Category: FINANCE

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 […]

BoG’s Stournaras: Closeness to IMF’s positions, not its methods

Bank of Greece (BoG) Gov. Yannis Stournaras said a report by the ECB over the Greek debt’s sustainability is ready, with only medium-term measures remaining to be included. His comments came during his follow up statements before members of a relevant economic affairs committee in Athens on Monday. Moreover, he said his positions regarding the […]

Fitch: Program review underpins Greek sovereign assessment

Recurrent tensions between Greece and its official sector creditors are already reflected in Greece’s sovereign rating, which has been at or below CCC for nearly two years, Fitch Ratings said on Monday. “Our sovereign credit assessment is underpinned by our assumption that the second review of Greece’s third bailout program will be completed well ahead […]

Moscovici in Athens on Wed

EU Commissioner Pierre Moscovici will reportedly arrive in Athens on Wednesday in a lightning visit to try an unblock the current impasse in the Greek bailout program, according to a Reuters dispatch on Monday. The news agency added that creditors, however, want to know in the meantime if the leftist Greek government accepts the recent […]

Athens yet to respond to lenders’ latest proposal

Athens had not by late Sunday delivered a response to the latest proposal presented by lenders in Brussels. It was not certain as a result when representatives of the country’s international creditors would return to Athens for resumption of bailout talks. In a five-hour meeting Friday, lenders proposed fresh cuts representing 2 percent of GDP, […]

Cyprus posts surplus of 9.1 million euros in 2016

Cyprus posted a surplus of 9.1 million euros in 2016, according to data release on Friday by the Statistical Service of Cyprus. The budget surplus for January-December 2016 was 9.1 million euros compared with a deficit of 196.4 million euros in the corresponding period of 2015. The primary balance recorded a surplus of 473.8 million […]

Car sales up in January, according to ELSTAT

According to primary data released by the Greek Statistical Services (ELSTAT), sales of new cars were up 13.3% in January 2017 compared to January 2016. Sales for new trucks were up by 23.1% over the same months, while bus sales were down by 25%. New motorbikes over 50cc were down by 41.8%.

Pittella: Schaeuble trying to destabilize Greece

Gianni Pittella, the Socialists and Democrats (S&D) chief in the European Parliament has reacted to remarks by German Finance Minister Wolfgang Schaeuble earlier this week that Greece would have to leave the eurozone if it failed to meet its bailout commitments. “Schaeuble likes to play with fire whenever Greece is concerned. Athens has made considerable […]

FinMin, BoG gov. respond to ‘pessimistic’ IMF forecasts for Greece

Two of Greece’s top economic policy-makers, Finance Minister Euclid Tsakalotos and Bank of Greece (BoG) Governor Yannis Stournaras, this week expressed disagreements with findings cited in the IMF’s released report on the Greek economy and debt. Both men also criticized the Fund’s “past mistakes”, as they said, regarding the Greek program. Stournaras, a former finance […]

EuroWorkingGroup to examine progress made in prior actions

The EuroWorkingGroup on Thursday (09/02/2017) will examine the progress made in the negotiations for the conclusion of the Greek programme review ahead of the Eurogroup on February 20 as well as the initiatives taken at EU level. According to officials, the representatives of the EU Finance Ministers will discuss the progress made in meeting the […]

Bank of Greece disputes IMF view on capital buffer

Greece’s central bank is disputing the International Monetary Fund’s view that the country’s banks need a 10-billion-euro capital buffer to cover any further bailout support, saying the IMF does not explain why such support would be needed. In an annual review of Greece’s economic policies released on Tuesday, the IMF said that the buffer is […]

Athens looks to Europeans after IMF board fails to provide spark

Athens is hoping that its European lenders come up with a way to overcome the impasse in its bailout review after a meeting of the International Monetary Fund’s executive board on Monday left little room for encouragement about a swift conclusion. Although the IMF board did not take a clear position regarding the Fund’s participation […]

Tsakalotos: IMF report does not reflect Greece’s real economic situation

The International Monetary Fund’s (IMF) economic forecasts on Greece do not reflect the actual picture of the country’s economy, Finance Minister Euclid Tsakalotos said in a letter attached to the fund’s report on the Greek economy )article IV), published on Tuesday (07/02/2017). “Despite the evidence and analysis presented, we note that the report is not […]

Protesters block entrance to social security fund EFKA

Protesters from two workers’ unions barred the entrance to the new EFKA social security fund in downtown Athens on Tuesday morning. The unionists hung banners from the entrance on the Aghiou Constantinou Street building near Omonia Square and prevented employees from entering, in protest at recent controversial changes to the social security system. The head […]

Coeure commends Greece on euro commitment, adds more reforms needed

Greeks remain committed to the euro despite the sacrifices that have been demanded of them, European Central Bank executive board member Benoit Coeure told Le Parisien. “Even with the sacrifices that have been demanded of the Greek people, they have never expressed a wish to leave the euro,” he told Severine Cazes and Boris Cassel […]

Greek debt up by five bln€ in 2016

Greece’s public debt increased by five billion euros in 2016, reaching 326.358 billion euros, up from 321.332 billion euros at the end of 2015. The increase is due to the fact that the 2016 budget concluded with a deficit, as a primary budget surplus recorded during the previous fiscal year was not high enough to […]

Coeure commends Greece on euro commitment, adds more reforms needed

Greeks remain committed to the euro despite the sacrifices that have been demanded of them, European Central Bank executive board member Benoit Coeure told Le Parisien. “Even with the sacrifices that have been demanded of the Greek people, they have never expressed a wish to leave the euro,” he told Severine Cazes and Boris Cassel […]