Vestiges of a golden age are going under the hammer

They used to be among the protagonists of Greek entrepreneurship, with a powerful presence in industry, construction and retail commerce, and a significant international presence. Yet, overborrowing, poor management and a failure to predict the deterioration of market conditions sent these firms into a tailspin that was followed by the inevitable crash.

In November 2002, George Petzetakis, a major stakeholder in the Petzetakis plastics industry, admitted in a meeting with journalists that the company's troubles stemmed from poor decisions made by the administration; he was CEO at the time. Babis Vovos International Construction (BVIC) never recovered from the 2009 Council of State decision to suspend its construction license for a mall in the central Athens district of Votanikos.

And these are just two among dozens of companies that folded after a spectacular heyday,...