`Return to Rationality - Olive Oil Times
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Return to Rationality

By Costas Vasilopoulos
Aug. 8, 2012 10:22 UTC
Summary Summary

The finan­cial cri­sis has led to a shift in inter­est towards more tra­di­tional invest­ments, such as acquir­ing olive groves, in Greece. This trend is seen as a pos­i­tive sign of ratio­nal think­ing and a poten­tial path towards eco­nomic recov­ery through invest­ments in olive oil pro­duc­tion.

A few months ago at a bank auc­tion of a con­fis­cated lux­ury villa on the island of Mykonos no one was inter­ested in acquir­ing it. On the con­trary, at a sim­i­lar bank auc­tion of an olive grove of 125 acres in Messinia, south­ern Greece, there were no less than 8 bids.

Maybe this is only a coin­ci­dence, but then again it can mean that things are chang­ing and peo­ple are think­ing ratio­nally again.

The advent of the finan­cial cri­sis has cre­ated many woes, but at the same time, it has cre­ated the need to look back to for­got­ten things and prac­tices that can take us out of the swamp, like young peo­ple going back to work at the fam­ily prop­erty.

Olive oil brand­ing ranks at the top of the inquiries adver­tis­ing agen­cies are receiv­ing and in the Messinia region over 20 appli­ca­tions have been sub­mit­ted to the local Department of Industry dur­ing the last two months for per­mits to make branded olive oil.

Good luck to the new­born entre­pre­neurs, but there is more to it than meets the eye; despite the cri­sis, peo­ple have decided to do some­thing with their money. And since most upstarts will invest their sav­ings (bank financ­ing is vir­tu­ally non-exis­tent), money will flow in the mar­ket, equip­ment will be bought, new hir­ing will take place, and so on.

Of course, this by itself can’t take Greece out of the bur­den­some predica­ment, but olive oil pro­duc­tion is a real and promis­ing busi­ness, unlike all the oth­ers that brought the coun­try and other pre­vi­ously solid economies of Europe on the verge of extinc­tion.

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