Elliniko still not out of the woods

The 37,000 square meters characterized as "forest" by the Piraeus Forestry Authority may turn out to be the Achilles' heel of the 8-billion-euro investment in the development of the old Athens airport plot at Elliniko, according to the chairman of contractor Lamda Development, Anastasios Giannitsis.

Addressing the listed construction firm's annual general meeting on Thursday, Giannitsis expressed optimism that the issue will have a positive outcome, as Lamda has already filed for the annulment of the decision that deems part of the plot to be forestland.

However, judging by the words of the Lamda executives, it appeared that if the decision is not reversed there will be serious issues regarding the future of the investment. That is because the area where those 37,000 sq.m. are situated has crucially been set aside for the creation of an international hotel resort with a...