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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 »

BlackRock Freezes €300 Million Mall Development Project in Athens

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US investment company BlackRock has decided to freeze a plan to build a mall complex in western Athens after 11 years of battling Greek bureaucracy, because of the risky economic situation in Greece, Kathimerini news website reports. The company decided to postpone the “Academy Gardens” project for at least a few years. The 55,000-square meter shopping and entertainment complex was ... Read More »

Attica Bank to set up real estate investment company

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ATHEX mid-cap company Attica Bank is on the verge of setting up a real estate investment company (REIC) for the optimum utilization of its property asset portfolio, which is estimated at 160 million euros, according to sources. Subsidiary Attica Bank Properties (ABP) intends to increase its presence in the property market in the coming months by setting up a company ... Read More »

Could Italy be the next Greece? Investors show growing concerns

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Italian government bonds are increasingly seen as riskier investments given the anti-establishment Cabinet and its public spending plans — so much so, that Italian bonds are moving closer to being seen to be as risky as Greece’s. The yield on the 10-year Italian government bond is currently at 3.58 percent — the highest level in over five years. The yield ... Read More »

Greek Government Attributes Bank Shares Sell-off to ‘Speculative Pressures’

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The Greek government attributed Wednesday’s bank share massive sell-off and the sharp drop of the general index in the Athens Stock Exchange to “speculative pressures”. Prime Minister Alexis Tsipras called an emergency meeting with competent ministers and officials to discuss “Black Wednesday”, as analysts have called the day bank shares reached a limit down. Finance Minister Euclid Tsakalotos, Minister of ... Read More »

Police Raid Illegal Cigarette Manufacturing Facilities Near Athens

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Greek police seized 70 tonnes of smuggled tobacco and 8.8 million cigarette packets at two illegal tobacco manufacturing facilities in Aspropyrgos, west of Athens. A total of 40 people are thought to be involved in the racket. Police believe that they imported tobacco from Italy and materials for the preparation and packaging of tobacco products from Bulgaria. In the two ... Read More »

How much? Greek state owed huge amount of uncollected taxes

FILE  - In this Sept. 21, 2009 file photo, boats are seen on Ammoudi Bay near seaside tavernas on the island of Santorini, Greece. Tax authorities say they have used surveillance drones in Greece for the first time to spot violations on Santorini, where tourists were allegedly being taken on boat tours of the island's sea-filled volcanic crater without getting receipts. Greece's Independent Authority for Public Revenue says that the one-day operation last week involved surveillance of nine tour boats, and that the violations recorded in a follow-up inspection were worth 25,000 euros ($29,400) in lost revenue. (AP Photo/Michael Virtanen, File)

ATHENS, Greece: The Greek government is owed so much in tax arrears from households and companies that it could pay off more than half its massive public debts if it collected it all. Unfortunately for the government, that’s unlikely to ever happen. Data from the Independent Authority for Public Revenue show tax arrears totalled 182.5 billion euros ($214 billion) on ... Read More »

Eldorado Gold seeks 750 million euros in damages from Greek state

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The Canadian company Eldorado Gold, whose sister company Hellas Gold runs mines in northern Greece, has sought 750 million euros in damages from the Greek state. The company sought the sum for losses it claims to have sustained due to delays in the state’s issuing of licenses for its plant at Skouries as well as lost profits. In a statement, ... Read More »

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

FILE PHOTO: Germany's Bundesbank President Jens Weidmann delivers a speech in Berlin, Germany, August 23, 2018. REUTERS/Hannibal Hanschke

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 »