Tagged: Greek

Greek objections mar preparations for EU’s 60th birthday

Greece has stuck to its objections to a declaration to mark the European Union’s 60th anniversary, officials in Brussels and Athens said on Thursday, a potentially embarrassing setback for the bloc as it seeks to rebuild unity ahead of Brexit. The leaders of the EU’s 27 remaining states will mark the anniversary on Saturday at […]

Greek gov’t eyes community service for road offenders

In a bid to curb irresponsible behavior on Greek roads, the government is considering the introduction of compulsory community service for those who cause serious accidents, Deputy Transport Minister Nikos Mavraganis said on Tuesday. In comments made during a seminar on road safety in Athens, Mavraganis said offenders would be obliged to carry out their […]

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 […]

Greek unemployment steady in December, eurozone’s highest

Greece’s jobless rate stood at 23.1 percent in December, unchanged from an upwardly revised reading 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 45.2 percent from 50.1 percent […]

Greek Justice Ministry plans new police branch

The Justice Ministry has announced its intention to proceed with plans to create a judiciary police branch. A six-member committee, led by deputy Supreme Court prosecutor Anna Zairi, has been formed to draft the necessary legislation. The panel has been instructed to complete its work by April 30. A law allowing the creation of the […]

Greek women hit hardest by unemployment

Women, especially young women, have been hit particularly hard by Greece’s economic crisis, Labor and Social Insurance Minister Effie Achtsioglou told the Parliament in Athens on Wednesday on the occasion of International Women’s Day. Of all the registered unemployed in Greece, 61 percent are women, Achtsioglou said, noting that although joblessness has dropped 3 percentage […]

Greek economy flat last year, stats service says

Greek economic growth was flat last year, the country’s statistics service ELSTAT said on Wednesday, releasing its first estimate of full-year 2016 gross domestic product. It said gross domestic product in volume terms and measured at constant prices was 184.5 billion euros last year, unchanged from 2015. ELSTAT’s estimate, based on seasonally unadjusted data, showed […]

Greek President stresses desire for good relations with Turkey

Greek government support for the democratically elected government in Turkey during the failed coup attempt in July is clear indication that Athens wants to preserve good-neighborly relations with Ankara, President Prokopis Pavlopoulos said Tuesday, adding that Athens stands firmly behind Turkey’s European Union membership ambitions. He was speaking during a visit to Kalymnos in commemoration […]

Greek retail sales fall 1 pct in December, led by drugs and cosmetics

Greek retail sales by volume fell 1.0 percent in December compared to the same month a year ago after an upwardly revised 4.0 percent increase in November, statistics service ELSTAT said on Tuesday. Retail sales were led lower by drugs and cosmetics, fuels, apparel and footwear, the data showed. Data on gross domestic product showed […]

Greek utility says being investigated by EU competition watchdog

The European Union’s competition authority is investigating Greece’s power utility PPC over allegations the utility has violated antitrust rules, PPC said on Wednesday. Two sources told Reuters on Wednesday that the EU competition watchdog on Tuesday raided PPC and the headquarters of the country’s power grid operator ADMIE. PPC, which is 51 percent owned by […]

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 […]

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 […]

Greek borrowing costs tumble on prospect of progress on debt talks

Greece’s borrowing costs fell sharply on Friday as signs emerged that the country’s main creditors have agreed a common stance on bailout talks. Two-year Greek government bond yields in fell more than 100 basis points to 8.81 pct, moving further away from seven-month highs above 10 percent hit on Thursday as worries about the future […]

Greek military observing Turkish research ship amid tensions

Greece’s National Defense General Staff and the Hellenic Navy have been closely monitoring the presence of the Turkish research vessel Cesme off Andros following a spike in tensions with Turkey. The Cesme appeared in the area on Thursday afternoon and although it was in international waters, Greek authorities were on standby following a series of […]

Greek unemployment unchanged in November, still eurozone’s highest

Greece’s jobless rate came in at 23 percent in November, unchanged from 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 45.7 percent from 48.9 percent in the same month […]

Greek labor minister says IMF demands are ‘unreasonable’

The International Monetary Fund’s stance on the Greek bailout is “problematic” and its demands of the cash-strapped country “unreasonable,” Labor Minister Efi Achtsioglou said on Thursday. Speaking after a visit to the Labor Inspection Corps in Alexandroulpoli, northern Greece, the minister who holds of the country’s stickiest portfolios said the IMF’s demand for the upfront […]

Majority of Greeks want to stop immigration from Muslim-majority countries, survey shows

A majority of Greeks want to stop immigration from Muslim-majority countries, a survey has found. The Chatham House study, conducted before US President Donald Trump signed an executive order banning immigration to the US from seven predominantly Muslim countries, found that 58 percent of Greeks favored a ban. The poll, which was published in The […]

Greek firefighters take to streets over hiring conditions

Hundreds of firefighters in uniform took to the streets of Athens Wednesday to protest hiring conditions, saying roughly one third of their jobs are at risk due to hiring restrictions placed on the public sector by Greece’s international bailout conditions. About 1,000 firefighters, some in full rescue gear, chanted “real jobs now” and marched past […]

Greek bailout program would end if IMF pulled out, Schaeuble says

Germany believes the International Monetary Fund (IMF) will remain on board with Greece’s bailout, a finance ministry spokesman reiterated on Monday, but said that a IMF decision to pull out would mean the end of the current program. Finance Minister Wolfgang Schaeuble has already made clear that if the IMF were not to participate, “then […]