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Greek economy shows promising signs of growth


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


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


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


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


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


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


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


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 »

EU Commission ready to release post-bailout grants to Greece after bank reform

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BRUSSELS: Greece has respected its commitments under a post-bailout program, the European Commission said on Wednesday, paving the way for Athens to receive nearly 1 billion euros ($1.1 billion) in new grants. The release of funds, which needs to be endorsed by euro zone finance ministers at a meeting on Friday, would boost Greece’s already large cash buffers and could ... Read More »

Greek Fleet Slightly Reduced in Size During 2018, Data Reveals


The Greek-owned fleet and the number of vessels under the Greek flag were slightly reduced during the last twelve months, according to data included in the 32nd report of the Greek Shipping Cooperation Committee, published earlier this week. As of March 6, 2019, the number of the vessels using the Greek flag was 671, reduced by 52 vessels, compared to ... Read More »

“Food Expo” Exhibition Showcases Greek Gastronomy

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The food and beverages exhibition “Food Expo 2019” – the largest of its kind in Southeastern Europe – opened its doors to visitors at the Metropolitan Expo Center near Athens. Featuring 1,300 Greek and international exhibitors, 50,000m2 of exhibition space and approximately 5,000 key international food traders, the Food Expo is a huge event for organized retail, wholesale as well ... Read More »

Greece’s financial crisis still evokes pain and fear on the streets of Athens: ‘We just have to smile, pretend’


Greece’s financial crisis is still hurting the hopes and dreams of the people that live in the Mediterranean nation. The country has been in economic turmoil for most of the last decade. Years of financial mismanagement alongside a culture of clientelistic politics, where goods and services were exchanged for political support, culminated in a long-term recession. “I still think the ... Read More »

IMF: Greece among best performers in eurozone


Greece has entered a period of economic growth that puts it “among the best performers in the eurozone”. That rather striking judgement comes from the International Monetary Fund in a new report on the Greek economy. A senior IMF official said there were a lot of positive developments to point to. That said, the IMF said the economy remains vulnerable, ... Read More »

Greece Launches 10-Year Bond After Moody’s Upgrade


Greece officially launched procedures to issue new 10-year state bonds by appointing BNP Paribas, Citi, Credit Suisse, Goldman Sachs and J.P. Morgan as underwriters of the syndicated loan. The Public Debt Management Agency said that the bond issue would be launched “in the near future,” subject to market conditions. In January, Greece raised 2.5 billion euros with five-year bonds. Greece ... Read More »

Greek Tobacco Giant Papastratos to Give €1 Million in Shares to Workers


Papastratos, Greece’s largest tobacco manufacturer and distributor, announced on Thursday that it will give shares worth a total of €1.0 million in its parent company Philip Morris International to its workers. In the statement, the Papastratos company said that it chose this way to award its workers for their exceptional performance and the large profits the company saw in the ... Read More »

Athens Hosts Annual Capital Link Greek Shipping Forum

Container ships wait to be unloaded at the Port of Oakland on Wednesday, March 7, 2018, in Oakland, Calif. The U.S. trade deficit rose in January to the highest level since October 2008, defying President Donald Trump's efforts to bring more balance to America's trade with the rest of the world, the Commerce Department said Wednesday. (AP Photo/Ben Margot)

The 10th Annual Capital Link Greek Shipping Forum opens in Athens on Friday at the Hilton Athens Hotel. The Forum was established in cooperation with the New York Stock Exchange and Nasdaq. It connects 1000 key players in the shipping industry, including influential members of the financial community including commercial and investment banks. This year, the event is focusing on ... Read More »

SYRIZA Coffee Tax Spikes Smuggling, Closes Coffee Shops


Hiking coffee taxes as part of an avalanche of new and higher rates isn’t working out so well for the ruling Radical Left SYRIZA as it’s led to coffee smuggling rings bringing in the commodity Greeks love from other countries, especially Bulgaria. The coffee tax was raised in 2017 and has seen business drop at some coffee shops 10-15 percent ... Read More »

Tax system disparities fuel evasion

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After processing this year’s tax declarations, the Independent Authority for Public Revenue is expected to demand an additional 3.7 billion euros from some 3 million taxpayers, even though this year’s tax statements for 2018 incomes will lead to tax rebates and handouts adding up to around 3.5 billion euros. This year’s process is expected to be the biggest redistribution of ... Read More »

Greece’s Alpha Bank Is Said to Prepare $4 Billion Bad-Loan Sales


Greek lender Alpha Bank is preparing two non-performing loan sales that could remove as much as 3.5 billion euros ($4 billion) of bad debt from its balance sheet, according to two people familiar with the plans. One of the portfolios, dubbed Neptune, comprises 1.5 billion euros of loans secured against assets of small and medium-sized enterprises, the people said, asking ... Read More »