Greece. A. Definitions and sources of data

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, 5 th 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

UNCTAD WID Country Profile: GREECE Page 3 of 15 Table 1. Summary of FDI (Millions of dollars) Variable Inward Outward 1. FDI flows, 2001-2004 (annual average) 913.1 481.2 2. FDI flows as a percentage of GFCF, 2001-2004 (annual average) 2.3 1.2 3. FDI stock, 2004 27 213 13 056 4. FDI stock as a percentage of GDP, 2004 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 Home-based TNCs Affiliates of foreign TNCs in Greece Foreign affiliates of home-based TNCs abroad 1. Number, 2003* 235 805 620 a 407 a 2. Employment, 2003*.... 80 750 a 32 130 a 3. Sales, 2003*.... 33 629 a 8 051 a Source: Bank of Greece, unpublished data. *Provisional data a Refers to majority-owned foreign affiliates.

UNCTAD WID Country Profile: GREECE Page 4 of 15 Year Equity Table 3a. FDI flows, by type of investment, 1998-2004 (Millions of dollars) Inward investment Reinvested earnings Other Total Equity Outward investment Reinvested earnings Other Total 1998...... 71...... - 276 1999 676.. - 114 562 536.. 16 552 2000 973.. 136 1 108 2 110.. 27 2 137 2001 1 509.. 80 1 589 550.. 66 616 2002 209.. - 159 50 598.. 57 655 2003 1 197.. - 535 661-15 61 47 2004 1 730.. - 379 1 351 522 85 607 Source: Bank of Greece, unpublished data.

UNCTAD WID Country Profile: GREECE Page 5 of 15 Year Equity Table 3b. FDI flows, by type of investment, 1976-2003 (Millions of dollars) Inward investment Reinvested earnings Intracompany loans Total Equity Outward investment Intracompany Reinvested earnings loans 1976 295.. 10 305........ 1977 363.. 24 387........ 1978 410.. 18 428........ 1979 593.. 20 613........ 1980 598.. 74 672........ 1981 489.. 31 520........ 1982 399.. 37 436........ 1983 423.. 16 439........ 1984 474.. 11 485........ 1985 431.. 16 447........ 1986 463.. 8 471........ 1987 675.. 8 683........ 1988 896.. 11 907........ 1989 740.. 12 752........ 1990 991.. 14 1 005........ 1991 1 082 53.. 1 135........ 1992 1 082 62.. 1 144........ 1993 946 31.. 977........ 1994 956 25.. 981........ 1995 1 040 13.. 1 053........ 1996 1 044 14.. 1 058........ 1997 967 17.. 984........ 1998................ 1999 681.. - 114 567 527.. 15 542 2000 953.. 130 1 083 2 071.. 27 2 099 2001 1 504.. 81 1 585 546.. 65 611 2002 277.. - 224 53 612.. 57 669 2003 1 244.. - 527 717-51.. 60 9 Source : International Monetary Fund, Balance of Payments CD ROM, March 2005. Total

UNCTAD WID Country Profile: GREECE Page 6 of 15 Year Equity Table 4. FDI stocks, by type of investment, 1990-2004 (Millions of dollars) Inward investment Reinvested earnings Other Total Equity Outward investment Reinvested earnings Other Total 1990...... 14 016...... 853 1991...... 15 151...... 863 1992...... 16 295...... 905 1993...... 17 272...... 889 1994...... 18 253...... 799 1995...... 19 306...... 865 1996...... 20 364...... 847 1997...... 21 348...... 850 1998...... 21 433...... 1 112 1999 14 568.. 840 15 408 3 714.. 102 3 816 2000 13 183.. 930 14 113 5 867.. 227 6 094 2001 13 117.. 824 13 941 6 752.. 268 7 020 2002 14 604.. 956 15 560 8 583.. 417 9 001 2003 20 629.. 946 21 575 10 150.. 1 120 11 271 2004 26 216.. 997 27 213 11 843.. 1 214 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.

UNCTAD WID Country Profile: GREECE Page 7 of 15 Company Industry Sales Employees A. Industrial Hellenic Petroleum Petroleum 4 671 3 710 Coca-Cola Hellenic Bottling Company Food and beverages 4 064 37 553 Motor Oil SA Petroleum 1 843 1 295 Viohalco (CB) Metal products 1 549 7 266 Titan Cement Property Non-metallic mineral products 1 036 4 827 A-B Vassilopoulos Food 902 6 453 Heracles Non-metallic mineral products 607 2 774 Elval Metal products 552 1 796 Delta Holding SA Food 545 275 Aluminium Company Greece Metal products 317 1 196 Frigoglass Machinery equipment 313 4 590 MJ Mailis SA Non-metallic mineral products 296 2 036 S & B Industrial Minerals SA Metal products 290 1 467 Hellenic Sugar Industry Food 285 2 627 Crown Hellas Can Metal products 282.. Mytilineos Hldgs Mining 278 3 500 B. Tertiary Table 86. Largest home-based TNCs, 2003 (Millions of Euros and number) OTE-Hellenic Telecommunications Organisa Telecommunications 4 914 17 169 Public Power Corporation Electricity gas and water 3 898 28 100 Opap Entertainment 2 282 264 Technical Olympic Construction 1 920 2 467 Cosmote Mobile Telecommunications Telecommunications 1 357 1 950 Vodafone Panafon Hellenic Telecommunications 1 255 2 440 TIM Hellas Telecommunications Telecommunications 809 1 361 Germanos Telecommunications 707 2 095 Intracom Property Telecommunications 641 3 748 Atlantic Supermarket SA Trade 523 4 528 Info Quest CR Computer and related activities 475.. Attica Holdings SA Transport and storage 385 1 851 Athens Water Supply & Electricity gas and water 330 4 390 Lavipharm CR Trade 324 703 Intralot SA Computer and related activities 321.. C. Finance and Insurance Assets Employees National Bank Of Greece Finance 53 712 20 752 Bank Of Greece Finance 32 810 3 175 Alpha Bank SA Finance 30 803 7 412 EFG Eurobank Ergasias SA Finance 27 912 12 304 Emporiki Bank Of Greece SA Finance 16 888 7 682 Bank Of Piraeus Finance 14 735 4 896 Aspis Housing Bank Finance 1 841 976 Ethniki Greek GEN In Co Insurance 1 621 1 463 Sources: Thomson Financial Piranhaweb (http://www.piranhaweb.com), Who Owns Whom, 2003 (London, Dun and Bradstreet Ltd., 2003), various company websites.

UNCTAD WID Country Profile: GREECE Page 8 of 15 Table 87. Largest foreign affiliates of home-based TNCs, 2000 (Millions of dollars and number) Company Name Host Economy Industry Sales Employees A. Industry Don & Low Ltd United Kingdom Textiles 69 591 Metal Agencies Ltd United Kingdom Metals 39 14 Steelmet A D Bulgaria Metals 19 350 Titan Atlantic Cement Industrial & Commercial Company SA United States Non-metallic mineral products 15 14 Belovo Paper Mill SA Bulgaria Paper 14 1 000 Payne Strapping Systems Ltd United Kingdom Plastic products 11 100 Heliflex Petzetakis Tubos Lda Portugal Plastic products 10 130 Cerbere Agrifvit France Machinery and equipment 8 33 Delvi - POOD Bulgaria Food 8 250 Eurodrip Inc United States Plastic products 8 40 Teita Estate Ltd Kenya Textiles 7 50 A. Petzetakis Gmbh Germany Plastic products 5 11 Ideal Grafico Limited Cyprus Electrical and electronic equipment 4 47 Jumbo Investments Ltd Cyprus Other manufactring 4 25 M.J. Maillis España SA Spain Plastic products 4 26 B. Tertiary Newmark Home Corporation United States Construction 406 350 Candia Shipping USA Inc United States Transport and storage 34 80 Europe Technic, Spol. SRO Czech Republic Trade 21 250 Intrasoft International SA Luxembourg Computer and related activities 16 Neoset Canada Inc Canada Trade 5 50 Mediterranean Convention & Incentive Travel Inc United States Tourism 4 14 Sit Kyros (Cyprus) Ltd Cyprus Trade 3 56 Michail A Karageorgis of NY Inc United States Transport and storage 1 3 Pollux Marine Agencies Inc United States Transport and storage 1 3 Sarantis UK Ltd United Kingdom Other services.. 4 Candia Shipping (U K) Ltd United Kingdom Transport and storage.. 1 Aimclock Ltd United Kingdom Real estate.... C. Finance and Insurance Assets Employees Atlantic Bank of New York Inc United States Finance 117 392 Alpha Bank Limited Cyprus Finance 51 352 United Bulgarian Bank A D Bulgaria Finance 28 3 350 Banque Nationale de Grece (Canada) Canada Finance 19 40 Commercial Bank Of Greece (Germany) GmbH Germany Finance 16 109 NBG International Ltd United Kingdom Finance 6 14 France Banque Nationale De Grèce France Finance.. 52 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.

Company Home Economy Industry Sales Employees A. Industrial Shell Hellas S A Netherlands Petroleum 1 495 350 Mobil Oil Hellas S A Netherlands Petroleum 593.. Kosmocar S.A. Switzerland Motor vehicles 450 180 Athenian Brewery S.A. Switzerland Beverages 448 1 500 Aluminium of Greece S.A. Canada Metal products 401 1 230 Siemens S.A. Germany Electrical and electronic equipment 364 758 Imperial Tobacco Hellas S.A. England Tobacco 341 86 Toyota Hellas S.A. England Motor vehicles 245.. Sony Hellas S.A. Japan Electrical and electronic equipment 244 104 Unilever Hellas S.A. Netherlands Chemicals 222.. Fiat Auto Hellas S.A. Italy Motor vehicles 187 120 Lever Hellas S.A. Netherlands Chemicals 181.. Philips Hellas S.A. Netherlands Electrical and electronic equipment 174 254 Hellenic Steel CO. S.A. Italy Metal products 169 530 Boehringer Ingelheim Hellas S.A. Germany Pharmaceutical 158 340 B. Tertiary UNCTAD WID Country Profile: GREECE Page 9 of 15 Table 88. Largest affiliates of foreign TNCs in the host economy, 2003 (Millions of United States Dollars and number) Vassilopoulos Alfa-Beta S.A. Netherlands Trade 939.. Stet Hellas Telecommunications S.A. Italy Telecommunications 470 1 200 Vodafone-Panafon S.A. England Telecommunications 393.. Lion Hellas S.A. Ireland Automotive trade and repair 332 260 Dia Hellas S.A. France Trade 285 1 300 Praktiker Hellas S.A. Germany Trade 280 1 100 Pfizer Hellas S.A. USA Trade 273 450 Trofo S.A. Netherlands Trade 225 1 488 Hyatt Regency S.A. India Trade 212 1 497 Roche Hellas S.A. Switzerland Hotels and restaurants 183 300 Astrazeneca Pharmaceutical S.A. England Trade 168 350 Siemens Teleindustrial S.A. Germany Electrical and electronic equipment 152 220 L'Oréal Hellas S.A. France Trade 117 300 Multichoice Hellas S.A. Netherlands Publishind printing and media 115 300 C. Finance and Insurance Assets Employees Interamerican Hellenic Life Insurance Co S A Netherlands Insurance.. 205 Allianz General Insurance company S.A. Germany Insurance.. Generali Life S.A. Italy Insurance.. 40 Generali Hellas S.A. Italy Insurance.. 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 Page 11 of 15 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 Page 12 of 15 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).

UNCTAD WID Country Profile: GREECE Page 15 of 15 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.