Concerns for the environment and antiquities are combining with labyrinthine laws, zealous officialdom and hostile political ideology in Greece to create hurdles that even investors familiar with the country cannot understand, Reuters notes in a recent article and adds:
“Greece’s recovery depends largely on foreign investment. Seven years ago it embarked on a privatization program to raise 50 billion euros for the near-bankrupt state. To date it has brought in just 4.4 billion, and government critics say excessive red-tape is a major reason for the dismal performance.
For frustrated developers, the suspicion is that Greece is biting the hand that feeds it. But many Greeks feel bound to protect their country’s 3,500 year-old cultural heritage and some of Europe’s most beautiful coastline from excess development, however pressing the need to raise cash.”
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