GREECE Trends and Developments Contributed by: Theodoros Skouzos and Natalia Skoulidou, Iason Skouzos TaxLaw
However, investors should remember that public debt remains high in absolute terms, and the country is still sensitive to global risk-off episodes; spreads may widen more than those of core eurozone issuers in periods of stress. Capital markets and the Euronext–Athens Stock Exchange deal One of the most important recent developments for the Greek business environment is the acquisition of a majority stake in Hellenic Exchanges – Athens Stock Exchange (ATHEX) by Euronext. Euronext’s voluntary tender offer, now successful, gives it around 74% of ATHEX, integrating the 149-year-old Greek exchange into Euronext’s pan-European network alongside Par - is, Amsterdam, Milan, Dublin and others. For investors, the Euronext deal matters for several reasons, as follows. • Market infrastructure and visibility: Greek issu - ers are expected to benefit from shared trading, clearing and settlement infrastructure, potentially improving liquidity and lowering transaction costs. • Access to capital: integration into a larger market infrastructure may facilitate IPOs and secondary offerings, especially for mid-cap Greek companies that may previously have struggled to attract for - eign institutional interest. • Regulatory convergence: alignment with Euronext’s standards can raise governance and disclosure expectations, which institutional investors often see as a positive. Digitalisation of the public sector and tax administration A defining change in the business environment is the rapid digitalisation of the Greek state. Since 2019, the Ministry of Digital Governance has pursued an ambi - tious strategy to move hundreds of services online, with the gov.gr portal now acting as a single entry point for citizens and businesses to access public ser - vices ranging from identity documents to declarations and licences. These reforms are complemented by sector-specific initiatives, such as the digitalisation of public procure - ment and the roll-out of remote metering for energy
consumers. The tax administration has undergone its own “quiet revolution”: a hi-tech data centre outside Athens now uses big data, AI and tools like drones to monitor transactions and fight tax evasion, contribut - ing to stronger revenue performance and enabling tax cuts worth around EUR1.6 billion. For investors, digitalisation brings tangible benefits – fewer physical visits to public offices, faster process - ing of many procedures and better transparency – but it does not completely eliminate the underlying cul - ture of formalism and paperwork. Complex projects – especially in regulated sectors such as energy or construction – still require careful planning and often local expert support to navigate overlapping regula - tions. Tourism: a mature powerhouse facing sustainability questions Tourism is the backbone of the Greek economy, directly and indirectly accounting for a very large share of GDP and employment. After a sharp pandemic-era drop, arrivals reached record levels in 2024, with esti - mates of over 35–40 million visitors and tourism rev - enues above EUR21–30 billion depending on meth - odology. 2025 data so far points to further growth, with tourism receipts up 12% year-on-year in the first eight months. Key investor takeaways in tourism include the follow - ing. • Opportunities: (a) upgrading existing hotels and resorts to higher- value segments (luxury, wellness, medical, eco-tourism); (b) developing year-round offerings (city breaks in Athens/Thessaloniki, cultural routes, sports and conference tourism) to reduce seasonality; and (c) technology-enabled services (booking plat - forms, experience curation, smart mobility). • Challenges: (a) infrastructure stress for popular islands and city centres, leading to new regulations on short-term rentals, including a one-year freeze on new registrations in parts of central Athens and bans on converting basements into tourist accommodation; and
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