Fanis Gekas, the Greece striker, says his team understand the mentality of their German opponents ahead of today's Euro 2012 quarter-final game. Patrik Stollarz / AFP
Fanis Gekas, the Greece striker, says his team understand the mentality of their German opponents ahead of today's Euro 2012 quarter-final game. Patrik Stollarz / AFP
Fanis Gekas, the Greece striker, says his team understand the mentality of their German opponents ahead of today's Euro 2012 quarter-final game. Patrik Stollarz / AFP
Fanis Gekas, the Greece striker, says his team understand the mentality of their German opponents ahead of today's Euro 2012 quarter-final game. Patrik Stollarz / AFP

Euro 2012: Politics threaten to overshadow Germany v Greece


Paul Radley
  • English
  • Arabic

David against Goliath. Debtors against creditors. The bank against the stock exchange.

The prospect of Greece duelling with Germany for Euros – on the sports pages, for once – has brought with it a new vocabulary usually alien to football.

Even Angela Merkel, the German chancellor, will be there to watch. There is little escaping the political subtext to tonight's Euro 2012 quarter-final meeting.

Merkel is regarded as a lucky mascot for the German football team. Greek supporters in Poland tonight are, however, unlikely to have a warm welcome for a leader who has called on Greece to keep to tough austerity measures in return for financial aid from her country.

Fernando Santos, the Greece coach, said this week his players have been affected in relation to the Eurozone crisis.

"The players have family, they have friends, and they worry about what is going on," he was quoted as saying. "They are human beings and they feel that.

"What I have asked them to do is to try to forget about that when they play and to focus just on football to show they are real fighters."

They are going to have to fight cannily, as they will be trying to fell a giant. Germany have won their past 14 competitive games, a national record. This has been the first European Championship where they have completed the group stage with a 100 per cent record. Despite sneaking through their group, against expectations, the Greeks have been on a fair run themselves. Their pool defeat to the Czech Republic was their only loss in their past 13 games.

Accepted football wisdom may count against them, but they are ready to challenge that.

"We know Germany's mentality and their team," Fanis Gekas, the Greece striker, said at yesterday's pre-match press conference.

"They are the favourites but they will have to prove why over 90 or even 120 minutes."

Joachim Loew, the Germany coach, acknowledged that logic dictates his side are favourites, albeit "very, very small favourites".

His opposite number, Santos, is happy in the underdog role.

"I am willing to accept the role of David, so long as history repeats itself," said Santos, the Portuguese coach of Greece.

"I would like to seize this opportunity. Our source of inspiration is 2004," when Greece won the tournament under a German coach, Otto Rehhagel.

"That team showed resolution and strength, and although they were written off before the tournament started they managed to reach the finals and conquer the cup," Santos said.

"That is a source of inspiration for our team. We will try to do the same or at least the best we can."

Santos has urged his players not to be distracted by the socio-economic problems back at home, but some have found it to be a driving force. "I don't think anyone on the team believes this will be our last game at this tournament," Dimitris Salpingidis said. "People have so many problems in their everyday lives. We're really hoping that we can put a smile on their face."

One German side have already lost to a defence-minded side wearing blue in a prominent fixture in the recent past. The national team's Bayern Munich contingent may still be bearing scars from their defeat to Chelsea.

Loew does not see any parallels between the encounter with Greece and the Champions League final.

"They are survival artists," Loew said of the Greeks. "I've heard a lot about Chelsea playing very defensively but I don't see it like that. Greece have been playing this way for years, even in 2004."

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Syria v Australia
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Company name: Entrupy 

Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist

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