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Tourism Bank in Hellas

Since there is no similar positive analogy with Austrian Tourismus Bank, how can such an institution be established in Hellas? What interest rates will it offer?

The Austrian proposal, where a similar special purpose entity exists, for the establishment of such a banking institution in our country, is well known. The same, of course, goes for the “haste” of the President SETE (Association of Hellenic Tourism Enterprises) for a similar step.

But SETE has set the following as fundamental pillars in its proposal:
a) SETE itself to participate
b) The Austrian Tourismus Bank to be involved as an advisor
c) and most importantly, the new entity to be a subsidiary of the four Greek systemic banks.
Fails to mention however:
a) what is the percentage of SETE in it?
b) If, in the present circumstances, until the end of 2015, when SETE will bring this request again to the Government, the 4 Hellenic Banks will be able to participate and in what percentage.
b.1) And for being their subsidiary, it must depend on them, capital wise.
b.2) but is such a thing possible, when they have “bad loans” worth 100 billion Euros and their defaults have reached their limit, to be able to make such a contribution?

They will definitely decline.

And since there is no similar positive analogy with Tourismus Bank, how can such an institution be established in Hellas? What interest rates will it offer?
How many tourism businesses will it cover?
What will be the size and namely the average funding of any single investment?
Will it achieve leverage with smaller funds through the Euro or not?
Has the current President of SETE studied thoroughly the existing proportions or “imbalances” between the Austrian and the Greek project?

It is rather difficult that it was done thoroughly. He wants projects like this, that have momentum, as he does with other similar ones, setting the bar high. It is more likely that the bar won’t be reached. We hope that this will not happen, for the good of Hellenic Tourism. Which still brings the “scrap” to the country, the poorest Tourists in Europe, without “hip” targets for new Tourism markets from third countries.

Aiming at numbers of Tourists, which are unable to spent money outside their “all inclusive”. As if a Tourism Bank is the one thing “missing”! Let us stop turning a blind eye. Do you think it is time for us to eat “cake” with Maria Antoinette? Hope dies last.

Emmanuel A. Gyzis is managing partner of Emmanuel A. Gyzis & Associates Law Offices.

Managing Partner - Emmanuel A. Gyzis & Associates Law Offices | + Posts

Emmanuel A. Gyzis is managing partner of Emmanuel A. Gyzis & Associates Law Offices.

He was born in Athens, Greece, 13 January 1947; admitted to Athens Bar Association 1974. Education: University of Athens, Law School (1972), London, (L.LM. 1980), specialized in Aviation Law and originally worked in the respective field on behalf of British Tour Operators and Charter companies. 

With longstanding journalistic and writing activity, his articles have been published in financial newspapers and magazines specialized in Aviation and Tourism. Author of pioneering monographs on the development issues of Olympic Airways (1989), he has published during a course of many years, a series of articles regarding its viability, its position in the international environment, as well as for other private airlines in general, while at the same time he participated in relevant International and Greek Conferences and Organizations. Successful and long-term engagement with issues regarding private airports / heliports, Low Cost Carriers (LCC), Aircraft Fractional Ownership, Ground handling matters. At his law firm “EMM. GYZIS AND ASSOCIATES”, together with a group of specialized associates he deals mainly with aviation law issues (cooperation with construction companies for commercial aircraft and leasing companies) and tourism law issues, specializing in mass tourism from/ to Greece and occasionally cooperating with Tour Operators. Since 1993, he has founded a number of Greek and foreign airline companies, on behalf of his clients, in accordance with the applicable legal status. He has participated in committees for the drafting of legislation regarding air transport, such as private airports, the Presidential Decree for private heliports and the Basic Legislation of the Aviation Code and he is the General Secretary of the Hellenic Aviation Society. For many years, he has been studying emerging markets, as a consultant for foreign companies, which plan to invest worldwide.

LANGUAGES: English.

MEMBER: Athens Bar Association, International Bar Association, European Society of International Law (ESIL), American Society of International Law (ASIL), British-Hellenic Chamber of Commerce, Greek-American Union, Hellenic Aviation Society.

PRACTICE AREAS: Aviation Law, Aerospace Law, Tourism and Transport Law, (European) Commercial and Company Law. Arbitration. Establishment and Operation of foreign companies in Greece. Project Finance. Free Movement of Capital. Privatization. Foreign/ Hotel Investments. Mergers and Acquisitions.

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