July 19, 2011
Europe's multibillion-euro bailout of Greece has been making headlines on a daily basis. Less noticed was a Turkish bailout last week of an Athens institution: sweet seller Baklavas Epe.
Greeks and Turks have bickered for centuries over which nation makes the better baklava, a sticky-sweet dessert of layered pastry devoured in huge quantities across the eastern Mediterranean and the Middle East. But for the past 10 years, Turkey's best-known producer, businessman Nadir Gullu, has been supplying Greece's closely held Baklavas Epe, which operated five stores in Athens. He provided about two tons of baklava and other Turkish sweets per month.
Old rivalries aside, Athenians lapped them up—until, that is, they ran out of cash.
Baklavas Epe's most profitable shop is on Athens's landmark Syntagma Square. Before the crisis, tourists and locals queued up in droves to buy the pastries. But as the government embarked on a severe austerity program to reduce its debt burden and qualify for international support, demand sank.
Baklavas Epe closed three of its five stores in Athens as sales dropped. Meanwhile, it ratcheted up close to €160,000 (about $226,000) in debt for deliveries of sweets from across the Aegean Sea, according to the company. Plunging revenue made it impossible for Baklavas Epe to finance baklava purchases from Istanbul.
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