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“Food Expo” Exhibition Showcases Greek Gastronomy

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The food and beverages exhibition “Food Expo 2019” – the largest of its kind in Southeastern Europe – opened its doors to visitors at the Metropolitan Expo Center near Athens. Featuring 1,300 Greek and international exhibitors, 50,000m2 of exhibition space and approximately 5,000 key international food traders, the Food Expo is a huge event for organized retail, wholesale as well ... Read More »

Greece’s financial crisis still evokes pain and fear on the streets of Athens: ‘We just have to smile, pretend’

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Greece’s financial crisis is still hurting the hopes and dreams of the people that live in the Mediterranean nation. The country has been in economic turmoil for most of the last decade. Years of financial mismanagement alongside a culture of clientelistic politics, where goods and services were exchanged for political support, culminated in a long-term recession. “I still think the ... Read More »

IMF: Greece among best performers in eurozone

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Greece has entered a period of economic growth that puts it “among the best performers in the eurozone”. That rather striking judgement comes from the International Monetary Fund in a new report on the Greek economy. A senior IMF official said there were a lot of positive developments to point to. That said, the IMF said the economy remains vulnerable, ... Read More »

Greece Launches 10-Year Bond After Moody’s Upgrade

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Greece officially launched procedures to issue new 10-year state bonds by appointing BNP Paribas, Citi, Credit Suisse, Goldman Sachs and J.P. Morgan as underwriters of the syndicated loan. The Public Debt Management Agency said that the bond issue would be launched “in the near future,” subject to market conditions. In January, Greece raised 2.5 billion euros with five-year bonds. Greece ... Read More »

Greek Tobacco Giant Papastratos to Give €1 Million in Shares to Workers

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Papastratos, Greece’s largest tobacco manufacturer and distributor, announced on Thursday that it will give shares worth a total of €1.0 million in its parent company Philip Morris International to its workers. In the statement, the Papastratos company said that it chose this way to award its workers for their exceptional performance and the large profits the company saw in the ... Read More »

Athens Hosts Annual Capital Link Greek Shipping Forum

Container ships wait to be unloaded at the Port of Oakland on Wednesday, March 7, 2018, in Oakland, Calif. The U.S. trade deficit rose in January to the highest level since October 2008, defying President Donald Trump's efforts to bring more balance to America's trade with the rest of the world, the Commerce Department said Wednesday. (AP Photo/Ben Margot)

The 10th Annual Capital Link Greek Shipping Forum opens in Athens on Friday at the Hilton Athens Hotel. The Forum was established in cooperation with the New York Stock Exchange and Nasdaq. It connects 1000 key players in the shipping industry, including influential members of the financial community including commercial and investment banks. This year, the event is focusing on ... Read More »

SYRIZA Coffee Tax Spikes Smuggling, Closes Coffee Shops

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Hiking coffee taxes as part of an avalanche of new and higher rates isn’t working out so well for the ruling Radical Left SYRIZA as it’s led to coffee smuggling rings bringing in the commodity Greeks love from other countries, especially Bulgaria. The coffee tax was raised in 2017 and has seen business drop at some coffee shops 10-15 percent ... Read More »

Tax system disparities fuel evasion

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After processing this year’s tax declarations, the Independent Authority for Public Revenue is expected to demand an additional 3.7 billion euros from some 3 million taxpayers, even though this year’s tax statements for 2018 incomes will lead to tax rebates and handouts adding up to around 3.5 billion euros. This year’s process is expected to be the biggest redistribution of ... Read More »

Greece’s Alpha Bank Is Said to Prepare $4 Billion Bad-Loan Sales

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Greek lender Alpha Bank is preparing two non-performing loan sales that could remove as much as 3.5 billion euros ($4 billion) of bad debt from its balance sheet, according to two people familiar with the plans. One of the portfolios, dubbed Neptune, comprises 1.5 billion euros of loans secured against assets of small and medium-sized enterprises, the people said, asking ... Read More »

Eurogroup to decide on return of Greek bond profits in March

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Eurozone finance ministers will decide at their meeting in March whether Greece has fulfilled the requirements to receive the first tranche of ECB profit returns on Greek bond holdings, an EU official told journalists in Brussels on Wednesday. The official, cited by state-run news agency ANA-MPA, said Greece will not be in the agenda of the February 11 Eurogroup which ... Read More »

EBRD’s long-term investment in Greece

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Investing over 2 billion euros in Greece, the role of the European Bank for Reconstruction and Development (EBRD) has been instrumental to the recovery of investments in this country over the last three years. The lender’s alternate board director, Anthony Bartzokas, who has played a key role in bringing EBRD activity to Greece and extending it here, spoke to Kathimerini ... Read More »

Greece’s Private Sector Bank Deposits Drop for Second Month

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Greece’s private sector bank deposits dropped for two consecutive months, in October and November of 2018, according to data released by the central bank of Greece. The decrease represented 90 million euros in total, and stands in stark contrast to trends from the first eight months of 2018, where private sector bank deposits rose steadily, even through September. Greece is ... Read More »

Greece must regain full access to debt markets – EU’s Moscovici

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Greece should regain full access to debt markets and all efforts should be made to that end, EU Economics Commissioner Pierre Moscovici said on Wednesday. “Let’s make Greece a full success story inside the euro zone … reduce unemployment, particularly among the young,” Moscovici told reporters in translated comments after meeting Greek Prime Minister Alexis Tsipras in Athens. “Greece should ... Read More »

Greece racks up surplus by keeping foot on investment brake

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Greece’s leftwing Syriza government expects that 2018 will have brought another record budget surplus as it strives to please investors — but economists wonder whether the country is achieving more discipline than is good for it. Figures published in December for the first 11 months of 2018 showed that Greece would outperform the year’s target for the primary budget surplus ... Read More »

Greek police arrest dozens in gold smuggling network

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ATHENS, Greece: Police in Greece say they have arrested 63 people accused of running a major gold smuggling operation, using a network of pawn shops that rapidly expanded during the country’s severe financial crisis. The arrests were announced and police seized cash, gold bars, jewels and other valuable items worth an estimated 2 million euros ($2.3 million). The suspects allegedly ... Read More »

Greece Fourth in Property Taxation in the EU, Study Finds

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Greece holds fourth place in the EU regarding the issue of property taxation, according to a study conducted by the Foundation for Economic and Industrial Research, or IOBE. The study also found that in comparison with 2007, Greece’s real estate market lost 95.4 per cent on its investments in that sector, seeing just €1.1 billion ($1.24 billion) being invested in ... Read More »

Greece’s Eurobank to acquire Grivalia Properties -Eurobank source

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ATHENS: Eurobank , Greece’s third-largest lender, will acquire real estate company Grivalia Properties , a Eurobank official Sunday. The deal will be a share-swap transaction and boost the lender’s capital base by about 1 billion euros (£884.2 million), the official said without giving the value of the deal. gi Grivalia is currently owned by Canadian investment company Fairfax Financial Holdings, ... Read More »

Greece, Turkey snipe over maritime borders

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ISTANBUL/ATHENS: Turkey warned Greece on Tuesday it would not tolerate a shift in Greece’s maritime border, drawing a sharp rebuke from Athens that it would decide when and how it exercises its sovereign rights. The statements from both sides came a few days after Greece’s former foreign minister said Greece planned to extend its territorial waters to 12 miles to ... Read More »

‘Migrant-Smuggling’ Car Crash Kills 11 In Greece: Police

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THESSALONIKI, GREECE: Eleven people died in northern Greece early Saturday after a car thought to be carrying migrants crashed head-on with a truck and burst into flames, police said. Firefighters recovered 11 bodies from the car, which had been travelling towards Thessaloniki. The driver of the truck, which had been heading towards the town of Kavala, escaped the fire unscathed. ... Read More »

Greece, Turkey snipe over maritime borders

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ISTANBUL/ATHENS: Turkey warned Greece on Tuesday it would not tolerate a shift in Greece’s maritime border, drawing a sharp rebuke from Athens that it would decide when and how it exercises its sovereign rights. The statements from both sides came a few days after Greece’s former foreign minister said Greece planned to extend its territorial waters to 12 miles to ... Read More »