Economic crisis, technological growth
Economic crisis, technological growth
Adéa Guillot

ATHENS — Over the past three years, the European country most affected by the global economic crisis is without doubt Greece. Today, almost six in 10 young people are unemployed, 58.8% of those under 24. Many have also moved abroad since the country has struggled to recover from the recession. The “troika” (the International Monetary Fund, European Central Bank and the European Commission in Brussels) returned to review the country’s progress in Athens earlier this month, keeping the pressure on for Greece.

If we leave, what will be left of Greece when it comes out of this crisis?” asks Georges Spanoudakis. The 29-year-old heads up Pinnatta, a flourishing startup created barely three years ago. “I used to run an enterprise in the Silicon Valley, when I realized that there was a huge market for electronic greeting cards. At the time, the industry was valued at 8 billion euros, and experts estimate that it will reach 36 billion in the next three years.”

Spanoudakis therefore decided to return to his country and, with six collaborators, developed a smartphone application that allows users to instantaneously send personalized greeting cards accompanied by custom messages.

“After only four months, Russian, Chinese and American investors chipped in $350,000,” he says. “In August 2012, a new application for funds allowed us to raise another $300,000 from American investors. To date, we have received $1.5 million.”

And what about the brand new offices in an old abandoned factory of trendy Athens, with an outdoor game zone and relaxation corner? “Obviously, I’ve been inspired by businesses I’ve seen in California,” the young man explains. The 16 technician team members are in Greece, but marketing and finance are managed from the small town of Sunnyvale.

“When we raised our first capital, our investors were worried about the economic, political and fiscal instability here,” Spanoudakis says. “Setting up in the States seemed a good solution, but it was even more interesting to recruit good engineers here. They are cheaper, and there is less competition to steal them away,” he admits unashamedly.

Businesses helping businesses

In a similar vein, an initiative called Corallia that promotes the development of Greek technical “clusters” hopes to reassure and encourage investors to put money in Greek startups, despite the fact that the country is in its sixth year of recession.

The cluster, or competitive hub, is still a new concept in Greece, and its based on the model of Sophia-Antipolis (Alpes-Maritimes) in France, and on the Silicon Valley in the U.S. “It’s a perfect tool for putting companies into contact with each other, so that they exchange, collaborate and become mutually beneficial contacts in a sector and therefore more competitive in the global market,” explains Vassilis Makios, director of Corallia.

This former professor of the renowned technical University of Patras laments the hemorrhaging of talent that he has witnessed. “Over time, I’ve seen more than 600 students who have found success abroad, and now I want to create the conditions and economic environment to allow them to stay here and produce money and jobs for their own country,” Makios says.

European funds finance half of Corallia’s annual budget of 10 million euro. “Now we are experiencing real success, notably in the nano and microelectronic cluster,” the company’s financial director, Jorge Sanchez-Pasaspiliou, notes with delight. “For example, Samsung has bought Nanoradio, a Patras startup, the giant Citrix bought out Bytemobile, and the Siva group has invested in Antcor.”

Antcor is a business founded in 2004 that creates wifi processors for tablets and mobiles. These products are moved on to microchip producers. In 2012, it recorded a growth rate approaching 70%. In this year alone, its staff has grown from 15 to 20 employees.

“We are not suffering from the crisis that is affecting the rest of the country because our clientele isn’t local, it’s global,” says Costas Meimetis, Antcor’s president and cofounder. “What’s more, we’re avoiding the widespread issue of poor cash flow linked to the banking sector’s collapse in 2008, as our investors are also international.”

Taxibeat going international

Another example of extensively covered success is the smartphone app Taxibeat. This service allows the consumer to quickly find a taxi, pick their specific preferences (type of car, services on board) and then review their experience. Launched in 2011 in Athens, Taxibeat has since expanded to France, Mexico and Brazil, and should soon be introduced in Peru and Colombia. “The service works particularly well in countries that have a security or quality problem, because the client can now choose their taxi from a trustworthy source,” explains Spyros Dovas, manager at Taxibeat.

Dovos, a laid-back businessman in his forties, was tempted to emigrate in 2010 when Greece plunged into the economic crisis, but now he’s glad he stayed. “It’s really rewarding to participate in a venture that pays off,” he says. “It proves that the youth of Greece have a capacity for innovation, are well-educated, and when they put themselves out there they turn out to be shrewd businessmen and very competitive in their operations.”

All of these startups belong to the information technology or general electronics sectors — and are now being pursued by American, Russian or Israeli investors.

“Europe has allocated significant funds to support this growing sector in Greece. The benefit of information technology is that we can start a business without much capital,” says Aristos Doxiadis, economist and partner at Open Fund, a company whose objective is to finance emerging IT companies and is itself funded by a 7 million euro grant from the European Investment Fund. “We get involved by buying shares in the capital — anywhere between 100,000 and 500,000. After that we are interested in the businesses’ development,” Doxiadis explains. He also underlines the necessity of educating other sectors of the economy about this type of program. “Lots of entrepreneurs outside of IT are still completely without financing, and they should become more determined.”

Penny Vomva is just that. This 33-year-old trendsetter opened her own studio and shop called Rien in June 2010 without a loan or a single outside investor. Now, still without any outside financing, she is launching an online store and has opened a second boutique on the island of Mykonos.

“If it worked during the worst times of the crisis, the only way is up,” the enthusiastic young woman says. The business may not be as widely known as IT startups are, but it clearly illustrates the will of thousands of young Greeks under threat of unemployment to create their own jobs — and a future for themselves.

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January 22-23

  • Navalny saga & Putin’s intentions
  • COVID’s toll on teenage girls
  • A 50-year-old book fee finally gets paid
  • … and much more!

🎲 BUT FIRST, A NEWS QUIZ!

What do you remember from the news this week?

1. Which two words did U.S. President Joe Biden use about possible scenarios in the Russia-Ukraine standoff that upset authorities in Kyiv?

2. What started to mysteriously appear on signs, statues and monuments across Adelaide, Australia?

3. What cult movie did U.S. rocker Meat Loaf, who died Friday at age 74, star in?

4. What news story have we summed up here in emoji form? 🇬🇧 👱 💬 💼 ❌ 🥳 🦠

[Answers at the bottom of this newsletter]

⬇️  STARTER

Toxic geopolitics: More than ever, we need more women world leaders

The world is watching the Russian-Ukrainian border. Russian President Vladimir Putin threatening an invasion finds an ally in Iran’s Ebrahim Raisi, united against their common enemy: the United States. Back in Washington, U.S. President Joe Biden — marking his first year in power with painfully low approval rates (higher only than Donald Trump’s) — sends his Secretary of State, Antony Blinken, to Kyiv to reassure President Volodymyr Zelensky who worries that France’s Emmanuel Macron might undermine Ukraine. And we haven’t even mentioned Xi Jinping!

It’s an endless theater of world leaders beating their respective chests — and they have exactly one thing in common: they’re all men. It’s by now a decades-old question, but worth asking again: What would happen if women, and not men, were running the world? Would there be less conflict, more prosperity? More humanity?

In 2018, the World Economic Forum released a study that showed that “only 4% of signatories to peace agreements between 1992 and 2011 were women, and only 9% of the negotiators.” The report shows that in several conflict zones in the world in recent decades, citing Liberia, Northern Ireland and Colombia, women have been instrumental in achieving peace.

In Colombia, where 20% of peace negotiators for the 2016 peace treaty were women, Ingrid Betancourt, herself a victim of the 50-year conflict, has announced her candidacy for the May presidential elections. Differently from previous bids, where she focused on fighting environmental abuses and corruption, Betancourt now is putting gender issues at the center of her political agenda. Bogota daily El Espectador questions whether the former hostage will be able to ride this important political wave, with feminist movements flexing their muscle around the region demanding more rights.

In Italy, next week’s elections for the head of state are monopolized by infamously misogynous former Prime Minister Silvio Berlusconi, who is hoping to be elected for the seven-year, honorary function. There is no official candidacy, but Berlusconi’s name and that of current Prime Minister Mario Draghi are the two getting the most attention. Italian feminist writer and intellectual Dacia Maraini writes in La Stampa that, yes, the very fact of electing a female president will be progress for the country — and by the way, there are plenty of women qualifed for the job.

There was also a woman politician making the news this week for actually getting elected: Maltese conservative politician Roberta Metsola, became the new European Parliament President after the death of Italy’s David Sassoli. And yet the election of the first female president of the EU’s legislature since Nicole Fontaine in 2001 has been widely criticized by female politicians — primarily for Metsola’s stance against abortion rights. "I think it is a terrible sign for women's rights everywhere in Europe," French left-wing member of the European Parliament Manon Aubry told Deutsche Welle.

The women who have risen to power in history (Margaret Thatcher, anyone?) don’t necessarily make the case that gender is the silver bullet to fix politics. Still, after watching all the toxic masculinity on the world stage this past week, we can rightfully demand fewer men.

Irene Caselli

🎭  5 CULTURE THINGS TO KNOW

• Record-breaking online concert of Mahler’s “Symphony of a Thousand”: More than 100 musicians from around the world will take part today in a performance of Mahler’s epic 8th symphony consisting of 1,200 elements, including a double chorus, children’s choir, a full orchestra and an organ. The event is a culmination of a year of work; all artists recorded their parts in isolation besides the children’s choir. Tickets can be purchased here.

Yearly Japanese festival will set a mountain on fire: Today, the grassy hillside of Mount Wakakusayama in Japan will go up in flames as fireworks go off in the background as part of celebrations for Wakakusa Yamayak. The origin of the festival isn’t totally clear, but might relate to border conflicts between the great temples in the region or to ward off wild boars.

• New insights into antiquities taken by the Nazis: Scholars are looking into how German forces during World War II looted artifacts such as on the Greek island of Crete. Nazi officials pillaged these valuables for their own personal gain, but many were also destroyed, which is why researchers around the world are hoping to gain greater insight into this often overlooked aspect of German occupation.

Exhibition of Beirut’s restored artwork: The Beirut Museum of Art has inaugurated the exhibition “Lift” featuring 17 paintings by Lebanese artists that had been damaged by the port explosion in 2020, and have since been restored as a result of a UNESCO initiative.

The world’s first vegan violin tunes up: Berries, pears and spring water are just some of the natural ingredients relied on for the construction of the instrument by English violin-maker Padraig O'Dubhlaoidh. Traditionally, animal parts like horsehair, hooves, horns and bones are used, especially to glue pieces together. The £8,000 instrument is sure to be music to some animal lover’s ears.

🇷🇺  NAVALNY SAGA & PUTIN’S INTENTIONS


One year ago anti-corruption lawyer and politician Alexei Navalny was detained in Russia, marking the effective end of domestic opposition to Russian president Vladimir Putin. In the time since, more than half of the former coordinators of Navalny's headquarters fled Russia. Even Navalny's name is forbidden: Putin never says his name, calling him "this citizen."

At the same time, Navalny’s imprisonment and the de facto end of the opposition have changed Russia. The fear of persecution, the lack of alternatives and the total censorship and propaganda have caused Putin's ratings consistently downward.

An aging leader with no successors, no enemies and dwindling popular support is finding it increasingly difficult to explain why he must continue to rule forever. In such a situation, there’s nothing quite like an external threat to fuel the raison d’être of the authoritarian regime. In Putin’s eyes, the perfect threat right now is NATO expansion, and the perfect enemy is its neighbor Ukraine and its attempts to join the military alliance. Whether Russia's president is ready to engage in a real war is the great unknown, but its aggressive and uncompromising foreign policy — like his disposing of Alexei Navalny — is the latest legitimization of his increasingly absolutist rule now into its third decade.

Read the full story: What The Alexei Navalny Saga Tells Us About Putin’s Intentions On Ukraine

🇨🇴  FROM HOSTAGE TO POTENTIAL HEAD OF STATE


Íngrid Betancourt spent more than six years as a prisoner of the Revolutionary Armed Forces of Colombia (FARC) terror group in Colombia, an experience that is sure to play a role in her recently announced presidential campaign. Betancourt, who is 60, is running as part of the Verde Oxígeno and is the only woman in the Centro Esperanza Coalition (CCE), a centrist alliance.

Betancourt could be a boost for the coalition and embody its goals of transforming, overcoming polarization and, as its name indicates, giving hope to Colombia. In particular, the centrist candidate who in the past has been largely focused on anti-corruption and environmental protection, has said she will make women’s rights a cornerstone of her campaign.

Read the full story: Ingrid Betancourt, A Hostage Heroine Reinvented As Feminist For President

♀️ 😔  YOUNG WOMEN FACE THE BRUNT OF THE COVID-19 MENTAL HEALTH CRISIS


A growing number of studies around the world show that COVID-19 and lockdown restrictions have prompted a disproportionate increase in mental health illness among teen girls. These include rising suicide rates among adolescent females in the United States, Germany and Spain and a higher prevalence of anxiety and eating disorders in Israel. But why are women being disproportionately impacted?

There’s a range of reasons. In India, for example, young women had increased difficulty accessing education resources when schools went online and shared a disproportionate burden of household tasks as opposed to their male peers. Around the world, social media also played a significant role; without access to in-person socialization and hobbies, young people spent more time online, often comparing themselves to others, impacting feelings of self-worth. The situation is particularly dire given the challenges of accessing mental health support resources during the pandemic.

Read the full story: Why The COVID-19 Mental Health Crisis Is Hitting Teenage Girls The Hardest

💡  BRIGHT IDEA


Norwegian mobility company Podbike has announced that Frikar, its four-wheeled enclosed electric bike, will soon hit bike lanes on home turf. The futuristic-looking vehicle does require the user to pedal, which powers a generator and drive-by-wire system that keep the Frikar running — with a speed limited to 25 km/h.

#️⃣ TRENDING

“Mãe De Bolsonaro” is the top query on Twitter in Brazil, after news that Brazilian President Jair Bolsonaro’s mother Olinda Bonturi Bolsonaro had died at age 94.

😄📚 SMILE OF THE WEEK

Photo of the new President of the European Parliament Roberta Metsola

New President of the European Parliament Roberta Metsola

Philipp Von Ditfurth/ZUMA


London’s legendary bookshop Waterstones Gower Street tweeted a photo of a letter from an anonymous user confessing to having forgotten to pay for their books some 48 years ago. Owing approximately £100 ($136), adjusted for inflation, they had sent through £120 ($163) to make up for their tardiness. Touched by the kind gesture, the bookshop reciprocated by donating the money to the largest children’s reading charity in the United Kingdom.

👉   OTHERWISE ...

Dottoré! is a weekly column on Worldcrunch.com by Mariateresa Fichele, a psychiatrist and writer based in Naples, Italy. Read more about the series here.

Bucket of tears

I’ve been thinking and thinking about a patient of mine since yesterday. His name is Giovanni.

Psychiatrists, you might not know, are quite often asked the same unanswerable question: "Why does one become insane?”

When I was younger, I searched and searched for an answer, losing myself in scientific explanations about synapses, neurons and neurotransmitters.

By the end of my studies, I’d realized that the only thing that was clear was that I’d been clutching at straws to justify my work and give it a semblance of scientific dignity. In the years since, I’ve forced myself, in defiance of the authority of my position, to reply with a laconic but honest: "Sorry, but I don't know."

So when Giovanni asked me that same question, he was not happy at all with my answer. “Dottoré, how’s it possible that you don't understand why I became crazy?”

When he tried to ask me again one day, I tried a different response:

"Giová, do you cry?"

"No. Why?"

"Imagine that the tears that you don't shed, that you force yourself not to shed, because that's what you've been taught to do, all end up inside your heart. The heart is an organ that pumps blood, which brings nourishment and oxygen to the whole body. But over time those diverted tears accumulate to the point that the heart begins to pump them instead of your blood. Slowly your body becomes sick, but the part that suffers the most is your brain. Because tears don't contain oxygen and nourishment, just sadness."

I expected a reaction to this fanciful explanation, but instead Giovanni kept quiet and eventually left.

The next time I saw him, he said: "Dottoré, I've thought about it. I know you told me about the tears to make me feel better, but maybe you’re right. Because sometimes I feel that I have a lake, more than a heart. But it takes a very powerful pump to pump out all that water, and my heart alone cannot do it. And now that you've explained to me how I became crazy, can you also tell me if I'll ever get better?"

"Do you want another story or do you want the truth?”

"This time, I’d rather have the truth!”

"The answer is always the same then. I'm sorry, Giová, but I don't know this either. But I can tell you one thing for sure. I'll help you slowly, slowly with just a bucket. Because the truth is, not even I have that pump."

⏩  LOOKING AHEAD

• Italy's parliament will convene Monday to begin the process of voting for a new president to succeed Sergio Mattarella for a seven-year term.

• Qualification games for the 2022 FIFA World Cup will be held from Jan. 27 to Feb. 2 for South, North and Central America as well as Asia. Argentina’s national team will not be able to rely on superstar Lionel Messi, still recovering from COVID-19.

• Next Thursday will mark 100 years since Nellie Bly died. The American journalist is known for her record-breaking 72-day trip around the world in 1889, inspired by Jules Vernes’ book Around the World in Eighty Days


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