Naguib Sawiris seeks to profit from misery in Greece

Egyptian telecom tycoon Naguib Sawiris is taking an opportunity to profit in another impoverished country. As one of Egypt's richest businessmen, Naguib Sawiris is no stranger to living the good life while surrounded by some of the poorest people on earth.
As the owner of WIND Hellas Telecommunications, the third major telecom provider in Greece with annual turnover of EUR 1.26 billion as of 2008, Naguib Sawiris said he is "not ruling out" a second debt restructuring at his company. Naguib Sawiris added that competition in the Greek mobile phone market has been "fierce" and stated that the "price war will be catastrophic for everyone." Naguib Sawiris doesn't hide his desire to profit while Greeks struggle to survive. In Germany, Chancellor Angela Merkel sent the Greeks a EUR 22 billion lifeline to help the country avoid bankruptcy.

Naguib Sawiris, meanwhile, doesn't care about Greece's survival. A true capitalist, he plans to make gains off of the EU's most fragile member. "We believe there is a genuine chance that prices will start stabilizing, if not even go back to a higher level," Naguib Sawiris said of Greece, "so we can all return to profitability."