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News
For comprehensive legal services … think ELC
A COUNTRY IN AN EMERGENCY RESTRUCTURING
The turmoil of public finances in Greece has revealed many weaknesses in the system requiring immediate addressing and handling. Thus operations of all major public sectors have been reshuffled and redefined. Same applies to public and by extension also to corporate finance and taxation. New rules and regulations apply many of them with immediate effect on vital sectors such as labor law, pension schemes, State and private funding, and taxation rules. We monitor closely the situation and we are constantly synchronizing our databases so that we can continuously offer the latest updates to our clients.
MERGERS AND ACQUISITIONS
 Business opportunities arise as several businesses are being entering into new schemes thus offering a much needed consolidation into the fragmented Greek market. After the announced merger of Olympic Air with Aegean airlines to be effective as of this fall, on July 15, 2010 came from PIRAEUS Bank the first consolidation offer in the banking/financial sector for the acquisition of the Hellenic PostBank and of the Agricultural bank. There is certainly much to follow on various levels, schemes and sizes on a trend that seems to grow after considerable delay. It is much anticipated that the antiquated legal frame will also follow with more straight forwarded and simplified procedures.
WORLD’S BEST SCORE ON LEHMAN SETTLEMENT
 Our Law firm has pioneered the civil claims over Lehman structured products sold by various banks in the country. Almost one and a half year following the Lehman disaster, and several lawsuits filed by our firm in Greece, our clients have good reasons to be pleased with our performance: An agreement has been reached for an out of Court settlement with Citibank where our clients will be selling their Lehman titles they bought through Citibank to a bank’s subsidiary at an agreed 70% of the initial titles value. This is the highest worldwide purchase price convened by the bank.
NATIONAL ARCHAEOLOGICAL MUSEUM: ERETRIA EXPOSITION
It is with great pleasure that our Law firm is sponsoring a major event at the National Archeological museum. The first complete exposition on Eretria is being presented by the Swiss School of Archaeology which is doing on site excavations and has gathered an invaluable material over the years. The Swiss school of Archaeology is one of the few foreign archaeological schools operating in Greece for over 50 years presided by the former Swiss Federal President Pascal Couchepin. Constantin Kokkinos is also a member of the Consultative committee of this foundation.
OTHER CULTURAL ENGAGEMENTS
Evi Routoula our long term associate – and supreme Court ranked - attorney at Law is also translating into Greek fine English literature. She has recently published in Greece two novels by Jennifer Lace an established writer and the mother of the Fines brothers, both well known actors from the movies “Shakespeare in Love” and “The English patient”. At a successful cultural evening at the Swiss Community House in Athens Evi and the author’s daughter and film producer Martha Fines flown for the event, have presented the books to the Greek public and received many positive reactions and commentaries.
Our Law Office has also been active into other causes: We are glad to actively support the photography exposition of the ELPIDA foundation for the physically disabled children which is taking place at the ANAPLASI rehabilitation centre and clinic. All income from the exposition will be disposed to severely handicapped and disabled children.
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