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Economy

Greece’s public debt reached €326.358billion end of 2016

326.358 billion euros. Greece’s public debt reached 326.358 billion euros at the end of 2016 against €323.709 billion at the end of September in the same year. According to a statement issued by the Public Debt Management Agency on Monday, the cash available at 31. Dec 2016, amounted to 2,791 …

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German Minister: Greece should pledge Cash, Gold and Real Estate for new loans

New loans to Greece? Arch-conservative Germans have ideas…Yes, to new payments under conditions. What conditions? The usual conditions usually posed by loan sharks: Gold and Real Estate. Bavaria’s finance minister Markus Soeder (CSU) told the daily BILD that should Greece receive new aid payments then there should be new conditions: …

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Regling: Greece may need less than originally planned ESM funds

As the government in Athens used only €32 billion from the €86 billion prepared by the European Stability Mechanism, with less than half the program until the end it is clear the final figure will be smaller than the maximum, said Klaus Regling, the facility’s managing director. German daily Bild quoted him …

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Greece goes to Eurogroup with ‘low’ to ‘moderate’ expectations

The Greek team goes to Eurogroup with anything but great expectations. The topic “Greece” is third on today’s agenda of the finance ministers of the eurozone.  Athens seeks a political solution to the Greek problem and anticipates the meeting between German Chancellor Angela Merkel with the managing director of the …

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IMF’s wrong forecasts increased Greece’s funding needs

The International Monetary Fund (IMF) has made serious mistakes in the first memorandum, noted the chairman of Attica Bank and Greece’s former representative to IMF Panagiotis Roumeliotis speaking to Athens Macedonian News Agency. “The wrong forecasts increased Greece’s funding needs” he said while referring to the second review he estimated …

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Schaeuble: “I have never made Grexit threats”

German Finance Minister Wolfgang Schaeuble denied on Sunday that he had said Greece would have to leave the eurozone if it failed to implement economic reforms. In an ARD television interview, Schaeuble that Greece would not have problems if it implemented agreed reforms, but would if it fails to carry …

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Merkel: The Euro is too low for Germany

German Chancellor Angela Merkel suggested on Saturday that the euro was too low for Germany but made clear that Berlin had no power to address this “problem” because monetary policy was set by the independent European Central Bank. Merkel made her remarks at the Munich Security Conference as U.S. Vice …

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Special consumption fees bring back Inflation

Special consumption fees imposed on fuel, coffee, tobacco products and telecommunications beginning of the year skyrocketed consumer prices and led to the inevitable: inflation. According to Greek Statistics Authority ELSTAT inflation reached 1.5% in January from 0.3% in December. ‘This is almost a five-year high and above market expectations that …

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Der Spiegel: IMF will participate with €5bn in Greece’s program

The International Monetary Fund is likely to contribute up to 5 billion euros to the third bailout package for Greece, German magazine Der Spiegel said in an unsourced report published on Friday. It said European lenders were now expecting a sum of this size after originally having hoped for 16 …

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Greek Feta lost PDO status in CETA free trade deal EU-Canada

Greece’s dairy producers reacted angrily to reports that Greek feta cheese is no longer on the list of Protected Designations of Origin (PDO) in the Comprehensive Economic Trade Agreemetn (CETA) between the European Union and Canada, The Federation of Greek Dairy Products Industries (SEVGAP) described the development as “scandalous”and warned …

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Moscovici promises Greece “lighter austerity measures”

EU Commissioner for Economic and Monetary Affairs, Pierre Moscovici, paid a short visit to Athens on Wednesday. Moscovici came to Athens to receive the title of  Honorary Doctor from the Athens University. However, he used the opportunity for a meeting with Greek Prime Minister Alexis Tsipras. “Greek agreement is necessary …

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“Bank run” under Capital Controls: Greeks withdraw €2.5bn in 45 days

Delays in the talks between Greece and its lenders have brought back the ghost of Grexit.  The grave disagreement between the International Monetary Fund and the European lenders, Grexit bombshell flying around and Greece’s reluctance to accept additional austerity measures have increase uncertainty among citizens – for one more time. …

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IMF chief economist Blanchard warned in May 2010 Greece program was not going to work

A report by Olivier Blanchard, a former economic at the International Monetary Fund, has been presented at a meeting organized by the Canadian think tank Centre for International Governance Innovation end of January. In this report,  dated 4. May 2010, then chief economist at the IMF, Olivier Blanchard was warning …

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Dijsselbloem: Greece review will not conclude at Eurogroup Feb 20

Jeroen Dijsselbloem said that the second review of Greece’s program will not conclude in time for the next Eurogroup meeting scheduled for Monday, February 20. The Dutch finance minister who is also head of the Eurogroup stressed that the participation of the International Monetary Fund remains essential for the continuation …

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Mustery solved: Greece to hire Rotchild as debt adviser

As concerns over Greece and its debt mount, Athens has reportedly decided to call in Rothschild, one of the oldest financial firms in the world, to navigate the country’s long-running creditor stand-off and avert default. According to the Financial Times, Greek authorities hope to finalize the appointment before crunch debt …

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Greece is the only EU country where minimum wage is lower than in 2008

Newly released Eurostat data on national minimum wages in the European Union have shown that while the minimum wage increased in all EU countries, in Greece it has decreased to level lower than in 2008. In ten countries, out of the 22 that have a national minimum wage, the amount …

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