Category: FINANCE

Angela Merkel to meet with IMF CEO Lagarde and EC President Juncker in Berlin

German Chancellor Angela Merkel is scheduled to meet separately with IMF Director Christine Lagarde and European Commission President Jean Claude Juncker in Berlin Wednesday. According to newspaper Tageszeitung, talks will focus on the Greek matter, with the German Chancellor attempting to iron out the dispute between the European creditors and the IMF on how to […]

IMF’s Lipton said progress made on Greece

A top official at the International Monetary Fund (IMF) said on Tuesday there had been progress on Greece and the Fund would like to get to a situation where it could help Greece. “Some progress has been made,” David Lipton, first deputy managing director of the IMF, told reporters in Berlin. “We would like to […]

Gov’t will pass measures and ‘countermeasures,’ says minister

Media Minister Nikos Pappas ruled out further austerity for Greece, saying that an agreement with eurozone ministers the previous day was for “zero sum fiscal interventions.” Pappas, who is also a close adviser of Prime Minister Alexis Tsipras, was speaking on Antenna TV on Tuesday in regards to an agreement reached at Monday’s Eurogroup in […]

January job loss at a 16-year record low

Nearly 30,000 jobs were lost in January, according to data released by the Greek Labour Ministry’s IT system “Ergani”. The number is the largest in 16 years for the moth of January. The balance of hirings and lay-offs was negative, with 29,817 jobs lost in the first month of the year. The Labour Ministry said […]

Schulz: Prattle on Grexit is dangerous

Hours before the EuroGroup meeting in Brussels, the leader of the German SPD party and former European Parliament Martin Schulz said anyone who turned Europe and Germany against each other were committing a sin against the future of the country. “It is not a wise thing to reiterate the discussion about Greece’s exit from the […]

Conditions for a political agreement at the Eurogroup on Monday exist, gov’t sources say

The right conditions for a political agreement at the Eurogroup on Monday exist, government sources said to the Athens-Macedonian News Agency (ANA) on Friday (17/02/2017). The same sources said that “the Greek side and the involving parties are working hard towards that direction,” but “the IMF must review its estimates in relation to the real […]

Greek minister appeals to IMF chief via FT letter; says pension figures misleading

Greek labor minister Effie Achtsioglou makes the case against further cuts for the country’s pensioners in a letter addressed and published to the “Financial Times”, where she says she hopes IMF chief Christine Lagarde “will listen”. Achtsioglou, a first-term lawmaker who was tapped for the portfolio after serving as a top adviser to the previous […]

Regling says Greece may return to markets in summer 2018

Greece will be able to return to financial markets in the summer of 2018 and can end its bailout program, but it must implement with determination the reforms agreed with its creditors if it wants to regain the trust of private investors, the head of the eurozone bailout fund said on Thursday. Speaking at a […]

ECB keeps emergency funding cap for Greek banks unchanged

The European Central Bank maintained the cap on emergency liquidity assistance (ELA) Greek banks draw from the domestic central bank at 46.3 billion euros ($49.22 billion), the Bank of Greece said on Thursday. The move reflected stabilization of liquidity conditions, taking into account private sector deposit flows, it said. The ELA ceiling is valid up […]

Swift deal on Greece needed to avert fresh uncertainty, EU’s Dombrovskis says

There are costs in delaying agreement on Greece’s bailout review, the European Commission’s vice president responsible for the euro was quoted as saying on Thursday, and a solution needs to be found swiftly. Inconclusive talks between Greece and its international creditors on economic reforms and debt relief have cast doubt over the future of Greece’s […]

New snags to Elliniko project as citizens and MPs object, citing artifacts

The already delayed development of the site of the capitals’ former international airport at Elliniko faces new setbacks following a fresh legal appeal against the project and a joint objection raised by 18 MPs of leftist SYRIZA related to the possible presence of ancient artifacts in the area. In their appeal to the Council of […]

EU gets wake-up call as Gazprom eyes rival TAP pipeline

Gazprom’s bid to tap into a pipeline meant to wean Europe off Russian gas threatens to undermine a pillar of European energy policy and slow plans to develop rival deposits in the east Mediterranean. As the European Union struggles against the “iron embrace” of Russian pipelines, it has made opening a new Southern GasCorridor to […]

Greek consumer prices rise in January, led by transport, housing costs

Greece’s annual EU-harmonized inflation rate picked up in January, statistics service data showed on Wednesday, with the reading coming in above market expectations, hitting almost a five-year high. The reading in January was 1.5 percent from 0.3 percent in December. Consumer prices were led higher by transport, housing, telecoms, alcoholic beverages and tobacco costs. Economists […]

Moscovici: IMF an important partner in Greek bailout program

EU Commissioner Pierre Moscovici reiterated in Athens on Wednesday that the IMF is an important partner in the Greek bailout program, in response to press questions after his meeting with Greek Prime Minister Alexis Tsipras. In the face of various comments, criticism and television appearances by the leftist Greek government’s leadership over the recent period […]

Waste management PPP project launched in Kozani

Twelve municipalities in Greece’s Western Macedonia region have launched the pilot phase of a 48-million-euro integrated waste management project financed through a public-private partnership (PPP). The maximum capacity of the unit in Kozani, which is expected to be fully operational in the summer, is approximately 120,000 tons per year. The operational period of the project […]

Fraport Greece CEO confident of 14 regional airports’ growth potential; major privatization nears conclusion

Fraport Greece CEO Alexander Zinell this week expressed confidence in the growth potential of the 14 regional airports around Greece whose management the German-Greek consortium will soon assume. Τhe German executive referred to “tremendous” potential for both the facilities’ growth as well as the destinations they serve, a handful of whom are the country’s best-known […]

Moscovici: Greek bailout review talks converging, more steps needed

European Commissioner for Economic and Financial Affairs Pierre Moscovici said on Wednesday Greece’s talks with its official lenders on concluding a bailout review have made progress but more steps are needed to wrap it up. Moscovici is in Athens to help close a review of Greek reforms which has dragged on for months. “There is […]

Greek economy contracts 0.4 percent in fourth quarter

Greece’s economy shrank by 0.4 percent in October-to-December compared to the third quarter when gross domestic product grew by an upwardly revised 0.9 percent, the country’s statistics service (ELSTAT) said on Tuesday. The seasonally adjusted data showed the economy grew at an annual 0.3 percent pace in the fourth quarter, at a much slower clip […]