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Economic recovery, growth, and FDI are the main themes of the Greek market, where, after nine years of recession, the economy is beginning to shift and grow.

Virginia Murray is a partner in Watson Farley & Williams’ International Project & Structured Finance Group and is Head of the Greek law Corporate, Projects and Finance practice in the firm’s Athens office. She graduated from Cambridge in 1989 and moved to Greece and qualified as a Greek lawyer in 1998. She is fluent in Greek.

Greece is slowly recovering from the economic crisis – although even “crisis” hardly seems to capture the depths of the country’s economic plummet – that plunged the country into financial lockdown, with massive restructuring commitments to the Troika, record unemployment, and nose-diving foreign investment. With the darkest days of recession now past, and with a new government in power, the country finds itself peering forward, hoping that the light it sees coming towards it through the lingering fog is the sun of a new day … and not an oncoming train.

The Koutalidis law firm has advised a consortium of banks led by Goldman Sachs and Credit Suisse on a EUR 500 million fixed-rate unsecured bond issue and tender for notes purchase by Hellenic Petroleum. The bonds are listed on the Luxembourg Stock Exchange.

The Koutalidis law firm has advised a consortium of banks led by Goldman Sachs and JP Morgan on a EUR 525 million high-yield bond issue by WIND Hellas group and on the signing of a new EUR 75 million revolving credit facility.

The IAG law firm in Greece has successfully represented the Board of Alpha Bank before the Athens Court of Appeals in a dispute involving charges of breach of trust in relation to multi-million loans granted to, according to IAG, a “well-known publishing company and its principal that ran into financial difficulties.”

Zepos & Yannopoulos has advised both the buyer and the seller on Greek aspects of the acquisition by MacGregor, a subsidiary of Cargotec Oyj, of the marine and offshore businesses of TTS Group ASA for approximately EUR 87 million. Norway's Wikborg Rein law firm advised TTS Group ASA and Norway's Bahr law firm advised Cargotec’s MacGregor.