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Greek Court Sentences 8 for Smuggling 1.5 Tons of Cannabis into Italy

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A criminal court in Piraeus has found eight people guilty of involvement in a drug operation that smuggled nearly 1.5 tons of cannabis into Italy by speed boat. The men were each handed jail sentences of up to 24 years and fines that reached 250,000 euros. Among the people sentenced is a well-known lawyer from Piraeus area and five Albanian ... Read More »

Eleven arrested in Greece on migrant smuggling charges

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Greek police say they have arrested 11 people on suspicion of running a smuggling ring transporting hundreds of refugees and migrants from the Greek-Turkish land border to the cities of Athens and Thessaloniki over the past year. Police said Thursday the suspects – Armenians, Georgians and Greeks – had transported more than 360 people from the Greek side of the ... Read More »

Investors staying away from Greek paper

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The deterioration of the investment climate in emerging markets, along with the still fragile picture in Greece, despite its exit from the bailout program, and talk of government handouts ahead of the Thessaloniki International Fair are driving investors away from Greek securities, with bond yields climbing to three-month highs on Wednesday. Analysts say the shallow bond and stock markets in ... Read More »

Greece faces ‘long road’ after exiting bailout: Weidmann

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ATHENS: Greece still faces “a long road to recovery” after leaving its bailout programme last week and needs to continue balancing its books and cleaning up its banking sector, European Central Bank policymaker Jens Weidmann said. Greece emerged from the biggest bailout in economic history on Aug 20 but jaded Greeks are finding little reason to celebrate after nine years ... Read More »

Greek Police Bust Heroin Smugglers

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A gang of Greek and Albanian drug smugglers were arrested in Athens and Thessaloniki the Greek Police announced on Monday. After searching the homes of the suspects in Athens and Thessaloniki, police discovered 13.5 kilograms of pure heroin and five kilograms of a chemical substance probably used to cut the heroin. The gang was smuggling the narcotics from Turkey to ... Read More »

At least six dead after suspected people-smuggling boat sinks off Greek coast

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The bodies of six people have been recovered from the sea off a Greek island in the eastern Aegean after the sinking of a suspected people-smuggling boat, Greece’s coastguard said. A large search and rescue operation was under way to locate about a dozen more people believed missing. The bodies of four children, one man and one woman were recovered ... Read More »

Athens airport police arrest woman smuggling cocaine in stomach

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A 24-year-old woman identified as a Peruvian national was arrested at Athens International Airport on drug smuggling charges after flying into the Greek capital from Sao Paolo in Brazil via Zurich, Switzerland, police said. The suspect was stopped and questioned during targeted searches police conduct on passengers arriving at Greece’s biggest airport, with inspectors discovering that she had swallowed 42 ... Read More »

Over 110 Ukrainians imprisoned in Greece on charges of smuggling of migrants

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Denisova urges Council of Europe Commissioner for Human Rights Dunja Mijatovic to join hands for the release of Ukrainian sailors from Greek prisons. Ukrainian Parliament’s Commissioner for Human Rights Liudmyla Denisova says 112 Ukrainian citizens are now imprisoned in Greece on charges of smuggling of migrants. “According to available information, there are 161 Ukrainians in prisons in Greece, 112 of ... Read More »

Two arrested on drug smuggling charges

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A 40-year-old Albanian national, wanted by Italian authorities on drug smuggling charges, was arrested on an international arrest warrant in the Greek-Albanian border region near Ioannina, northwestern Greece. He is accused of importing a total of 556 kilos of cannabis from Albania to Italy. Separately, a woman, aged 30, was arrested in Thesprotia near the Greek-Albanian border on charges of ... Read More »

Why the debt deal with the EU is bad for Greece

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Shortly before coming to power in January 2015, Alexis Tsipras – then still known as an outspoken Greek opposition leader and unconventional anti-austerity firebrand – vowed not to wear a tie until international lenders agreed to cut his country’s towering debt load to sustainable levels. On Friday evening, the 43-year-old prime minister, who has since presided over three years of ... Read More »

As Greece Ends a Decade of Bailouts, Problems Linger for Europe

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As Greece prepares to emerge from one of the region’s most wrenching economic periods, its creditors are drawing up plans to ensure it is never a problem for the rest of Europe again. European Union officials will unveil a blueprint in Brussels to help the beleaguered country stand on its own once it comes off its third financial bailout in ... Read More »

IMF will remain engaged in Greece, Lagarde says

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The International Monetary Fund will remain engaged in Greece in some form, which will most likely become clearer after a June 21 meeting of the Eurogroup of eurozone finance ministers, IMF chief Christine Lagarde said. “We are considering all the options,” Lagarde told a news conference with chiefs of other leading economic organizations in Berlin. “But we will certainly remain ... Read More »

IMF getting ready to opt out of the Greek program

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Besides some small steps of progress by Berlin, the meeting of the Washington Group and the session of the Euro Working Group ended on Thursday in Paris without any agreements on measures to ease Greece’s debt, heightening the possibility that the International Monetary Fund will opt out of funding the Greek program. The progress recorded in the French capital concerned ... Read More »

Greek Plan Vows to Keep Budget Surplus at 3.5% of GDP Until 2022

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Greece has vowed to keep its primary budget surplus — the balance before debt servicing — at 3.5 percent of GDP until 2022 according to a document released describing the country’s post-bailout strategy. The 106-page document, which was presented at a meeting of eurozone finance ministers in Sofia in April, is based on the assumption that Greece will receive generous ... Read More »

Top Greek Banks would Lose €15.5 Bln of Capital in Stress Scenario: ECB

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Greece’s four biggest banks said on Saturday that no new funding plans were needed after stress test results showed they would lose around 15.5 billion euros of their capital by 2020 under an adverse economic scenario. The health check of Alpha Bank, National Bank of Greece, Eurobank and Piraeus Bank by the European Central Bank was aimed at uncovering any ... Read More »

Debt relief woes threaten Greece’s bailout exit

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The tug of war between the International Monetary Fund and Berlin over the Greek debt issue is threatening Greece’s successful bailout program exit in August. Germany insists on granting Greece gradual debt relief under the condition that it will be approved every year by the Bundestag. For its part, the IMF disagrees with Berlin’s insistence on reviewing the measures every ... Read More »

Taxman Busts Businesses on Greek Islands

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Early revenue inspections on some popular Greek islands appear to have seen dozens of businesses fall foul of the taxman. After a raid by Independent Authority for Public Revenue (AADE) auditors on three islands on the 1 May weekend, a total of 156 tax violations were detected. Some restaurants and bakeries were had their trading licenses suspended; fines were also ... Read More »

Greece and FYROM Seek to Reconcile Name Dispute in Skopje

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Greece’s Foreign Minister Nikos Kotzias and his Former Yugoslav Republic of Macedonia (FYROM) counterpart Nikola Dimitrov will meet with UN mediator Matthew Nimetz as talks for a resolution to the name dispute drag on. The meeting follows Friday’s gathering of Balkan and Central European ministers in Athens. The foreign ministers of Albania, FYROM, Montenegro, and Serbia, all of them hoping ... Read More »

Ambassador Pyatt: US has Strategic Interest in Greece

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The United States has a “strategic interest” in investing in Greece after the country comes out of the economic crisis, said U.S. Ambassador to Greece Geoffrey Pyatt on Monday. The U.S. official spoke in a digital forum conference held in Athens, stressing that U.S. technology firms see good potential for investment in Greece. Furthermore, he said that there are many ... Read More »

Greek stonefruit growers switch to kiwifruit

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ATHENS: Sonia Sarasidou of AC Episkopi in Imathia reported that, in the past two years, a number of the co-op’s 300 members had planted new kiwifruit orchards since the fruit is seen as a more profitable option than stonefruit – a trend she is seeing across northern Greece. At present, the cooperative’s members have a fairly even split between kiwifruit and ... Read More »