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Economy

How much are Weapons Burdening the Greek Economy?

Contributed by Etsi! There are some in Greece and many abroad that view Greek expenditures for weapon systems as excessive and unnecessary, especially at a time when the country’s economy is a shambles. The issue has even been at the focus of the European parliament. But how much of this …

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Start Saving Money! New VAT hikes are coming….

You’d better start saving money! Either to be able to pay the VAT hikes or to leave the country. As of January 1, 2011 dozens of everyday commodities, including food items,  are set for price rises as the government will increase the Value-Added Tax. The Finance Ministry is preparing a draft …

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Greece: Protesters attack Michalos, President of ACCI – New trucks strikes on the way

Konstantinos Michalos, President of  Commercial  & Industrial Chamber of Athens (ACCI), was attacked and beaten by angry protesters while he was en route to the General Assembly of the Central Union of Chambers of Commerce  in Thessaloniki. Michalos was walking towards the Macedonia Palace Hotel, together with some fellows. Nearby …

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Greece falls 12 positions in WEF Global Competitiveness list

We knew it and now it is official! Greece is not doing well in terms of competitiveness.  According to latest World Economic Forum “Global Competitiveness” report, Greece fell to 83rd place from 71st in the year 2009-2010. We are behind Bulgaria (71st), Namimbia (74th) and fellow debt-driven Ireland (29th). We are …

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Greece wins Eurozone Inflation Championship (Guest-Post)

The article could also have the title “Can the Greek state cure its chronic diseases?” You know very well what I am talking about. It is nepotism, clientelism, price speculat-ism and all the bad words ending in “-ism” that have brought the country to today’s position. After the cabinet reshuffle the government has …

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Greek Banks: Merger rumors and sale whispers (Upds)

The rumors kitchen in Greek banking system is boiling. Merger scenarios here, sale whispers there. September seems to be the month of the banks,  better say, of the Greek banks! Bankers may have had a chat or two with other bankers on a yacht during their summer vacations. Now the time …

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Trichet: Exit from eurozone is Greece’s worst option

Greece’s exit from the eurozone would be the “worst possible option”, said Europe’s central bank chief  Jean-Claude Trichet  according to British newspaper Guardian. Trichet was speaking at the same conference of  economists’ elite club Ambrosetti  Forum as Prof. Hans-Werner Sinn, who proposed Greece’s exit from eurozone as the “least bad option“. …

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Sinn:Economic Wizard Wants Greece Out of Euro-Zone

The economic crisis is not over! How do I know? No, not because all my friends and relatives complain about not coming along with their  income. Not because their input is let’s say 1.000 euros and their spending output is 1.300 monthly . No, no  ….Not because they grab their savings to …

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Greek Banks to Undergo New Stress Tests

Capital.gr, economic portal, writes that Greek banks will undergo new stress tests next week.  An IMF/EU mission returns to Athens next Wednesday to elaborate on the terms under which the new stress test for Greek banks will take place. The subject of the discussions that will kick off next week …

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Greek Wine Made in China? Ough…

It is certainly not the right time to write about Red Wines. Under these temperatures I avoid drinks containing alcohol and I stick to bottled water from the fridge, which I consume liter-wise. Should I want to accompany a light summer dinner with a glass of wine, I’d  rather grasp to a …

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Death of a Greek Salesman – Recession, Unemployment Kill Consumption

I was trying to avoid writing about the economic situation in Greece in August. But the situation is so bad, so posting became inevitable.  The Greek Statistics Authority (ELSTAT) released today the data about the Gross Domestic Productand Unemployment. What we see in our everyday life became now statistically official! GDPshrank fast …

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What Makes a Perfect Holiday?

I spent whole five and a half days without television, newspapers and radio. I went to Loutraki and left the “News” back in my Athens home. That’s not an easy task for a news freak and full blood journalist like me.  But all through the years I have been working …

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Monika Bellucci: Victim of Greek Tax Hunters!

Gorgeous Monica Bellucci, Italian actress and fashion model, thought to spend relaxing summer holidays in Greece. Protothema newspaper writes on an exclusive story that Bellucci leased the luxurious yacht “Pollux” for 10.500 euros per day and thats she and the rental company signed also a ‘discretion contract” . The famous star wished to enjoy  her …

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Austria’s Far-Rights Campaign with Greek… and They Don’t Pay Him a Cent!

Austrian Far-Right “Freedom Party” (FPÖ-The Social Home Party)  Steiermark  branch have recently presented their campaign for the next autumn elections.  FPÖ has started already to pollute the beautiful environment of Steiermark and insult the aesthetic of driving motorists, non-political tourists and shopping citizens, with several hundred posters hanging everywhere in the …

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Greek Banks: Stress Tests Passed, except ATE!

All Greek Banks passed the much feared Stress Tests, according to a brief news on ALTER TV. All? Well… not exactly all! Agricultural Bank Greece (ATE) has failed the test and will need some millions of euros to increase its capital by 2%. It was known that ATE Bank was …

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ALDI Hellas: Attractive Grooms for an Unwanted Bride

As I reported on July 16, German Discounter ALDI has announced to fold and close down its Greek investment ALDI Hellas. Mother ALDI Sud decided to kick out of  family’s home the Greek daughter ALDI Hellas  deeming her as “not sustainable”.  But the daughter – sustainable or not – has …

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Piraeus Bank Merger Bid – Procedures and Reactions

Piraeus Bank bided for the Greek government’s stakes in ATE Bank and Hellenic Postbank, Piraeus Chief Michallis Sallas announced yesterday at a press conference. The bid is at total EUR 701 million and thus in cash. Greek Finance Ministry said in a statement “it is studying the offer”. But for …

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