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Economy

IMF warns no Greek deal without a ‘credible strategy on debt sustainability’

The International Monetary Fund’s discussions on Greece’s debt are ongoing and no deal has been reached, IMF spokesman William Murray said on Thursday. At the same time, Murray warned that there will be no Greek deal without a credible strategy on the Greek debt and that the Fund will not …

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EU cuts Greece growth forecast, blames the country for review delay

The European Union has sharply cut the growth forecast for Greece on Thursday, sparking worries that the long delay in the second review of the third bailout program was damaging the economy. European lenders are in a row the International Monetary Fund over the sustainability of the Greek debt. The …

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Special Envoy Fuchtel strikes back, promises German investments and jobs creation

German businesses are planning important investments in Greece, such as the creation of a logistics center in Alexandroupolis and investments in tourism. These investments could create up to 50,000 new jobs, especially for younger Greeks, Germany’s Deputy Minister of Economic Cooperation and Development, Hans-Joachim Fuchtel, said on Wednesday. During a …

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“Growth is here,” says minister as Greeks face new income cuts

“Growth in 2017 is a fact, not wishful thinking,” Economy and Development minister Dimitris Papadimitriou said on Wednesday. The year 2017 will be time for real growth in Greece the minister said and assured that there are no new measures to burden the people “from now until 2018”, while in …

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Court rules new pension cuts in 2019 against Constitution and Human Rights Convention

The Plenary of the State Audit Council has ruled that the cuts to main and supplementary pensions to be implemented in 2019 are against the Constitution and contravene the European Convention of Human Rights. Pension cuts are creditors’ top favorite austerity measure. The pension cuts the government and its creditors …

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Schaeuble warns without IMF participation Greece’s program would need to radically change

German finance minister Wolfgang Schaeuble warned that without the participation of the  International Monetary Fund the current Greek fiscal adjustment program signed in August 2015 will have to radically change. The IMF insists on fiscal figures and targets the German-led Eurozone refuses to accept. Speaking to Passauer Neue Presse, Schaeuble …

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Shops owners and workers protest against Sunday opening

Stores remained closed and workers and shopkeepers  marched through the streets of Athens protesting the introduction of Sunday opening for shops. The provision to open stores 30 Sundays per year is part of the additional austerity deal Greece signed with creditors beginning of the week. The protest occurs on the …

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EU Commission to cut growth forecast for Greece, closer to IMF projection

The European Commission will revise down its growth forecast for Greece this year to around 2% from a previous 2.7%, an EU official said today. The revision – which brings the Commission closer to International Monetary Find projections – is likely to increase pressure on Greek politicians to adopt a reform …

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Creditors make it clear: No debt relief for Greece before 2018

Creditors have cooled down Greece that has been awaiting for debt relief measures. “Greece has done its bit, now it wants debt relief,” Prime Minister Alexis Tsipras said on Thursday, two days after the agreement with creditors on additional measures 3.6 billion euros for 2019 and 2020. However, the country’s …

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Bankers see no Greece participation in ECB QE participation before German elections

Senior bank officials hail the provisional agreement between the government and its creditors as a major step toward the normalization of the economy and the credit system but estimate it will take more time for the country to join the European Central Bank’s quantitative easing (QE) program. They note that …

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Greece’s shopkeepers launch strike to protest law for opening shops 30 Sundays per year

The Hellenic Confederation of Commerce and Entrepreneurship (ESEE) announced it will launch a strike on Sunday, May 7, to protest legislation that will increase the number of Sundays that retail outlets are allowed to operate during the year. Opening shops 30 Sundays per year is included in the deal Greece …

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Euro area unemployment 9% – Greece constantly high at 23.5%, youth 48%

The euro area (EA19) seasonally-adjusted unemployment rate was 9.5% in March 2017, stable compared to February 2017 and down from 10.2% in March 2016. This is the lowest rate recorded in the euro area since April 2009. The EU28 unemployment rate was 8.0% in March 2017, down from 8.1% in …

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