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Two Turkish citizens detained over crossing into Greece illegally


  ATHENS: Greek police said they have detained two Turkish men who crossed into the country illegally from Macedonia, and arrested a Macedonian man accused of smuggling them into Greece. The two Turkish men, aged 36 and 39, crossed into Greece on a small boat across Doirani Lake and were detained on the night of Sept. 13, police said in ... Read More »

Greece, Bulgaria join hands on construction of port railway link

Greece, Bulgaria

ATHENS: Greece and Bulgaria signed on Wednesday in the northern Greek city port of Kavala a memorandum of cooperation to speed up the construction of a railway link which will be connecting Greece’s northern ports to Bulgaria’s Black Sea ports, according to Greek national news agency AMNA. The agreement concerns the interconnection of Greece’s ports of Kavala, Alexandroupolis and Thessaloniki ... Read More »

Tax evasion ‘safari’ in Greek tourist spots snags major violators

tax evasion

ATHENS: Tax inspectors are continuing a “safari” around Greece’s prime tourist destinations at the end of August, with several indicative examples of alleged tax evasion and VAT avoidance released to the press. In one instance, a taverna on the seafront adjacent to the north-central city of Katerini was accused of failing to issue receipts worth 16,400 euros, while on Paros ... Read More »

Diana Shipping inc. experiences heavy trading volume


ATHENS: Diana Shipping inc. shares had a trading volume of 1,094K by the end of trading on Friday. Overall, volume was up 136.99% over the stocks normal daily volume. Stifel Financial Corp augmented its holdings by buying 476,967 shares an increase of 16.6% as of 06/30/2017. Stifel Financial Corp owns 3,348,238 shares with a value of $13,569,000. The value of ... Read More »

Greek tourism shows robust growth in early season

fast growth

ATHENS: Early figures on tourism, a vital source of money for heavily indebted Greece, indicate that the south-eastern European country is cashing in on warm summer weather. Tourism revenue in June was €2bn ($2.35bn), up 14.2% versus the same month a year earlier, central bank figures released on Tuesday showed. Greece had forecast a second consecutive record tourist year in ... Read More »

Greece e-commerce turnover rises


ATHENS: Turnover of e-commerce in Greece is on the rise, according to figures from European association Ecommerce Europe. More specifically, turnover in Greece increased to 4.5 billion euros last year from 3.8 billion euros in 2015. According to the General Secretariat for Trade and Consumer Protection, this rise confirms both Greek consumers’ growing confidence in online markets and the increasing ... Read More »

Greek tax authorities to boost checks on small debtors


ATHENS: In a bid to close in on some 3.8 million taxpayers who owe an estimated total of 95 billion euros in overdue debts to the Greek state, the Independent Authority for Public Revenue is to intensify inspections on all those whose arrears exceed 500 euros, accessing their bank accounts and Land Register details. Under pressure from the country’s creditors ... Read More »

Greek unemployment eases to 21.7% in May, still eurozone’s highest

profit fall

ATHENS: Greece’s jobless rate dropped slightly to 21.7 percent in May from an upwardly revised 21.8 percent in the previous month, statistics agency ELSTAT said on Thursday, but the rate remains the eurozone’s highest. The seasonally adjusted data showed that the number of officially unemployed reached 1.03 million people. Hardest hit were young people aged 15 to 24 years, with ... Read More »

Greece launches new offshore oil and gas tenders


ATHENS: Greece launched two tenders on Monday for offshore oil and gas exploration and exploitation in the west and south of the country, the energy ministry said. The move follows expressions of interest by a consortium of Total, Exxon Mobil and Hellenic Petroleum for exploration in two sites off the island of Crete, and by Greece’s Energean for a block ... Read More »

Greek OTE Telecom posts 1% rise in Q2 core profit


ATHENS: Greece’s biggest telecoms operator OTE posted on Thursday a 1 percent rise in second-quarter core profit, helped by growing mobile business at home for the first quarter in five years. OTE, the former national monopoly and now 40 percent owned and managed by Germany’s Deutsche Telekom, said earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 313.9 ... Read More »

Import figures highlight Greece’s production deficit


ATHENS: Official data on Greek imports for 2016 have once again shone a spotlight on Greece’s production deficit. Last year Greece spent 1.53 billion euros in clothing imports and 497 million in footwear. Despite extensive cotton cultivation in the region of Thessaly, the country imported textiles worth a total of 659.8 million euros. On veal and pork imports, Greece spent ... Read More »

Greece offers help in establishing coastguard

Greece offers help in establishing coastguard

ATHENS: Justice Minister Ionas Nicolaou has been in Greece seeking Greek expertise in establishing a coastguard in Cyprus, it was announced on Wednesday. Greek Shipping Minister Panayiotis Kourouplis told Nicolaou his department was ready to provide know-how and experience regarding the structure and operation of coastal surveillance. In a written statement, Nicolaou said the two countries decided to cooperate closely ... Read More »

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


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


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


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


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 »