Category: FINANCE

Commission ‘cannot confirm’ reports of deal between Athens, lenders

The European Commission has not confirmed news reports released earlier Wednesday claiming that an agreement has been reached between Athens and its foreign lenders. “We saw the media reports on this; I cannot confirm,” said Annika Breidthardt, coordinating spokesperson for economic and financial affairs for the Commission, in Brussels. Quoting unnamed sources, Reuters reported that […]

Tsakalotos: Second review will conclude sooner than you expect

Greece’s second program review will conclude much sooner that people expect, Finance Minister Euclid Tsakalotos told lawmakers on Tuesday at a conference organized by the Parliament’s Budget Office. “We don’t need more austerity, we’re approaching the target,” he said. Tsakalotos said he is very worried about the situation in Europe noting that the Eurozone has […]

Die Welt on German tourists’ preferences for 2017: Greek desinations gaining on first-place Balearic Isles

German mass daily Die Welt this week reiterated that while the Balearic Islands in the western Mediterranean continue to be first in terms of German tourists’ preferences, Greece is none-the-less narrowing the gap with “major steps”. In an article on its website entitled “Greece ahead of a record summer season”, the mass media outlet referred […]

Stournaras: Delaying the review calls into question the targets for 2017

The delay in the completion of Greece’s second program review calls into question all the targets set for 2017 on growth, fiscal and financial issues, Bank of Greece governor Yannis Stournaras said on Monday (27/03/2017) speaking at a conference organized by the Parliament’s Budget Office. He said that by achieving a primary surplus of 2 […]

Fraport Greece announces consortium loan agreement of nearly one bln€

Fraport Greece on Monday announced that it has concluded a loan agreement worth nearly one billion euros in order to finance its looming assumption of 14 regional airports around Greece. The consortium loan will include funding from Athens-based Alpha Bank (284.7 million euros), the the Black Sea Trade & Development Bank (62.5 million), the EBRD […]

BoG: Clear risk to the economy from the endless negotiations

Central banker Yannis Stournaras warned on Monday of the risk of a full reversal of the economy’s course as the delays in the completion of the bailout review may “put in doubt all the targets for this year, the fiscal targets, the growth targets and the credit sector targets without exception.” Addressing an event of […]

Contraction of credit continues unabated

Bank of Greece figures revealed on Monday a further contraction in the financing of the Greek economy last month, a result of the general uncertainty hanging over the economy and the drop deposits at the country’s banks. The total funding of the economy was down 2 percent year-on-year in February, from -1.5 percent in January, […]

Minister slams creditors plans for PPC selloff as ‘cannibalism’

Greece’s international creditors are proposing the sale of 40 percent of the lignite and hydroelectric power plants of the Public Power Corporation, starting from July, and ending in the first half of 2018. Government officials, for their part, are doing what they can to limit the pieces of PPC in the privatization portfolio and put […]

Greek initiatives to promote health tourism and investments from Canada & US

The Department of Medical Tourism of the Institute of Scientific Research of the Panhellenic Medical Association has started a series of coordinated efforts to promote health tourism abroad. The aim is to strengthen Greece’s role in the global health tourism market which amounts to 40 billion dollars. For that reason, a conference will be held […]

EU Commission stresses the aim to reach staff level agreement by April 7

The aim is to reach a staff level agreement by the Eurogroup on April 7, European Commission spokesman Margaritis Schinas on Monday (27/03/2017) said. The spokesman said that the negotiations between Greece and the institutions continue with the view to concluding the second programme review as soon as possible. Schinas reiterated the statement of the […]

Aegean announces higher turnover, lower after-tax profits for 2016

Aegean Airlines on Thursday announced consolidated turnover exceeding one billion euros in 2016, a first for the Greece-based carrier, and a 4-percent increase from 2015. Nevertheless, after-tax profits dropped 53 percent to reach 32.2 million euros, with EBITDA at 76.8 million euros Passenger volume increased by 7 percent, reaching 12.5 million passengers for the year.

Study: Tax evasion in Greece between 11 to 16 bln€ annually

A reduction in currently punishing tax rates, cultivating a tax- paying consciousness and a better exploitation of state-of-the-art digital tools, especially an almost universal use of electronic transactions, are the primary axes for dealing with the so-called “underground” or “grey economy”, as well as tax evasion, according to the findings of a high-profile study unveiled […]

ELA-ceiling for Greek banks increased by 0.4 bln€

The Bank of Greece (BoG) on Thursday announced that the European Central Bank’s (ECB) governing council did not object to an ELA ceiling for Greek banks of 46.6 billion euros, up until April 5, 2017. The development comes in the wake of a request by the BoG. “The increase of 0.4 billion euros in the […]

Schaeuble: Opposition must sign the new measures too

A political upheaval has started in Athens after the creditors’ demand from the Greek opposition to back the economic measures after 2019 elections. The first such statement was made by the French Finance Minister Michel Sapin. According to him, the IMF wants the country’s main opposition party, New Democracy, to practically sign the new measures. […]

Schauble threatens Greece: No cash without IMF

Athens is feeling the pressure rising after the EuroGroup meeting failed to produce any results, with talks continuing in Brussels between Greece and its lenders. Speaking at the sidelines of the EcoFin, German Finance Minister Wolfgang Schauble said the successful conclusion of talks was totally dependent upon Athens implementing the measures, implying that the IMF […]

ATHEX: Late selling in bank stocks sends index south again

Reports that Monday’s Eurogroup had ended without any news of progress in the negotiations between Athens and its creditors inflicted a late blow on the Greek bourse benchmark yesterday, with the impact felt mostly by bank stocks. In fact the majority of stocks remained in the green on closing, unaffected by the concerns mainly coming […]

As bailout talks drag, gov’t says might not sign EU Rome treaty

With Greece’s international creditors indicating that insufficient progress has been achieved for bailout monitors to return to Athens, government sources have threatened to block the Rome Declaration, Kathimerini understands, connecting it to the negotiations on the second review. According to sources, the Greek official participating in preparatory talks ahead of the drafting of a common […]

3 Greeks in Forbes billionaire list for 2017

Three Greeks were included in this year’s Forbes list of the world’s billionaires, and specifically Philip Niarchos, Aristotelis Mystakidis and Spyros Latsis, with the first and third being the scions of well-known shipping families, while the second is a mining tycoon. Although the fortune ascribed to each is more-or-less the same as last year’s list, […]

Eurobank FPS to manage 14-bln-euro portfolio

Eurobank on Monday announced that its licensed loan management subsidiary Eurobank Financial Planning Services (Eurobank FPS) will be managing a 14-billion-euro portfolio, consisting of small business and household debts, from the first months of its operation, “while it also aims to expand to the management of third-party portfolios, investing in best practices both in local […]