I watched Lateline on the ABC last night and they interviewed the new President of Greece. He was asked about the economic measures he was going to introduce to rectify the economy. He said that he did not expect to be given the funds to bail out the economy, but he will be approaching the larger economies to loan the funds to Greece at a reduced interest rate. He was of the opinion that he would be able to implement the measures necesary to correct the imbalances that have occurred. He cited that there was significant corruption involved in the previous administration. Corruption is a very difficult thing to erradicate as people who are corrupt are usually in a position of power.
He was of the opinion that the Greek people were aware of the changes that have to be made to correct the problemand that they will support him with the changes.
There have already been significant demonstrations against some of the proposed changes.
The concern as I now see is the predominance that the Greek properties have in leisure as key tennants. Now I am no expert in the Greek community so I may be way off the mark. But I would be far happier if the Key tennants were a basic essentials provider rather than a descretionary/entertainment type, especially if their economy will be disrupted to the extent that this snoozer was quietly trying to allude to.
I still believe that AEZ will get through this period. But there may still be some buffeting to come.
If anyone wants to see the interview www.abc.net.au/lateline
AEZ Price at posting:
5.2¢ Sentiment: Hold Disclosure: Held
