Category: FINANCE

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 […]

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 […]

The programme review will be concluded in January, Labour Min Achtsioglou says

The government is working hard to achieve an agreement as soon as possible and have the programme review concluded in January, Labour Minister Effi Achtsioglou on Monday (09/01/2017) said in an interview with the Athens-Macedonian News Agency’s radio station Praktoreio 104.9 FM. “We estimate that the contingent mechanism will not be implemented. We already had […]

Bid to restart bailout talks as QE, IMF fate unclear

With a meeting of eurozone Finance Ministry officials scheduled for Thursday, Greek and European officials aim to unfreeze stalled bailout negotiations even though key decisions vis-a-vis Greece’s inclusion in the European Central Bank’s quantitative easing program and the International Monetary Fund’s participation in Greece’s third bailout appear far from imminent. The goal of Thursday’s Euro […]

ATHEX: Index tops 660 points

The Greek bourse benchmark advanced for a sixth day in a row on Thursday, ending the week just above 660 points, on ever rising volume. The Athens Exchange (ATHEX) general index closed at 660.30 points, adding 0.42 percent to Wednesday’s 657.54 points. On a weekly basis it grew 2.59 percent. The large-cap FTSE 25 index […]

Greek hourly labor costs up as public hirings rise, Eurostat shows

Average hourly labor costs and hirings in the public sector rose in 2016, compared to the private sector, which saw a drop, according to the latest data from Eurostat. The European statistics agency produced figures showing that average hourly labor costs in the public sector were up by 4.5 percent while corresponding costs in the […]

Hirings announced for 1,666 hospital positions

Greece’s Supreme Council for Personnel Selection (ASEP) has announced the hiring of 1,666 people for full-time employment in public hospitals, including positions for nursing staff, pharmacists, chemists, biochemists, midwives and psychologists, among other specialties. Those interested were expected to submit online applications starting on January 17. The application deadline expires on January 31.

Cruise ship sector ‘satisfactory’ in 2016; ‘clouds’ appear over 2017 season, port association says

2016 was judged as a satisfactory year for the cruise ship tourism sector in Greece, although the first “shadows” are appearing over prospects for the 2017 season, according to results of a presentation on Wednesday by the Union of Greek Ports’ (ELIME) leadership. According to figures presented by the group, which were collected from port […]

Another 2 new vessels for Diana Shipping

The NYSE-listed shipping group Diana recently announced the addition of two newly built vessels into its fleet, with the bulk carriers “San Francisco” and “Newport News” – both honoring well-known US ports — each able to transport 208,500 dwt. The original construction contract for the two vessels was signed in May 2013. The two additions […]

State could lose all of its investment in banks

The Greek state is close to losing the 25 billion euros it paid to save the Greek banking system, as the bank warrants issued during the first recapitalization will expire at the end of 2017. This is money the state had borrowed for the banks’ share capital increases with the aim of recovering at least […]

State’s third-party debts shrink in November, but still high

The Greek state’s debts to third parties like goods and services suppliers shrank by 727 million euros in November compared with October, according to Finance Ministry data. The arrears decreased from 6.3 billion euros to 5.6 billion euros, yet remain particularly high given that Greece received 1.8 billion euros in June from the European Stability […]