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Greek Public Debt Maturity, 2015
07 January 2015

Greece faces public debt maturities of € 22 billion in 2015. Current financial reserves are possibly sufficient to pay for the first quarter of 2015. The opposition party SYRIZA, which leads the polls in the January 25th 2015 election, has suggested that it will use undefined financial reserves to pay for debt redemptions through to August 2015. This is an extremely unlikely scenario.

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COSMOTE's Customer Service telephone number does not work
Customer Service Fails: COSMOTE Greece
13 November 2014

COSMOTE is Greece’s largest mobile telecoms operator. In 2013, it had sales of € 1.86 billion and an EBITDA of 34.1%. It also proudly announced that it won the National Award for Customer Service. It is all the more ironic, therefore, that the customer service telephone line on its website—697-101-3838—does not work.

 

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Cyprus Oil and Gas Update
25 September 2014

In May 2012, we published an article entitled “Strategic Development Options for Oil and Gas in Cyprus.” At that time, Noble had just started its drilling programme in Block 12 and had announced gas resources between 5-8 trillion cubic feet. Since that time, Noble has completed the next stage of its resource assessment and updated its find to 5 tcf. ENI and Kogas have announced that exploratory drilling will start in their blocks in the next few weeks. With these developments in mind, the time is right for a brief re-assessment of Cyprus’ options for oil and gas development in its territorial waters.

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Figure 1: Total Tourism Arrivals in Cyprus and Arrivals by Main Source Market, 2013
Investment Challenges and Opportunities in the Cyprus Tourism Sector
17 July 2014

The Cyprus tourism sector has rightly been identified as a priority for the economic recovery of the country. Forecasts for 2014 tourist arrivals are positive, with both the Cyprus Tourism Organisation and other sources pointing to an increase in arrivals from key markets. A recent increase in hotel investments, together with Cyprus’ revised foreign investor residence and citizenship programmes, also point to renewed interest in this sector. This article reviews the general development of the Cyprus tourism sector after the 2013 Cyprus Economic Crisis, and outlines some key barriers for hotel investments.

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New Horizons in the Ukraine-Cyprus Business Relationship
15 September 2013

This article reviews the business relationship of Ukraine and Cyprus in light of the November 2012 Double Tax Treaty and the March 2013 depositor bail-in and capital controls. It reviews the risk management options available to investors in Ukraine and Cyprus, including the role of Cyprus in a wider European investment framework for Ukrainian firms. Given that the European sovereign and banking crises are far from over, investors in both countries must take an active risk management approach to international business transactions.

 

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Postcard from Greece: 17 Million Phantom Tourists
04 August 2013

Hotels in Athens are hit by the traditional summer season slump, as tourists increasingly bypass the city to the island hotspots. There is abundant evidence that the vaunted 17 million tourists extolled by Greek Minister of Tourism Olga Kefaloyianni are turning into phantom tourists for the majority of the country.

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German Wine Market Opportunities
28 May 2013

The German wine market offers an attractive outlet for wine producers taking into account market size and relative economic stability. Yet many challenges also exist, primarily low prices and concentration in the retail market. Navigator recently completed a sectoral survey of the German wine market for the Cyprus Chamber of Commerce and Industry. Some conclusions are presented in summary version here.

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Japan Expands its Monetary Base
07 April 2013

Last week, the Central Bank of Japan decided to increase the monetary base by $ 1.43 trillion to 2014. The $ 1.4 trillion would be used primarily to purchase Japanese government bonds, i.e. fund the country's tremendous debt stock and annual deficit. With continual central bank operations of this type, it is very clear that the world--including China--has entered a new era of public finance. We, at least, are very pessimistic that this new era will be sustainable.

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