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The New Liquid Economy: Bank on Greek Wines

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By Gayle J. McCarthy

With the current economic turbulence in Greece, change is the only constant while considering how the country will regain its financial footing — particularly regarding their export market. One of the country's fastest growing exports is wine and, if you've been keeping tabs on New York City's wine scene, you may have noticed more and more Greek wines being poured at restaurants and bars across town. More oenophiles are ordering Greek wines than ever before based on an increased demand for quality, affordable, non-domestic wines featuring an esoteric flare. This trend is more than a quest for something new, it's a desire to taste a story captured in each bottle with a hint of history rooted in the basics: small-batch production, the use of organic materials, and a wine culture dating back 6,500 years.

The Greeks invented the infamous adage "En Oeno, Alethea" ("In wine, there is truth"), and their country boasts the longest tradition of wine making in the world. They are credited with being the first area to develop specialized techniques in the cultivation and production of grapes, with more than 300 indigenous grape varieties. The terroir is highly varied, ranging in topography from mountainous to alluvial to volcanic landscapes, which produce a variety of excellent wines that are easily paired with many dishes. The whites typically range in style from floral, aromatic, citrus fruitiness to bolder minerality, while the reds range in color from light strawberry to a deep purple. Tastes can vary from flavorful and smooth to more age-worthy and complex.

Today, Greece is revitalizing its historic wine culture thanks to a new generation of Greek winemakers who are combining age-old production techniques with a more modern approach to sales and marketing. For example, the mountainous and semi-mountainous terrain of Northern Greece favors traditional production methods such as hand picking, small volumes, non-invasive growing techniques, and eschewing harmful pesticides and chemicals — all qualities reflected in most of the country's esteemed PDO (Protected Designation of Origin) wine zones. These producers have not given in to many of the modern innovations that favor volume over quality and they are working with marketing and sales experts to make sure that these wines are filling more glasses in response to the increased demand for organic and environmentally friendly wines.

Leading the way in introducing and marketing Greek wines to the States is Manhattan-based Eklektikon, an exclusive importer of eclectic Greek wines with a highly acclaimed and diverse portfolio, led by marketing director and company co-founder, Aris Soultanos. Soultanos capitalized on a unique market opportunity by establishing Eklektikon in 2011 with his friend and business partner, operations manager Niko Nichoritis, in order to promote a range of boutique wines from select wineries in their home country.

Since its inception, Eklektikon has taken the city by storm in marketing Greek wines. Soultanos and Nichoritis currently represent six wineries from the Northern region of Greece. Along with making these wines available to interested New Yorkers they are also engaged in educating wine lovers about their selective portfolio by hosting tastings at wine shops and wine dinners at local restaurants throughout the city. Their wines are available for purchase at Astor Wines & Spirits, Sussex Wines & Spirits, and Oak & Steel. Restaurants that serve Eklektikon-represented wines include Molyvos, Ammos, Korali, Print and Oceana, among others.

According to Soultanos, Greek wine exports are poised to benefit from the current chaos of the ongoing economic reform. "The domestic market is shrinking, which means higher quality wines becoming available for exporting to the U.S. and other markets... and at more favorable prices," he said. One possible risk, he points out, is the difficulty in working with ports and custom agencies if relations with the European Union are disrupted. Otherwise, production of Greek wine remains the same with possible minor delays in shipments and bottling activities due to the banks being closed.

Additionally, the economic tide in Greece is turning. The country recently settled its arrears with the International Monetary Fund (IMF) to the tune of two billion euros, and the banks have finally reopened their doors after being shuttered for a stretch of three weeks — creating a sense of panic and a scrambled run on ATMs across the country.

Greece, however slowly, is moving toward a new sense of normal and Eklektikon's marketing director remains optimistic. "We're not changing our marketing strategy. The whole situation has been a wake-up call to the Greek economy in general, with business becoming more open-minded, more extroverted, and more export-oriented," Soultanos said. "I hope and believe that this (situation) has transformed obsolete mentalities and has made a positive, long-term impact on the Greek business world."

As the world watches what will unfold with Greece's uncertain future, New Yorkers can remain confident that Greek wines remain a sound investment in quality and taste... and perhaps that they are the key to rebuilding a more stable economy at home.

 

Gayle J. McCarthy is a freelance writer based in the metro area. Her articles focus mainly on food and wine, culinary travel and outdoor adventure. You can follow her adventures on Twitter @gaylejmccarthy

 

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