Legal entities

A series of US legal firms on Tuesday invited the shareholders of Greek online music streaming company Akazoo to take part in legal cases being launched against the Athens-based corporation on the grounds of cheating, following a hedge fund report alleging serious irregularities at the Nasdaq-listed enterprise.

Most of the shareholders or associates of the legal entities registered in Romania in July were between 30 and 49 years of age, representing 55.3pct of the total, according to the data released by the National Trade Register Office (ONRC).

Businessmen can expand their companies on foreign markets through several options. For instance, they may register one of the legal entities that are available on those markets; however, they may also opt to incorporate a branch office or a subsidiary, which are two types of business structures that are especially designed for foreign companies expanding on foreign markets.

Greece's central bank unveiled a proposal on Thursday it said could remove a mountain of bad loans from banks' balance sheets to a single-digit ratio within two to three years, hoping to beat a deadline set by regulators.

The creation of a special purpose vehicle (SPV) to undertake nonperforming exposures in bank portfolios is necessary as it will allow lenders to improve their financial reports and manage their assets efficiently, the Bank of Greece argued on Thursday while announcing the details of its proposed plan to that end.

Thursday's euphoria at local banks proved short-lived, despite the mobilization of the government and regulatory authorities, as the pressure on bank stocks returned on Friday - sending their sector's index down 1.78 percent - while experts say a bad bank might be preferable to the kind of asset protection scheme being prepared by the government.

The operation of the new Public Holdings Company (EDIS), the subsidiary of state assets hyperfund EESYP which is supposed to directly control all state corporations until they are sold through the hyperfund, is far from certain, even though its creation was provided by law when EESYP was established.

Things have definitely changed in Greece but this is not necessarily something that the country's politicians and certain businesses have grasped. The game, as it were, has become much more complex and more global. Take a look at the banks, the mergers and the big company takeovers.

All opposition parties have expressed their frustration over the new amendment made by SYRIZA-ANEL government regarding the article 178 of the omnibus bill passed in Greek parliament a few days ago.

Agrobanka shareholders say that four years after the closing of the bank those behind the harmful decisions that destroyed it have not been discovered.

"We spent four years listening to stories and empty promises on fighting corruption and crime, as well as creating an environment for the arrival of new investors," a statement said, and added: