GREEK LAW DIGEST

Geena Papantonopoulou – Karatza Attorney at Law, LLB, LLM, Publisher In the beginningof the Creek financial crisis, back in 2010, theWorldBank’s “Ease of Doing Business” Report ranked Greece 109th out of 183 countries, far below any other eurozone economy. As the European Commission put it at the time, “the business environment suffers from obstacles to starting a business, the little protection given to investors and the difficulty to access finance.” In 2019, the same “Doing Business Index” ranks Greece 72nd out of 190 economies. And although it is undeniable that during these nearly ten years of economic hardship progress has been made and reforms have been initiated resulting -together with other factors- in the improvement of the country’s economic outlook, once again, Greece ranks as one of the least attractive countries in the European Union for conducting business. The Greek economy still lacks, regardless of the efforts made and the steps taken, substantial investments from Greek, European Union and other third countries. When it comes to decide onwhere to allocate funds investors ask two questions. First, are there any promising investment opportunities out there and second to what extent is the business environment in the country friendly to investments and to innovation so that the invested funds are protected from problems beyond market-related risks and uncertainties? The first question is widely answered positively by most of the financial analysts and investment experts who are of the opinion that Greece offers investment opportunities rarely found in central and south-east European markets. The second question was and remains an issue. Greece needs to introduce consistent policies that promote and facilitate investment. These policies include among others the strengthening of confidence in processes and institutions: the sound, stable and efficient operation of the legislative system and justice is crucial in order to build an environment around trust. Stable tax system, codification of existing laws, much faster delivery of justice and strict adherence to laws and regulations will act as drivers for investment. A business climate that is conducive to investment, innovation and entrepreneurship, with the appropriate legislation in place and an implementation strategy in everyday business will attract market-leading companies and dynamic entrepreneurs from all over the world looking for expansion, seeing Greece as an excellent gateway -without any trade barriers- to more than 140 million consumers in Southeast Europe and the Eastern Mediterranean. It is in this direction that the country should work with all its efforts, determination and persistence to achieve sustainable growth. It is in this direction that Greek Law Digest was conceived as a model work with the inspiration to assist the country’s efforts by allowing foreign investors to acquire a sense of stability and safety with respect to the Greek legal and regulatory framework. Written by top qualified and experienced Greek lawyers, legal counsel and experts, Greek Law Digest provides practical and comprehensive legal advice on all the basic regulatory