ΜΕΛΕΤΗ ΤΟΥ ΚΕΠΕ ΓΙΑ ΤΙΣ ΕΠΕΝΔΥΣΕΙΣ ΣΤΗΝ ΕΛΛΑΔΑ_2c0K

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    1

    2012 ,

    .

    ( )

    , 2014

    , 11, 106 72,

    .: (+30) 210-3676400, (+30) 210-3676300

    Fax: (+30) 210-3611136, (+30) 210-3630122

    email: [email protected]

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    - 2 -

    :

    ..

    .

    ,

    .

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    1. .......................................................................................................................... - 5 -

    2. ... - 6 -

    3. 2012 ........ - 9 -

    3.1 .............................................................................. - 9 -

    3.2 2012 .- 13 -

    4. ............................................................................................................... - 28 -

    ...................................................................................................................... - 30 -

    :

    Enterprise Greece 2012-2014 ........................................................................................ - 32 -

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    1. (. 2012- . 2014)

    ............................................................................................................................................. - 10 -

    2. KEPE GRIV (2/1/2012-30/4/2014) ....................................................................................... - 11 -

    3. ( ) (2007-2013)

    ( . )....................................................................................................................... - 12 -

    4. / .3908/11 [ .].................................... - 25 -

    5. .3908/11 [ .]............. - 26 -

    1. 1 . ................................................................. - 14 -

    2. FAST TRACK.................................................................................... - 14 -

    3. ()......................... - 15 -

    4. ................. - 15 -

    5. ......................................................................................... - 17 -

    6. (

    )............................................................................................................ - 18 -

    7.

    ( )................................................ - 19 -

    8. ,

    & ( )................................. - 20 -

    9. ( ).. - 22 -

    10. ............... - 24 -

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    1.

    .

    ,

    (.. ,

    ..).

    , ,

    2012 ,

    (),

    .

    .

    ,

    . ,

    ( 2012 ).

    ,

    ,

    .

  • 5/21/2018 _2c0K

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    - 6 -

    2.

    .

    ,

    .

    () ,

    ,

    ,

    .1 , ,

    ,

    .

    ,

    (Busse Groizard, 2008; Krifa-Schneider Matei, 2010). (Albu, 2013),

    .

    ,

    ,

    , 2

    , ,

    (Boubakri et al., 2009).

    ,

    , .

    ,

    1 Attractiveness Survey - Europe 2013 Ernst & Young, 2012

    3.797 170.434 .

    2 Stanisic (2008),

    .

  • 5/21/2018 _2c0K

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    - 7 -

    3,

    (. Megginson et al., 1994; Claessens Djankov, 2002;

    Boubakri et al., 2009 ..).

    .

    , Boubakri et al. (2009)

    1980-2004

    .

    (. Plane, 1997; Barnett, 2000). , Megginson Netter (2001)4

    .

    5

    ,

    .

    .

    (Bevan Estrin, 2004; Arbatli, 2011) ,

    . (Bnassy-Qur et al.,

    2007; Arbatli, 2011; Economou Hassapis, 2013),

    ,

    (Cassou, 1997; Bloningen, 2005; Mateev, 2009; Arbatli, 2011),

    , (Krifa-

    Schneider Matei, 2010; Walch Wrz, 2012).

    3 Megginson et al. (1994), 61 18

    1961-1990 ,

    , , ,

    .

    4 . Megginson Netter (2001)

    .

    5

    . , Cook

    Uchida (2003)

    .

  • 5/21/2018 _2c0K

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    - 8 -

    6

    .

    6 . , ., (2014). .

    , , 2: 17-24.

  • 5/21/2018 _2c0K

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    - 9 -

    3.

    2012

    3.1

    .

    .

    .7 8,

    2014 (+0,6%),

    2015 2,9% 2016 3,7%.

    , ,

    (-) 1948,

    . ,

    ,

    .

    . spread

    10 , ,

    ,

    .

    ,

    12/5/2014 1.164,59

    , +144,48% 476,36

    5/6/2012. .. 2,9 .

    2012 2014

    9

    . 18 ..

    ( 1).

    7. , , 4, 2014.

    8 . European Commission, The Second Economic Adjustment Programme for Greece. Fourth

    Review, 2014.

    http://ec.europa.eu/economy_finance/publications/occasional_paper/2014/pdf/ocp192_en.pdf

    9 (. 2012-.

    2014).

    http://ec.europa.eu/economy_finance/publications/occasional_paper/2014/pdf/ocp192_en.pdfhttp://ec.europa.eu/economy_finance/publications/occasional_paper/2014/pdf/ocp192_en.pdfhttp://ec.europa.eu/economy_finance/publications/occasional_paper/2014/pdf/ocp192_en.pdf
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    - 10 -

    1. (. 2012- .

    2014)

    :

    , KEPE GRIV10,

    ,

    , 36,67%

    30/4/2014 ( 2).

    2/1/2004-30/4/2014 (34,47%),

    2008, 32,42%.

    . 2012- . 2014 (44,31%).

    2012,

    78,35%.

    10

    ...

    . , ., (2014). :

    . , , 1: 14 -

    18.

    1,14 4,03-11,36 -8,28

    26,23

    78,12

    27,6 42,0840,49

    147,47

    324,49

    40,2559,63

    127,98

    186,29

    926,29

    232,36

    176,95142,11

    95,02103,32

    166,93

    -200

    0

    200

    400

    600

    800

    1000

    -12

    -12

    -12

    -12

    -12

    -12

    -13

    -13

    -13

    -13

    -13

    -13

    -13

    -13

    -13

    -13

    -13

    -13

    -14

    -14

    -14

    -14

    .

  • 5/21/2018 _2c0K

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    2.

    KEPE GRIV (2/1/2012-30/4/2014)

    : , Thomson Reuters Datastream

    ( 2012 ).

    ,

    , ,

    , .

    , 2003-2013

    +64,7% 2012 +42,98% 2013, 1,9

    ., 2007 ( 3).

    1.882,47 .

    ( 826,8 .)

    ( 687,2 .).

    0

    10

    20

    30

    40

    50

    60

    70

    80

    90

    100

    0

    200

    400

    600

    800

    1000

    1200

    1400

    1600

    -12

    -12

    -12

    -12

    -12

    -12

    -12

    -12

    -12

    -12

    -12

    -12

    -13

    -13

    -13

    -13

    -13

    -13

    -13

    -13

    -13

    -13

    -13

    -13

    -14

    -14

    -14

    -14

    KEPE GRIV

    KEPE GRIV (%)

    15/6/2012

    78,35%

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    - 12 -

    3. ( ) (2007-2013)

    ( . )

    :

    . 2007-2012

    , .

    :

    2014 100 .

    146 .

    Fairfax Financial Holding Ltd

    Eurobank Properties AE. - 2014

    55,4 .

    Ease of doing business World Bank.

    . 2012 78

    185 . 2013,

    72 189 .

    110 - ,

    , 37

    .

    1,542.6

    3,071.1

    1,753.8

    249.2

    822.3

    1,354.3

    1,936.4

    0

    500

    1,000

    1,500

    2,000

    2,500

    3,000

    3,500

    2007 2008 2009 2010 2011 2012 2013

    .

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    - 13 -

    3.2

    2012 .

    2012,

    22 , .

    , ,

    ,

    , ()

    .., 37,6 .

    12-24 .

    2012 , .

    , 1 , 1 .

    . ,

    .

    , , , ,

    , , 2/3

    , .

    ,

    , ,

    .

    TAP,

    , 60% .

    11

    . , ()

    Eurobank ,

    Fairfax 1,3 . Eurobank.

    11 TAP Shah Deniz II ,

    , , .

    . TAPhttp://www.trans-adriatic-pipeline.com/gr/tap-project/concept/.

    http://www.trans-adriatic-pipeline.com/gr/tap-project/concept/http://www.trans-adriatic-pipeline.com/gr/tap-project/concept/http://www.trans-adriatic-pipeline.com/gr/tap-project/concept/http://www.trans-adriatic-pipeline.com/gr/tap-project/concept/
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    1. 1 .

    MEGA DEALS

    /

    [ .]

    1 6.91512

    2 TAP 1.500

    3 EUROBANK ( ) 1.33113

    9.746

    : , Enterprise Greece, .

    , 2, FAST TRACK,

    1,4 .,

    , .

    2. FAST TRACK

    , "FAST-TRACK"

    /

    [ .]

    1

    Loyalward Ltd.

    268: ' '. , .

    2

    Pravita Estate Holdings

    726: Estate Holdings. .

    3Dolphin CapitalKilada Hills

    418 .

    1.412

    : , Enterprise Greece, .

    3 (),

    1,8 ..

    .

    12 915 . .

    13 . 47% .

    53% .

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    - 15 -

    3. ()

    - ()

    /

    [ .]

    1 . () 540

    2 . ( ) 320

    3 "" 161

    4 . - 145

    5 () 120

    6 () 130

    7 128

    8 125

    9 70

    10 / 23

    11 17

    12 13

    13 10

    14

    3

    1.805

    : , Enterprise Greece, ,

    .

    .

    , , , 956

    . 5,5 .

    4.

    /

    [ .]

    1 2,0

    2 0,9

    3 1,1

    4 1,5

    5,5

    :

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    - 16 -

    , 4

    3,1 .,14 1,295

    .

    , ,

    ,

    .15

    , /

    ,

    ,

    ,

    ,

    .16

    , , ,

    .

    ,

    100% .. 2014,

    915 . . T

    915 .,

    2.000 .

    15%, 30%

    .

    2013

    12 ,

    OPAP Investment Limited, Lottomatica Giochi e Partecipazioni, Intralot Lotteries

    Limited Scientific Games Global Gaming (770 .), 33%

    Emma Delta LTD (652 .), 66% SOCAR SA (400

    .) Jermyn Street Real Estate (400 .).

    14 915 . ..,

    1 Mega Deals.

    15. 2014. 16

    . 2014.

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    - 17 -

    5.

    . .

    [ .]

    /

    [ .]

    2012 10

    375 375

    90 (C) Lamda (100% Lamda Development)

    81 81

    2013

    12, OPAP Investment Limited,Lottomatica Giochi e Partecipazioni, Intralot Lotteries Limited

    Scientific Games Global Gaming

    770 190

    (, , )

    52 27

    33% Emma Delta LTD 652 622

    66% SOCAR SA 400

    28 Eurobank properties

    261

    Jermyn Street Real Estate 400

    14

    11

    95

    100% NCH CAPITAL 99

    23

    2014

    100% Lamda Development

    Mega Deals

    3.130 1.295

    : , Enterprise Greece, ,

    .

    6-8

    ( ), 6,1. .

    ,

    2013, 2014,

    . , 9

    , .

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    - 18 -

    6. (

    )

    .

    COSCO 3 ,

    2013 340

    RYANAIR

    Ryanair, $280 . , 3 , (64 ) , 2 6 , 1,2 . , 150 .

    2014 215

    KFW

    , .

    2014 150

    THIRD POINT

    HELLENIC

    RECOVERY FUND

    $60 . ENERGEAN OIL & GAS

    2013 46

    THIRD PONT LLC Dolphin Capital Partners

    2012 45

    .

    . 90% , .

    2014 42

    SKOTINA RESORT (60 )

    2013 40

    BAIN CAPITAL

    VENTURES PERSADO (UPSTREAM). 2013 11

    YEMEK SEPETI startup Click Delivery

    2013 3

    HUMMINGBIRD

    VENTURES startup 2013 3

    GRAYLOCK Fund +

    OPENFUND Workable 2014 1

    PANAFRICAN

    INVESTMENT Co

    Daily Secret. , 19 .

    2014 1

    897

    : , Enterprise Greece, ,

    .

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    - 19 -

    7.

    ( )

    .

    LIDL

    ( 14/2/2014)

    ( ).

    2013 130

    2013 117

    COLONY CAPITAL

    Dolphin Colony Capital

    ,

    Dolphin Capital GreekCollection- DCGC, 100%

    Dolphin.

    2014 100

    DELHAIZE

    2014

    73,5 .

    . 2014

    32

    (10 franchise 22 ).

    2014 74

    ( V)

    2013-2016

    50

    LINDE HELLAS

    .

    2012

    .

    2012-

    201320

    YTONG THRAKON

    2012-

    201415

    UNILEVER

    110

    2012 &

    , 11 .

    2012-2013

    11

    BOEHRINGER

    INGELHEIM

    ,

    ,

    ,

    .

    2013 10

    PROCTER &

    GAMBLE

    &

    ( 3o 2013 3

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    - 20 -

    .

    )

    DEL MONDE

    , .

    2014 3

    GLAXO SMITH

    KLINE

    OTC

    2013 2

    LILLY VIANEX. 2013 2

    537

    : , Enterprise Greece, ,

    .

    8. ,

    & ( )

    , &

    .

    INVEL REAL ESTATE 66% 2013 653

    CREDIT AGRICOLE

    2013 585

    DUFRY AG

    2013 Dufry

    51% KAE Duty Free Shops

    200,5 .

    49% 328 . (-153 .

    175 .) 2013 530

    SOCIETE GENERALE

    2012 286

    RBS NV () RBS NV 2012 213

    ARABSAT 100% HELLAS SAT 2013 208

    FAIRFAX FINANCIAL

    HOLDINGS LTD

    2012 Fairfax

    14,78% EUROBANK PROPERTIES 2013

    41,65%

    2012-

    2013 200

    CRYSTAL ALMUND Wind Hellas 2013 200

    JC GENERAL

    SERVICES CVBA

    Johnson &

    Johnson Hellas 2012 175

    PFIZER SA 2012 164

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    - 21 -

    , &

    .

    DELHAIZE LE LION SA 2012 150

    BANCO

    COMMERCIALPORTUGUES

    MillenniumBank 2012 139

    ALLIANZ SE Allianz Hellas 2012 134

    YORK CAPITAL

    MANAGEMENT deal INVEL 2014 125

    RHONE CAPITAL 38,7% S&B 2013 115

    METLIFE ALICO

    American Life

    Insurance Co 2012 105

    YORK CAPITALMGMT

    9,99% 3% 2013 100

    GRIMALDI

    COMPAGNIA DI

    NAVIGAZIONE 92,6% MINOAN LINES 2013 81

    CREDIT AGRICOLE

    CREDIT

    AGRICOLE LIFE 2012 70

    CREDIT AGRICOLE

    LEASING &

    FACTORING

    Leasing AE 2012 60

    Dubai Investors

    49% Intracom Telecom

    Intracom Holdings 2014 47

    QATAR PETROLEUM

    25%

    - 2013 44

    PAINE & PARTNERS 67,5% EURODRIP

    2012-

    2013 42

    JC GENERAL

    SERVICES CVBA

    Janssen Silag

    Pharmaceuticals 2012 41

    QATAR HOLDING

    MIRAMARE

    2013 40

    VESTMENT

    SPRL Abbott 2012 30

    FAIRFAX FINANCIAL

    Fairfax

    2013 5,02% 2013 26

    ABBVIE INVESTMENT

    SPRL

    Abbvie

    Pharmaceuticals Societe Anonyme 2012 25FAIRFAX FINANCIAL 100% PRAKTIKER HELLAS 2014 22

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    , &

    .

    STRATEGIC

    INITIATIVES UK LLP

    21 . 67,77%

    .

    32,23%

    . 2012 21

    AL DAHRA (HAE)

    20% . 10%

    2013 (6,2 .)

    10% 2013 ( 7,8 .) 2013 14

    GRUPO DOLPHIN

    BNP PARIBAS,

    . ,

    .

    2013-

    2014 10

    Athens Executive

    Apartments 2013 8

    2013 5

    SUNVAULT ENERGY

    INC

    80%

    BCI

    2013 5

    DONSKOY TABAK JSC 50,4% 2013 3

    CREDIT AGRICOLE

    2012 2 4.678

    : , Enterprise Greece, ,

    .

    9. ( )

    - , ,

    ( )

    SKY SOLAR 6MW

    2012 1,85MW

    CITRIX Bytemobile R&D center

    2012

    DIAMOND RESORTS

    INTERNATIONAL100% AEGEAN BLUE HOLDINGS PLC 2012

    DOGUS GROUP MEDMARINAS SA ( ) 2012

    DOGUS GROUP Lamda Development 50% JV 2012

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    - 23 -

    - , ,

    ( )

    PHILIP MORRIS

    logistics hub . . .

    2012-

    2013

    PSP INVESTMENTS100% HOCHTIEF(... . )

    2013

    ARGOS s.p.a. 1,4% 10% 2013

    SYNGENTA HELLAS

    2013

    HEWLETT PACKARD

    . logistics , .

    2013

    HUAWEI logistics hub 2013

    ZTE

    logistics 12 .

    2013

    EARTH FRIENDLY

    PRODUCTS 1 2013

    . 1.

    .

    2013

    HENKEL

    ( Rolco 50 Dixan, Neomat Bref (7 . ),, , 75% HenkelHellas. , Henkel ( 2,5 . ). 20% , , .

    2013

    2013

    COCA-COLA (CitizenInteraction Center)

    2013

    LLC ATLANTIS PAC

    & ALDEMAR

    1.722.000

    2013

    MICROSOFT .

    2013

    SAMSUNG 2013

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    - 24 -

    - , ,

    ( )

    NSN . 2013

    DELHAIZE 2013

    L GREENPOWER

    >100 MW 2013

    NESTL- .- "Nestl needs YOUth"

    2013

    2014

    LIBRA GROUP &

    CYCLADIC GROUP50% COCO-MAT 2014

    HEWLETT PACKARD 2014

    SONY containers

    2014

    REE CAPITALMANAGEMENT

    2014

    : , Enterprise Greece, ,

    .

    , (Alpha Bank, ,

    Eurobank, ) 8,1 .17. 10,

    .

    10.

    [ .]

    1 Alpha Bank 1,2

    2 1,7

    3 Eurobank 1,6

    4 3,6

    8,1

    : , .

    . .4146/2013

    (/

    ) 100%

    17 1,33 . Eurobank , ega

    Deals.

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    25/36

    - 25 -

    .

    ,18

    2013

    536 . 2012

    2013 57% 2013,

    842 .. 2014 375% ( 4 .,

    ) 2013. 4

    .3908/2011, 2012, 2014. ,

    5

    .

    4. / .3908/11 [ .]

    :

    18. :

    . , , Fast Track.

    , http://www.mindev.gov.gr/?p=14850

    372536

    842

    4,000

    -

    500

    1,000

    1,500

    2,000

    2,500

    3,000

    3,500

    4,000

    4,500

    B'

    2012

    '

    2013

    '

    2013

    '

    2014( )

    http://www.mindev.gov.gr/?p=14850http://www.mindev.gov.gr/?p=14850http://www.mindev.gov.gr/?p=14850
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    - 26 -

    5. .3908/11 [ .]

    :

    /1,8 .

    - , ,

    578 . 2012 613 . 2013.

    - , ,

    610 . 2013, 510 . 2012.

    ,

    . .4146 :

    1. 2013,

    Enterprise Greece,

    .

    2. 2013

    ,

    ,

    .

    3.

    ( )

    159 140

    239

    732

    0

    100

    200

    300

    400

    500

    600

    700

    800

    B'

    2012

    '

    2013

    '

    2013

    '

    2014

    ( )

  • 5/21/2018 _2c0K

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    - 27 -

    , , ,

    .

    4. ,

    100%

    .

    5. , , ,

    ,

    .

    6. .4242/2014, 1 2014

    Enterprise Greece Invest in

    Greece .

    ,

    Enterprise Greece 2012-2014. 2012

    985 ,

    , 950 ,

    2013. 2014, 7 .

    .

    ,

    ,

    . 2012-2014

    30 ,

    .

    . ,

    150 ,

    .

    , , , ,

    . , , , , .

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    - 28 -

    4.

    .

    2012

    ,

    (), .

    :

    .

    :

    .

    .. 2,9 . 2012 2014.

    , ,

    ,

    ,

    () .., 37,6 .,

    12-24

    .

    , 1 . (Mega Deals),

    9,7 .19

    FAST TRACK 1,4 .

    ()

    1,8 .

    3,1.

    6,1 .

    ,

    .

    (Alpha Bank, , Eurobank,

    ) 8,1 .20

    , , ,

    5,5 .

    19 915 . 100% Lamda

    Development.

    20 1,33 . Eurobank , Mega

    Deals.

  • 5/21/2018 _2c0K

    29/36

    - 29 -

    ,

    / 1,8 .

    2014 4 .( ).

    .4146

    : Invest in Greece,

    , ,

    , 100%

    ,

    Enterprise Greece Invest in Greece .

    , ,

    22

    , .

  • 5/21/2018 _2c0K

    30/36

    - 30 -

    Albu, L. L. (2013). Foreign Trade and FDI as Main Factors of Growth in the EU. Romanian

    Journal of Economic Forecasting, (2), 7-17.

    Arbatli, E. (2011). Economic policies and FDI inflows to emerging market economies. IMF

    Working Paper WP/11/192. IMF, Washington.

    Barnett, S. (2000). Evidence on the fiscal and macroeconomic impact of privatization (No.

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    Bevan, A.A., & Estrin, S. (2004). The determinants of foreign direct investment into European

    transition economies. Journal of Comparative Economics , 32(4), 775-787.

    Bnassy-Qur, A., Coupet, M., & Mayer, T. (2007). Institutional Determinants of Foreign

    Direct Investment. World Economy, 30(5), 764-782.

    Bloningen, B. A. (2005). A review of the empirical literature on FDI determinants, Atlantic

    Economic Journal, 33, 383-403.

    Boubakri, N., Smaoui, H., & Zammiti, M. (2009). Privatization dynamics and economic

    growth. Journal of Business & Policy Research, 4(2), 16-44.

    Busse, M., & Groizard, J. L. (2008). Foreign direct investment, regulations and growt. The

    World Economy, 31(7), 861-886.

    Cassou, S. P. (1997). The link between tax rates and foreign direct investment, Applied

    Economics, 29(10), 1295-1301.

    Claessens, S., & Djankov, S. (2002). Privatization benefits in Eastern Europe. Journal of Public

    Economics, 83(3), 307-324.

    Cook, P., & Uchida, Y. (2003). Privatisation and economic growth in developing countries.

    The Journal of Development Studies, 39(6), 121-154.

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    (2013).

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    : Enterprise Greece