Category: FINANCE

Per capita GDP shrinks 0.8 pct in 2014, ELSTAT reports

Per capita gross domestic product declined by 0.8 percent across Greece in 2014 compared with the previous year, figures published by statistical authority ELSTAT on Tuesday show. The biggest decline, according to ELSTAT’s Regional Accounts report, was noted in mainland (Sterea) Greece, the Peloponnese and Central Macedonia, where per capita GDP shrank by 3.5, 1.9 […]

Greece vs. Schauble on “new” program

With the timeframe of the completion of the second review of the Greek bailout program uncertain, and the possibility of the IMF departing from the program becoming more likely, the Greek side is “battling” it out with the harshest proponent of more austerity, German Finance Minister Wolfgang Schauble. Despite Mr. Schauble’s stark warning to the […]

Tourism spending falls by 300 million euros

According to the Bank of Greece’s (BoG) final data for the 9-monthly term on major indices in Greek tourism, the average spending of tourists per trip fell by approximately 300 million euros (13.2%) in comparison to 2015. The data, published by Kathimerini, showed there was a 1 billion-euro decline in tourism revenue in the first […]

Vitsas: We want the programme review to close as soon as possible

We want the programme review to close as soon as possible, Alternate Defence Minister Dimitris Vitsas said on Monday (16/01/2017) adding that with hard effort we can bridge the gap in fiscal, labour and energy issues. In statements to SKAI TV, he said that the issue has not yet closed as a result of different […]

Gov’t drafts law for electronic foreclosures to get around protests

After months of protesters blocking notaries’ access to courthouses around the country in protest at property foreclosures, the government has drafted legislation that will allow the auctions to take place online. According to Kathimerini, Justice Minister Stavros Kontonis has been working closely with associations representing the country’s notaries to draft a bill that will allow […]

Gov’t preparing proposal for creditors aimed at reviving bailout talks

The government is drafting a proposal for creditors which is aimed at reviving dragging bailout talks, sources have indicated. The proposal, which the government hopes to present to Eurozone finance ministers on January 26, foresees the extension of the automatic fiscal mechanism — dubbed “the cutter” — to apply through 2020, along with the further […]

Clouds gather as bailout review hangs in balance

The protracted delay in wrapping up the country’ bailout review is beginning to take a heavy toll on the government’s plan of action for putting the country on the path to economic recovery. The leftist-led administration was initially aiming to complete the review by the end of 2016 at the latest in order to begin […]

Maximos Mansion reacts to Schaeuble IMF comments

Continuing Greece’s program without the International Monetary Fund (IMF) or without funding from the Washington-based institution could help break the deadlock caused by disagreements between the institutions, sources from Maximos Mansion said Friday. According to the same sources, the idea that the Greek program can be adequately supervised by European institutions alone is “welcome, as […]

Schaeuble: Without the IMF in the Greek program we must have new negotiations

The German Federal Minister of Finance Dr. Wolfgang Schaeuble gave an interview to Süddeutsche Zeitung where he argues that the Greek program could continue in theory without the IMF. However, he points out that if the commitments are not respected from all sides then new negotiations will be needed with Greece. Once more Schaeuble repeated […]

Greek unemployment eases to 23 pct in October, eurozone’s highest

Greece’s jobless rate slightly dropped to 23 percent in October from 23.1 percent in the previous month, statistics agency ELSTAT said on Thursday. The number of officially unemployed reached 1.1 million people. Hardest hit were young people aged 15 to 24 years, with their jobless rate dropping to 44.2 percent from 48.8 percent in the […]

Euroworking Group meeting to focus on restart of negotiations on second review

The restart of the negotiations between Athens and the institutions on the completion of the second review of the Greek programme before 26th January’s Eurogroup will dominate the Euroworking Group that will convene in Brussels. Greek Finance Minister Euclid Tsakalotos will meet in Paris on Wednesday with his French counterpart Michel Sapin and on Thursday […]

Pension reform-related decisions spell increased contributions for several castes of professionals

Increases in social security contributions for several categories of employed people have been unveiled and described in two ministerial decisions published this week in the government gazette. The increases, on top of various tax hikes, affect self-employed professionals, merchants, craftsmen and farmers that were beneficiaries — and mostly obligatory contributors — to the OAEE, ETAA […]

Greek consumer prices rise in December, led by alcohol, transport costs

Greece’s annual EU-harmonized inflation rate turned positive in December after a negative reading in the previous month, statistics service data showed on Wednesday. The reading in December was 0.3 percent from -0.2 percent in November. Consumer prices were led higher by alcoholic beverages, tobacco, housing, hotels and transportation costs. The data also showed the headline […]

Athens eyes new ‘realistic’ goal of early March for closing second review

The latest “realistic” goal cited by high-ranking Greek government official for concluding the now delayed second review of the Greek program (third bailout) is now given as early March 2017, before a crucial ECB board of directors meeting. The date and venue is cited in order to achieve the re-inclusion of Greek bonds as collateral […]

ESM prepares to ease Greek national debt

The European Stability Mechanism (ESM) is set to implement short-term measures to ease Greece’s national debt by the end of January, as agreed at a December 5 Eurogroup meeting. To this end, the ESM will borrow more funds from the markets than originally planned. The revised plan for long-term bond issues within 2017 provides for […]

Greek exports continued their recovery in November

The rise in exports continued in November, coming to 4.2 percent on a monthly basis or 11.1 percent not including fuel products. This was the fourth consecutive month with a rise in the value of exports, which has reduced to just 2.1 percent the total decline on an annual basis recorded in the first 11 […]

Greek industrial output rises 2.3 percent y-o-y in November

Greek industrial output rose 2.3 percent in November compared to the same month last year after an upwardly revised 7.0 percent increase in October, statistics service ELSTAT said on Monday. Looking at index components, manufacturing production grew 1.7 percent from the same month a year earlier, while mining output fell 7.9 percent. Electricity production increased […]

Tsakalotos to meet Sapin, Moscovici ahead of Euro Working Group

Greek Finance Minister Euclid Tsakalotos is to meet with his French counterpart Michel Sapin and European Economic and Monetary Affairs Commissioner Pierre Moscovici ahead of a Euro Working Group meeting on Thursday. Tsakalotos is to meet with Spain in Paris on Wednesday and with Moscovici in Brussels on Thursday for talks on the progress of […]