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Banks worry over sudden bad loan spike in January

loan

ATHENS: Nonperforming loans last month posted a major spike of almost 1 billion euros, reversing the downward course set in the last few months of 2016. This has generated major concerns among local lenders regarding the achievement of targets for reducing bad loans, as agreed with the Single Supervisory Mechanism (SSM) of the European Central Bank for the first quarter ... Read More »

Mega yacht owners choose Greece for construction and maintenance

CONSTRUCTION INDUSTRY

ATHENS: At least four mega yachts have been at Perama and Elefsina in the last few weeks, such as the 133-meter Al Mirqab (pictured) and the 139-meter Al Salamah, which respectively rank 14th and 11th on the global list. At least four mega yachts have been at Perama and Elefsina in the last few weeks, such as the 133-meter Al ... Read More »

Greece disappoints with Q4 results

greece

ATHENS: The Greece’s economy dipped from the last three months of 2016 as quarter reports show a lower gross domestic product, after growing phenomenally last third quarter. The fear of another recession surrounds the country coming this 2017, and debt crisis could once again resurface. All of the unexpected economic shrinking poses a greater threat on the current Greece and ... Read More »

Greek economy contracts 0.4 percent in fourth quarter

economy

ATHENS: 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 than in the third ... Read More »

Notifications to go out to 1.3m taxpayers for ‘suspect’ banking activity

Tax Revenue

ATHENS: Greece’s General Secretary against Corruption, Constantinos Christou, on Tuesday said that 1.3 million taxpayers should be receiving notifications in the next few months in regards to large cash transfers made from their accounts. Speaking on Sto Kokkino radio, Christou said that authorities have collated information on registered taxpayers suspected of tax evasion, gleaned from records such as the so-called ... Read More »

Eurozone growth hits 0.4% in 4th quarter of 2016

GREECE

ATHENS: Growth in eurozone remained resilient in the fourth quarter of 2016, but slightly less than an earlier estimate, data showed on Tuesday. The EU’s Eurostat statistics agency said growth in the eurozone landed at 0.4 percent in the fourth quarter of 2016, revising down the 0.5 percent estimated on January 31. The figures show that recovery in Europe remains ... Read More »

Greece to exceed its primary surplus target in 2018, Commission forecasts

revenue-target

ATHENS: Greece will have a primary surplus in the budget of 3.7 percent of gross domestic product next year, exceeding the target of 3.5 percent agreed with its eurozone creditors, the European Commission forecast on Monday. The size of next year’s Greek primary surplus, which is the budget balance before debt-servicing costs, is a bone of contention between eurozone governments ... Read More »

IMF can’t cut special deal for Greece but debt solution possible, says Lagarde

imf

ATHENS: The International Monetary Fund is doing the best it can to agree on bailout loans for Greece but cannot compromise its principles and cut a sweetheart deal for the country, IMF Managing Director Christine Lagarde said on Monday. She said, however, that a reduction in Greece’s debt load could occur without international lenders having to take write-downs of their ... Read More »

Greek Finance Ministry attempting to make tax borders less porous for Greeks

Greek Finance Ministry attempting to make tax borders less porous for Greeks

ATHENS: Greek Finance Ministry is attempting to make the country’s tax borders less porous for Greeks through a legislative intervention and the exchange of information with cooperating states, in a bid to put an end to the phenomenon of enterprises and professionals establishing themselves as residents of countries with lower tax rates, as well as to put pressure on businesses ... Read More »

Trade deficit expands along with imports

trade surplus

ATHENS: Greece’s trade deficit swelled considerably in 2016, as the slight increase in exports was unable to offset the losses from the far greater growth in imports, according to data published on Tuesday by the Hellenic Statistical Authority (ELSTAT). The rise in imports compared to 2015 could be attributed to the fact that the easing of capital controls in 2016 ... Read More »

Fraport secures bank financing for the 14 airports

Microfinance

ATHENS: Fraport Greece has reached an agreement with four international credit institutions and a local bank for the financing of the privatization project by the German-led consortium concerning 14 regional airports around Greece, according to banking sources. The funding will go toward both the one-off down payment (the “acquisition facility”) and an amount set aside for investments in infrastructure (the ... Read More »

Greece hopes for breakthrough as funding stalemate persists

GREECE

ATHENS: Greece said on Tuesday it wanted a positive conclusion soon to a bailout review which would allow it to tap cheap ECB funding, as a top European official ruled out imminently extending debt relief sought by the IMF for the crisis-hit nation. Discussions between Greece, its European lenders and the International Monetary Fund on the country’s bailout obligations have ... Read More »

IMF says Greece should meet lower fiscal surplus target

IMF

ATHENS: The International Monetary Fund said on Monday that Greece’s economy would only grow by just under 1 percent in the long run given the constraints of its bailout program, but should meet the fiscal surplus target preferred by most IMF directors. In its annual review of Greece’s economic policies, the IMF said most of its board directors favor a ... Read More »

Authorities took 124m euros out of debtors’ bank accounts in 2016

euro

ATHENS: The Independent Authority for Public Revenue last year confiscated bank deposits of state debtors totaling 124 million euros, according to data that Deputy Finance Minister Katerina Papanatsiou presented in Parliament on Monday. Over the course of 2016, the tax administration siphoned off the deposits of 188,226 taxpayers with debts to the state. It also conducted 11 property auctions, of ... Read More »

Greek SI targets UK in international expansion drive

GREEK

ATHENS: One of Greece’s largest systems integators, Uni Systems, is considering setting up a UK office as it reduces its exposure to home market. Founded in 1964, the Athens-based firm claims to be the first-ever Greek-owned IT company established in Greece. Uni Systems offers mainly systems integration, datacentre and infrastructure solutions to the financial, enterprise and public sectors. An established ... Read More »

Greek vegetable imports face shortage due to weather

GREEK

ATHENS: Consumers are facing a vegetable shortage as poor weather across Europe is hitting supplies to super-markets. Vegetables such as spinach, lettuce, broccoli, and courgettes, as well as prepared salad bags, have been particularly hit. The shortage has been caused by a mix of extreme drought followed by floods and freezing conditions which affected growers in Spain, Italy, Turkey, and ... Read More »

Athens airport stake sale is shelved

Scottsdale Airport expands customs service hours to streamline operations

ATHENS: The sell-off of a 30 percent stake in Athens International Airport has been put on ice for the time being, as authorities do not want to see the sale coincide with the extension of AIA’s concession contract. The process, which state sell-off fund TAIPED had been planning to launch in the coming weeks, has been put off until after ... Read More »

Investment plans abound, but only small-scale ones

ECONOMY

ATHENS: The Economy and Development Ministry announced that up until Monday, it had received 821 investment plans related to the latest investment incentives law, passed in 2016. The plans have a total budget of 2.2 billion euros, and most concern the agricultural and food sectors. If the investments are implemented they might go some way toward changing the country’s production ... Read More »

Greece to propose lowering tax to avoid pension cuts

GREECE

ATHENS: Greece is to lower the tax-free threshold for low incomes in order to close the evaluation of the bailout program, a Kathimerini report says. The proposal for lowering the tax-free threshold to incomes of 6,000 euros per year and above is so that the Greek government avoids further pension cuts to reach the fiscal targets required by creditors. Athens ... Read More »

Greek manufacturing shrinks most in 15 months

GREECE

ATHENS: Greek manufacturing shrank the most in more than a year in January, highlighting the economy’s weakness at a time the government is trying to break yet another deadlock in bailout talks. Greece’s Purchasing Managers’ Index fell to 46.6 last month from 49.3 in December, London-based IHS Markit said in a statement on Wednesday. The reading below the the key ... Read More »