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Monthly Archives: October 2015

Greece’s banks stress tests: ECB finds total capital shortfall is €14.4 billion

The European Central Bank announced today the results of stress tests for the four Greek systemic banks National Bank of Greece, Piraeus Bank, Alpha Bank and Eurobank. The ECB has found that the total capital shortfall of the four systemic banks is 14.4 billion euro which is much lower than …

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“Heating allowance”: Austerity mind-set thinks poor Greeks freeze less in the South

This year’s ‘heating allowance’ for the poor and the needy will be cut by 50%. The total amount from the state budget will drop from €210 million last winter down to just €105 million. Blame the austerity, the bailout programs, the prior actions  and the shortage of liquidity. In the …

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Greeks celebrate OXI-Day – some reckon the Referendum NO

Greeks celebrated OXI-Day in hope that it will never turn into a YES. Just kidding. Seriously: in October 1940, Greeks said OXI (NO) to Italy’s ultimatum that Greece surrenders to the powers of Axis. Result: Greece came under occupation by fascist Italy first and nazi Germany later. In July 2015, …

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Rare phenomenon: Tornado over Athens (video)

An unprecedented phenomenon occurred in Athens on Thursday morning: a tornado! The phenomenon was indicative for the severity of the bad weather front that hit the Greek capital this morning and the strong winds. Heavy clouds and strong winds accumulated over the Tourkovounia mountains in the West and extended up to …

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Greece’s cabinet decides to sack GenSec for Public Revenues

Greek cabinet decided today to sack Katerina Savvaidou from the position of General secretary for Public Revenues. According to government spokeswoman, the cabinet accepted the relevant proposal submitted by Finance Minister Euclid Tsakalotos. Spokeswoman Gerovassili implied that Savvaidou “was acting against the public interest.” Last week an Athens prosecutor charged …

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One dead in Athens, after heavy rainfall causes floods Greece

A wave of storm with heavy rainfall and strong thunderstorms hit Greece last night, causing floods in western Peloponnese but also on the island of Kos in the east and the capital Athens. The area of Kyllini has been declared in “state of emergency”. Two people were trapped in their …

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Holy Holiness: Priest “protects” the church from Homeless?

The Square of Agia Eirini in the historical center of Athens is very popular, with hundreds of young and old visiting the numerous bars and restaurants each and every day. But every night, another small group of people enter the area: the homeless. the make themselves as comfortable as possible …

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Greek government to scrap 23% V.A.T in private education & introduce gradually increasing rates

Greek government took an important decision: to scrap the 23% Value Added Tax in private education and introduce gradually increasing VAT rates, while kindergartens and nurseries will be free of V.A.T as before September. According to Athens News Agency report Tuesday noon, the new rates will be: 0% for kindergartens …

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Capital controls in Greece to be lifted by end of 2015? Economists don’t think so

Every once in a while we hear about it: that capital controls will soon be lifted, that is when the banks recapitalization concludes. I have no idea who circulates these news but such the option ‘to lift the capital control by -let’s say – end of the year’ seems rather …

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