GREECE GRADUALLY OVERCOMES OBSTACLES.

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Greeces overall economic panorama is brightening, even though inflation is well above the EU average, and so is its unemployment. The upcoming Olympic Games will give Greece an economic shot in the arm that should be reflected in strong private sector consumption gains in 2004.

Several factors will work in favor of a rebound in sales of durable consumer goods over the next 18 months. Thanks to newfound currency stability within the eurozone and moderating inflation, real wages are gradually rising. Greeces purchasing power parity of US$17,300 per annum is the lowest in the UE but gains in real income during the second half of this year and in 2004 should help to close the gap.

Increasingly attractive financing terms should emerge over the next few months and that will contribute...

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