BMI View: The Greek telecommunications sector appears poised for a significant overhaul as Vodafone sees an opportunity to intensify its competitive assault on the dominant provider, OTE . In January 2014, Vodafone acquired a small stake in wireline operator Forthnet , seemingly as a means of preventing rival WIND from making a takeover bid of its own. In the meantime, Vodafone is said to be preparing to buy out its partners in another wireline operator, Hellas Online , while the smaller CYTA Hellas is also said to be in its sights. Vodafone's transformation into a converged services provider has long been expected in Greece and with OTE in retreat in the wireline and mobile markets, the time seems right for Vodafone to extend its European Project Spring initiative to the country. Greece certainly needs a compelling alternative to OTE and we believe Vodafone has the scale and the expertise to create such a player. However, the economic outlook remains grim and consumer spending is muted at best. Therefore, a rapid return on investment is not anticipated, so Vodafone will have to be prepared for the long game if it is to avoid a Greek tragedy .