Analysis GREECE
Desperate times call for gaming measures
Can gaming come to the rescue of the Greek government or are the latest proposals to stave off the IMF’s austerity measures ill-conceived quick fix solutions?
According to Greek mythology Athena and Poseidon agreed that whoever gave Athen’s the best gift would become guardian over the city. Poseidon gave water and Athena gave an olive tree. The tree was deemed by the other Gods to be more valuable. Say no more.
As one of the most watched markets, Greece, has for years dangled a lucrative gaming carrot in front of the industry, whilst we have all waited patiently for such a highly restricted market to fully grasp its potential.
Now, as the country is floundering in the midst of the worst economic crisis within its history, it seems the simple request for much needed revenue has left the government with no other choice than to re-introduce legalised gaming.
At the beginning of the year the government introduced a draft bill for the regulation of online gaming and also the introduction of gaming licences for VLTs. In March the Greek Parliament approved the bill and this has now been sent to the European Commission for final approvals.
So things are beginning to look very different in Greece. A new socialist government intent on change, coupled with a handout from the IMF, has saved the country which was balancing on the brink of bankruptcy.
So how did it all begin? Well Greece was the first area in Europe where advanced civilisations emerged. Also known as Hellas of the Hellenic Republic, Greece is a country in south east Europe which is situated on the Balkan Peninsula
It is divided into three main geographical areas – the mainland peninsula that extends from the region of Central Greece to the region of Thrace on the north; the Peloponnese peninsula and around 6,000 islands and islets of which 227 are inhabited. It borders Albania, Macedonia and Bulgaria to the north and Turkey to the east whilst the Aegean Sea lies to the east, the Ionian Sea to the west and the Mediterranean to the south and the country has the tenth longest coastline in the world with 14,880km.
An old Greek legend says that when God created the world he sifted all the soil onto the earth through a strainer and after every country had good soil, he tossed the stones left in the strainer over his shoulder and created Greece. As such the country is made up predominantly of mountains and hills and Mount Olympus is the focal point and at 2,917m is the highest in the country. It was once considered the throne of the Gods and today is popular with hikers and climbers.
North east Greece is occupied by the Rhodope range which stretches into East
G3 I MAY 2011 I PAGE 54
In May 2010 the
government deficit was revised again and was said to owe
around €300bn. As a consequence the IMF agreed to a rescue package which involved giving
Greece an immediate €110bn spread over three years on the condition that Greece slashed
public spending and boosted tax revenue.
Macedonia and the area is covered with thick ancient forests whilst western Greece is made up of a number of lakes and wetlands and dominated by the Pindus mountain range.
The range of mountains continues through to the Peloponnesus peninsula (which is tagged onto the southern end of Greece via the canal of the Isthmus of Corinth) and numerous islands such as Crete, Lesbos, Chios and Dodecanese.
Greece consists of 13 peripheries – Attica, Central Greece, Central Macedonia, Crete, East Macedonia, Thrace, Epirus, Ionian Islands, North Aegean, Peloponnese, South Aegean, West Greece and West Macedonia. These are then subdivided into 325 municipalities. Attica has the
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