VAROUFAKIS QUITS
New finance chief a clear change in style from predecessor,
Outgoing Greek finance minister Yanis Varoufakis leaves with his wife, Danai, after his resignation Monday. His replacement, Euclid Tsakalotos, a mild-tempered professor, is a clear change in style from his combative predecessor.
But European officials shouldn’t expect a softer approach in the substance of new bailout talks.
• Major Canadian importers of olive oil, sea salt, preserved vegetables and other delicacies from Greece say they’ve been stockpiling goods in their warehouses in anticipation that the economic turmoil overseas will get worse.
The Canadian companies say the economic crisis in Greece won’t keep products off store shelves here for a while, but recent events make their preparations seem wise.
A referendum held on Sunday saw Greek citizens reject the idea of adopting more austerity measures in exchange for financial aid from the European Union. The debtridden country has shut banks for six working days and imposed strict limits on cash withdrawals.
Greece’s precarious financial situation may force it to abandon the euro and begin issuing its own currency.
Canadian businesses are keeping a close eye on the situation, but don’t immediately seem to feel their bottom lines will require much extra scrutiny.
“Business as usual for us,” said Miltiadis Antypas, president of Pilaros International Trading Inc. “The companies we’re dealing with, most of them are multinational. They don’t pay us, we pay them, so the situation is not changing for us.”
The food products that companies such as Pilaros import to Canadian shores represent a significant piece of the Greek-Canadian trading relationship.
According to 2014 figures posted on the Greek embassy website, Canada imported nearly $57 million in food products from Greece.
In order to meet the demand, Antypas said his company’s warehouses are currently filled with at least a five-month supply of goods such as olives and olive oil, sea salt and other products with a long shelf life.
Alex Alexakis, vicepresident of Canadian operations at Krinos Foods, said his firm too has been stockpiling supplies.
“We’re OK for a couple of months at least,” Alexakis said, while stressing that the situation could deteriorate if Greek and EU officials don’t find a resolution to the economic crisis soon.
Greece and its creditors, who will meet again Tuesday, remain far apart on key issues, particularly the notion of debt relief.