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Foreign Investment in Greek Properties Skyrockets in First Half of 2019

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According to the latest data published recently by the Bank of Greece, the foreign capital flowing into Greece to buy properties during the first six months of 2019 showed a staggering increase of 49 percent compared to the same period in 2018. Last year itself was also a record-breaking one for the purchasing of real estate by foreigners in Greece. ... Read More »

Economic Confidence Climbs Even Higher in Greece in August

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According to the latest figures published by Eurostat the Economic Sentiment Indicator (ESI), which was already on an upward trajectory, increased even more in Greece in August. Previously scoring 101 points in June and 105.2 in July on the economic confidence scale, the nation of Greece recorded 108.4 ESI points in August. The ESI, a representation of the overall economic ... Read More »

Greece, EU to talk about bad loans

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Talks between the government and the European Commission’s Directorate-General for Competition about banks’ bad loans will begin next week. The Greek proposal involves creating an asset protection vehicle where 16 billion euros’ worth of bad loans will be transferred and guaranteed by the state. The European Union’s concern is that the vehicle does not serve as a conduit for illegal ... Read More »

Opportunity to reduce budget target

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The drop in Greek state borrowing costs since last summer, when Athens agreed with creditors on primary surpluses of 3.5 percent of gross domestic product up to 2022 and 2.2 percent from 2023 to 2060, is paving the way for a reduction to those targets, analysts have told Kathimerini. This also comes at a time when Greece has just tapped ... Read More »

Greece secures EU okay to roll out 300 mln-euro broadband network

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Greece secured EU regulatory approval on Wednesday for a 300-million-euro ($334.4 million) scheme to roll out an ultrafast broadband network across the country. The project is funded by the European Regional Development Fund, the European Agricultural Fund for Rural Development and private investors. The network will offer full access to all operators on a non-discriminatory basis while the country’s telecoms ... Read More »

Investors are reconsidering Greece

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Greece is back on foreign investors’ radar screens as it is considered an attractive destination for investments. However, the numerous obstacles in place, from high taxation to delays in justice and the low level of research and development, have resulted in this country being chosen mainly by companies already active here, which are aware of local proclivities and the deficiencies ... Read More »

Taxes weighing Greek companies down, study shows

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Greek companies were the most heavily burdened by tax in the Organization for Economic Cooperation and Development (OECD) over the last decade, according to a study by the Washington-based Tax Foundation. The effective average corporate income tax rate decreased almost everywhere in Europe from 2008 to 2018, with Greece being among the few exceptions as it saw a rate increase ... Read More »

Multinationals See Improved Investment Opportunities in Greece

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Greece is gradually becoming an attractive destination for investments, yet challenges remain, according to a survey presented at an investment forum in Athens. According to Bank of Greece data, in 2018 direct foreign direct investment expanded by a very robust 12.5 percent over 2017, reaching 3.6 billion euros; this represents the third year in a row of increasing investment in ... Read More »

Greece scraps bailout commitment to lower tax-free threshold

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Greece scrapped plans to force people to pay more tax on their incomes from next year, less than a month before a parliamentary election. The outgoing Parliament passed a measure proposed by the leftist SYRIZA government, revoking an income tax credit package due to come into effect in January. That measure, among the commitments demanded by international lenders in return ... Read More »

Post bailout, Greece offers tax breaks, pension bonus

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ATHENS: Greek lawmakers approved tax breaks and bonuses for pensioners in the crisis-hit nation days before elections, rowing back some austerity mandated by international bailouts. The package brought by the left-wing Syriza administration includes an annual payment for 2.5 million pensioners, a reduction in a sales tax on basic foodstuffs and a cut in tax rates on electricity and gas ... Read More »

Greek Ports to Welcome More than 5 Million Cruise Passengers this Summer

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Greek ports are expected to welcome more than five million cruise passengers this summer, breaking last year’s record, according to Greece’s Union of Cruise Shipowners and Associated Members. The estimated number of incoming cruise ship travelers is set to exceed last year’s arrivals by 8-9 percent. Specifically, the experts expect more than 5 million arrivals and 3,664 calls of port ... Read More »

Greek economy shows promising signs of growth

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What a difference four years can make. In January 2015, Alexis Tsipras, leader of the ostensibly ultra-leftwing Syriza party, came to power, promising to end the austerity that had plunged Greece into one of the deepest depressions in economic history. Today, under his leadership, a recovering Greece stresses its fealty to the eurozone’s policy orthodoxy. So, is all now well? ... Read More »

Latest Data Reveal Greek Inflation on the Rise

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ELSTAT, Greece’s official statistics authority, released its latest data on the country’s annual EU-harmonized inflation on Friday, which showed a slight increase in prices overall. From one percent inflation seen in March of 2019, the figure increased to 1.1 percent in April. The rate of inflation in the Eurozone overall in April was at 1.7 percent. ELSTAT data also revealed ... Read More »

Greek Unemployment Down 2.1 Percent in February of 2019 Compared to Year Prior

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The Greek Statistical Authority (ELSTAT) issued a report on Thursday which shows that unemployment in Greece fell from 20.6 percent in February of 2018 to 18.5 percent in February of 2019. The unemployment rate also recorded a small decline on a monthly basis, as it was determined to be at a level of 18.6 percent in January of this year. ... Read More »

Greece sells 812.5 mln euros of treasury bills

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Greece sold treasury bills (T-bills) worth 812.5 million euros (910 million US dollars) on Wednesday, its Public Debt Management Agency (PDMA) announced. The agency rolled over similar three-month T-bills last month with the paper priced to yield 0.35 percent, while it was 0.34 percent on Wednesday. Primary Dealers can additionally submit non-competitive bids up to 30 percent of the amount ... Read More »

Greece unveils bill to help millions who owe tax and pension arrears

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Greece unveiled draft legislation on Sunday intended to provide relief to millions of Greeks with tax and pension contribution arrears, offering discounts to amounts owed and stretching out payment plans by up to 120 monthly installments. The country’s leftist government, trailing the conservative opposition in opinion polls before national elections due in the autumn, is keen to show its social ... Read More »

More Than €2 Billion in Unpaid Taxes in Greece During First Two Months of 2019

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According to the latest figures published by Greece’s Independent Authority of Public Revenue, the amount of taxes Greek taxpayers did not pay to the state during just the first 59 days of 2019 came to the staggering sum of €2.038 billion. Taxpayers’ arrears to the Greek state totaled a whopping €104.652 billion in February 2019, slightly down from 104.694 billion ... Read More »

Greece’s Public Debt Rose to 181.1 percent of GDP in 2018

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Public debt in Greece and Italy grew last year, while the European bloc as a whole recorded an overall decrease in its liabilities, the European Union statistics office said on Tuesday. At the end of 2018, Greece, which is the most indebted country in the eurozone, recorded a government debt ratio which represents 181.1 percent of the nation’s GDP. The ... Read More »

Terna Energy acquires Texas wind farm

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Terna Energy SA, a Greece-based company engaged in the renewable energy sector, has signed a deal to acquire a 200-MW wind farm in Texas, US. The total value of the investment is around 275 million euros, the company said. Terna, which already operates wind farms in Elmore County, Idaho and Scurry County, Texas, has plans for another project in Texas. ... Read More »

Greek Archaeological Council Derails Cosco’s Investment Plan for Piraeus

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Greece’s Central Archaeological Council (KAS) derailed the multi-million euro investment program of China’s Cosco Shipping consortium, ruling that some proposed projects at the port of Piraeus would affect archaeological sites. In a marathon discussion lasting until midnight, KAS, in a unanimous decision, rejected the Piraeus Port Authority’s (OLP) plan to create a shopping mall, a floating shiprepair dock and a ... Read More »