic Republic of 13 March 2002; Kazakhstan 26 June 2002; Korea, Republic of 25 Jan 1995; Latvia 20 July 1995; Lebanon 24 July 1997; Lithuania 19 July 1996; Mexico 30 Nov 2000; Moldova, Republic of 23 March 1998; Morocco 16 Feb 1994; Poland 14 Oct 1992; Romania 23 May 1997; Russian Federation 30 June 1993; Serbia and Montenegro 25 June 1997; Slovakia 03 June 1991; Slovenia 29 May 1997; South Africa 19 Nov 1998; Tunisia 31 Oct 1992; Turkey 20 Jan 2000; Ukraine 01 Sept 1994; Uzbekistan 01 April 1997.

2.

Bilateral treaties for the avoidance of double taxation with Albania 14 July 1995; Armenia 12 May 1999; Austria 22 Sept 1970; Belgium 24 May 1968; Bulgaria 15 Feb 1991; Canada 24 Nov 2003; China 05 June 2002; Croatia 18 Oct 1996; Cyprus 30 March 1968; Czech Republic 23 Oct 1986; Denmark 18 May 1989; Finland 21 Jan 1980; and 15 Nov 1995; France 21 Aug 1963; Georgia 10 May 1999; Germany 18 April 1966; Hungary 25 May 1983; India 11 Feb 1965; Israel 24 Oct 1995; Italy 19 March 1965; Italy 03 Sept 1987; Korea, Republic of 20 March 1995; Latvia 23 July 2002; Luxembourg 22 Nov 1991; Morocco 28 July 1980; Netherlands 16 July 1981; Norway 27 April 1988; Poland 20 Nov 1987; Portugal 02 Dec 1999; Romania 17 Sept 1991; Slovakia 23 Oct 1986; Slovenia 23 June 2001; Sweden 06 Oct 1961; Switzerland 16 June 1983; Tunisia 31 Oct 1992; United Kingdom 25 June 1953; United States 10 June 1988; United States 20 Feb 1950; United States 20 Feb 1950; Yugoslavia (former) 25 June 1997.

UNCTAD WID Country Profile: GREECE

Page 14 of 15

D. Sources of information Official Bank of Greece. Federation of Greek Industries. Hellenic Bank of Industrial Development. Ministry of National Economy. National Statistical Service of Greece.

Secondary 1.

Apergis, Nicholas, D. Kyrkilis and A. Rezitis, "Exchange Rate Volatility and Inward Foreign Direct Investment in Greece: The Prospect of EMU Membership", International Review of Economics and Business, 49(4), Dec 2002, pp. 539-52.

2.

Avgoustidis, Nestor G. “The legal environment of direct foreign investment in Greece”, dissertation, Department of Management Studies (University of Glasgow, 1994).

3.

Bourlakis, Constantine A., "Multinational corporations and domestic market structure : the case of Greek manufacturing industries", Weltwirtschaftliches Archiv, 123(4), 1987, pp. 719-733.

4.

Buckley, Peter J. and P. Artisien, “Policy issues of intra-EC direct investment: British, French and German multinationals in Greece, Portugal and Spain, with special reference to employment effects”, Journal of Common Market Studies, 26(2), 1987, pp. 207-230.

5.

Buckley, Peter J. and Patrick F. R., Artisien, North-South Direct Investment in the European Communities: The Impact of Direct Investment by British, French and German Multinationals in Greece, Portugal and Spain (Basingstoke, United Kingdom, Macmillan Press, 1987), 194 p.

6.

Buckley, Peter J. and Socrates I. Papadopoulos, "Foreign direct investment in the tourism sector of the Greek economy", The Services Industries Journal, 8 (3), July 1988, pp. 370-388.

7.

Enders, Walter and Todd Sandler, “Terrorism and foreign direct investment in Spain and Greece”, Kyklos, 1996, 49, pp. 331-352.

8.

Euromoney, The 1995 Guide to Greece, September 1995, 24 p.

9.

ILO, The Employment Impact of Multinational Enterprises in Greece, Portugal & Spain”(Geneva: ILO, 1987).

10.

Kamargiannis, Dimitrios, “Die regionalpolitische Bedeutung der internationalen Wettbewerbsfahigkeit Griechenlands und der europaische Binnenmarkt” (Marburg/Lahn, 1993).

11.

Koronakis, Nikolaos I., “Defining the crucial factors of investment level determination in an open economy: the case of Greece”, a dissertation submitted for the degree of M. Phil in International Finance (University of Glasgow, June 1997).

12.

Mardas, Dimitri and Nikos Varsakelis, “Foreign direct investment in a small open economy: the case of Greece”, Economia Internazionale,49, August 1996, pp. 401-415.

13.

Mauwet-Hunt, Christiane, Practical Guide to Foreign Direct Investment in the European Union: Austria, Belgium, Britain, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden (Genval: Euroconfidentiel S.A., 1997), 385 p.

14.

Medrisch, Raimund, Industrielle Direktinvestitionen, Standortorientierung und Regionalpolitik: Theorie und Empirie des Standortverhaltens multinationaler Unternehmen und seine politische Beeinflussung : der Fall Griechenland (Munich, GHI-Verlag, 1985), 259 p.

15.

OECD, OECD Reviews of Foreign Direct Investment: Greece (Paris: OECD, 1994).

16.

Pantelidis, Pantelis and Dimitrios Kyrkilis, “Market orientation of foreign direct investment in Greek manufacturing”, Economia Internazionale, 47, May/August 1994, pp. 195-206.

17.

Petrochilos, George A., "Foreign banks in Greece", National Westminister Bank Quarterly Review, February 1985, pp. 57-69.

18.

Petrochilos, George A., "Foreign direct investment and concentration in Greek manufacturing", British Review of Economic Issues, 10(22), Spring 1988, pp. 23-53.

19.

Petrochilos, George A., Foreign direct investment and the Development Process : the Case of Greece (London, Gower Publishing Co., 1989).

20.

Pitelis, Christos N., Roger Sugden and Lena Tsipouri, “Outward investment, international competitiveness and industrial development: the case of Greece”, Occasional Papers in Industrial Strategy, No. 23 (Birmingham: Research Centre for Industrial Strategy, 1994).

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21.

Ramakrishnan, Jessica, “The southern border of the eurozone”, Corporate Location, IV/2000, pp. 80-84.

22.

Yacoumatos, Constantine Ernest, “The determinants of international direct investment: a critical evaluation of foreign investment theory and foreign investments in Greek manufacturing”, Spoudai, 28, April/June 1978, pp. 335-355.