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Greek Piraeus Port OLP technical workers are eager to leave

piraeus port

ATHENS: One in every four employees at the recently privatized Piraeus Port Authority (OLP) in Greece has expressed an interest in transferring to the broader state sector. Greek media has confirmed both from the Shipping Ministry and from OLP itself that about 250 declarations of interest have been submitted to the competent department of the ministry in the context of ... Read More »

Greece gets EU budget approval

greece

ATHENS: After eight years of toil by the Greek people, the EU says Greece’s budget is no longer breaking the bloc’s rules. Wednesday’s recommendation from the EU Commission to end the so-called excessive deficit procedure on Greece comes after a sharp improvement in the country’s finances following years of spending cuts and tax increases and a recession that saw a ... Read More »

Bulgaria and Greece to build multimodal freight corridor between Black Sea, Aegen Sea and Dunabe

Bulgaria and Greece to build multimodal freight corridor between Black Sea, Aegen Sea and Dunabe

ATHENS: Bulgarian Minister of Transport, Information Technology and Communications Ivaylo Moskovski and Greek Minister for Infrastructure, Transport and Networks Christos Spirtzis have agreed to extend the multimodal transport corridor between the two countries connecting the ports of Varna, Burgas, Kavala and Alexandroupoli, the ministry’s press office announced, quoted by Focus News Agency. At the meeting, the Greek part accepted Bulgaria’s ... Read More »

Greece unemployment rate lowest since Jan2012

low growth rate

ATHENS: Greece’s unemployment rate declined for the fourth straight month in April to its lowest level in more than five years, preliminary data from the Hellenic Statistical Authority showed Thursday. The seasonally adjusted jobless rate dropped to 21.7 percent in April from 22.0 percent in March, which was revised down from 22.5 percent. The latest figure was the lowest since ... Read More »

Shipping Still the Locomotive of the Greek Economy, with 136 billion euros contributed during 2007 – 2016 period

shipping

ATHENS: In its 2017 Annual Report, the Union of Greek Shipowners (UGS) reiterated that 2016 was another tough year for both the Greek economy and Greek shipping. Delays in notable improvements in the economic fundamentals of Greece coupled with a prevailing economic uncertainty effected a gloomy environment for investments in the country. The capital controls have had a disastrous impact ... Read More »

EU says Greece needs more debt relief despite buffer

EU-Funds-Absorption

ATHENS: Greece will need additional debt relief to regain the trust of investors, even though it’s likely to exit its bailout with a 9 billion Euros ($10 billion) cash buffer, the European Commission said in a draft report. The country’s 86 billion-euro third bailout program from the European Stability Mechanism, agreed by Prime Minister Alexis Tsipras and European creditors in ... Read More »

Greece picks German-led consortium for Thessaloniki Port sale

Greece Thessaloniki Port

ATHENS: Greece named a consortium led by Deutsche Invest Equity Partners as the winner of a majority stake in Thessaloniki Port, the country’s second biggest, its privatisation agency (HRADF) said. Deutsche Invest has teamed up with France’s Terminal Link SAS and Cyprus-based Belterra Investments and has offered 231.9 million euros ($259.52 million), the highest bid, for a 67 percent stake ... Read More »

Greek debt deal ‘not far’: French finance minister

debt-deal

ATHENS: A deal on debt relief for Greece is “not far,” France’s new finance minister Bruno Le Maire said Monday ahead of crunch eurozone talks on the issue on Thursday. “I am optimistic that we will have a good solution. We are not far from agreement,” Le Maire said ahead of a meeting with Greek Prime Minister Alexis Tsipras. “We ... Read More »

Greece signs multilateral convention to prevent tax avoidance, double taxation

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ATHENS: Greece joined 76 other countries and territories in signing on Wednesday the “Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting” (BEPS), on the sidelines of the Organisation for Economic Co-operation and Development’s annual Ministerial Council Meeting and Forum in Paris. The convention was signed by Deputy Finance Minister Katerina Papanatsiou. The convention ... Read More »

Greece approves $8b Chinese-backed revamp of Athens’ old Olympics-airport site

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ATHENS: Hopes for Greece’s struggling economy rose last week when the government approved a transformational scheme to turn Athens’ dilapidated coastal Olympics complex and abandoned Hellinikon airport into a swanky new resort, business and residential district. Work on the $7.9bn development will start in just six months, state minister Alekos Flabouraris said on Friday, 2 June, after the country’s privatisation ... Read More »

Greece to auction 2.25b euros of T-bills on June 7

auction

ATHENS: Greece will sell 2.25 billion euros ($2.52 billion) of three- and six-month treasury bills on June 7 to refinance maturing issues, debt agency PDMA said. PDMA will auction 1.0 billion euros of three-month paper and 1.25 billion of six-month T-bills. Athens rolled over three-month T-bills last month, with the paper priced to yield 2.70 percent. In a rollover, T-bill ... Read More »

Greece accepts AIA’s $674m for 20 more years at Athens

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ATHENS: The Hellenic Republic Asset Development Fund (HRADF) last night accepted a rapidly improved €600m ($674m) offer from Athens International Airport SA (AIA) for a 20-year extension to its airport concession operating contract. The Athens International Airport already held the contract concession until 2026, but subject to approvals by the European Commission and the Greek Parliament, this new extension will ... Read More »

Greece wants to lure UK firms facing Brexit

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ATHENS: The Greek government wants to persuade shipowners and shipping-insurance companies based in London to move their European Union headquarters to Greece as the U.K. prepares to exit the bloc. “We’re in contact with five large ship-insurance brokers who are considering various EU member countries for the transfer of their headquarters,” Shipping Minister Panagiotis Kouroumblis said in an interview in ... Read More »

Greece’s Energean signs first deal to supply gas to Israel

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ATHENS: Energean Oil & Gas Group signed contracts to supply private Israeli power plants with natural gas, the first deals to compete with the partners who dominate the country’s energy industry. Greece’s Energean will supply as much as 23 billion cubic meters of natural gas from the Karish and Tanin fields offshore Israel to Dalia Power Energies Ltd. and Or ... Read More »

Greek authorities investigate cargo ship with explosives

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ATHENS: Greek authorities say they are investigating a load of explosives that was allegedly being transported by a Maltese-flagged cargo ship from Turkey to Sudan. The coast guard said it stopped the Mekong Spirit, which had set sail from a Turkish port with a crew of 17, on Wednesday morning and led it to the eastern Aegean island of Kos. ... Read More »

Greek current account deficit widens in March

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ATHENS: Greece’s current account deficit widened in March compared to the same month a year earlier, as a higher trade gap more than offset an increase in the services balance surplus, the Bank of Greece said on Monday. The data showed the deficit at 1.32 billion Euros from 772 million Euros in March 2016. Tourism revenues fell slightly to 203 ... Read More »

Cosco-led port of Piraeus in Greece posts higher results for 2016

port of piraeus

ATHENS: The Cosco-managed Piraeus Port Authority (OLP) is ready to declare an international tender for an 80K-ton floating dock to dramatically boost its ship repair presence in the greater Piraeus area. Despite certain delays in OLP’s planning to date, mostly attributed to “hiccups” from the initial privatization process, the next steps in a strategic business plan for Greece’s biggest and ... Read More »

Greece forced to cut pensions and increase tax again

tax

ATHENS: Greek’s parliament has approved pension cuts and tax hikes sought by the country’s lenders to unlock vital financial aid. As the measures were passed by lawmakers on Thursday night angry demonstrators protested outside parliament over the latest bout of austerity for Greeks since the country was plunged into crisis seven years ago. The leftist-led government hopes that legislating the ... Read More »

Greece, China transforming Piraeus port into shining star: manager

piraeus port

ATHENS: Greeks and Chinese continue to work hard together to realize the vision to transform Piraeus into a shining star, Tassos Vamvakidis, a manager of Piraeus Container Terminal S.A (PCT), COSCO Shipping’s subsidiary at Piraeus, told Vamvakidis. Chinese investors initially took over the upgrade and management of Pier II and III for a span of 35 years from Greeks, while ... Read More »

Greek Princess Cruises Fact Sheet chooses Piraeus for home porting

PIRAEUS PORT

ATHENS: The luxury cruise ship Majestic Princess of Princess Cruises Fact Sheet, a subsidiary of the American Carnival Corporation & Plc, chose the port of Piraeus, which is one of the key nodes for cruising in the Mediterranean, for hοme porting this summer. The development of Piraeus as a cruise port is very important for both the local and the ... Read More »