Greek Foreign Press Agency Goes Bankrupt

The Foreign Press Distributing Agency announced that it is suspending its activities in Greece due to bankruptcy. According an article in the Imerisia newspaper, the agency said that it has debts towards IKA (the state social security fund) that are more than 748,509 Euros and 3.5 million Euros in debts to its suppliers. As such, the agency requested that all of the owners of points of sale of foreign press begin the process of closing their books with the agency.

What does this mean for the common citizen? Well, tourists to Greece this summer will find it very difficult to find foreign newspapers and magazines. (Specifically, over 4,000 foreign magazine titles were in circulation and 20 major international newspapers).

There have been rumors, however, that a mysterious investor from Cyprus is interested in obtaining the foreign press agency.

(Editor's Note: A solution should be found by September but until then simply advise your friends and family to log on to HellasFrappe... Everyone who reads this blog knows that we never go on holiday and post the latest news on Greece -and the surrounding region- every single day! If there are major international news stories that also need your attention, we usually post those as well. Simple solution... No stress!)