AT THE END OF THE GREEK RAINBOW

As the days in London and New York were getting darker and colder, the 2nd Annual Ship Finance Forum in Athens gave us the perfect opportunity to travel to the warmer climate of the Mecca of shipping. The buzz around this year’s event was very similar to that of last year, everyone wanted to know if and when they could list their companies on the stock exchanges of Athens or Cyprus. The replies from the speakers this time however was very different. As can be seen on the two accompanying charts the market sentiment in both Greece and Cyprus has changed dramatically. The Athens Stock Exchange General Index is down 35% since last year’s event and 40% since its all time high in September of 1999, the Cyprus General Index is down 50% since we last were in Greece and 66% since its all time high in November of the same year. So the investor sentiment had obviously changed but was there a chance to get a deal done.

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