Tagged: Greek

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 […]

German government says it’s united on need to stabilize Greek economy

The German government said on Friday it remained united on the need to stabilize the Greek economy despite a report indicating divergent views between Chancellor Angela Merkel’s conservatives and their Social Democratic coalition partners. Spokeswoman Ulrike Demmer declined comment on a newspaper report that Foreign Minister Sigmar Gabriel had suggested easing a requirement for Athens […]

Greek court says Turkish servicemen must stay in custody

A Greek court has ruled that eight Turkish servicemen seeking asylum in Greece must remain in temporary police detention even though Turkey’s request for their extradition has been rejected. The pilots and flight engineers fled to Greece in a military helicopter a day after the failed July 15 military coup in Turkey. The court on […]

German chancellor to hold phone call with Greek PM

German Chancellor Angela Merkel on Monday requested a telephone call with Greek Prime Minister Alexis Tsipras ahead of her scheduled visit to Turkey on Thursday, February 2, ANA-MPA reported. The news agency said that Merkel asked to be briefed on Athens’s official position on Greek-Turkish relations in light of recent tensions, as well as on […]

Greek 10-year bond yields leap 212 bps

Greek 10-year bond yields shot up on Friday, a day after eurozone finance ministers acknowledged the country’s fiscal progress but failed to break an impasse with the International Monetary Fund over its future bailout targets. Athens and its European Union and IMF creditors are still at odds over the fiscal goals Greece can achieve after […]

Deal on Greek bailout’s second review possible at February Eurogroup, official says

Eurozone creditors could approve the completion of the second set of Greek bailout reforms at the next meeting of finance ministers in February, an eurozone official said on Wednesday. The approval of the outstanding reforms, mainly concerning Greek fiscal targets, the labor market and liberalization of the energy sector, would pave the way for further […]

Greek farmers gunning engines for nationwide protests, blockades

Farmers angered by hikes in taxes, gas prices and social security contributions warmed up their engines on Monday for nationwide action. The protest action, which unions have vowed will be forceful and prolonged, started with a strong statement as dozens of tractors and pick-up trucks blocked off a section of the Patra-Corinth national highway near […]

EBRD expresses desire to help Greek exporters

European Bank for Reconstruction and Development (EBRD) chief Suma Chakrabarti told the Global Markets Forum in Davos on Tuesday that the European lender would like to contribute more in the assistance of Greek companies, particularly those who are export-orientated: “We’ve been operating there for 14 months and already invested nearly 800 million euros. We’ve made […]

Greek islet initiative fuels concern amid Turk officers’ hearings

A Supreme Court prosecutor on Wednesday recommended that another two of the eight Turkish military officers who fled to Greece after a failed military coup in the neighboring country should not be extradited, citing concerns about their chance of a fair trial and potential treatment in Turkey. “Even if they are Greece’s greatest enemies, they […]

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 […]

EU Commission: ‘untenable’ situation in Greek refugee camps

The European Commission says conditions for refugees on Greek islands and in other camps where they are housed in tents despite severe cold weather, is “untenable.” Heavy snowfall has hit large swaths of Greece, including the eastern Aegean islands where thousands of refugees are stranded. Giorgos Kyritsis, spokesman for the government’s crisis committee on migration, […]