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Greece’s trade balance widens in 2017 as exports and imports grow

greece

ATHENS: Greece’s balance of trade deficit grew to 21.5 billion euros in 2017, up by 2.8 billion euros in relation to 2016. According to Eurostat, Greek exports during the preceding year reached a value of 28.8 billion euros, an increase of 13  percent, yoy. The breakdown was 8.8 percent for exports in the European Union and 20 percent towards third ... Read More »

United States investigating Greek welded pipe exports

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ATHENS: In the agency’s countervailing probe, it will look into if the companies importing pipe into the USA are being subsidized by the governments of the countries involved in the probe.Greece, India, South Korea and Turkey, and countervailing duty investigations into imports of large diameter welded pipe from China, India, South Korea and Turkey. The action is in response to ... Read More »

Greek economy hitting targets on way to bailout exit

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ATHENS: The Greek economy continued to put out positive signals on Wednesday as preliminary budget execution data showed strong revenue collection and a further reduction of expenditure. Net revenue came in at 891 million euros above expectations in January 2018 (at 4.78 billion euros), with a primary surplus recorded to be at 1.883 billion euros. Tax returns totaled 328 million ... Read More »

Greek banks plan for additional provisions of €5.5 b

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ATHENS: Greece’s four systemic banks will make extra provisions totaling between 5 and 6 billion euros for the 2017 financial year in the context of adopting the new financial reporting standard IFRS 9. These provisions will directly burden the lenders’ capital and will not have an impact on their financial results. Notably, this blow will not be taken into consideration ... Read More »

Greece launches tender for 5 percent stake in OTE telecom

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ATHENS:  Greece’s state privatization agency says it has launched a tender to sell a five percent stake in the country’s dominant OTE telecom company. The agency said Tuesday that investors must submit their offers by March 15. Under its international bailout agreements, Greece is committed to sell off swathes of state-owned companies and real estate. The country lost access to ... Read More »

Greece launches new bond as recovery gathers speed

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ATHENS: Greece has completed the benchmark sale of a seven-year bond, sending markets the strongest signal yet that the country may have turned a corner after years of fiscal retrenchment and international bailouts. Despite a 48-hour delay blamed on international market turbulence, finance ministry officials said the bond launch had managed to raise €3 billion at a yield of 3.5 ... Read More »

Greece industrial production growth eases sharply

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ATHENS: Greece’s industrial production growth eased markedly at the end of the year, preliminary data from the Hellenic Statistical Authority showed Friday. Industrial production rose a working-day-adjusted 0.2 percent year-over-year in December, much weaker than the 2.0 percent increase in November. The measure has been rising since October 2016. Among sectors, manufacturing production grew 6.3 percent annually in December, while ... Read More »

Rules set for medical marijuana Industry in Greece

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ATHENS:  Greek lawmakers have received a draft bill setting regulations for the production of medical marijuana to end reliance on importing the drug, Associated Press reports from Athens. The legislation was prepared jointly by officials at Greece’s Health, Economy, Agriculture and Justice ministries and require producers must be at least 21 years old and have no drug-related convictions and have ... Read More »

Greek economy will grow 2.5 pct

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ATHENS: Greek economy is expected to grow by 2.5 percent this year and in 2019, the European Commission said in its economic outlook estimates for the 2017-2018 period, released on Wednesday. The report said economic recovery was expected to strengthen in the coming years and to support an increase in employment. However, it noted that “a steady commitment for structural ... Read More »

Greek ministers allegedly involved in Novartis bribery probe

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ATHENS: Two former Greek prime ministers and eight former ministers have been implicated in an alleged corruption scandal involving Swiss pharmaceutical giant Novartis, a judicial source said Monday. Greek anti-corruption prosecutors have asked parliament to hand over any files relating to the alleged bribery in light of the suspected involvement of the former ministers, who were in office between 2006 ... Read More »

Greek tax offices get online auction instructions

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ATHENS: Greek tax offices have been given instructions for online real-estate auctions which will take place from May 1. A circular which summarizes changes voted upon in parliament last month also issues provisions on how the controversial auctions should be conducted. They generally deal with posting and updating property details online, as well as shipping relevant documents plus harmonizing the new system ... Read More »

Greek economy gradually moving away from creditors

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ATHENS: Commission mission chief for Greece’s bailout program, Declan Costello (photo), reportedly confirmed that a “firm supervisory framework for many years, in conjunction with reforms, will apply in Greece” for many years to come. Speaking to Dutch MPs earlier this week, Costello said there are many challenges connected to Greece’s quest to achieve sustainable long-term growth and “serious problems” to ... Read More »

Greece preparing its own post bailout plan

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ATHENS: Greece expects to make a clean break with official lenders when its international bailout expires in August and has no reason to seek a precautionary credit line, its finance minister said in an interview. Instead, Euclid Tsakalotos told Reuters, the country is building up its own protective buffer that, along with unused European bailout funds, would cover Greece “for ... Read More »

GVC subsidiary slapped with €187M tax bill in Greece

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ATHENS: Multinational online sports betting and gambling group GVC Holdings PLC has announced that one of its subsidiaries was hit with a nearly €187 million ($232 million) tax assessment in Greece but said it believed there were “strong grounds” to appeal. The U.K.-based sportsbook operator said in a statement issued Thursday that the assessment from Greece’s tax authority, specifically the ... Read More »

Optimism edges up for Greek economy challenges remain

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ATHENS: Eight years after the start of the severe debt crisis which brought Greece at the brink of default, optimism edges up for the economy, as financial indexes improve. However, challenges remain and Greeks must stay committed to fiscal discipline and the reform path after the end of the third bailout this summer to ensure sustainable growth, Greek scholars told ... Read More »

Taxes shake Greeks love of home ownership

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ATHENS: Greeks’ traditional love affair with property ownership has been going through a crisis of late. The reason is the extremely high taxation, which has transformed home-ownership into a heavy burden for taxpayers. As a result, the majority of those who own more than one property have resorted to renting out their assets as the most beneficial solution. Nevertheless, only ... Read More »

Greece hits GVC holdings with €187m back tax demand

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ATHENS:  GVC Holdings is putting aside €200m as a provision against a hefty back-tax demand from the Greek government. On Thursday, GVC announced that it had received a tax audit assessment from the Greek Audit Center for Large Enterprises, which is demanding €186.77m in back taxes to cover a GVC subsidiary’s activity in the Greek market for the years 2010 and 2011. The GVC ... Read More »

Greece boosts Alltours profits and growth this year

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ATHENS: Greece and Spain along with a comeback for Turkey, and plans to re-invest last year’s higher profits in further hotel expansion, fvw.com reports. The Düsseldorf-based group increased pre-tax profits by 12.7% to nearly €63 million in the year ending October 2017. The tour operator businesses increased turnover by 4.5% to nearly €1.4 billion while customer numbers rose by 2.5% to ... Read More »

Greece’s Loutraki casino wins major back tax fight with gov’t

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ATHENS: Greece’s financially struggling light at the end of the tunnel after winning a major back-tax court fight with the Greek government. Last week, the Tripoli Administrative Court of Appeal ruled that the Greek government was wrong to hike the Loutraki casino’s tax rate from 20% to 33% in 1996.  The court ruled that the tax rate would apply retroactively, meaning ... Read More »

Greece Bulgaria to swap tax evasion info

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ATHENS: One of the major issues plaguing the Greek state for decades, tax evasion, was the subject of talks between the revenue heads of Greece and Bulgaria in Sofia on Monday, according to an Independent Balkan News Agency report. The Greek Independent Public Revenue Agency head Giorgos Pitsilis and his Bulgarian counterpart Galya Dimitrova held talks on continuing and deepening co-operation on exchanging information ... Read More »