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Economy

Greece’s annual inflation rose 1.1% in November

Greece’s annual inflation rate rose to 1.1 pct in November this year, from 0.7 pct in October and -0.9 pct in November 2016, the Hellenic Statistical Authority ELSTAT said over the weekend. The statistics service, in a monthly report, attributed this development to an increase in the prices of tobacco, …

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All bitcoins combined worth more than Greece & New Zealand

Bitcoin’s unprecedented rally has boosted the cryptocurrency’s market cap to almost $200 billion. That is more than the annual output of entire economies such as Greece and New Zealand. Views on bitcoin are broadly divided with some investors worried over the bubble nature of the phenomena, while others see it …

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Greece’s growth numbers disappoint, consumption spending declines

Greece’s independent statistics agency ELSTAT said the country’s economy grew by 1.3 percent on the year in the previous quarter, failing to meet ambitious growth expectations from the government and European Union. Without a revision, the July-September growth figure announced Monday suggests that Greece could miss its target of annual …

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Portugal’s socialist Mario Centeno wins Eurogroup Presidency

Portugal’s Finance Minister, socialist Mario Centeno won the Eurogroup presidency in two rounds of voting in Brussels Monday afternoon! The Latvian and Slovak finance ministers dropped out after the first round. Centeno won in a head to head against Luxemburg’s Pierre Gramegna. 51-year-old Mario Centeno is an economist and academic  …

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Greece and lenders reach staff-level agreement on 3rd review

Greece and its lenders reached a staff-level agreement on the country’s third program review on Saturday, Finance Minister Euclid Tsakalotos said after a meeting with the country’s lenders. “We achieved the agreement with the institutions on a staff-level on all issues,” he told journalists. “We won enough things and we are …

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Greek taxpayers bring down lottery website of finance ministry

The much anticipated lottery of plastic money transactions was finally conducted on Thursday evening. One thousand lucky taxpayers shared 1,000,000 euros and each one will see €1,000 on its bank account, thus tax-free. The total number of transactions participated in the lottery amounted to 8,254,535, corresponding to 4,556,328 tax payers …

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OCED confirms Greece’s “tax tsunami” in 2016

Greece experienced the largest tax increase among 35 members of the member states of  the Organization for Economic Co-operation and Development (OECD) last year. According to new figures released by the OECD, taxes in Greece went up to 38.5 percent in 2016, reaching a 30-year high. Tax revenues in Greece, …

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Black Friday frenzy in Greece with some weird deals

It was still dark when the first customers arrived outside stores long before the opening hours. It was mostly young people building long queues outside shops with electronics, waiting for the best Black Friday deals. Among them also school students who thought a Black Friday deal is much more interesting …

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Dutch supermarket chain Spar to return to Greece

The Dutch super market chain Spar will apparently return to the Greek market year through its participation in a consortium with local retailer Asteras, a year after the former ended its agreement with the Veropoulos group. The latter, in fact, sold its Greece operation to Metro S.A., but retained units …

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