Concentration in market has not improved conditions or outlook

The fabric of the economy, that is the enterprises that compose the Greek market, is in a slow but steady process of transformation. The number of companies in commerce and production is fast declining as shutdowns increase, but this process is not being accompanied by the streamlining that is expected from economic theory.

Every sector is caught up in the same pattern: Everywhere there are fewer and bigger players - from retail commerce, food, books and electronics, to insurance, banks and coastal shipping - though not necessarily in a healthier position than they were before the crisis and without the benefits of competition.

Likewise, Greece has its own model when it comes to mergers and acquisition. Groups absorbing or merging with others do so in an environment of zero or negative growth, rendering their future prospects doubtful.

At the same time, we have...