Category: FINANCE

ATHEX: National Bank drags bourse index lower

The losses sustained by bank stocks at the start of the trading week weighed on the Greek bourse benchmark in what was a rather nervous session in view of Monday’s Eurogroup meeting. As a result, the main index ended lower, even though most other blue chips posted gains. The Athens Exchange (ATHEX) general index closed […]

Electronic ticket system to be up and running in June, says transport minister

Use of electronic tickets will begin on Athens public transport from June 1, Transport Minister Christos Spirtzis pledged on Monday, despite opposition from the Data Protection Authority regarding the personal details commuters are expected to divulge to be issued with digital travel passes. Spirtzis also assured MPs that the installation of new ticket barriers at […]

Bailout monitors unlikely to return to Athens after Eurogroup, official says

The chances of representatives of Greece’s international creditors returning to Athens after Monday’s Eurogroup meeting to resume bailout talks are very slim, a European official told Kathimerini, noting that little progress had been achieved in a series of teleconference calls over the weekend. First the two sides must agree in principle on basic issues that […]

Registered unemployment up in February

The number of registered unemployed people (seeking job) in Greece rose by 7,148 in February from January, for an increase of 0.77 pct, the Workforce Employment Organization (OAED) said on Monday (20/03/2017). The number of registered unemployed people was 936,110 in February from 928,962 in January. OAED said that 53.78 pct of registered unemployed were […]

Government and institutions seek to reach a compromise at the Eurogroup

Greece and the creditors will meet on Monday (20/03/2017) in an effort to find a solution to pending issues. If they manage to reach a mutual compromise, they will pave the way for the conclusion of the second programme review as soon as possible. Finance Minister Euclid Tsakalotos is expected to meet with the heads […]

Tax inspectors stage anti-austerity protest outside Finance Ministry

Greek tax inspectors staged an anti-austerity protest early on Monday outside the offices of the Finance Ministry on Karagiorgi Servias Street. Employees were joined by members of the civil servants’ union ADEDY in their protest against the government’s policies for raising more tax revenue. A banner raised outside the offices read “Stop austerity.” The president […]

The Greek Golden Visa program is successful

The Greek Golden Visa, a program that grants residence permit to foreigners that buy of lease real estates of a 250.000 Euro value and above, has being so successful that the government is considering expanding it to other forms of investments as well. These could include investments in bonds or investment fund’s stocks of at […]

Greece’s jobless rate rises to 23.6 percent in fourth quarter

Greece’s jobless rate rose to 23.6 percent in October-to-December from 22.6 percent in the third quarter, data from the country’s statistics service showed on Thursday. About 71.8 percent of Greece’s 1.12 million jobless are long-term unemployed, meaning they have been out of work for at least 12 months, the figures showed. Young people aged 15 […]

Ministers brief SYRIZA MPs on progress of bailout talks

Finance Minister Euclid Tsakalotos and Labor and Social Insurance Minister Effie Achtsioglou on Wednesday briefed SYRIZA lawmakers on the progress of bailout talks and the sticking points but the move appeared to increase MPs’ concerns rather than easing them. The 45 SYRIZA MPs who attended the briefing, less than a third of the party’s 144 […]

Reuters: As Greek crisis grinds on, children pay price

A Reuters news agency report focuses on the increasing plight facing the Greek children in the years of the economic crisis, stressing they have become the most vulnerable section of society in the current depressing economic conditions. The piece sheds light on a home for abused children called the Model National Nursery, which although initially […]

Partial ‘stop payment’, higher BoG dividend behind inflated Greek primary budget surplus in Jan-Feb

The finance ministry’s very tight spending practices at the beginning of 2017 emerged on Tuesday with the release of provisional data, amended on cash basis, which showed a 423-million-euros surplus over the first two months of the year. Budget spending in the January-February period reached 7.909 billion euros, down 1.031 billion from budget targets, while […]

Nouy: Bad loans ‘major challenge’ for Greek banks

Bad loans pose a major challenge to Greek banks but the sector has improved “substantially,” European Central Bank supervision chief Daniele Nouy told the Athens News Agency on Tuesday. “The situation of the Greek banks has improved noticeably and substantially in the last two years, both in terms of capital adequacy and in terms of […]

OPAP Bond: Invitation to Investors with yield range

REGARDING THE PUBLIC OFFER IN GREECE BY WAY OF PAYMENT IN CASH AND THE ADMISSION FOR TRADING IN THE CATEGORY OF FIXED INCOME SECURITIES OF THE REGULATED MARKET OF THE ATHENS EXCHANGE OF THE BONDS ISSUED UNDER THE COMMON BOND LOAN OF THE COMPANY “ORGANIZATION OF FOOTBALL PROGNOSTICS S.A.” PUBLIC OFFER FROM 15 MARCH UNTIL […]

GSEE: Real unemployment nearly 30%

The real unemployment in Greece approaches 30%, according to a study by the Labour Institute of the General Confederation of Greek Workers (GSEE). The organisation’s annual report showed that unemployment rates were 29.6%, while 68.9% of part-time workers responded that they were unable to find full-time jobs. The long-term jobless rate amounted to 70%, while […]

Not one euro more of austerity, gov’t spokesman Tzanakopoulos says

The programme review will be concluded for the first time without additional fiscal cost, government spokesman Dimitris Tzanakopoulos said in an interview with public broadcaster ERT TV. He underlined that as important it is to have the programme review concluded as soon as possible, it is equally important to reach a comprehensive agreement right now. […]

ELA trend reversed on bailout worries

Emergency central bank funding to Greek lenders rose by 300 million euros, or 0.7 percent, in February compared to the previous month, Bank of Greece data showed on Monday. Emergency funding, which is more costly than borrowing from the European Central Bank, increased to 43.1 billion euros at the end of February from 42.8 billion […]

Hard labor for the bailout negotiators

Economists and businessmen lined up at the Delphi Economic Forum last week to insist that the labor market is not where the challenges for the Greek economy are to be found anymore. Somehow, though, the debate over whether further liberalization is needed or not has come to dominate the efforts of the government and its […]

IMF’s Thomsen: Reforms not enough, Greek debt still unsustainable

The IMF’s leadership continued to emphasize the point that Greece’s debt, under current conditions, is not sustainable, with the Fund’s European department director, Poul Thomsen, adding that reforms are not enough. Speaking at an Atlantic Council panel discussion over the weekend, he said debt relief combined with the implementation of structural reforms are necessary. Additionally, […]