Indeed, Greece, although it’s the 3rd olive oil producing country in terms of quantity produced, it’s the 1st in the production of top quality olive oil as 80% of Greece’s production is extra virgin olive oil, whereas in Italy, it is only 50% and in Spain - just 25%. Furhtermore, Italy has built a strong strategy, managing to position its product in all international markets, creating a universal trend and lifestyle by using Italian brands and the “made in Italy” label.
A few years ago there was an incident in which Italian companies were branding Greek olive oil as Italian. Is there still such practice and how in your opinion can this be prevented?
Most major Italian brands are bottling olive oils that are blends from various Mediterranean countries including Greece. Approximately 15% of Greek oil is added to give taste and aroma.
As CEO of a successful company, what is your opinion about the reforms needed in Greece in order to revive the local economy?
The deep economic crisis is the result of bad practices, and a society that has lost values and vision. The reforms are an absolute necessity as well as the transformation of our society and the inspiration that a new vision and values will bring. If the reforms take place, I believe that then Greece will positively surprise the world with strong healthy growth.
Do you agree with Troika's statement that the wage cuts in the private sector are inevitable in Greece?
Regretfully, many years of bad practices and the lack of a long term strategic plan call for imminent, short term – surgery type actions. In this case, cutting wages although very unpleasant and counterproductive in terms of short-term economic growth, is the only way to increase an economy’s competitiveness.
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