Hellenic Telecommunications, or OTE as it is more commonly known, is 40% owned by Deutsche Telekom and derives about one-third of its revenues internationally, but it is still the biggest telecoms company in Greece, meaning that the past few years have been predictably problematic.
A glance at its share price performance gives a graphic indication of the company’s changing fortunes. In March 2008, OTE shares were trading at almost €20. By May of last year, they had sunk to just €1.37. The group was selling off businesses and the outlook was bleak, particularly as there were debts of about €1.3bn falling due in 2013 and 2014.
