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GreekReporter.comBusinessU.S. Investors in Greece Get A Caveat

U.S. Investors in Greece Get A Caveat

Greek officials said that while the country is awaiting a new round of aid from international lenders that reforms it has made – such as lowering the minimum wage and phasing out collective bargaining rights for workers – have reduced labor costs and made the country more competitive and attractive for investors.

The country’s changing condition was presented at the 14th Annual Investor Forum on Greece in New York last week. Athens-based lawyer Anthony Papadimitrou offered business tips for those willing to invest in Greece but said they should also be reluctant because of what he said remains a culture of corruption and an inept bureaucracy and lagging judicial system.

He said that, “The Greek legal resolution is absolutely terrible…. expect huge delays. By no means would I advise my clients to accept Greek arbitration. It has to be international arbitration.After you sign and after you pay your money, don’t expect any favors from the Greek state.”

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