But rather than helping the new governments in the region with their political and economic reforms, the government got into a series of disputes with Albania and the former Yugoslav republic of Macedonia. Nor did the Greek government respond well to the hundreds of thousands of immigrants from Eastern Europe who came seeking work. The government failed to introduce adequate immigration laws, and chaos resulted. By contrast, Greek private businesses were quick to perceive the opportunities for new markets in the Balkans and Eastern Europe. Hellenic Telecommunications, Intracom, Delta Dairy, and many others moved into the region with some important investments.
Greek companies are now major players in some Balkan economies.
Closer economic ties with Macedonia and Albania are seen to be opening the way for improved relations between the those countries' governments and Greece. Last month, a Greek oil company bought a majority share in a Macedonian oil company in a deal that includes a pledge to build a pipeline between the Greek port of Thessaloniki and the Macedonian capital Skopje. The Greek company, Hellenic Petroleum, says Greece controls 10 percent of the Albanian retail trade in petroleum products. In other Balkan countries, Greek businesses have also forged important ties. Major Greek banks including Eurobank and the National Bank of Greece have opened branches in Bulgaria.