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With Greece scheduled to hold general elections next spring, the conservative New Democracy party currently has a solid lead in the polls. The party's shadow finance minister, George Alogoskoufis (pictured), says Greece should change its economic policy mix to place greater emphasis on fiscal consolidation and the liberalization of certain markets to boost competitiveness and growth prospects. "The real picture of the Greek economy is not reflected in the GDP growth numbers. Special factors such as the preparations for the 2004 Olympic Games and the speeding up of older projects have boosted GDP," Alogoskoufis tells Euromoney. "The budget deficit is widening, the public debt exceeds 100% of GDP, inflation is among the highest in the EU, and the economy's international competitiveness is low, as evidenced by the large current account deficit and the rankings of international organizations. The public sector is still characterized by bureaucracy and corruption."

Following the passage of a new law allowing for securitization in the Greek financial sector last summer, the first transaction originated by a non-state entity is about to hit the market, paving the way for what some bankers say could develop into a promising market.

After two tough years, most big Wall Street and City of London firms are expected to post higher profits this year. It is early days but average end-of-year bonuses are predicted to rise by about 20% at the larger firms.

When it comes to debt, the British are the kings of binge. British debtors now owe the equivalent of UK GDP and their debts are much more sensitive to interest rate rises than US consumers'. Two-thirds of US borrowing is at fixed rates; almost 90% of secured UK household debt - mostly mortgages - is at variable rates. And UK rates have begun to rise.

Issuer: Junto de Comunidades de Castilla-La Mancha

In a bid to moderate dollar inflows, the Indian government took steps early last month to discourage Indian companies and financial institutions from borrowing in foreign currency. The new rules stipulate a lower all-in cost for commercial bank loans and restrict the purpose for which loans of over $50 million can be raised.

Euromoney's eighth Asian Company ranking is based on a survey of market analysts at major banks and research institutes in Asia. We received 136 replies.

As the controversy over the proposed constitution for the EU rages, it's hard to know if former UK finance minister Kenneth Clarke's most recent contribution will alarm Europhiles or Europhobes most.

Investment bank bonuses are set to reach up to $5 million this year, up 50% from 2002, according to a survey by headhunters Armstrong International.

Deutsche Bank is set to offer tailor-made corporate governance research on FTSE 350 companies before the end of the first quarter of 2004. Aimed at fund managers, it offers systematic analysis of corporate governance issues at top companies, providing further context for the financial numbers.

Headlines exposing torrid tales of corporate miscreants and tough talk by governments and regulators about imposing new standards have kept the issue of corporate governance bubbling over in recent times. Investors suspect companies are paying no more than lip service. However, a few Asian companies have been quietly setting their own standards - and reaping significant gains. Chris Leahy reports.

By Mike Monnelly & Camilla Palladino