ENTREPRENEURS DEFY THE GLOOMY ECONOMY TO OPEN NEW SHOPS

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(24 May 2012) In the busy tourist area of Plaka in Athens, rows of closed shops are becoming the norm. • But Greek entrepreneurs like Agis Agapitos and Nikos Govas are bucking the trend and opening up new businesses here. • After getting his master's degree in economics from a British university, 28-year-old Agapitos and his brother Danny decided to open a wine bar that doubles up as a wine seller. • Oinoscent , only the second wine bar to open in Athens, began operating when the first signs of a crisis came about in 2008. • Four years later, Agis and Danny decided to expand the business moving from a 30 square metre shop to a shop across the street, that is almost five times larger. • Agis agrees the timing is risky but doesn't believe his business will suffer if the country is forced to return to its old currency, the drachma. • The small business owner thinks the drachma will turn Greece into an even more appealing destination for tourists than it already is, as the devalued currency will make Greek products cheap. • Twenty-four year old Nikos Govas moved to Greece from New York to open up a small coffee shop down the street from Oinoscent. • Nikos admits his move is a gutsy one given the economic climate in Greece. • However, he thinks Greek businessmen with good ideas who are willing to fight corruption and old business practices could make a difference to the country's weakened economy. • We are young people and we'll try for the best, he said. • I'm also hoping that the newly elected government will do something for us, so that young people don't keep leaving the country. • Bailed-out Greece is fighting shaky finances and rising unemployment in a fifth year of recession. • It has failed to form a government after a May 6 general election and will hold a fresh poll on June 17. • • • Find out more about AP Archive: http://www.aparchive.com/HowWeWork • Twitter: / ap_archive • Facebook: / aparchives • Instagram: / apnews • • • You can license this story through AP Archive: http://www.aparchive.com/metadata/you...

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