Issue 60April 2012

Hellenic-Swedish Chamber of Commerce5, Stratigou Tombra Str.

153 42 Ag. Paraskevi, Athens GreeceTel.: +30210-6084399Fax: +30210-6084395

E-mail: hscc@otenet.grwww.hellenic-swedishcc.gr

The Chamber & its Activities 5-6

Advertise in the Greek-Swedish e-News 6

News for Greece 7-10

News for Sweden 11-14

Other News - Clips 15-16

O� ers & Requests 17

From Members to Members 18-19

Greek-Swedish Imports-Exports 19

Agenda 20

In this Edition

Advertisers

Sponsors

ASTRA ZENECA p. 2

ORIFLAME p. 3

SKF p. 4

Dear Members and Readers,We welcome you to the 1st edition of our “Greek Swedish e- News”. This monthly e-magazine of the Chamber is the successor of the quarterly Newsletter in the old printed form you have received for more than 15 years.Our new monthly e-newspost, in comparison with its predecessor quarterly magazine in print, has some obvious and very important competitive advantages from the quantitative and qualitative point of view, to which we referred extensively in the last Newsletter in March.The new monthly “Greek Swedish e- News” is designed and aims to provide you with a brief overview of the current news and items that concern the business communities of the two countries and keep you informed on the Chamber activities, initiatives, events and business opportunities as well.The objective of our new e-magazine remains still the same: • to be the main information and communication means of the Chamber with its member and non-member

companies as well as with many other organizations and associations in Greece and abroad • and, at the same time, to become the most eff ective advertisement and promotion tool for the Chamber

members adding value to their membership.To this end the “Greek Swedish e- News” will be sent to our members and to more than 1000 other addresses such as non-member companies that are trading with Swedish houses, other Chambers of Commerce in Greece, Sweden and abroad, the Greek and Swedish consuls, ministries and other authorities as well.You are kindly requested to forward “Greek Swedish e- News” to your colleagues, partners and friends and also feel free to contact us at hscc@otenet.gr for your suggestions and comments, helping us this way to become better.

Nikos Pappas

Editor’s Message Parties switch attention to

new elections on June 17

All the negotiations failed to form a

coalition government. Compromise

reached over new caretaker premier

following tense meeting of party

leaders.

Greece uno� cially began its new

election period, ahead of polls on June

17, as party leaders clashed over who

would be appointed caretaker prime

minister before they � nally agreed

to follow the constitution and opt for

Council of State president Panayiotis

Pikrammenos to take over the role.

7

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5

Konstantinos MarinakisChairman Managing Director of Oriflame Hellas LTD

John Saracakis A’ Vice President Executive Vice President of Saracakis Bros SA

Pantelis P. Papadopoulos B’ Vice President Marketing Director of Pantelis Papadopoulos SA

Demitrios AngelidesTreasurer Managing Director of Angelides LTD

John PetropoulosMember Managing Director of Petros Petropoulos SA

Alexandros AverkiadisMember Managing Director of Scandinavian Airlines Systems (SAS)

Gregorios MourgelasMember Senior Partner of Mourgelas and Associates Law Firm

George KepidisMember Managing Director of Antosis Consulting SA

Voula ArvanitakiMember General Manager of Combitrans Hellas LTD

Nikos S. Pappas Executive Director

Ιδιοκτήτης: Ελληνο-Σουηδικό Επιμελητήριο | Εκδότης - Διευθυντής: Νίκος Παππάς

Opening Hours: Weekdays from 10 am to 2 pm

The Chamber & its Activities

ORDINARY GENERAL ASSEMBLYJune 05, 2012

INVITATION LETTERDear Members,

We cordially invite you to Ordinary General Assembly of the Hellenic-Swedish Chamber of Commerce on Tuesday, June 05, 2012, at 18:00 hrs, at the premises of the Swedish Institute at Athens, 9, Mitsaion str., Athens.

In case you cannot attend the General Assembly, you are kindly requested to exercise the right to participate and vote by proxy furnished with written authorization. Please take into your consideration that a “proxy may represent up to two regular members” only.

In order to exercise the right to participate and vote at the General Assembly, your annual dues must be paid by the day of the General Assembly.Attached herewith please � nd the Agenda of the General Assembly and Participation/Authorization Form.

The Director of the Swedish Institute at Athens Mr. Arto Penttinen will welcome all the participants and address the General Assembly. Closing the discussion on the Agenda subjects, Mr. Vassilis Antoniades, Managing Director of the Bolton Consulting Group, will present the proposals for Greece’s economic recovery which were presented in a press conference on May 2, 2012, organized by the seven largest bilateral Chambers of Commerce and the Hellenic Management Association (E.E.D.E).

The General Assembly will be followed by a “cheese & wine” event. Spouses are cordially invited as well.

Please con� rm your attendance by faxing back the Participation or Authorization Form.

On the behalf of the BoardKonstantinos I.Marinakis

Chairman of the BoD

Board of Directors

Sust

aini

ng M

embe

rs

New

Mem

bers

• Alfa Laval Engineering S.A.

• Astra Zeneca S.A.

• Atlas Copco Hellas S.A.

• Combitrans Hellas Ltd.

• Ericsson Hellas S.A. • Handitech

• House Market S.A. - IKEA

• J.N.L. Plus S.A.

• Oriflame Hellas Ltd.

• Pantelis Papadopoulos S.A. • Paper Care S.A.

• Petros Petropoulos S.A. • SKF Hellas S.A.

• Sarakakis Bros S.A.

• S.C.A. Hygiene Products S.A.

• SAS • Volvo Car Hellas S.A.

TETRA PAK HELLAS SAProcessing & Packaging of Liquid Food56, Kifissias Ave. & Delfon Str, 151 25 MaroussiTel.: +30 210-6167550, Fax: +30 210-6169710Web: www.tetrapak.com/greece, E-mail: evi.stathatou@tetrapak.comManaging Director: Mr. Ola Elmqvist

MATRAGOS FRUIT SAFood & Food Processing5th klm. NR Argous - Sternas, 212 00 Argos, Tel.: +30 27510-91911, Fax: +30 27510-91910Web: www.matragos.com, E-mail: info@matragos.comMr. Sotirios Matragos

L’ EMBALLAGE - DIMITRA ANASTASIADOUProducers & Exporters of olive oil – Packaging Material12, Karkavitsa Str., 151 25 AthensTel.: +30 210-6816746Fax: +30 210-6849521E-mail: oliveproduct@gmail.comExport Manager: Mr. George Vergos

6

The Chamber & its Activities

The Hellenic-Swedish Chamber of Com-merce was founded in 1991 and now is in-cluded among the ten major foreign / bi-lateral Chambers of Commerce in Greece.The Chamber aims to enhance and enlarge the Hellenic-Swedish relations in the eco-nomic and business � eld, to promote the growth of trade and investment between the two countries and become a reliable business center for both communities. The Chamber is an autonomous, non-po-litical and non-pro� t organization. It does not receive any subsidy from any govern-mental body and is based on income from membership fees and dues from services rendered. Membership in the Hellenic-Swedish Chamber of Commerce is open to com-panies and individuals of any nationality who subscribe and accept the objectives and the statute of the Chamber.Join the HSCC:If you are interested in Greek – Swedish relations and would like to know more about the Chamber, please see http://www.hellenic-swedishcc.gr, or contact us e-mail: hscc@otenet.gr, tel.: +30 210-60.84.399, fax: +30 210-60.84.395.

The Hellenic-Swedish Chamber in brief

PRICE LISTSponsoring / Advertising in the monthly Greek-Swedish e-News

The monthly Greek-Swedish e-News replaces from now on the quarterly HSCC Newsletter in print.It will be sent to our members, to more than 1000 other addresses such as other companies that are trading with Swedish houses, other Chambers of Commerce in Greece, Sweden and abroad, the Greek and Swedish consuls, ministries and other authorities as well.

Type of PromotionRates in Euro

3 issues 6 issues 9 issues 12 issuesa. AdvertisementOne A4 page 350 650 900 1100½ A4 page 200 350 500 650

b. Sponsoring by turn * 200 _ _ _

c. Company pro� le / presentation 200 _ _ _

The sponsors and advertisers logos will be shown on the home page and there will be a linking possibility with their own sites, like banners. * This is valid only for the Sustaining Members, of which 3 at a time are sponsors of the Greek-Swedish e-News according to a predetermined turn.

Export Money Conference 2012under Auspices of HSCC

The Hellenic Swedish Chamber of Commerce, as 14 other bilateral Chambers granted its auspices to the Exports Money Conference entitled “EXPORTS: a springboard for Development and a Way out of the crisis”.

The conference is organized by the ETHOS MEDIA S.A and the Union of Diplomats for Economic & Commercial Aff airs (ENDY OEY), and is also under the auspices of the Ministry of Foreign Aff airs and will be held be held on Thursday 5 July 2012 at the Athenaeum InterContinental hotel.

The Exports Money Conference 2012 aims at providing Greek exporters with practical and useful tools that will contribute to enhancing and promoting export activities. Moreover, the delegates will have the opportunity to acquire information on the sectors of food, pharmaceuticals and ICT & Mobile Technologies, which are currently of particular export interest.

Through the presentations and the contribution of experts, the conference will bring to the foreground all the necessary elements for successful export activities (key factors in expanding the export endeavour) and will facilitate extraversion. A detailed analysis will be carried out regarding the markets of Arab countries, Turkey and Russia.

During the conference, the delegates will have the opportunity to meet personally with Heads of the Economic and Commercial Aff airs offi ces, as well as representatives of the Hellenic Foreign Trade Board (HEPO).

7

The Greek electorate dealt a fatal blow to the decades-old hegemony of the two parties, Pasok and New Democracy, hat approved the harsh EU-IMF bailout memorandum.Of more than half of the voters that went to the polls, roughly more than three million are former supporters of New Democracy (ND) and PASOK, the two political parties that suff ered heavy losses in general elections of 6th of May, both in terms of percentages and number of votes compared with the 2009 elections.ND received 1,191,052 votes (18.85 pct) and 108 seats in Parliament, compared to 2009 when it received 2,295,719 votes (33.47 pct) and 91 seats. Despite the fact that it received less votes (1,104,667) compared to 2009 it will have more seats in Parliament (17 seats). PASOK received 832,777 votes (13.18 pct) and 41 seats, compared to 2009 with 3,012,542 votes (43.92 pct) and 160 seats. Namely, it received roughly one-fourth of the votes and one-fourth of the seats. During the 2009 general elections, SYRIZA had received 315,665 votes (4.60 pct) and 13 seats compared to 1,060,411 votes (16.78 pct) and 52 seats it received in Sunday’s elections. SYRIZA is represented in Parliament with almost half the seats of ND despite the fact that it received only 130,641 votes less than ND.Parties that are pro-EU but oppose the memorandum include Fotis Kouvelis’ Democratic Left, which is expected to receive about 6 percent. Panos Kammenos’ anti-memorandum Independent Greeks which is not anti-EU per se received 10.6 percent, but Kammenos says he will not cooperate with the leaders of Pasok and ND, whom he denounces as “traitors”.The Communist Party (KKE) received 8.5 percent and appeared to gain little support from the crisis.The entry into parliament of the extreme right Golden Dawn party, with a projected 7 percent, is one of the most alarming results of the election.

e-kathimerini

Pikrammenos was sworn in on Wednesday May 6 and is expected to name

a cabinet on Thursday that will tide the country over until new elections are

held.

The head of Greece’s highest administrative court was chosen after the option

of keeping on his predecessor, Lucas Papademos, in the role was ruled out.

New Democracy leader Antonis Samaras and PASOK chief Evangelos Venizelos

had been in favor of Papademos continuing but met with opposition from the

head of the Coalition of the Radical Left (SYRIZA), Alexis Tsipras.

The election campaign looks set to revolve around the issue of Greece’s

membership of the eurozone, with PASOK and New Democracy arguing that

SYRIZA’s position of absolute rejection of the EU-IMF memorandum would

lead to Greece being forced out of the eurozone.

Venizelos warned voters against “populism, demagoguery, irresponsibility and

the trade in false hopes.”

ND and Pasok dominance dealt ‘fatal blow’ in general elections of May 6

1

News for Greece

Torch for London Olympics lit in ancient Olympia

The London 2012 Olympics torch was kindled by the sun’s rays in ancient Olympia on Thursday, sparking a relay that will culminate with the lighting of the Olympic stadium’s cauldron at the Games opening ceremony on July 27.On a warm and sunny day at the site of the ancient Olympics, an actress playing the high priestess needed only a few seconds to ignite the torch with the help of a parabolic mirror.“With this ceremony we begin the � nal countdown to a dream that came to life seven years ago in Singapore, when London was selected to host the 2012 Games,» said International Olympic Committee President Jacques Rogge.The traditional lighting ceremony was the last of his presidency, as Rogge will step down next year.“The energy that passes from the sun to the Olympic � ame will light a torch that will travel from this birthplace of the ancient Olympic Games to the country that invented modern sport and the spirit of fair play, heralding the opening of the 2012 London Games on July 27,» said the Belgian surgeon, addressing Olympic, London and Greek o� cials inside the stadium where the ancient Games were held.London becomes the only city to have received the Olympic � ame twice -- � rst for the 1948 Games.Britain’s capital also hosted the 1908 Games, but the torch lighting ceremony and relay were only introduced for the � rst time for the 1936 Berlin Olympics.“I feel incredibly excited and I think it’s a very, very big moment,» London Games chief Sebastian Coe told Reuters just before the lighting ceremony kicked off .Coe, a twice 1,500 metre Olympic gold medallist, visited Olympia in 1975 as an 18-year tourist, hardly expecting to be back in 37 years to watch the torch being lit for an Olympics hosted by the UK.“For me, it really links what I did at the Los Angeles and Moscow (Games) with the ancient Games. I think for me this is probably the moment that what I did in ‘80 and ‘84 properly comes into context,» he said.

Reuters

Parties switch attention to new elections on June 17

8

Press Conference organized by the Seven largest bilateral Chambers in Greece

On May 2, 2012, the Presidents of the seven largest bilateral Chambers in Greece (American-Hellenic, British-Hellenic, French-Hellenic, German-Hellenic, Italian-Hellenic, Dutch-Hellenic and Hellenic-Swedish) and the President of the Hellenic Management Association held a press conference at the Hotel Grand Bretagne for representatives of the Greek and foreign press. The Presidents presented 10 sets of organizational and administrative actions designed to restart the Greek economy.These actions were analytically presented at the press conference by Yannis Stournaras of the Foundation for Economic and Industrial Research (IOBE) and by Vassilis Antoniades of the Boston Consulting Group, both of whom collaborated closely with the Chambers in preparing and drafting the set of 10 actions.

Meeting with the Prime MinisterEarlier, on Monday, April 30, the Presidents of the Chambers visited the o� ce of the Prime Minister and presented to him a copy of their proposals. During the meeting, they had the opportunity to acquaint the Prime Minister and his advisers in detail on the proposed set of actions and to underscore the willingness of the Chambers to assist in their implementation.

10 Sets of Organizational and Administrative Actions to Restart the Economy

In October 2009, � ve bilateral chambers of commerce in Greece (American-Hellenic, British- Hellenic, French-Hellenic, German-Hellenic, and Italian-Hellenic) presented a comprehensive proposal of detailed objectives and 123 speci� c actions as a tool to be utilized by the country’s political leadership.This work followed broad consultation and analysis, based on the extensive experience, in Greece and internationally, of the Foundation for Economic and Industrial Research and the Boston Consulting Group (BCG). The primary objective was the creation of a reform framework and a restructuring program for the Greek economy.The main conclusion at the time was that the Greek economy needed a new development model.Development needs to become more outward-oriented—it must rely more on the export of competitive products and services, and less on consumption, because Greece is a small economy and the growth of domestic demand is limited by the small size of the internal market.The proposals of the bilateral chambers of commerce were adopted and the majority of them were incorporated into the Memoranda, the Mid-Term Program and the Omnibus Bills. The challenge, however, remains in their implementation. Certainly, the rapid deterioration of macroeconomic conditions over the past two years, particularly � scal conditions, and the emergence of the debt problem as an international crisis, have led the government to make the country’s stay in the Eurozone its highest priority—and rightly so.As trade and industry operators, we must emphasize that our main

objective is also a return, as quickly as possible, to positive and sustainable rates of economic growth, compatible with the gross domestic product (GDP) of the economy, for the bene� t of society as a whole. At the same time, there must be a macroeconomic adjustment of the economy toward smaller, ‘twin’ de� cits: a current account balance and the public sector. The key to combining growth and � scal adjustment is the improvement of competitiveness and of investment.The reference framework for the enactment of these goals and of the means to achieve them must be a Long-Term Plan of Operation based utilizing the potential of sectors with competitive advantages, on which the new development model can be based: Education-Culture, Agriculture, Tourism, Shipping, Energy, Health, Mineral Resources, IT and Communications, as well as certain branches of processing (e.g. foodstuff s, building materials).Important intermediate goals are: the creation of a favorable environment to attract investment, improvement of entrepreneurship, an increase of jobs, increased prosperity and the improvement of social conditions. The basic parameters of our objectives and of the plan of operation, which must be pointed out, are the following:• Effi ciency of the state• Reduction of the state’s size and simplifi cation of all the procedures that

govern the statecitizen and state-business relationships• Reduction of business’ dependence on the state• Reinforcement of outward-orientation: Import substitution – increase of

exports Read more by clicking here...

News for Greece

9

News for Greece

A 400-bln-euro trump card for Greece in troika renegotiation?

Greece’s next government may hold a trump card worth more

than $510 billion if it heeds voters’ demands to renegotiate its

bailout with the European Union.

The nation owes about 400 billion euros ($517 billion) to private

bondholders, public bodies such as the International Monetary

Fund and European Central Bank and other creditors, according

to data compiled by Bloomberg. About 252 billion euros of

that’s due to o� cial organizations that used their status to

avoid the losses suff ered by ordinary bondholders when Greece

restructured its debt two months ago.

Greek voters are demanding their leaders renegotiate the terms

of rescue packages that have imposed unprecedented austerity

on the country since 2010. One potential prime minister, Syriza

party leader Alexis Tsipras, has pledged to tear up the EU-led

bailout agreement. With Greece owing a sum roughly equal

to Switzerland’s economy, the fallout for taxpayers could be

calamitous if the country walks away.

“Greece has got some strong cards to persuade them to go easy

on austerity,” said John Whittaker, an economist at Lancaster

University Management School in England. “Everyone fears a

Greek departure from the euro because they’ll lose money and

lose political capital.”

European governments have poured money into Greece since

its � rst rescue was agreed in April 2010 in a bid to keep the

country in the euro and prove that monetary union, a symbol of

European post-war integration, is irrevocable.

After receipt of a 7.5 billion-euro tranche in March, Greece now owes

other countries more than 80 billion euros in bailout funds. The

European Financial Stability Facility said 4.2 billion euros of rescue

cash will be disbursed to the nation today.

The ECB also stands to lose much if Greece walks away from its

obligations. First, the central bank bought about 50 billion euros

of the government’s bonds to push down yields and help the

nation retain access to the capital markets.

In addition, the ECB’s so-called Target2 system -- which tallies

trade imbalances between the 17 national central banks using

the single currency -- indicates that the Bank of Greece owes its

counterparts 104 billion euros, according to Whittaker.

Read more by clicking here...

DEI plans to sell plants

The Public Power Corporation (DEI), the country’s biggest electricity producer, will start selling power stations this year to help meet the terms of the country’s international bailout and hopes to raise at least half a billion euros in the process, its chief executive said recently. “The idea is to have this privatisation process completed by the end of 2013,” DEI chief executive Arthouros Zervos said, on the sidelines of a wind energy conference in Denmark. Zervos said the company would initially sell four power plants and expected to raise more than half a billion euros. Only after the sale of the power stations would the state reduce its holding as required under terms of the bailout for heavily indebted Greece. The government is required to cut its stake in the loss-making company from 51 to 34 percent. Zervos said the company did not want to sell shares now because the amount raised would be too small given its market capitalisation of around 715m euros. DEI posted a record loss of 240m euros for the last quarter of 2011. Its shares are down around 20 percent this year compared to a rise of more than � ve percent in the benchmark Athens index. Zervos said the power stations being sold were fuelled by lignite – a form of soft brown coal that accounts for about half of the country’s electricity production. He did not give the generating capacity of the stations that will be off ered. The European Commission has been pushing Greece for years to lift DEI’s monopoly on production of power from lignite. Zervos said discussion had begun on selling hydroelectric power stations but no decision had been taken on that yet.

Athensnews

10

News for Greece

Jobless rate working its way up Credit growth and industrial

output continued their downward course

Unemployment keeps increasing in Greece as the recession continues to bite, climbing to 21.7 percent in February, while other data showed negative credit growth in the same month and a further decline in industrial output in March, according to the Hellenic Statistical Authority (ELSTAT). However, Greek exports picked up the pace of expansion in March.The jobless rate continued to climb, after hitting 21.3 percent in January after having stood at 15.2 percent as recently as February 2011. Worse, according to non-seasonally adjusted data, the rate is close to 23 percent. The number of unemployed increased to 1,070,724 people.Also in February, credit expansion was negative to the tune of -1.4 percent. In the January-March period property transactions declined by 54 percent on an annual basis, the Bank of Greece reported.The General Index of Industrial Output deteriorated in March and in the � rst quarter of the year. ELSTAT data showed an 8.5 percent annual decline in March, after an 8.1 percent respective drop in March 2011 from the year before. On a quarterly basis, output fell by 7.6 percent in the January-March period from the same time in 2011. On a much more positive note though, exports returned to their course of acceleration in March after a period of slowdown in growth from end-2011 to February 2012. Exporters attribute the 15.8 percent increase on a yearly level to the fact that in March it was the pre-Easter period for Catholics and Orthodox alike. ELSTAT � gures showed that the total value of exports (not including oil products) came to 1.56 billion euros, up from 1.35 billion in March 2011. In the April 2011 - March 2012 period exports posted a 7.7 percent increase from the year before.Imports declined by 6.6 percent in March year-on-year to reach 2.91 billion euros, against 3.11 billion in the same month last year.

e-kathimerini

Euro at 3-month low as Greek concerns weigh on debt sales

The euro slid to a three-month low before Italy, Spain and France sell bonds

next week amid concern the region’s debt crisis is deepening.

The shared currency headed for a second weekly drop as Greek political

leaders go into a � fth day of talks to form a government and before data

that may show the euro region’s economy contracted. Australia’s dollar slid

after data showed China’s industrial output and retail sales rose less than

estimated. The dollar and the yen were poised to rise versus most major

peers this week amid demand for haven assets.

“We can’t become positive and buy the euro,” said Daisaku Ueno, a senior

foreign-exchange and � xed-income strategist at Mitsubishi UFJ Morgan

Stanley Securities Co. in Tokyo. “Regardless of whether Greece exits the euro,

it will take a lot of time to resolve the region’s debt crisis.”

The euro weakened to $1.2905, the least since Jan. 23, before trading at

$1.2917 as of 6:48 a.m. in London, 0.2 percent lower than the close in New

York on May 10. It’s poised for a 1.3 percent decline this week. The common

currency slid 0.3 percent to 103.12 yen, set for a 1.3 percent drop since May

4. The dollar fell 0.1 percent to 79.85 yen.

The MSCI Asia Paci� c Index of shares retreated 0.9 percent after JPMorgan

Chase & Co. announced a $2 billion trading loss, highlighting risks in global

� nancial markets.

Italy will sell securities on May 14 maturing in 2015, 2020, 2022 and 2025,

followed by Spanish and French debt sales on May 17. It will be the � rst

French auction after Francois Hollande is sworn in as president on May 15.

Greece's political impasse following an inconclusive May 6 election has

raised the possibility that another contest will have to be held as early as

next month, threatening the implementation of austerity pledges. The

standoff has reignited European concerns over Greece's ability to hold to the

terms of its two bailouts negotiated since May 2010 and stoked speculation

it will have to leave the currency union.

Gross domestic product in the 17-nation euro area probably declined 0.2

percent in the � rst quarter from the prior three months when it slid 0.3

percent, according to the median estimate of economists in a Bloomberg

News survey. The European Union's statistics o� ce will release the � gures

on May 15.

The European Commission is scheduled to release its forecasts for the

region's growth, in� ation, employment and public � nances.

"The bottom of Europe's economic slowdown has yet to be seen," said Yuki

Sakasai, a currency strategist in New York at Barclays Plc. "The euro will

remain under downward pressure."

Read more by clicking here...

11

News for Sweden

Svenska Handelsbanken, with a history going back to 1871, has been listed among the world’s best bank by business magazine Bloomberg Markets.Tthe Stockholm-based bank was placed at number ten in the magazines second annual ranking, which was dominated by Canada and Singapore � rms. Oversea-Chinese Banking Corp (OCBC) retained its title as the strongest bank in the world. Svenska Handelsbanken was founded in 1871 when a number of prominent companies and individuals in Stockholm’s business world founded Stockholms Handelsbank. Today it has around 10,000 employees.Last month Handelsbanken posted a � rst-quarter operating pro� t that beat expectations and said it would start a fourth regional bank in Britain, signalling its intention to grow further in a market where it has seen strong revenue growth.However, Swedish top four banks are bracing for a possible downgrade of their credit ratings by Moody’s after the weekend, Swedish daily Svenska Dagbladet reported on Friday, saying that the lenders had held intensive discussions with the institute on the matter.

Here is the top 10 list: 1. Oversea-Chinese Banking Corp OCBC (Singapore) 2. BOC Hong Kong Holdings Ltd. (Hong Kong) 3. Canadian Imperial Bank of Commerce CIBC (Canada) 4. Toronto-Dominion Bank TD (Canada) 5. National Bank of Canada (Canada) 6. Royal Bank of Canada (Canada) 7. United Overseas Bank Ltd. (Singapore) 8. DBS Group Holdings Ltd. (Singapore) 9. Hang Seng Bank10. Svenska Handelsbanken (Sweden)

The banks were then ranked on criteria including the Tier 1 capital ratio, the ratio of non-performing assets to total assets, the ratio of loan loss reserves to non-performing assets, the ratio of deposits to funding, and the e� ciency ratio, which compares costs with revenue.

Swedish Wire

Swedish bank ranked among world’s best

No ‘crisis measures’ to boost Swedish export

Bloomberg said that the Swedish government sees no need for “broad crisis measures” to support the export-dependent Nordic nation’s slowing economy. “The economic situation seems to be such that there is no need for broad crisis measures,” Prime Minister Fredrik Reinfeldt and the three other party leaders in the coalition said in an opinion piece published in Dagens Nyheter. “It’s now about devoting the limited room for new reforms to measures that prevent unemployment from remaining high, to secure a stable and broad recovery and to reforms that produce a lasting, increased employment, an improved economic standard for vulnerable groups and a stronger welfare.” Finance Minister Anders Borg in February said economic growth may slow to about 0.5 percent this year from 3.9 percent in 2011, while Danske Bank A/S last week predicted a 0.5 percent contraction. The country’s economy is struggling with slowing export demand.

Swedish Wire

Sweden supports China's Arctic push

South China Morning Post said that China plans to seek a larger role in the Arctic during Premier Wen Jiabao’s visit to four European countries, with Sweden supporting its bid to become a permanent observer at the eight-member Arctic Council.“We hope to work together with relevant countries, including Iceland and Sweden, to contribute to peace, stability and sustainable development in the Arctic,” China’s Deputy Foreign Minister Song Tao told a press brie� ng. “China applauds Swedish support for [us] to be an observer to the Arctic Council.”Wen Jiabao begins a week-long visit to Iceland, Germany, Sweden and Poland on Friday. Song said Wen would sign an agreement on energy conservation and environmental protection with Sweden.China has strategic interests in expanding exploration in the resource-rich region, which also has geopolitical signi� cance for Beijing, analysts told the Hong Kong-based newspaper.

Swedish Wire

12

News for Sweden

Karin Enström of the Moderate party will be Sweden’s new minister for defence, announced prime minister Fredrik Reinfeldt on Wednesday. “I am very happy and honoured,” said Enström at a government press conference on after Saudi Arabia scandal.Enström was born in 1966 and has been an MP for Stockholm county since 1998. She is the chairperson of the Riksdag’s committee on foreign policy and a captain in the Swedish Amphibious Group.

“Karin Enström is a very experienced politician. I am very pleased that she has agreed,” said Reinfeldt, especially stressing the new minister’s background as an o� cer in the Swedish armed forces.

One of the more fundamental tasks the new defence minister will face is to keep the armed forces’ � nances in order, said Reinfeldt.

The former defence minister Sten Tolgfors resigned last month in the wake of a scandal involving Swedish plans to aid the building of an arms factory in Saudi Arabia.

Sveriges Radio (SR) revealed earlier in March that Sweden has entered into a deal with Saudi Arabia in 2005, which included the development of a Saudi armaments factory.

After weeks of intensive media coverage of the arms deal, Tolgfors chose to leave the government at his own request. He said at the time that he had been planning to leave later this spring anyway, but that the pressure from the media made him decide to leave sooner.

Despite this, prime minister Reinfeldt didn’t have a substitute waiting in the wings, but appointed minister for infrastructure Catharina Elmsäter-Svärd as acting defence minister.

Tolgfors was adamant that there had been no political pressure behind his resignation.

At the same time, the defence ministry’s involvement in the Saudi arms deal became more and more apparent despite the minister’s attempts to shift the blame onto Sweden’s Defence Research Agency (Totalförsvarets forskningsinstitut, FOI).

Tolgfors has been reported to the Committee on the Constitution (Konstitutionsutskottet, KU) and the preliminary investigation will commence in the autumn. The investigation into the FOI has already begun.

The Local

Sweden unveils new defence minister

Signs of a stronger Swedish economy

Swedbank sees signs of a stronger Swedish economy, but warns that revised economic statistics could lead analysis and policies astray. Here are the highlights from its Swedish Outlook:

• Contracting exports reduced Sweden’s GDP at the end of 2011, but economic data in early 2012 suggest that the decline has slowed. Industrial production grew on an annual basis in January at the same time that the decline in external demand showed signs of easing. Domestic demand is being supported by relatively strong household � nances, and con� dence indicators for businesses and households improved signi� cantly in March. Labor market conditions remain weak, although unemployment isn’t rising quickly yet.

• Revisions to offi cial data have changed the picture of the Swedish economy in recent years. Economic growth for 2012 was revised upward from 5.7% to 6.1% at the same time that economic activity for 2011 was weaker than previously reported. In particular, the number of hours worked was revised upward, which means that productivity growth was actually weaker. Household savings are also lower than the data previously suggested.

• The revised economic data create problems not only for forecasters but also for those who set economic policy. Lower business productivity means higher resource utilization, which is an argument for a less expansive monetary policy. On the other hand, rising unemployment suggests that resource utilization is still low. Lower savings is an indication that households are more vulnerable, but also that consumer spending could be more limited going forward. This impacts the assessment of the economic conditions.

Swedish Wire

Ikea moves into consumer electronics

Reuters said that Sweden's Ikea, the world's largest furniture maker, is set to enter the consumer electronics market with products developed in cooperation with China-based TCL Multimedia.

“This is a large step for us. We will have an off er that is unique in the market,” Ikea's living room chief Magnus Bondesson told the newswire. “We are launching a new concept where you in one place can buy your furniture and your electronics designed for and matched with each other from start.”

Ikea plans to launch a line of furniture with integrated connected television and sound systems in Europe in June. Prices would start at around 6,500 kronor (US$960) for the simplest combination bench unit, television and sound system.

TCL Multimedia sells televisions and other multimedia electronics under the brands TCL, Rowa, Thomson and RCA.

Swedish Wire

13

News for Sweden

Stockholm pioneers life science research

China and Sweden in bilateral talksChina Daily said that Premier Wen Jiabao has arrived in Sweden for an o� cial visit, aimed at further promoting bilateral ties. Eleven agreements were signed between the two countries in areas such as environmental protection and energy conservation, according to local media. In a written speech upon his arrival at the airport, Wen said that the friendly exchanges between the two peoples have a time-honored history though China and Sweden are located far apart.“I’m looking forward to meeting with Swedish leaders to jointly map out the future development of bilateral ties and exchange views on

other issues of common concern,” said Wen.“We have recently intensi� ed our cooperation in a number of areas including innovation, research and development, trade, culture and sustainable development,” Sweden’s Prime Minister Fredrik Reinfeldt said in a recent written interview with Xinhua. During the meeting with Lars Backström, governor of Sweden’s Västra Götaland province, Wen said that the China-Sweden friendship dates back to nearly 300 years ago when the Swedish merchant ship “Gothenburg” arrived in China.

Swedish Wire

With prominent research institutes and leading pharmacy companies,

Stockholm is world-renowned for its achievements in life science. With

a large number of ongoing research projects, international investors

are scouting the Stockholm market for tomorrow’s blockbusters.

The organisation Science for Life Laboratory (SciLifeLab Stockholm)

was set up last year with the aspiration to become the leading center

for large-scale biosciences in the world and to strengthen the Swedish

capital’s life science global position.

SciLifeLab is a coordinated eff ort of four universities in Stockholm and

Uppsala: Stockholm University, the Karolinska Institutet, The Royal

Institute of Technology (KTH) and Uppsala University.

Its focus on finding cross-disciplinary synergies is one of Sci Life

Lab’s primary strengths. Researchers in biology and medicine, for

example, are working with innovators from the Royal Institute of

Technology. Much of the organisation’s work is being performed in

partnership with industry.

Here we list � ve pioneering SciLifeLab research projects with the aim

of better understanding human biology and disease and subsequently

improving the treatment of patients.

• New potential biomarkers discovered for kidney toxicity and prostate cancer

Based on the world’s largest resource of antibodies to human proteins,

SciLifeLab researchers have initiated eff orts to explore the valuable

biobank cohorts collected in Sweden during recent years using new

technology platforms.

• Discovery of a new inherited neurometabolic disorder

Around 10,000 diff erent monogenic disorders are known, but less

than 4,000 disease genes have been identi� ed. Massively parallel DNA

sequencing is drastically changing this scenario.

• Sequencing and assembly of the largest and most complex genome to date – the Norway spruce

Conifers are dominant plant species in many ecosystems, including

large areas in Sweden. The ambition is to produce a genome sequence

to increase our under- standing of conifer biology and evolution.

• The Human Proteome Project (HPP)A human proteome project has recently been launched to characterize

the proteins encoded by the human genome.

The aim is to characterize the building blocks of human beings and to

use the knowledge to understand human biology and disease and to

subsequently improve the treatment of patients.

• The Brain AtlasThe unique collection of antibodies generated within the human

protein atlas (HPA) program opens new venues to systematically

explore regional and cellular distribution of many proteins in the

healthy, developing, and diseased nervous system.

Swedish Wire

14

News for Sweden

Swedish start-ups booming: investor

A record number of investors � ocked to the Stockholm School of

Entrepreneurship Start-Up Day and have indicated that Sweden will be a

hub for new start-ups in the wake of Spotify and Skype’s global success.

Over 500 investors attended the event, hoping to catch wind of the latest

entrepreneurial ideas and tips for following the trend of Swedish success on

the start-up market.

“Recently we’ve seen a number of international venture capitalists investing

in start-ups that were founded by our alumni, for example SoundCloud,

Klarna, Videoplaza and Tripbirds, said event planner Marie Sundström to

daily Dagens Nyheter (DN).

“This has been a contributing factor as to why we’re seeing so many investors

at this event,” she said.

Australian star investor and main attraction Frank Meehan of Horizons

Ventures in London was also present, and spoke about Sweden’s strong

future, as well as how the country’s past may have been an in� uencing

factor.

”I’m always looking for a new product that goes against the usual � ow. When

everyone overseas was still using iTunes I came to Sweden where everyone

was listening to Spotify,” he told DN.

“Then I understood that something was happening, and it’s these things

that you want to see as an investor. We’re always searching for products that

make life easier and more fun,” said Meehan to DN.

Meehan is no stranger to Swedish shores, having studied at the Karolinska

University in Stockholm as an exchange student. He points to Ericsson, ABB

and Volvo as stalwart Swedish institutions that have paved the way for the

modern successes.

“This all comes, perhaps from the Viking age when Swedes were out

conquering the world. Daniel Ek and Niklas Zennström where never after a

quick sale, they wanted to build something big,” he said.

With this in mind, and with the boom in social media interaction and game

playing, Meehan points to Sweden as the hotspot in terms of the next start-

up explosion.

The Local

Battle� eld biggest Swedish export hit since ABBA

Battle� eld, Minecraft and Just Cause are three of the world’s most popular computer games. But few players know that their favourite games have been developed by a number of high-tech � rms in Stockholm, all within walking distance from one another. Södermalm, a district in the central part of the Swedish capital, has become one of the world’s most important hubs for computer game development, attracting talent from across the globe. Per Strömbäck, a spokesperson for the trade organisation Sweden Games Industry, said that the country is one of maybe ten nations in the world producing games for a global audience.“Battle� eld is the biggest Swedish export success since ABBA”, he told The Swedish Wire.Swedish export of games amounted to 1,5 billion kronor (225 million dollars) last year. Almost two-thirds of that derives from the gaming cluster at Södermalm, according to the organisation.“In total, over 100 million people have played these titles”, Per Strömbäck said, adding that most players are from Europe and North America, with South America and the Middle East on the rise. Everything points to continued success for the Swedish games industry, the organisation points out. Swedish developers have proven to be at the forefront with regards to adapting their game experiences to diff erent platforms. In addition to the successful big name titles, there are a new wave of games being developed for mobile phones, Facebook and download.For two decades it had been predicted that digital distribution would overtake traditional boxed sales and now it look like that shift is happening. Online sales of Swedish games increased 30 - 40 percent last year, according to Sweden Games Industry.

Three top games and developers from Stockholm:• Battlefi eld. Developed by EA Digital Illusions CE. Over 50

million units sold in various editions since 2003. Largest Swedish cultural export since ABBA in dollars and cents. Classic multiplayer war action.

• Minecraft. Developed by Markus “Notch” Persson and his company Mojang. A global gaming phenomenon with millions of players. Revenues of half a billion kronor. Creative and innovative; a kind of virtual Lego that let users create fantastic worlds.

• Just Cause. Developed by Avalanche Studios. Comic book action. The player is an American agent making a coup in a banana republic. Exaggerated eff ects combined with subtle social criticism. Renowned for its huge maps, the largest in the gaming world, which the player can freely explore.

Swedish Wire

15

The EU continues to struggle in its

attempts to resolve the eurozone

sovereign debt crisis. The new � scal

compact, imposing disciplined

budgetary management at a national

level, was rati� ed (except by the UK and the Czech

Republic) on 2 March and will come into force from the

beginning of next year. This was followed by an agreed

“haircut” for private investors in Greek debt and the

introduction of measures to boost the � nancial arsenal

available to � ght future sovereign default threats via bailout funds. In

the wake of these events, the markets decided to grant the eurozone a

grace period. However, the honeymoon ended abruptly in early April, as

it became clear that these developments were barely able to put the crisis

on hold, let alone resolve it.

The culprit of concern this time is Spain. At the end of March, the Spanish

government introduced draconian austerity measures that sparked riots

in the streets of the country’s major cities. For the markets, however,

the issue is not civil unrest but credibility in Spain’s ability to make the

latest round of massive spending cuts eff ective in restoring sustainable

economic growth.

Scepticism in this regard was re� ected in April’s slump in Spanish government

bond prices, with ten-year yields temporarily rising above 6%, and S&P’s

subsequent two-notch credit downgrade for Spanish debt to BBB+.

Lose-lose situation

Countries such as Spain face an awful dilemma: cutting

spending/raising taxes means less disposable income for

consumers to spend/repay personal debt, which translates

into lower growth, which leads to higher unemployment (now

at a record rate of 24.4% in Spain), which results in still lower

consumption; not cutting spending/raising taxes risks � nancial

collapse, requiring the assumption of further debt. Moreover,

unpopular labour market reforms have had to be implemented

to restore competitiveness in international markets for goods

and services, but wage restraint will mean less disposable income etc, etc.

Sadly, Spain is not an isolated case. And eurozone membership means that

Spain’s predicament has a regional rather than just national signi� cance:

while each state has its own peculiar � nancial crisis, each crisis has a

regional impact due to the exposure of individual member states to the

debt of other member states. This debtor-creditor interrelationship means

that measures adopted to address domestic � nancial problems may have

potentially damaging regional consequences.

At its core, therefore, the eurozone debt problem is the collective result of

discrete national economic problems. This is symptomatic of a monetary

union not backed by � scal or political union - ultimately, an untenable

position. Until eff ective remedial measures are adopted at the regional

level, the eurozone debt crisis will likely persist.

www.nordeaprivatebanking.com

Three steps forward, two steps back

Uncertainty results in big contraction of public revenues

Political uncertainty is now hurting public revenues too, as in the days following the election they have declined by 28 percent compared to the level registered in the � rst week of May, and by 38 percent compared to the same period in May 2011.Both individuals and enterprises appear very reserved about settling their tax aff airs, which is having a direct impact on the state’s cash infl ows. Therefore after the country’s creditors suddenly decided to slash the 5.2-billion-euro tranche expected yesterday -- which will aff ect the rate at which the state will service its current needs -- the Finance Ministry now has an additional worry.The European Financial Stability Facility disbursed 4.2 billion euros for Greece, which went straight into the escrow account with the Bank of Greece that serves to repay the country’s debts to its o� cial creditors. The remaining 1 billion euros from the tranche will possibly be disbursed by June, the EFSF announced.The problem with the revenues is greater given that already in April they had registered a 13.4 percent decline year-on-year. These developments, along with the election results, led a top o� cial at the Finance Ministry to warn that unless a government is formed to negotiate with the country’s creditors, there will be a serious cash problem from the end of June.O� cials at the State General Accounting O� ce estimate that by just paying salaries and pensions (as the government had done last October), cash reserves will only last until the end of July, and that is provided that revenues dol not crumble and spending is contained.

e-kathimerini

Other News - Clips

Alexandros ChatziioannouManager-Private Banking

16

Other News - Clips

Israel-Cyprus-Greece undersea power cable eyed

Quantum Energy S.A., a subsidiary of public-run Public Power Corp. S.A., on Thursday formally announced the launch of the construction of a 2,000 MW undersea electricity cable to link up the electricity grids of Israel, Cyprus and Greece. The company has noti� ed the Greek Regulatory Authority for Energy (RAE) and CERA, the corresponding authority in Cyprus, over the “EuroAsia Interconnector” project.In a joint letter to the company, both authorities underlined that the implementation of such an ambitious project will decisively contribute to ensure the safety of power supply for the entire region of SE Europe and the eastern Mediterranean.They also suggested a meeting to take place between the company and the parties involved for the formal presentation of the project.

AMNA

German airline lures customers with Greek deal

Airline Condor is off ering German customers 50 euros off fl ights to Greece in a bid to entice reluctant German holidaymakers to the Mediterranean nation after a slump in bookings.Tour operators such as TUI Germany (TT.L) (TUIGn.DE) and Condor parent Thomas Cook (TCG.L), have reported a fall in German bookings to Greece this year after a wave of anti-German protests in response to the country’s tough stance on the bailout.Tourism is a vital source of income for Greece, accounting for about a � fth of gross domestic product, while Germans are the world’s biggest spenders on foreign holidays.“We hope to help boost tourism in Greece,” Condor said recently, describing the off er as its version of the European rescue fund. It did not say how much the campaign would aff ect its margins, only that it was off ering 10,000 of the 50-euro-off vouchers.A quick search on Condor’s website showed a one-way � ight to Crete or Rhodes from Frankfurt costing mostly around 169-179 euros, with the cheapest starting at about 109 euros. The airline off ers around 70 connections a week from German airports to Greek destinations.TUI Germany, which last month said bookings to Greece were down by a third, said prices for holidays to Greece had fallen by up to 10 percent this year and it had passed on lower hotel prices to its customers.

Athensnews

Sweden: IMF should boost anti-crisis resources

Swedish Finance Minister Anders Borg said it’s in the interests of all major global economies to boost the International Monetary Fund’s anti-crisis resources, Dow Jones Newswire reported . “At the end of the day, it’s in the interest of all the countries, whether we’re talking about the...BRICs [Brazil, Russia, India and China], U.S. or Europe, to reach a resolution” on boosting IMF resources, he told reporters on his way into a meeting of European � nance ministers.Euro-zone � nance ministers later announced they had reached an agreement to lift the currency bloc’s capacity for crisis lending to EUR700 billion, the newswire said.

Swedish Wire

4.2 bln euros to be disbursed to Greece on May 10

The board of the European Fiscal Stability Fund (EFSF) announced in Luxembourg that on May 10, 4.2 billion euros will be disbursed to Greece.The EFSF stressed that it is releasing the 5.2 billion euros that are pending from the � rst loan “package” amounting to 39.4 billion euros by the end of June.”The amount of 4.2 bilion euros will be disbursed on May 10. The remaining 1 billion euros is not necessary before June and will be disbursed in accordance with the � nancial needs of Greece. As with the previous tranches to Greece as well, the EFSF will transfer the 4.2 billioin euros to a bound account that gives priority to the serving of the public debt,” the announcement by the EFSF said.

AMNA

Slayer launch ‘Reign In Blood’ wine in Sweden

Are you a fan of classic hard-rock? Do you love red wine? Well, the perfect combination has just been launched in Sweden.Slayer have joined the likes of Motorhead, AC/DC and Kiss to launch their very own red wine range, music site Lick Library said. The wine – called “Reign In Blood” – is currently only available in Sweden. “Sweden is a good market to start with. We are a small country but we have incredibly dedicated fans, which makes it worthwhile to do the test launch in Sweden”, Brands For Bands who are behind the launch told Swedish magazine Dagens Media. The Slayer “Reign In Blood” is named after the bands classic 1986 album and Californian Cabernet Sauvignon.

The Local

Spotify’s Daniel Ek climbs music millionaires list

Spotify founder Daniel Ek is in 10th place in the Sunday Times’ annual rundown of the Top 50 Music Millionaires in Britain and Ireland. That puts him at the same place as Rolling Stone front-man Mick Jagger. Just six years after founding Spotify, Daniel Ek, 29, is worth an estimated £190m and his music-streaming company is valued at £1.2bn. Last year the music service branched out to America, along with the hugely popular Facebook application.Spotify is a Swedish company and has its main o� ce in Stockholm. Daniel Ek was included on the Britons-only rich list because he is partly based in London.Forbes magazine in January ranked the Swedish entrepreneur “The Most Important Man In Music” for having created a free, Facebook-enabled platform that could save the recording industry from piracy–and iTunes.He founded his � rst company in 1997 at the age of 14, according to Wikipedia. His ventures have included the founding of Advertigo, the advertising company acquired by TradeDoubler, and has been a part of the Nordic auction company Tradera (acquired by Ebay) and Evertigo.The list is topped by Clive Calder, the founder of Jive Records, with an estimated worth of £1.35bn.

Swedish Wire

17

Mr. Carl Johan MalmstenE-mail: hello@fantastic-fox.comAsking for Greek factories for Textile Production

ΑKRIFORM PLAST ABMr. Robert Engstrom, tel +1-214-3779817, 1-214-9099193, fax: +1-888-7004971, www.engstromtrading.com, obert@engstromtrading.comProducts: Acrilic Products pick & mix SolutionsAsking for Distributors

Mr. Johan Seiree-mail : johan.seire@telia.com Regarding producers of electrical material

Ms. Liliane SallanderTel.:0738 53 65 53Looking for an export company dealing with olive oil production in Greece

MIKAEL MANSOURm-ilm@hotmail.comΤομέας: εισαγωγές ηλεκτρονικών ειδών από την Ελλάδα

ANDERS FORSBERGandersforsberg@mac.com, andersforsberg@hanergy.com(www.hanergy.com) Τομέας: επενδύσεις ηλιακής ενέργειας στην Ελλάδα για λογαριασμό της κινεζικής Hanergy Holding Group

ΑΝGELINAS (attn: Mrs Susanne Andersson)S-281 33 Hässleholm, Tel: (+46-70) 924 78 18info@angelinas.se, www.angelinas.seΤομέας: εισαγωγές νυφικών από την Ελλάδα

MILJÖRETUR AB (attn: Mr Thomas Giotis)S-132 38 Saltsjö-Boo, Tel: (+46-8) 648 30 00thomas.g@miljoretur.se, www.miljoretur.seΤομέας: αγορά χαρτιού από την Ελλάδα για ανακύκλωση

KENTAUR VIN (attn: Mr Thomas Kepka)S-233 22 Svedala, Tel: (+46-40) 40 48 40info@kentaurvin.se, www.kentaurvin.seΤομέας: εισαγωγές ελληνικών οίνων

HAUGEN-GRUPPEN WINE & SPIRITS AB (attn: Mr Björn Malré)S-601 03 Norrköping, Tel: (+46-11) 36 29 00bjorn.malre@haugen-gruppen.se, www.haugen-gruppen.seΤομέας: εισαγωγές ελληνικών οίνων

Requests from Sweden

O� ers from Greece “SILK” VENETI ARISTEA & COMs. Aristea VenetiLampsakos, 34100 ChalkidaTel.: +30 22210-90042Fax: +30 22210-90042E-mail:aveneti@otenet.grwww.silktissue.grProducts: napkins

ALEXANDRIS GIANNIS COTel.: +30 6982126078E-mail: alexandrisgiannis@yahoo.grHelix-Aspersa-Muller

ΙDEA PLUS OPTICAL ARTE-mail: x.meni@ideaplus.gr Products: Optics

DANCO GROUP SAMs. Eirini Stathoulopoulou7, P.P. Gernanou Str105 61 Athens GreeceTel.:+30 210-3228963, 3252425Fax:+30 210-3247623E-mail:contact@dancogroup.grwww.dancogroup.grProducts: Frozen meet / poultries manufactures

ANTONIS RAPTAKIS39 N.Maltezou GR.17455Tel./Fax:+302109801950E-mail:arapt@otenet.grProducts: Honey, olives, olive oil

MATRAGOS FRUIT SAMr. Sotiris Matragos5o klm Nat. Rd Argous-Sternas21200 Argow, Tel.: +30 27510-91911Fax:+30 27510-91910E-mail:info@matragos.comwww.matragos.comProducts: Citrus fruits

EVILEMr. Bacatsias Leonidas Tel.:+30-2104832830, Fax:+30-2104832928, www.evile.gr, E-mail: bakatsias@evile.gr Technical Company, Asking cooperation with Swedes Companies

HOUSE STORE-PETROCHEILOS Mr. Dimitrios Petrocheilos9B Chatzopoulou str., 18648 Pireaus Tel.: +30-2104082340, Fax:+30-2104082344, www.petrocheilos.gr E-mail: info@petrocheilos.gr Products:curtains & interior decoration fabrics

ANATOMIC HELP SA25th klm Thessaloniki-KilkisNea Santa 61100 GreeceTel.:+302341077190Fax:+302341064756E-mail:info@anatomichelp.comwww.anatomichelp.comProducts: orthopedics, anatomical and parapharmaceutical products

Requests from Greece “SILK” VENETI ARISTEA & COMs. Aristea VenetiChalkida – Lampsakos 34100Tel.: +30 22210-90042Fax: +30 22210-90042E-mail:aveneti@otenet.grwww.silktissue.grProducts: tissue paper in jumbo rolls

Elisavet Sverkouli1A, Nikotsara str412 23 Larissa GreeceTel.: +30 6947-817503E-mail: elisverk@hotmail.comMake up products manufactures-wholesales

ALOUETTE SAMrs Isabel Lopez3, Alkamenous str.121 31 Peristeri, AthensTel.: +30 210-5769511Fax: + 30 210-5719986E-mail: allouette@allouette.grBaby articles/children items

MTC LTDMr. Spiros Athanassiadis18, Tralleon str.171 21 Athens, GreeceTel.: +30-210-93.10.065Fax: +30-210-93.56.367E-mail: health@mtcltd.comPackaging items

ANGELIDES LTD Business Consultants The scope of the Representation Services is focused on the needs of the interested Swedish Company i.e. A. The Services related to Swedish Companies who participate in Tender Invitations for the supply of major electro-mechanical installations / power generation systems or are interested to participate in a group of investors for major infrastructure projects (i.e. airports, sewage treatment plants, irrigation systems, casinos etc) in Greece or Cyprus.

B. The Services related to the representation and management of the «public image» of a Swedish Company in Greece or Cyprus.7B, Vassileos Pyrrou str., 146 71 Nea Erythrea, Athens, Greece, Tel: 210-6207519, Fax: 210-8075716, E-mail: angelidesltd@in.grThe URL: http:// www.angelidesltd.com/ of ANGELIDES LTD is at your disposal for any additional information you may require.

O� ers & Requests

18

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Προσφορές - Προνόμια - Εκπτώσεις

ΠΡΟΪΟΝΤΑ / ΥΠΗΡΕΣΙΕΣ ΕΚΠΤΩΣΗ / ΑΛΛΑ ΠΡΟΝΟΜΙΑ ΕΤΑΙΡΙΑShipping Service on Rolls-Royce propulsion equipment, spare parts for ships hatch covers, shipping investment consultancy, tank level cauging and liquid cargo control

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Εργαλεία χειρός, κηπευτικά εργαλεία Έκπτωση 50% από τον κατάλογο BAHCO TOOLS HELLAS S.AΛ.Βουλιαγμένης 604, 167 77 Ελληνικότηλ: 210-9914263 fax:210-9914587

Ηχοσυστήματα και πλοηγούς αυτοκινήτων, radio cd, πώληση, τοποθέτηση

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19

From Members to Members

Greek-Swedish Imports-Exports

Προσφορές - Προνόμια - Εκπτώσεις

January - July 2012

ΠΡΟΪΟΝΤΑ / ΥΠΗΡΕΣΙΕΣ ΕΚΠΤΩΣΗ / ΑΛΛΑ ΠΡΟΝΟΜΙΑ ΕΤΑΙΡΙΑΚλιματισμός: Αντιπροσωπεύοντας αποκλειστικά τον Ιαπωνικό οίκο ΗΙΤΑCHI παρέχεται η δυνατότητα λύσεων κλιματισμού, από οικιακή μέχρι και επαγγελματική χρήση. Η γκάμα των προιόντων καλύπτει όλες τις απαιτήσεις εφαρμογής κλιματισμού, τόσο σε μονάδες με ψυκτικό υγρό, όσο και σε μεγάλα ψυκτικά συγκροτήματα (κατοικίες, καταστήματα, κτίρια κλπ.). Παρέχεται η δυνατότητα εγκατάστασης, τεχνικής κάλυψης σε βλάβες και ανταλλακτικά, καθώς και σύναψης συμβολαίων προληπτικής συντήρησης των συστημάτων αυτών

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Ξενοδοχεία (Room rates-events) Ειδική τιμή 20% έκπτωση από την τιμή πόρτας για μονόκλινο ή και δίκλινο. Λειτουργία από Μάιο έως Σεπτέμβριο. Για κρατήσεις και πληροφορίες www.aeolos-folegandros.gr

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According to the recent data received from the Greek Statistical Service and the Swedish Trade Council for 2011, the trade relations between the two countries were as follows:The Swedish exports to Greece in 2011 were decreased by 16% after a 18,6% reduction in 2010. From 447,2 million Euro in 2009, dropped to 404,4 in 2010 and to 359,3 million Euro in 2011.The Greek exports to Sweden continued to be increased for a second year now. In 2010 they were increased by 20% and in 2011 by 5%. From 116,3 million Euro in 2009 they came up to 155,4 million Euro. The most important of these trade relations is that the bilateral balance trade is getting better for Greece since the its de� cit was reduced to -203,9 million Euro in 2011 from -330,9 million Euro in 2009. It is obvious that the situation for Greece is getting better for a second year now. Actually the volume percentage of Greek exports was increased in general and not only towards Sweden and perhaps this is the only optimistic parameter of the Greek economy. It should be stressed, that this is completely based on the private sector’s initiatives and has nothing or very little to do with the state export policy.Despite the raise in the Greek exports to Sweden, and the reduction of the Greek de� cit in the bilateral balance trade the bilateral balance of trade between the two countries remains by far in favour of Sweden and clearly negative for Greece. The situation, however, for Greece is not so bad for two reasons which counterbalance this trade balance de� cit: First, because the greek products which get in Sweden with shipping documents of other EU countries (Italy,

Germany, etc.) are not registered as Greek products according to the «Country of origin» but as Italian, German exports based on the criteria of the «Country of Consignment».And secondly, because the in� ows from the Greek Tourism services are not included in the above � gures. It should be stressed at this point that in 2011 the tourists from Sweden increased by 25%. Therefore, if we take into our consideration the above two factors and particularly the considerable exchange in� ows from the Swedish tourists who have signi� cantly increased the last two years it can be said that the above large gap of balance trade is getting in fact narrower and almost negligible.The Greek exports to Sweden are mainly consisted of ferro-nickel, aluminum and steel, ready to wear, medicaments, cosmetics, cotton fabrics and textille materials, olives and olive oil, wine, feta cheese, fruits and vegetables, raw materials, minerals, chemical and other manufactured products.The Swedish export growth to Greece included lumber, paper and paper pulp, pharmaceuticals, telecommunications equipment, a variety of vehicles, transportation equipment, furniture, machinery and other industrial products.There are still large enough exporting margins for the Greek products to Sweden and mostly for olive oil, wine, food, clothing, design, jewellery and cosmetics. Sweden is generally considered as a good “test market” for consumer goods. However, it all depends on the proper policy and the tactfull exporting campaign to be followed on this very important issue.Finally it is common knowledge that both sides have yet to fully explore the possibilities for further economic co-operation and for their mutual interest.

20

Agenda

Gothenburg22.05 - 25.05 2012LOGISTIK & TRANSPORTLogistics & Transport Expo & Conference Svenska Mässan - Swedish Exhibition & Congress Centre

Malmö23.05 - 25.05 2012NORDIC GAME CONFERENCEThe Nordic Game conference is all about building; the building of games of course, but also about building your market knowledge, your skills, your network, and your companyMalmöMässan

Elmia Jonkoping08.05 - 11.05 2012ELMIA POLYMER - POWERED BY FAKUMAInternational trade fair for the plastic and rubber industryElmia exhibition halls

29.05 - 31.05 2012WORLD BIOENERGYInternational Bio Energy Trade FairElmia exhibition halls

16.06 - 19.06 2012DREAM HACKComputer FestivalElmia exhibition halls

Athens24.05 - 27.05 2012SUMMER HOLIDAYS EXPOInternational Summer Holidays ExhibitionHelexpo Exhibition Centre

04.06 - 08.06 2012POSIDONIAInternational Shipping ExhibitionM.E.C. - Metropolitan Expo Centre

08.06 - 10.06 2012PROPERTYInternational Exhibition For Real Estate Management & DevelopmentHelexpo Exhibition Centre

16.06 - 18.06 2012FEMMINA PRET-A-PORTERFEMMINA prêt-a-porter is the biggest fashion exhibition in the Balkan StatesM.E.C. - Metropolitan Expo Centre

Thessaloniki24.05 - 27.05 2012THESSALONIKI INTERNATIONAL BOOK FAIRThessaloniki International Book FairThessaloniki International Exhibition Centre

30.06 - 07.07 20NANOTEXNOLOGYInternational Exhibition & Conferences on Nanosciences & Organic ElectronicsIoannis Vellidis Congress Centre

Swedish Fairs Greek Fairs

Obama honours Raoul Wallenberg’s legacy

US president Barack Obama praised the “sel� ess acts” of Swedish diplomat Raoul Wallenberg in a special video message released on April 19 to

coincide with Holocaust Remembrance Day.

“When the Jews in Budapest were marked with that yellow star, he shielded them behind the blue and yellow of the Swedish � ag,” said Obama.

“All these years later we still remember Raoul Wallenberg as he was, a young man in his early 30s, who earned his place forever in the righteous

among nations.”

In his two minute video tribute to Wallenberg, who famously saved the lives of thousands of Jews in Nazi-occupied Hungary during World War II,

Obama also praised the Swedish diplomat because he “reminded us of our obligations to our fellow human beings”.

The video was played during a ceremony at Stockholm’s Kulturhuset that was attended by Swedish democracy minister Birgitta Ohlsson, author

Ingrid Carlberg, who recently published a book about Wallenberg, as well as US ambassador Mark Brzezinski.

“I feel both great hope and sorrow today when I think of this young man who gave his life for our fundamental values,” Brzezinski told TT.

In addition to the ceremony in Stockholm, another ceremony took place in the rotunda of the US Capitol in Washington, DC in which Sweden’s

Princess Madeleine and Riksdag speaker Per Westerberg participated.

Earlier this week, the US House of Representatives voted unanimously to posthumously award Wallenberg the Congressional Gold Medal.

The medal, � rst awarded to � rst US president George Washington, is given to honour “the highest expression of national appreciation for

distinguished achievements and contributions”.

The Local