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The aim of the paper is to present a review of the fiscal imbalances and debt crisis in Greece and identify the possible links with the recent developments in the Greek property market.

The author follows a non-technical approach to discuss a number of factors that have contributed to the fiscal crisis that Greece has been experiencing since October 2009. The author critically analyses both the “internal” causes of the deteriorating fiscal stance of the Greek economy (that is the prolonged macroeconomic imbalances that the Greek economy faces and the credibility problem of macroeconomic policy) and the “external” factors that might have contributed to the Greek fiscal crisis (that is implications of the recent financial turmoil and the timing of the response of Europe to the Greek fiscal crisis). The author then studies the extent to which fiscal imbalances and the debt crisis have affected the Greek property sector.

The analysis indicates that the current fiscal stance of the Greek economy and the Greek property market crisis are intertwined.

The author believes that these results are useful, make a contribution to the existing knowledge and provide some evidence that current economic recession has a considerable adverse effect on the property sector in Greece.

One of the distinctive features of the paper is to critically discuss the direct and indirect effects of the prolonged macroeconomic imbalances on the Greek property sector. To the best of the author's knowledge, none of the existing studies in this area provides systematic treatment of the Greek fiscal crisis as a contributory factor in explaining the current crisis in the Greek property market.

The aim of this paper is to identify the importance of property sector investment in regional economic growth in Greece.

The paper uses regional accounts data, including investment and employment for all Greek industries. The standard Cobb‐Douglas specification is used. The authors apply random effects and GMM estimators for dynamic panel data and employ two model specifications (aggregate and disaggregate).

The results indicate a positive relationship between investment in real estate services and hotels and restaurants and regional growth. Also, investment in the energy sector, which is closely linked to construction and consequently to housing activity, appears to have a positive and significant growth effect.

The authors believe that these results are useful, make a contribution to the existing knowledge, and provide firm justification that the property sector has a considerable effect on regional economic growth in Greece.

One of the distinctive features of the paper is that it discusses critically the extent to which the Greek property sector, as part of a broader nexus of domestic and global dynamics, affects regional economic growth – either directly or indirectly. To the best of the authors' knowledge, none of the existing studies in this area provides a systematic treatment of the property sector as a contributory factor in explaining the growth performance of Greek regions. The authors believe that this is an important empirical issue, especially given the spatial disparities that characterise Greek economic growth.

The aim of this paper is to present a review of the developments in the Greek construction sector since the year 2000.

The Greek construction sector – one of the most dynamic sectors of the Greek economy – grew quite strongly over the last decade. The paper follows a rather more descriptive approach to examine and analyse the factors that significantly boosted construction activity in Greece since the year 2000. It also studies and critically analyses the extent to which the Greek macro‐environment (legal‐political, economic, socio‐cultural, technological and demographic), as part of a broader nexus of domestic and global dynamics, affects construction companies.

The results indicate that the domestic and global macro‐environment have a substantial effect to the market participants in the Greek construction sector. The ability of the Greek construction companies to deal with, and in some cases take advantage of, the constantly changing domestic and global macro‐environment is expected to crucially affect their future viability and success.

This analysis of the Greek construction sector should be useful for industry professionals, policy‐makers and real estate lenders.

To the best of the authors’ knowledge, none of the existing studies in this area provides systematic treatment of the state of the macro‐environment as a contributory factor in explaining the performance of the Greek construction companies. The authors believe that this issue is an important one, especially in the case of industries such as construction, which is prone to cyclical activity.

Since Greece became a member of the EU and after the implementation of plethora of structural funds programs regarding the agricultural sector, the situation has remained more or less the same as far as the structural characteristics of the agricultural sector is concerned.

The agricultural sector in Greece accounts for €6.67 billion and contributes 4.3% to the total GVA which is double compared with the average European one (1.6%). The Agricultural Factor income per annual work unit (AWU) has reached 94% of the EU average. During the economic crisis (2009–2013) the value of this index decreased 22% while in the next years an upward trend followed and in 2019 reached the same level as before the economic crisis. During the period 2005–2018, productivity in Greece showed moderate and negative TFP growth numbers while in the same period, the TFP growth was stronger in the EU presenting an increase of 10%. The trade balance of agri-food products in Greece is negative, although recently this trade deficit has been reduced following an improvement in the agri-food sector's export performance. The value of agri-food products exports amount to €6.04 billion, which are the third largest category of exported goods. Also, the value of exports of manufactured products rose 70% during the period 2009–2019 against the exports of commodities, which also rose with a lower rate (25%), something that it is positive for the Greek economy, given the higher added value of manufactured products. Under the current Common Agricultural Policy Action Plan (2014–2020), Greece has a guaranteed flow of around €20 billion for direct support of agricultural income through direct payments (Pillar I) and has earmarked €15 billion and the remaining €5 billion under the Rural Development Program, (Pillar II). However, the direct payments are not allocated fairly.

The COVID-19 pandemic crisis hit the entire Greek economy and the agri-food sector which has just recovered from the recent economic crisis. However, during this crisis, the Greek agro-food chain has demonstrated great resilience to guarantee the supply of food to consumers. In the era of COVID-19, the key factors that can be employed by agri-food industry as a strategy for penetrating in global markets, are (1) Focus on developed markets, (2) Marketing in branded form (not bulk), and ideally emphasis on the uniqueness of the raw material, and (3) Sufficient volume of products to gain a leading share in the premium segment of the market. In addition, knowledge and innovation have a key role to play in helping farmers and rural communities meet future challenges. Finally, the only way in order to achieve economies of scale in the agri-food sector is to increase the level of cooperation at all levels by any available means.

The tourism industry in Greece has come a long way since its beginning as a distinct economic activity to reach the recent impressive results. It is a sector that has grown remarkably and became a major source of growth for the Greek economy. As such this chapter aims to discuss the importance and the potential of the sector, the unique characteristics of the Greek tourism industry and the future challenges ahead. Tables and suitable graphics are provided to visually enhance and inform the discussion. A wide range of articles, journals, books, and electronic sources has been reviewed to present as accurately and up to date information as possible. This chapter can therefore prove useful for academics and non-academics to use it as a reference point for the tourism sector in Greece.

The purpose of this paper is to examine the influence of major non-economic events, such as the announcement of Greek national parliamentary elections during the period 2000-2009, and search for stock manipulation and methods to detect and recover ill gotten assets. The Financial Sector in Greece is one of the most important and fast growing sectors during recent years and accounts to about 16.17-17.74 per cent of gross domestic product. The ten largest Greek banks listed in the Athens Stock Exchange, accounted to 38.34 per cent of the whole capitalisation of the Athens Stock Exchange during year end 2009.

By using event study methodology and Market Model and analyzing data of all Greek bank stocks prices listed in Athens Stock Exchange, before and after the announcement of four Greek national parliamentary elections during period 2000-2009, we find interesting results about stock market manipulation.

Using daily data from the Athens Stock Exchange, the results of this paper claim that the four Greek national parliamentary elections during the period 2000-2009, had no statistically significant effect on the Greek banks stocks. The results show that Cumulative Average Abnormal Returns (CAARs) were slightly positive or negative for Greek banks’ stocks, but not statistically significant in 5 and 10 per cent confidence levels. Results show no manipulation effect in banks’ stocks even if single-party governments in Greece caused elections early, sudden or even opportunistic timing, having an incentive to attempt to manipulate stocks to increase their chances of re-election.

Results show that CAARs were slightly positive or negative for Greek banks stocks, but not statistically significant in 5 and 10 per cent confidence levels, but when illicit funds or assets have been acquired from stock manipulation, as small as can be, then one fact remains constant. Proceeds from illicit activities must be disguised in some way to avoid being discovered and then being recovered. Especially, during current the financial crisis, debt crisis and the extraordinary liquidity support measures taken by the European Central Bank (ECB), International Monetary Fund (IMF) and European Commission to support Greek economy, using methods to detect and recover ill gotten assets are extremely important. Indirect methods such as net worth analysis, bank deposit analysis, expenditure method or sources and application of funds analysis, to detect ill gotten assets, and then when ill gotten income and assets from bank stock manipulation are found, a restraining order or court order will help to recovery assets by freezing and finally confiscating them by two types of forfeiture – criminal and civil forfeitures. Establishing a code of conduct informing employees of the risks and consequences of insider trading, creating a culture of honesty and high ethics and implementing Controlled Foreign Corporation legislation to cope with off-shore companies trading, can help to recover ill gotten assets.

The paper examines if there is banks stocks manipulation around announcement of Greek national parliamentary elections during the period 2000-2009; suggesting methods to detect and recover ill gotten assets and improving the current position of the Greek economy. Findings offer important positive implications for investors, political analysts and society as a whole, as Greek banks stocks show that they are not subject to political risk and manipulation and that there are methods to detect and recover ill gotten assets. A stable bank sector is prerequisite for economy growth.

The purpose of this study is to identify how different Generally Accepted Accounting Principles (GAAP) influence property management. The study is based on two basic accounting principles for the valuation of assets: fair value and historical cost. The study focuses on land and buildings as a main part of the total fixed assets of a company. It uses the framework of the Greek real estate market as an experimental setting where the principles of historic cost and fair value accounting can be compared.

The topic is approached using an integration of fixed assets into four main portfolio categories: own used; investments; held for sale assets; and inventories. According to this framework the study examines the accounting treatments under International Financial Reporting Standards (IFRS), US GAAP and Greek GAAP for each portfolio transaction and analyses the impact of accounting entries to equity and profit and loss account.

The study results to a comparative analysis of the different studied GAAP and tries to establish a purchase price allocation method for property acquisition.

The contribution of this article is that it surveys principles, literature and practice about the above issues from a critical perspective, and presents a way to managing and monitoring real estate investments, using logical decision trees, from an accounting point of view.

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.

The Greek regime on money laundering tends to be unknown to most foreign experts. This is partly due to the language barrier and partly due to the admittedly minimal bibliography on the regulation of money laundering both within the country and outside it. The limited bibliography is emphasised by a total lack of recorded criminal cases for money laundering brought before the Greek courts. The aim of this article is to present and examine Greek legislation and policy on money laundering. The necessity for a dedicated legislative text, hotly disputed by some legal experts in Greece, and the two Greek attempts at compliance with the EU Money Laundering Directive will be examined, as will the political parameters of this issue. Their repercussions on the enforcement of money laundering legislation will be assessed.

This paper aims to offer new insights on how the adoption of contemporary international accounting standards can affect the financial performance of a hotel. It provides significant input for strategic decision making in property management, especially in countries where hotels properties are given a choice between different accounting standards.

Data was collected from 3-, 4- and 5- star hotels in Greece, through primary research with questionnaires, filled by hotel financial managers. Greece was selected because hotels can choose between national and international accounting standards; therefore, the research could focus on actual factors beyond mandatory adoption.

Microeconomic factors such as category or legal form of the hotel in combination with other factors can affect the perceived benefits of the selected accounting standards. Macroeconomic factors such as the overall tourism development of the destination also affect the perceived impact.

The research was targeted at hotel executives with knowledge and participation in decision making regarding accounting standards. This requirement limited the sample since all hotels do not have a financial manager position.

The new knowledge can be utilized in property management as an element of hospitality strategic planning for improved assessment of anticipated effects resulting from the adoption of specific accounting standards.

The research fills a gap in existing knowledge by introducing elements not previously examined; additionally, it expands previous knowledge from other sectors to hospitality and tourism, while verifying or rejecting past findings.