CNN: There is light at the end of the tunnel for Greek economy

It΄s been three years since Greece was granted 110 billion euros in the first of two bailouts by its EU partners and the International Monetary Fund. Harsh austerity measures have driven the economy into the ground since then. Unemployment has soared. More than 6 in 10 young workers are out of a job.

According to CCN, there may be light at the end of the tunnel. After six years of recession, the economy is forecast to grow again in 2014. And while Greece remains shut out of international financial markets, one of its biggest banks – Piraeus -- is  convinced it can raise enough money from global investors to avoid nationalization.

Here΄s a look at how Greece΄s economy stacks up today compared to what it looked like in the last full year before the bailout.

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Piraeus Port Launches New Sea Cruise Terminal

The Piraeus Port Organization formally began operating its new international sea cruise passenger terminal "Themistocles" on Monday. The new terminal, which is the second such terminal at the port and apparently covers an area of 5,600 square metres, is able to service up to 25,000 passengers daily, has large entrance-exit areas, modern control systems, parking facilities for taxis, tourist buses and other vehicles.

The chairman and chief executive of Piraeus Port Organization, George Anomeritis, said that the new terminal is going to be able to service sea cruise passengers from different entry and exit gate points and announced that there are more plans in store for the Piraeus port in 2013. One such plan is a third sea cruise passenger terminal by the end of the present year.

Crete: Draws Attention Of Canadian Tour Operators

Boosting Canadian tourism on the island of Crete was the focus of a meeting recently between the head of Crete Region, Stavros Arnaoutakis and some 48 Canadian tour operators. The Canadian delegation was headed by Nicole Bursey, the Air Transat sales promotion manager.

Welcoming the operators at the port of Heraklion, Arnaoutakis referred to the Crete's history, culture and comparative advantages. At the same time he noted that the island was a safe and quality tourist destination.

The Head of Crete also spoke warmly of Canada and the important contacts he had during his recent visit there, stressing that such contacts have paid off, both with regard to the promotion of Cretan products to Canada, as well as with regard to the enhanced numbers of Canadian tourists visiting Crete.

The tour operators said they were thrilled with the island, and apparently they expressed interest in striking deals with local travel and tourism businesses.

New London Investment Club Focuses Attention On Greece & Cyprus

A new investment club has been formed in London with the aim of becoming active in Greece and Cyprus. According to the Cyprus News Agency, a formal announcement should be expected in the coming summer. The founding team of the "Hellenic Investment Club" consists of investment bankers, private equity professionals, hedge fund managers and venture capitalists.

The founder is a London financier of Athenian origin.

The Club specialises in the buying and building of companies that operate in the Hellenic mid-market. Its investors' working method in private equity is cooperating with the management teams they back, acquire businesses which operate in attractive and fragmented sectors and transform them into market leaders.

     "Our investment model creates value by driving operational improvements, supporting organic growth and sourcing and funding complementary acquisitions," states the Club's website.

The Club is currently able to deploy over 200 million of capital.

The focus in venture capital is buyouts in established businesses. However, the Club's members also accelerate innovative ideas through their affiliation with established venture capital clubs in London, Athens and the Silicon Valley. The main focus is given to the healthcare, technology - media - telecommunications and services industries.

A source close to the founding team has confirmed to the Cyprus News Agency that the Hellenic Investment Club intends to get involved in Cyprus as well by the end of the year. (CNA)

Russian Commercial Bank To Continue Operating In Cyprus

The Russian Commercial Bank (Cyprus) Ltd, subsidiary of the Russian state bank VTB, intends to maintain its operations in Cyprus. According to CNA sources, despite initial thoughts by the bank to transfer its operations to Malta, due to the recent Eurogroup decision on Cyprus and the restrictions imposed afterwards on the movement of capital, the bank has decided to remain in Cyprus.

The same sources have told CNA that the bank's decision is a token of its confidence in the Cyprus banking system, the Cypriot authorities and the prospects of the economy on the island.

Teachers Take Gov't Decision For Civil Mobilization Order To The Limit

Following a decision by the government to issue a civil mobilisation order forcing teachers to work through strikes planned during the nationwide university entrance examinations, the federation of secondary school teachers (OLME) called on major labour unions GSEE and ADEDY to call a general strike on May 17.

At the weekend OLME board members met to examine ways to prevent the orders being served to them. Inspite of this, the government began to distribute over 80,000 civil mobilization orders on Monday morning.

The civil mobilisation order reads that there is "an imperative need" to prevent the "threatened negative effects" of the planned 24-hour strike or any other strike called during the exam period.

Following the signing of the decision by Prime Minister Antonis Samaras on Saturday evening, Education minister Konstantinos Arvanitopoulos said that "the Prime Minister and the government have ended the agony of thousands of students." He added that the decision for civil mobilization of teachers was "politically correct and constitutionally necessary".

OLME has resolved to hold a 24-hour strike on May 17, the first day of the nationwide exams, as well and a five-day strike between May 20 and 25. Their action is primarily staged against the government's decision to increase teachers' working hours by two hours a week.