A view of the main entrance of the former international Hellenikon airport in Athens, Greece, July 16, 2017.REUTERS/Costas Baltas
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New York property developer Mike Angeliades has wanted to create a golf resort in his native Greece for quarter of a century.Now the project to invest up to 400 million euros ($470 million) is stalled.Greece's recovery depends largely on foreign investment. Seven years ago it embarked on a privatization program to raise 50 billion euros for the near-bankrupt state. Publicly, the Greek state says it is actively pursuing investments.Backed by Chinese and Gulf investors, Greek developer Lamda came up with an 8 billion euro plan to build one of Europe's biggest coastal resorts, covering 620 hectares.The project was to be a game-changer for Greece, bringing in hundreds of thousands of tourists and creating 75,000 jobs in a country where unemployment is still over 20 percent.It also plans to plant a park covering about a third of the site, but still the project is languishing.Athanassiou says progress is vital in encouraging more investors to join his project and others.Foreign direct investment stood at 2.8 billion euros last year, an 11-fold rise since 2010 when Greece took its first bailout, with Germany the main contributor.Doing business in Greece has not been easy. Angeliades said his final decision whether to go ahead with the investment depended on how significant the findings are.
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