The bold Athenian general Miltiades had defeated the invading Persians, pushing them back to the wine-dark sea and forcing them to sail for home.
Since Pheidippides delivered his message at the height of Athenian civilization in 490 B.C., glorious Greek victories have occurred at ever-longer intervals. Today, however, Greece, which will don a crown of laurels as the host of this month’s Olympic Games, has an opportunity to recapture some of its past glory by elevating its economic rank within Europe.
Contributing Editor Jonathan Kandell (“Greek Drama”) notes that Greece, unlike most European countries, has been growing at a healthy annual clip -- 3.7 percent on average in the past three years -- as the government has spent billions of euros to prepare for the games. Another boost: The European Union has kicked in billions more to help Greece reach parity with its other members. Now comes the test of the country’s determination. The games end this month, and the EU is already redirecting some of its subsidies toward the new -- and poorer -- accession states.
If Greece is to taste victory, it must curb its notorious profligacy and find fresh ways to grow. A simpler, less onerous tax system, more privatization, streamlined bureaucratic procedures and pension reform are all being discussed by Prime Minister Costas Karamanlis’s conservative government. So far Karamanlis, only six months in office, seems reluctant to push reform too hard. Yet if the government doesn’t act boldly, critics say, Greece may squander this opportunity.
On page 46 we feature Wall Street’s version of an Olympic event: the annual contest among hedge fund managers to earn the most dough. Mind you, none of the investors on our list actually finished out of the money -- the minimum take was $65 million. But a handful of competitors distinguished themselves. George Soros of Soros Fund Management took home the gold, and lots of it, with a $750 million paycheck, David Tepper of Appaloosa Management won the silver with $510 million, and James Simons of Renaissance Technologies Corp. snagged the bronze medal with $500 million. To these victors, certainly, go the spoils.
