The five-year-old political rapprochement between Greece and Turkey has contributed to a 60% increase in bilateral trade, but only one major investment has taken place in the financial sector so far.
The Greek decision to back Turkey’s candidacy for EU membership has significantly reduced perceptions of political risk in the Aegean region. If Turkish accession negotiations start on October 3 as scheduled, several Greek banks may try to accelerate entry to the Turkish market through acquisitions or joint ventures with a local partner.
